#Economics#FailedFakeScience#EmptyEconomicBoxes#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT, & #Pluralism are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. Economic policy guidance NEVER has had sound scientific foundations.
— E.K-H (@AXECorg) December 31, 2022
December 31, 2022
Occasional Tweets: Economic Boxes are still empty
December 28, 2022
Occasional Tweets: Game theory has no economic content because von Neumann, too, got profit wrong
#Economics#FailedFakeScience#MicroFoundations
— E.K-H (@AXECorg) December 28, 2022
“Utility; for an entrepreneur, ― profit; for a player, gain or loss.” (ToG, p. 33, fn. 2) von Neumann, too, got #ProfitTheory wrong. Bc of this, #GameTheory is irrelevant to #Economics. ⇒https://t.co/g6NHSdK2Jb
For more about von Neumann see AXECquery.
Occasional Tweets: How to pay for the war (III)
#Economics#EconomicWarfare#Sanctions#Embargo#HowToPayForTheWar
— E.K-H (@AXECorg) December 28, 2022
GER/EUR is via NATO at war with RUS. #War means #WarEconomy = #Impoverishment bc in real terms #WeThePeople pay for the war ― always & everywhere.https://t.co/OuF5efLc0R
Occasional Tweets: Economics is an integral part of the History of Scientific Failure
The history of economic thought is the history of scientific failure. #Walrasianism/#Keynesianism/#Marxianism/#Austrianism/#MMT are axiomatically false & materially/formally inconsistent. #Economists are NOT #Scientists but #AgendaPushers/#Clowns in the political #CircusMaximus. pic.twitter.com/nttYZt6DNR
— E.K-H (@AXECorg) December 28, 2022
December 26, 2022
Occasional Tweets: MMT simply explained
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) December 26, 2022
A beginner’s guide to MMThttps://t.co/gbv89V5vPo pic.twitter.com/WUfZDNgtAQ
For details of the big picture see cross-references MMT.
Occasional Tweets: No, our joint wealth and wellbeing does not increase when the government and the central bank turn to deficit spending/money creation
The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. So #PrivateFinancialWealth grows in lockstep with #PublicDebt & in the form of #Bonds becomes the eternal #Interest #CashCow for the #Oligarchy. #WeThePeople owes the #Debt & is taxed for interest. pic.twitter.com/wzrB6zFSHz
— E.K-H (@AXECorg) December 26, 2022
Related 'Criminals and the monetary order'.
Occasional Tweets: The futile attempt to recycle scientifically worthless economic arguments
#Keynes got macroeconomic #Profit wrong bc he was too stupid for elementary #Algebra.
— E.K-H (@AXECorg) December 26, 2022
As a consequence of the #ProfitBlunder, the whole analytical superstructure of #Economics is scientifically worthless. ⇒https://t.co/T6Y8aFo72J
Same for Hayek. ⇒https://t.co/2u1kl3igqF pic.twitter.com/c7n3k8ihuQ
December 25, 2022
Occasional Tweets: The futile attempt to recycle Adam Smith (XVI)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) December 25, 2022
“Economics is the study of the economy, not the study of economists.” (Ricardo Reis)
The profit theory is false since Adam Smithhttps://t.co/s3zlXjwArK pic.twitter.com/5erTrxV5L7
December 24, 2022
Occasional Tweets: Economists are still deep in the woods (II)
#Econ#FailedFakeScience#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and #MMT are mutually contradictory, axiomatically false, and materially/formally inconsistent. As far as #Economics is concerned, #Science consists of proto-scientific garbage & self-hype. pic.twitter.com/Xo3uMlO6kJ
— E.K-H (@AXECorg) December 24, 2022
Occasional Tweets: Economists are still deep in the woods (I)
#Econ#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT are axiomatically false & materially/formally inconsistent. #Economics is #FailedFakeScience. The #ParadigmShift from false #MicroFoundations to true #MacroFoundations is long overdue. pic.twitter.com/H8xvoNbFn4
— E.K-H (@AXECorg) December 24, 2022
December 21, 2022
Occasional Tweets: How deficit-spending, self-alimentation with profit/interest, and state-capture work
#HowItWorks
— E.K-H (@AXECorg) December 21, 2022
The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. Thus, the policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy that secures permanent self-alimentation with #Profit/#Interest which in turn enables #StateCapture.
Occasional Tweets: Bashing deficit-spending has always been the the biggest stupidity of free-marketeers
#PublicDebt increases for 200+ ys. The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. #PrivateFinancialWealth grows with growing #PublicDebt which is the #LifeElixir of #Capitalism.
— E.K-H (@AXECorg) December 21, 2022
Occasional Tweets: The futile attempt to recycle Hayek (V)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 21, 2022
The history of economic thought is the history of scientific failure. Hayek was no exception. Historians, though, have not figured it out to this day.
Why Hayek was not a scientisthttps://t.co/7zTcMI4k1a#NoFalseHeroMemorials
Occasional Tweets: Economic policy guidance never has had sound scientific foundations (IX)
#Economics#FailedFakeScience#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT are axiomatically false & materially/formally inconsistent. Economic policy guidance NEVER has had sound scientific foundations. Mr. Summers' pronouncements are NO exception.
— E.K-H (@AXECorg) December 21, 2022
December 19, 2022
Occasional Tweets: The futile attempt to recycle Adam Smith (XV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 19, 2022
Adam Smith NEVER understood what #Profit is and how the economic #System works. He was NOT a #Scientist but a political #AgendaPusher.
The profit theory is false since Adam Smithhttps://t.co/s3zlXjwArK pic.twitter.com/K9M3wbDdNe
Occasional Tweets: Economic debate ― not much more than psycho-social hardcore wrestling
#Economics#FailedFakeScience#EconTwitter#Economists regularly complain about a degenerating debating culture. This is #Hypocrisy. #Economics has always been a psycho-social #ClownShow.
— E.K-H (@AXECorg) December 19, 2022
Economics debate ― just another variant of hardcore wrestlinghttps://t.co/1xUl4w1HyT
Occasional Tweets: There is no such thing as central bank independence (II)
#LearnEconomics
— E.K-H (@AXECorg) December 19, 2022
The market economies are in #BreakDown mode. So, the CBs pump up the #FinancialMarkets & the Treasuries apply #DeficitSpendingMoneyCreation. The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit i.e. a #FreeLunch for the #Oligarchy. pic.twitter.com/0i0oftvjEH
Occasional Tweets: To this day, economists have no idea what profit is and how the economy works
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 19, 2022
The #ProfitTheory is false since Adam Smith.
The correct macroeconomic #LawOfSupplyAndDemand and the #ProfitLaw tell one exactly how #Price P and #Profit Qm increase as a function of #DeficitSpendingMoneyCreation i.e. the expenditure ratio ρE. pic.twitter.com/sAxdi1spXL
For details of the big picture see cross-references Profit.
December 18, 2022
Occasional Tweets: Economists ― self-hype instead of real performance
#Economics is #FailedFakeScience. Most #Economists are NOT #Scientists / #Scholars but #AgendaPushers / #UsefulIdiots / #Clowns in the political #CircusMaximus. The #EconNobel never had much to do with #Science.⇒
— E.K-H (@AXECorg) December 18, 2022
The real problem with the economics Nobelhttps://t.co/kCwE4nptUQ pic.twitter.com/91bGcpQsRa
Occasional Tweets: Not only MMTers ― all economists are too stupid for the elementary algebra of macroeconomic profit
#Economics#FailedFakeScience#ProfitTheory#MMT
— E.K-H (@AXECorg) December 18, 2022
The #SectoralBalances equation is false bc #MMTers are #StupidOrCorruptOrBoth.
Down with idiocy!https://t.co/hqVhuAXz8l
MMT and the magical profit disappearancehttps://t.co/uCuWdiMqTT
Queryhttps://t.co/6FnJzg691r pic.twitter.com/ZyoIvrjS6q
December 17, 2022
Occasional Tweets: The most absurd oxymoron ever ― economic sciences
#Economics is #FailedFakeScience. Most #Economists are NOT #Scientists / #Scholars but #AgendaPushers / #UsefulIdiots / #Clowns in the political #CircusMaximus. Accordingly, the #EconNobel NEVER had much to do with #Science. ⇒https://t.co/kCwE4nptUQ pic.twitter.com/xNgIiz6Zoc
— E.K-H (@AXECorg) December 17, 2022
Occasional Tweets: A government deficit causes a price hike but no inflation
#LearnEconomics#Inflation
— E.K-H (@AXECorg) December 17, 2022
MMT was right all along: Gov-Deficits do NOT cause inflationhttps://t.co/tNg8dEgo6L
The macroeconomic #LawOfSupplyAndDemand tells one exactly how the #Price P increase as a function of #DeficitSpendingMoneyCreation i.e. the expenditure ratio ρE. pic.twitter.com/lSweXfwzLm
For more about inflation see AXECquery.
December 16, 2022
Occasional Tweets: Growing public debt keeps late Capitalism going
#PublicDebt increases for 200+ ys. The #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. #PrivateFinancialWealth grows with growing #PublicDebt which is the #LifeElixir of #LateCapitalism. pic.twitter.com/CsirV9rbTv
— E.K-H (@AXECorg) December 16, 2022
Occasional Tweets: Inflation, price, profit ― the essentials
#LearnEconomics
— E.K-H (@AXECorg) December 16, 2022
The macroeconomic #LawOfSupplyAndDemand and the #ProfitLaw tell one exactly how #Price P and #Profit Qm increase as a function of #DeficitSpendingMoneyCreation i.e. the expenditure ratio ρE (→ elementary formulas) pic.twitter.com/LwAOnScg9n
Occasional Tweets: MMT is political fraud ― just like mainstream economics
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) December 16, 2022
MMT is neither groundbreaking nor science but a political fraud ― just like mainstream #Economics.
MMT and the promotion of Wall Street's idea of social policyhttps://t.co/wnoSHfsmZF pic.twitter.com/a49GTzZOLh
For more about MMT see AXECquery.
Occasional Tweets: High time to bury RE, RBC and the rest of the microfoundations framework
#Economics is #FailedFakeScience. The various #MicroFoundations approaches are axiomatically false. So are Keynesian #MacroFoundations. For the inescapable #ParadigmShift to the true set of macroeconomic #Axioms see cross-referenceshttps://t.co/rf8n0xkhRA pic.twitter.com/jHorth7Knx
— E.K-H (@AXECorg) December 16, 2022
For more about defective microfoundations see AXECquery.
December 15, 2022
Occasional Tweets: There is no trade-off between inflation and recession
The axiomatically correct macroeconomic #EmploymentLaw tells one that #Employment L
— E.K-H (@AXECorg) December 15, 2022
• decreases if the product price P rises faster than the wage rate W
• increases if #DeficitSpendingMoneyCreation ρE increases.
So one will ALWAYS have #Inflation AND #Recession. NO trade-off. pic.twitter.com/rrpbShgm84
For details of the big picture see cross-references Employment/Phillips Curve.
Occasional Tweets: In economics, peer review has been weaponized (II)
#Econ#Economics is #FailedFakeScience from #Econ101, over #PeerReview, to the #EconNobel. Mainstream #Economics is axiomatically false & materially/formally inconsistent. All this proto-scientific garbage has been rubber-stamped by peer reviewers. pic.twitter.com/ZuKBFQg8tt
— E.K-H (@AXECorg) December 15, 2022
For more about peer review see AXECquery.
Occasional Tweets: The Central Bank is the profit pump of the Oligarchy
The #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. So, #PrivateFinancialWealth grows in lockstep with #PublicDebt which is the interest #CashCow of the #Oligarchy. By reshuffling the #Debt (buy high, sell low) and taking losses the #Fed acts as #ProfitPump.
— E.K-H (@AXECorg) December 15, 2022
For details of the big picture see cross-references Profit.
Occasional Tweets: Science is constituted by material AND formal consistency, the inductive vs deductive opposition is a false dichotomy
The inductive vs deductive opposition is counterproductive: “When the premises are certain, true, and primary, and the conclusion formally follows from them, this is demonstration, and produces scientific knowledge of a thing.” (Aristotle) ⇒https://t.co/emMdoaKoEt pic.twitter.com/xex3wVE63e
— E.K-H (@AXECorg) December 15, 2022
December 14, 2022
Occasional Tweets: Economics is failed/fake science because economists never understood the simple math that underlies accounting
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) December 14, 2022
Economists are too stupid for the elementary #Algebra that underlies macroeconomic #Accounting.
National Accounting: scientific incompetence or political fraud?https://t.co/0t1vz3XnEB#DefundEconomics
For details of the big picture see cross-references Accounting.
Occasional Tweets: Hayek had no scientific knowledge about how the profit mechanism works
#FailedFakeScience#Austrianism
— E.K-H (@AXECorg) December 14, 2022
Hayek never understood the profit mechanism which is the essential feature of the #MarketEconomy. So, he was in NO position to say something meaningful about “Economics and Knowledge”.
Hayek ― agenda pusher or scientist?https://t.co/7RwU9fvweX
Occasional Thweets: Adam Smith ― the founding father of economics as disinfotainment
#Economics#FailedFakeScience#DisInfoTainment
— E.K-H (@AXECorg) December 14, 2022
In his scientific incompetence, Adam Smith messed up #Economics. By now it has become part of the entertainment industry with #Economists as #Clowns in the #CircusMaximus. pic.twitter.com/qRgIN40Tfo
Occasional Tweets: As far as economics is concerned the output of universities consists of failed/fake science
#FailedFakeScience#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT are mutually contradictory, axiomatically false, materially/formally inconsistent. As far as #Economics is concerned, the output of US universities consists of proto-scientific garbage & self-hype. pic.twitter.com/hLKXwZZPN7
— E.K-H (@AXECorg) December 14, 2022
Occasional Tweets: If you say you are an economist and you also say that you are working for the good of humanity you are saying at least one lie
#Econ#Economics is #FailedFakeScience and as a consequence economic policy guidance lacks sound scientific foundations since Adam Smith. #Economists are a danger to their fellow citizens.
— E.K-H (@AXECorg) December 14, 2022
Iatrogenic economicshttps://t.co/BR3Lnnt5nf pic.twitter.com/4RD955gOtd
For details of the big picture see cross-references Failed/Fake Scientists.
December 13, 2022
Occasional Tweets: Because all models are axiomatically false, economics is scientifically worthless
#Economics#FailedFakeScience#MicroFoundations
— E.K-H (@AXECorg) December 13, 2022
In his methodological incompetence, Roy Weintraub never realized that General Equilibrium Theory is axiomatically false and therefore scientifically worthless.
Don’t blame the model, blame the modelerhttps://t.co/txpyQx261N pic.twitter.com/UjW21EHkXA
For details of the big picture see cross-references Axiomatization.
Occasional Tweets: Macroeconomics is axiomatically false, therefore, the history of macroeconomic thought is not worth knowing
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 13, 2022
The history of economic thought is the history of scientific failure. #Keynes got macroeconomic #Profit wrong bc he was too stupid for elementary #Algebra. #Macro is NOT worth knowing to this day. pic.twitter.com/EpNaVZixLN
For details of the big picture see cross-references Methodology.
Occasional Tweets: Economics ― failed/fake science and defunct economists
#Econ#FailedFakeScience#DefunctEconomists#Keynes, too, got macroeconomic #Profit wrong bc he was too stupid for elementary #Algebra. Bc of this the whole analytical superstructure of #Keynesianism is scientifically worthless to this day.
— E.K-H (@AXECorg) December 13, 2022
Forget Keyneshttps://t.co/T6Y8aFo72J pic.twitter.com/8yWD3caFuc
December 12, 2022
Occasional Tweets: There are still folks who are still parroting supply-demand-equilibrium
#Economics#FailedFakeScience#Equilibrium is a NONENTITY. As a consequence, ALL supply-demand-equilibrium models are proto-scientific garbage.
— E.K-H (@AXECorg) December 12, 2022
The monstrous utility-supply-demand-equilibrium failurehttps://t.co/5K0YAuqmZ3
Occasional Tweets: Conversation is not the way forward in economics ― refutation, axiomatization, and proof lead out of the swamp
Good #MondayMorning, @EconTalker fans!
— Econlib (@Econlib) December 12, 2022
Join Russ and @moniguzman to discuss the role of great questions in sparking meaningful conversations, and how we can not only get along with, but even learn from, those with whom we ardently disagree.https://t.co/OOroaIwnoS
Occasional Tweets: Replacing a cheap input with an expensive one was once regarded as a sure sign of economic idiocy
#Economics#EconomicWarfare#Impoverishment
— E.K-H (@AXECorg) December 12, 2022
The idea to turn off the gas tap and create an ARTIFICIAL #Scarcity was originally (2016) by Mr. Habeck. Replacing GER/EURs dependence on cheap RUS gas with the dependence on expensive USA gas is the whole point of the #ZeitenWende. pic.twitter.com/a6IsoZ0CYa
Occasional Tweets: Academic economists ― the allround sales reps
#FailedFakeScience#Economics is NOT #Science but part of the entertainment industry. Academic #Economists are NOT #Scientists but in the #DisInfoTainment/#Marketing/#OpinionPusher business.
— E.K-H (@AXECorg) December 12, 2022
Economics as storytelling and entertainment for the masseshttps://t.co/SbHCzAqYov
Related 'Economists: Jacks-of-all-trades ― except economics' and 'The economist as amateur journalist'.
For more about disinfotainment see AXECorg.
December 11, 2022
Occasional Tweets: Profit is not a dirty word ―no― it is the foundational concept of economics and economists get wrong for 200+ ys
#Econ#FailedFakeScience
— E.K-H (@AXECorg) December 11, 2022
“Profit is not a dirty word.” No, it is the foundational concept of #Economics and #Economists get it wrong since the founding fathers.
The profit theory is false since Adam Smithhttps://t.co/s3zlXjwArK
Profithttps://t.co/0i4XICiAtV pic.twitter.com/Easl4W29T8
For details of the big picture see cross-references Profit.
***
Occasional Tweets: Reminder ― most economists habitually violate the Code of Professional Conduct
#Econ#Economics is #FailedFakeScience bc most #Economists are NOT #Scientists but #AgendaPushers/#Clowns in the political #CircusMaximus.
— E.K-H (@AXECorg) December 11, 2022
Ben Golub is an #EconBlocker.#EconBlockers violate the Code of Professional Conduct.#FireEconomists#DefundEconomics pic.twitter.com/hHllmaopZn
December 10, 2022
Occasional Tweets: The futile attempt to recycle Adam Smith (XIV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 10, 2022
Adam Smith NEVER understood what #Profit is and how the economic #System works. He was NOT a #Scientist but a political #AgendaPusher. He kicked off economics as a #DisInfoTainment #Shitshow as we know it today. pic.twitter.com/mMazGo6tHp
Occasional Tweets: #DefundEconomics
#Economics#FailedFakeScience#DefundEconomics#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT, & #Pluralism are axiomatically false & materially/formally inconsistent. Economic policy guidance NEVER has had sound scientific foundations. pic.twitter.com/o1qZflLMpP
— E.K-H (@AXECorg) December 10, 2022
Occasional Tweets: Adam Smith ― patron saint of failed/fake science
#Economics
— E.K-H (@AXECorg) December 10, 2022
Adam Smith NEVER understood what #Profit is and how the economic #System works. He was NOT a #Scientist but a political #AgendaPusher.
The profit theory is false since Adam Smithhttps://t.co/s3zlXjx8hi
Smith has always been the #PatronSaint of #FailedFakeScience. pic.twitter.com/85vHp6vKI3
Occasional Tweets: Economics ― just disinfotainment and self-hype (I)
As far as #Economics is concerned, #Academia is #FailedFakeScience from #Econ101, over #PeerReview, to the #EconNobel. #Walrasianism, #Keynesianism, #Marxianism, #Austrianism & #MMT are axiomatically false & materially/formally inconsistent. #Econ is #DisInfoTainment & #SelfHype. pic.twitter.com/H04BbNFp9G
— E.K-H (@AXECorg) December 10, 2022
December 9, 2022
Occasional Tweets: The futile attempt to recycle Adam Smith (XIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 9, 2022
Adam Smith NEVER understood what #Profit is and how the economic #System works. He was NOT a #Scientist but a political #AgendaPusher.
The profit theory is false since Adam Smithhttps://t.co/s3zlXjx8hi#NoFalseHeroMemorials pic.twitter.com/lQxK03sW5Q
Occasional Tweets: Economics, Oligarchy, Democracy and fake legitimacy
The correct designation for the current political system is #Oligarchy. It thrives on #DeficitSpendingMoneyCreation = growing #PublicDebt. The #ProfitLaw implies #PublicDeficitIsPrivateProfit. So, #Democracy is a fiction/cover for the Oligarchy's self-alimentation with #Profit. pic.twitter.com/SVRRn66O5N
— E.K-H (@AXECorg) December 9, 2022
Occasional Tweets: The futile attempt to recycle Kalecki (III)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 9, 2022
The history of economic thought is the history of scientific failure. Kalecki is NO exception.
Cross-referenceshttps://t.co/IFclXX5Ak5
Occasional Tweets: The problem is not that the economy is nearly incomprehensible but that economists are nearly brain-dead
#LearnEconomics
— E.K-H (@AXECorg) December 9, 2022
The macroeconomic #LawOfSupplyAndDemand and the #ProfitLaw tell one exactly how #Price P and #Profit Qm increase as a function of #DeficitSpendingMoneyCreation i.e. the expenditure ratio ρE (→ elementary formulas) pic.twitter.com/XzhNUkdFaU
Occasional Tweets: Zombie shouts from the scientific swamp ― economics is a social science
#Economics#FailedFakeScience.#DisInfoTainment#EconTwitter
— E.K-H (@AXECorg) December 9, 2022
The history of economic thought is the history of scientific failure. #Economists are NOT #Scientists but #AgendaPushers / #UsefulIdiots / #Clowns in the political #CircusMaximus.#EndTheSVR pic.twitter.com/VRYUEP9UlC
For more about PsySoc see AXECquery.
Occasional Tweets: Economic policy guidance has never had sound scientific foundations (VIII)
#Economics#FailedFakeScience.#DisInfoTainment#EconTwitter
— E.K-H (@AXECorg) December 9, 2022
The history of economic thought is the history of scientific failure. #Economists are NOT #Scientists but #AgendaPushers / #UsefulIdiots / #Clowns in the political #CircusMaximus.#EndTheSVR pic.twitter.com/XLDOhusn0H
Occasional Tweets: How Solow messed up growth theory and why economists don't get it right to this day (I)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 9, 2022
Growth models are 'real' i.e. they do NOT contain the nominal variable #Profit i.e. they do NOT show how countries “make more money”. That is, they are scientifically worthless. ⇒https://t.co/Cg3CZgHVA4
See the #EconomicsGodEquation pic.twitter.com/baBPL1GPEQ
December 8, 2022
Occasional Tweets: Why has nobody heard of the macroeconomic Profit Law until recently?
#LearnEconomics
— E.K-H (@AXECorg) December 8, 2022
“Who has heard of the 3-sector Profit Law?”
Because the #ProfitTheory is false since Adam Smith, nobody has heard of the #ProfitLaw before I wrote it down.
The Profit Lawhttps://t.co/jWdqI5lTPz
Occasional Tweets: The miracle of black-box profit creation
Whether spending G or taxes T comes first is IRRELEVANT. The #Balance between the two is relevant. The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. pic.twitter.com/lQTVtL4vgn
— E.K-H (@AXECorg) December 8, 2022
Occasional Tweets: Economics ― not a science but a playground for disinfotainment clowns
#Econ
— E.K-H (@AXECorg) December 8, 2022
The scientific task of #Economists is to figure out how the #Economy works. The fact is that #Economics is #FailedFakeScience bc #Economists are NOT #Scientists but #AgendaPushers in the political #CircusMaximus who flood #SocialMedia with silly psycho-social slogans. pic.twitter.com/7zFPrvwfD3
For details of the big picture see cross-references Political Economics/Stupidity/Corruption.
December 7, 2022
Occasional Tweets: The problem with Austrianism
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 7, 2022
The problem with #Austrianism is that it NOT #Science and never has been since von Mises. It is political #AgendaPushing and has never risen above producing proto-science garbage and repeating three silly political slogans. pic.twitter.com/0HQ704yQA5
Occasional Tweets: No false-hero memorials (VIII) ― economics is failed/fake science
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 7, 2022
Adam Smith NEVER understood what #Profit is and how the economic #System works. He was NOT a #Scientist but a political #AgendaPusher.
The profit theory is false since Adam Smithhttps://t.co/s3zlXjwArK#NoFalseHeroMemorials pic.twitter.com/mATbcF8X3s
For details of the big picture see cross-references Scientific Incompetence and cross-references The Representative Economist and cross-references Proto-Science/Cargo Cult Science/Fake Science.
Occasional Tweets: Heterodoxy, too, goes down the scientific drain
#Econ
— E.K-H (@AXECorg) December 7, 2022
Both #Orthodoxy & #Heterodoxy are axiomatically false & materially/formally inconsistent. #Economics is #FailedFakeScience.
Heterodoxy ― an axiomatic failure just like Orthodoxyhttps://t.co/oDXO24G1w6
The #ParadigmShift is inescapable. pic.twitter.com/mvc5UjZhno
For details of the big picture see cross-references Heterodoxy.
Occasional Tweets: Stopping the economists' never ending fun game 'Where did economics go wrong?'
#Econ#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT, #Pluralism are axiomatically false & materially/formally inconsistent. #Economics is #FailedFakeScience bc #ProfitTheory is false since the founding fathers.
— E.K-H (@AXECorg) December 5, 2022
Where economics went wronghttps://t.co/HaIh7MZoeQ pic.twitter.com/OjXLyWmxmD
Occasional Tweets: Laying Austrianism to rest
Time to sum up. #Economics is NOT #Science bc #Economists in general and #Austrians in particular, are NOT #Scientists but #AgendaPushers / #UsefulIdiots / #Clowns in the political #CircusMaximus.
— E.K-H (@AXECorg) December 6, 2022
Economics: The greatest scientific fraud in modern timeshttps://t.co/S3ErelM4tI pic.twitter.com/CYGnlKSZBK
December 6, 2022
Occasional Tweets: The macrofounded economic analog to the Pythagorean Theorem
The economic analog to the Pythagorean Theorem is the First Economic Law® which is composed of well-defined ratios and is testable in principle. pic.twitter.com/2CLsepxic7
— E.K-H (@AXECorg) December 6, 2022
Related 'Toward the true economic axioms'
For details of the big picture see cross-references Axiomatization.
Occasional Tweets: The mission of academic economics ― a reminder
#Economics#FailedFakeScience#DisInfoTainment#EconTwitter
— E.K-H (@AXECorg) December 6, 2022
The mission of academic #Economists is to contribute with #ForschungUndLehre to the #GrowthOfScientificKnowledge and NOT to excite their moronic #Followers with beer deliriums.
Occasional Tweets: Yes, dear Austrians, the objective Law of Value exists
Yes, I think that “objective value somehow exists” and it is given with the #LawOfValue below.
— E.K-H (@AXECorg) December 6, 2022
Basics of Value Theoryhttps://t.co/8MbLTirhaa pic.twitter.com/b4J3Sicr7B
December 4, 2022
Occasional Tweets: von Mises got profit wrong but Austrians never got it
From Qm≡−Sm follows that #Profit for the economy is zero if #Dissaving/#Saving is 0. von Mises, however, said that overall profit is zero if the anticipations were correct. This is provably false bc #MacroProfit does NOT depend on subjective factors but an objective balance. pic.twitter.com/gqUR5n2FS5
— E.K-H (@AXECorg) December 4, 2022
For more about the zero-profit economy see AXECquery.
December 3, 2022
Occasional Tweets: To this day, Austrians in their utter scientific incompetence do not understand what profit is
#Economics#FailedFakeScience#Austrianism#ProfitLaw and Balances Equation (with the increasing complexity of the economy) pic.twitter.com/2y0cwDn8bf
— E.K-H (@AXECorg) December 2, 2022
December 2, 2022
Occasional Tweets: Science is not about like/dislike but about true/false
#Economics#FailedFakeScience#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT, #Pluralism are axiomatically false & materially/formally inconsistent. Economic policy guidance NEVER has had sound scientific foundations.#AllOfEconomicsIsFalse
— E.K-H (@AXECorg) December 2, 2022
Occasional Tweets: Scientific achievements are not measured in terms of the number of followers / applause trolls
#Economics#FailedScience#EconTwitter#FakeFollowers
— E.K-H (@AXECorg) December 2, 2022
In #Science, people are not interested in collecting #Followers, but rather in contributions to the #GrowthOfKnowledge. #Economists, though, are NOT #Scientists but #AgendaPushers / #Clowns in the political #CircusMaximus. pic.twitter.com/zZtsSnu7HN
Occasional Tweets: The absolute upper limit of public debt
There is an absolute upper limit for the growth of public debt. It is determined by #InterestRate*#PublicDebt/#PublicBudget=1. Practically it is reached earlier.
— E.K-H (@AXECorg) December 2, 2022
From the debt economy to the gift economy: how America is brainwashed to love budget deficitshttps://t.co/gtHNBANDrN