Occasional Tweets: The futile attempt to recycle Adam Smith (XXII)

 

#Economics#FailedFakeScience

The history of economic thought is the history of scientific failure. Adam Smith NEVER understood what #Profit is and how the economic #System works. Economic policy guidance NEVER has had sound scientific foundations. ⇒https://t.co/s3zlXjwArK pic.twitter.com/pskCu4h6K9

— E.K-H (@AXECorg) March 31, 2023 

Occasional Tweets: The futile attempt to recycle Milton Friedman (III)

 

#Econ#FailedFakeScience

“Economics is the study of the economy, not the study of economists.” (R. Reis)

The history of economic thought is the history of scientific failure. Biographies only narrow the view of the big picture. ⇒https://t.co/Cd3gu2jTGF#NoFalseHeroMemorials

— E.K-H (@AXECorg) March 31, 2023

For details of the big picture see cross-references The Representative Economist. 

Occasional Tweets: It is the growth of public debt that keeps the system running

 

The UK political system is an #Oligarchy. Parliament/Treasury/BoE/BigBusiness are integral parts of it. The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. The growth of #PublicDebt generates the #Profit/#Interest to keep the #System running. pic.twitter.com/lwVNyN8UsL

— E.K-H (@AXECorg) March 31, 2023

Occasional Tweets: The economist as a scientific miscast

 

#Econ#DisInfoTainment#EconTwitter

The scientific mission of #Economists is to figure out how the #Economy works. The fact is that #Economics is #FailedFakeScience bc the representative #Economist is NOT a #Scientist but a platitude-spawning #AgendaPusher. pic.twitter.com/81tc2mDLfB

— E.K-H (@AXECorg) March 31, 2023

Occasional Tweets: Who gets squeezed by austerity?

 

#PublicDebt grows for 200+ yrs. This proves that #DeficitSpendingMoneyCreation has been the prevailing policy. The #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit i.e. a #FreeLunch for the #Oligarchy. #Austerity hurts these folks. ⇒https://t.co/nsoHK9OIaP pic.twitter.com/nnuCySQ6M5

— E.K-H (@AXECorg) March 30, 2023

Occasional Tweets: Economics is not science ― the representative economist is in the disinfotainment business

 

#Econ#DisInfoTainment#Economics is #FailedFakeScience. The representative #Economist is NOT a #Scientist but an #AgendaPusher / #Clown in the political #CircusMaximus.

Lars Syll is an #EconBlocker.#EconBlockers violate the Code of Professional Conduct. pic.twitter.com/6nhYFZ1J4u

— E.K-H (@AXECorg) March 28, 2023

For details of the big picture see cross-references The Representative Economist. 

Occasional Tweets: How does it come that failed/fake scientists tell the government what to do?

 

#Econ#FailedFakeScience

For 200+ yrs, #Economics claims to be #Science but is NOT. The representative #Economist is NOT a #Scientist but an #AgendaPusher / #UsefulIdiot / #Clown in the political #CircusMaximus.

Reminder: #Economists have NO political mandate. pic.twitter.com/qJNlmCKmgs

— E.K-H (@AXECorg) March 28, 2023

Occasional Tweets: Economic policy guidance has never had sound scientific foundations (XIII)

 

#Econ#FailedFakeScience#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. #EconomicPolicyGuidance NEVER has had sound scientific foundations.#FireEconomists#DefundEconomics

— E.K-H (@AXECorg) March 28, 2023

Occasional Tweets: Germany's top economic expert does not understand the Havanna-Effekt but still enlightens the people about it

 

#Econ#EconomicWarfare

Cubans drive Oldtimers not because they want to keep them as long as possible: “the US embargo against Cuba is 'the oldest and most comprehensive US economic sanctions regime against any country in the world imposed over half a century ago.' (Wiki)

— E.K-H (@AXECorg) March 28

For details of the big picture see cross-references Political Economics/Stupidity/Corruption. 

 

Occasional Tweets: No false-hero memorials for Post- and After-Keynesians

 

#Economics#FailedFakeScience#Keynes got macroeconomic #Profit wrong bc he was too stupid for elementary #Algebra. As a consequence, his #MacroEconomics is scientifically worthless. Post- and After-Keynesians have not noticed it to this very day. pic.twitter.com/bC4fskWPSL

— E.K-H (@AXECorg) March 27, 2023

For details of the big picture see cross-references Keynesianism. 

Occasional Tweets: The futile attempt to recycle Buchanan (III)

 

#Econ#FailedFakeScience

The correct designation for the current political system is #Oligarchy. #PublicChoiceTheory distracts from the fact that elected officials & government agents & academic #Economists & Buchanan himself are maximising #Welfare/#Profit for the #Oligarchy.

— E.K-H (@AXECorg) March 26, 2023

Occasional Tweets: The futile attempt to recycle Hayek (VI)

 

#Econ

“Economics is the study of the economy, not the study of economists.” (R. Reis)

The history of economic thought is the history of scientific failure. Biographies only serve the purpose of #DisInfoTainment.

Austrian idiocy ― the case of Hayekhttps://t.co/qa0Sk30K5l

— E.K-H (@AXECorg) March 26, 2023

For more about Austrianism see  AXECquery.

Occasional Tweets: The futile attempt to recycle Adam Smith (XXI)

 

#Economics#FailedFakeScience

The history of economic thought is the history of scientific failure. Adam Smith NEVER understood what #Profit is and how the economic #System works. Economic policy guidance NEVER has had sound scientific foundations. ⇒https://t.co/s3zlXjwArK pic.twitter.com/WhRLtR9yEZ

— E.K-H (@AXECorg) March 25, 2023

Occasional Tweets: In economics, Artificial Intelligence cannot beat Natural Stupidity

 

#FailedFakeScience#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. Artificial Intelligence cannot beat Natural Stupidity and lift #Econ above the level of proto-scientific garbage. pic.twitter.com/7GNqEDPayB

— E.K-H (@AXECorg) March 24, 2023

For details of the big picture see cross-references Failed/Fake Scientists.

Occasional Tweets: Economics and Psychiatry ― deficit cheerleaders discover a new mental disease

 

#Deficit#Debt#Profit

The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. So, the policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy.

Deficit cheerleaders ― the Oligarchy’s useful idiotshttps://t.co/XX5wLu3cSJ

— E.K-H (@AXECorg) March 23, 2023

For details of the big picture see cross-references Deficit/Debt. 

Occasional Tweets: Most economists are not scientists but political agenda pushers (VII)

 

#War#EconomicWarfare#Sanctions#Embargo#KillNordStream#Impoverishment

The idea to turn off the gas tap and create an ARTIFICIAL #Scarcity was originally (2016) by Mr. #Habeck. The accompanying measures were supported by #EconomicExperts.https://t.co/mEgygdXxdO

— E.K-H (@AXECorg) March 23, 2023

Occasional Tweets: The basics about inflation (II)

 

#LearnEconomics

The macroeconomic #LawOfSupplyAndDemand and the #ProfitLaw tell one exactly how #Price P & #Profit Qm move as a function of #WageRate W, Productivity R & #DeficitSpendingMoneyCreation ρE. pic.twitter.com/bzY0LbQICJ

— E.K-H (@AXECorg) March 23, 2023

For more about inflation see AXECquery. 

Occasional Tweets: The futile attempt to recycle Keynesianism (XIV)

 

#Economics#FailedFakeScience#Keynes got macroeconomic #Profit wrong bc he was too stupid for elementary #Algebra. As a consequence, his #MacroEconomics is scientifically worthless. After-Keynesians have not noticed it to this very day. pic.twitter.com/MfhHFQXcWX

— E.K-H (@AXECorg) March 21, 2023

For details of the big picture see cross-references Keynesianism, 

Occasional Tweets: Austrians ― still trapped in the PsySoc Paradigm

 

#Economics is about how the #Economy behaves. It is a #SystemsScience and NOT a #SocialScience i.e. NOT about #HumanNature / #Motives/#Behavior/#Choice/#Actions or #Incentives.

Economics is NOT a social sciencehttps://t.co/ENmXGsBMvD
Redefining economicshttps://t.co/Kf3XJ3jSdc pic.twitter.com/xzQ3Xijs8I

— E.K-H (@AXECorg) March 20, 2023

Occasional Tweets: Time to refuse to choose between lemons

 

#Econ#Economics is #FailedFakeScience. Walrasian #MicroFoundations and Keynesian #MacroFoundations are both axiomatically false but #Economists don't get it. For the inescapable #ParadigmShift and the true set of economic #Axioms see cross-referenceshttps://t.co/rf8n0xkhRA pic.twitter.com/1xcJ8bdXUv

— E.K-H (@AXECorg) March 19, 2023

Occasional Tweets: No false-hero memorials (X)

 

#NoFalseHeroMemorials

“Economics is the study of the economy, not the study of economists.” (R. Reis)

The representative #Economist is NOT a #Scientist but an #AgendaPusher / #Clown in the political #CircusMaximus. The Marshalls were NO exception. ⇒https://t.co/7Pr9uG2TmV

— E.K-H (@AXECorg) March 19, 2023

For more about false-hero memorials see AXECquery. 

Occasional Tweets: Too humble ― central bankers wonder where all these huge profits suddenly come from

 

#LearnEconomics

The macroeconomic #LawOfSupplyAndDemand and the #ProfitLaw tell one exactly how #Price P & #Profit Qm move as a function of #WageRate W, Productivity R & #DeficitSpendingMoneyCreation ρE. pic.twitter.com/qbqBzOopzR

— E.K-H (@AXECorg) March 18, 2023

Occasional Tweets: The futile attempt to recycle Adam Smith (XX)

 

#AdamSmithGotItWrong

According to the macroeconomic #LawOfSupplyAndDemand the #RealWage W/P in the elementary production-consumption #Economy is equal to the #Productivity R and declines with #DeficitSpendingMoneyCreation i.e. ρE>1. pic.twitter.com/JnEYPGt6fI

— E.K-H (@AXECorg) March 16, 2023

Occasional Tweets: The right and the wrong way to inject money into the economy

 

A growing economy needs more of the #MediumOfExchange. The point is whether it is injected at the supply side/wage bill or on the demand side. #DeficitSpendingMoneyCreation is the wrong way bc the 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. pic.twitter.com/AiGQkDh6B5

— E.K-H (@AXECorg) March 14, 2023

Related 'Criminals and the monetary order'.

For more about money see AXECquery. 

Occasional Tweets: Meet the representative economist

 

#Econ#FailedFakeScience#Economics claims to be #Science (→ #EconNobel) but #EconTwitter delivers the unassailable proof that the representative #Economist is NOT a #Scientist but an #AmateurActor in a #DisInfoTainment #ShitShow. pic.twitter.com/jlS7wOloYw

— E.K-H (@AXECorg) March 13, 2023

For details of the big picture see cross-references The Representative Economist 

Occasional Tweets: Some more words of wisdom about economics

 

'Some more words of wisdom' following up on the #WomenInEcon event.#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. #EconomicPolicyGuidance NEVER has had sound scientific foundations

— E.K-H (@AXECorg) March 13, 2023

Occasional Tweets: What economics is missing

 

#FailedFakeScience#Economics claims to be #Science (→ #EconNobel) but is NOT. The representative #Economist is NOT a #Scientist but an #AgendaPusher/#UsefulIdiot/#Clown in the political #CircusMaximus. #WhatEconomicsIsMissing are #Scientists.#DefundEconomics#FireEconomists pic.twitter.com/Dp61XksrgU

— E.K-H (@AXECorg) March 13, 2023

Occasional Tweets: The futile attempt to recycle Austrianism (XIII)

 

#Econ#FailedFakeScience#Economics claims to be #Science but is NOT. The representative #Economist is NOT a #Scientist but an #AgendaPusher / #UsefulIdiot / #Clown in the political #CircusMaximus. This is pretty obvious for the #Austrians. pic.twitter.com/89JCmcLHOb

— E.K-H (@AXECorg) March 12, 2023

Occasional Tweets: What is economics good for?

 

#WozuÖkonomik#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. #EconomicPolicyGuidance NEVER has had sound scientific foundations. #Econ has NO truth value only political use value. pic.twitter.com/emcgKw9Rf0

— E.K-H (@AXECorg) March 10, 2023

Occasional Tweets: Bring yourself up to speed ― New Econ 101 (I)

 

#BringYourselfUpToSpeed

The macroeconomic #LawOfSupplyAndDemand and the #ProfitLaw tell one exactly how #Price P & #Profit Qm move as a function of #WageRate W, Productivity R & #DeficitSpendingMoneyCreation ρE. pic.twitter.com/9c9Ecy6ngN

— E.K-H (@AXECorg) March 10, 2023

Occasional Tweets: The central bank as a direct and indirect profit creator

 

#LearnEcon

The #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. So, #PrivateFinancialWealth grows with #PublicDebt, the interest #CashCow of the #Oligarchy. By reshuffling the #Debt (buy high, sell low) and taking losses the ECB acts as a direct #ProfitPump. pic.twitter.com/4uZS1yea6s

— E.K-H (@AXECorg) March 9, 2023

Related 'Criminals and the monetary order'

For details of the big picture see cross-references Profit.

For more about profit pump see AXECquery.

Occasional Tweets: The role of economists in the invention, dissemination, and eventual sell-out of so-called Western Values

 

#Economics is NOT #Science. The representative #Economist is NOT a #Scientist but an #AgendaPusher / #Clown is the political #CircusMaximus. #EconomicPolicyGuidance NEVER has had sound scientific foundations. The weaponizing of #WesternValues is the antithesis to #Enlightenment. pic.twitter.com/RwIAokJutY

— E.K-H (@AXECorg) March 8, 2023

For details of the big picture see cross-references Political Economics/Stupidity/Corruption. 

Occasional Tweets: Did you study economics? Have you noticed that it is failed/fake science?

 

#HabenSieVWLStudiert ?#Economics is NOT #Science. NEVER has been. The representative #Economist is NOT a #Scientist but an #AgendaPusher / #Clown is the political #CircusMaximus. #EconomicPolicyGuidance NEVER has had sound scientific foundations. pic.twitter.com/BaVvwMXwnN

— E.K-H (@AXECorg) March 8, 2023

Occasional Tweets: The futile attempt to recycle Adam Smith (XIX)

 

#FailedFakeScience

The history of economic thought is the history of scientific failure. Adam Smith NEVER understood what #Profit is and how the economic #System works. He mistook #Moralizing for #Thinking.

The profit theory is false since Adam Smithhttps://t.co/s3zlXjwArK pic.twitter.com/5PtJOmYzh3

— E.K-H (@AXECorg) March 8, 2023

Occasional Tweets: Elementary economics ― inflation up, employment down

 

“… the tendency for rising prices to depress real wages … would be more than offset … by falling unemployment.”

False!

The macroeconomic #EmploymentLaw tells one that #Employment L decreases (#UnEmployment increases) if the product price P rises faster than the wage rate W. pic.twitter.com/vZCb8kGiV9

— E.K-H (@AXECorg) March 7, 2023

Related 'Attention ― there are THREE types of inflation'.

For more about inflation see AXECquery. 

Ocassional Tweets: Economics is not self-correcting science but self-perpetuating proto-scientific garbage

 

#FakeScience

“In economics we should strive to proceed, wherever we can, exactly according to the standards of the other, more advanced, sciences, where it is not possible, once an issue has been decided, to continue to write about it as if nothing had happened.” (Morgenstern)

— E.K-H (@AXECorg) March 7, 2023

For details of the big picture see cross-references Methodology. 

Occasional Tweets: There is nothing new about new economic thinking ― it's just failed/fake science

 

#Economics is NOT #Science. NEVER has been. The representative #Economist is NOT a #Scientist but an #AgendaPusher / #Clown is the political #CircusMaximus. #EconomicPolicyGuidance NEVER has had sound scientific foundations. #NewEconomicThinking means just #NewPoliticalAgenda. pic.twitter.com/CezMGdydkO

— E.K-H (@AXECorg) March 6, 2023

For more about New Economic Thinking see AXECquery. 

Occasional Tweets: High time for economists to stop agenda-pushing and start doing science

 

#Econ#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. Economic policy guidance NEVER has had sound scientific foundations. #Economists have NO mandate for political #AgendaPushing. pic.twitter.com/LIFRwBeI4G

— E.K-H (@AXECorg) March 6, 2023

Occasional Tweets: MMT is a political fraud

 

The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. So, the #MMT policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy & ultimately NOT for the benefit of #WeThePeople. ⇒https://t.co/XX5wLu3cSJ pic.twitter.com/TFRffTEHvA

— E.K-H (@AXECorg) March 6, 2023

For details of the big picture see cross-references Political Economics/Stupidity/Corruption. 

Occasional Tweets: The futile attempt to recycle Adam Smith (XVIII)

 

#Economics#FailedFakeScience

The history of economic thought is the history of scientific failure. Adam Smith NEVER understood what #Profit is and how the economic #System works.

The profit theory is false since Adam Smithhttps://t.co/s3zlXjwArK pic.twitter.com/RyeJ0L0nid

— E.K-H (@AXECorg) March 5, 2023

For details of the big picture see cross-references Profit.

Occasional Tweets: The futile attempt to reycle supply-demand-equilibrium (III)

 

The history of economic thought is the history of scientific failure. To understand anything in #Economics you have to move from false #MicroFoundations to true #MacroFoundations.

Bang — the representative economist and supply-demand-equilibrium are deadhttps://t.co/aNBIV3Tq92

— E.K-H (@AXECorg) March 4, 2023

For more about supply-demand-equilibrium see AXECquery. 

Occasional Tweets:How billionaires are made

 

The 3sec #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. #PrivateFinancialWealth grows with #PublicDebt. It holds #WeThePeopleOwesIt and #OligarchyOwnsIt. #Interest is taxed from #WeThePeople. pic.twitter.com/0M2NgvVVbV

— E.K-H (@AXECorg) March 4, 2023

Occasional Tweets: The futile attempt to recycle Kalecki (V)

 

#Economics#FailedFakeScience

The history of economic thought is the history of scientific failure. #Kalecki is NO exception, see cross-referenceshttps://t.co/IFclXX52ux
but the scientifically incompetent Assistant Prof of Econ Mark Paul has not noticed anything to this day.

— E.K-H (@AXECorg) March 3, 2023

Occasional Tweets: The use of pets and other emotional triggers in Political Economics

 

#Economics#FailedFakeScience#DisInfoTainment

Reminder: #Economists who parade their cats, dogs, & other pets on #EconTwitter have NO idea what #Science is all about but are #AgendaPushers / #Clowns in the political #CircusMaximus. pic.twitter.com/8GnHiHIlVh

— E.K-H (@AXECorg) March 3, 2023

For more about disinfotainment see AXECquery.

For more about Diane Coyle see AXECquery. 

Occasional Tweets: The end of PsySoc economics

 

#FailedFakeScience#Economics is about how the #Economy works. It is a #SystemsScience and NOT a #SocialScience i.e. NOT about #HumanNature / #Motives / #Behavior / #Choice / #Actions or #Incentives. See cross-referenceshttps://t.co/MzGiF9gpXa

The #ParadigmShift is inevitable. pic.twitter.com/lW1uDr0hw5

— E.K-H (@AXECorg) March 3, 2023

For more about the social science blunder see AXECquery. 

Occasional Tweets: The futile attempt to recycle Keynesianism (XIII)

 

#FailedFakeScience#Keynes got macroeconomic #Profit wrong bc he was too stupid for elementary #Algebra. As a consequence, his #MacroEconomics is scientifically worthless. Like the rest of #Economists, Keynes was just an #AgendaPusher / #Clown in the political #CircusMaximus. pic.twitter.com/do3SmPh0wA

— E.K-H (@AXECorg) March 3, 2023

Occasional Tweets: Science is about true/false and not about left/right ― economics is not a science

 

#FailedFakeScience#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. #Science is about true/false & NOT about right/left. #Economists are NOT #Scientists but stupid agenda-pushers. pic.twitter.com/ikIunP32v9

— E.K-H (@AXECorg) March 2, 2023

For details of the big picture see cross-references Political Economics/Stupidity/Corruption. 

Occasional Tweets: Still teaching proto-scientific garbage

 

#Economics#FailedFakeScience#TextBook#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. ⇒https://t.co/Gw6Qa1CKtI#FireEconomists#DefundEconomics pic.twitter.com/Uq9DNt2chY

— E.K-H (@AXECorg) March 2, 2023

 

For more about macrofoundations see AXECquery. 

Occasional Tweets: Economics is failed/fake science, economists have no mandate for political agenda pushing

 

#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT are axiomatically false & materially/formally inconsistent. Economic policy guidance NEVER has had sound scientific foundations. #Economists have NO mandate for political #AgendaPushing. pic.twitter.com/ESJ5lzSg7R

— E.K-H (@AXECorg) March 2, 2023

Occasional Tweets: The right way of thinking about deficit-spending/money-creation

 

#LearnEconomics

The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. New money injected into the economy shows up in the profit/loss accounts. pic.twitter.com/VaqgNoKdH8

— E.K-H (@AXECorg) March 2, 2023

Occasional Tweets: Economics is not a science, economists are not scientists

 

#Economics claims to be #Science (→ #EconNobel) but is NOT. It is obvious that the representative #Economist is NOT a #Scientist but an #AgendaPusher / #Clown in the political #CircusMaximus. Lobbying for higher military spending and doing science is a #ContradictionInTerms. pic.twitter.com/EA3tCX9hGf

— E.K-H (@AXECorg) March 1, 2023