Occasional Xs: The history of economic thought is the history of scientific failure (XI)

 

#Econ#Walrasianism, #Keynesianism, #Marxianism, #Austrianism etc. are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. #EconomicPolicyGuidance has NEVER had sound scientific foundations. Folks like Lucas/Thaler/Kahneman etc. are NO exception.

— E.K-H (@AXECorg) October 1, 2023

For details of the big picture see cross-references Not a Science of Behavior.