#Econ#Walrasianism / #Keynesianism / #Marxianism / #Austrianism etc. are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. Debate:
— E.K-H (@AXECorg) December 31, 2023
Economists — sloppy, stupid, or scientifically incompetent?https://t.co/dlM58a4Wmt
December 31, 2023
Occasional Xs: Clueless economists / Science (XLII)
Occasional Xs: The history of economic thought is the history of scientific failure (XIX)
#Walrasianism, #Keynesianism, #Marxianism, #Austrianism etc. are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. #EconomicPolicyGuidance has NOT had valid scientific foundations from #AdamSmith onward. #Economists are incarnations of #CognitiveBias pic.twitter.com/Rx8PIrk3Bc
— E.K-H (@AXECorg) December 31, 2023
Occasional Xs: How it works (CLXVIII)
#Econ#Deficit#Profit
— E.K-H (@AXECorg) December 31, 2023
The #ProfitLaw implies #PublicDeficitIsPrivateProfit. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Bigger is better for #Trillionaires. Growing #PublicDebt is the #SurvivalFormula of the #MarketEconomy. ⇒https://t.co/ABFUc41eMs pic.twitter.com/RLx6FrLCw0
Occasional Xs: The history of economic thought is the history of scientific failure (XVIII)
#Econ#Economics claims to be #Science but is NOT. The representative #Economist is NOT a #Scientist but an #AgendaPusher / #Clown in the political #CircusMaximus. #EconomicPolicyGuidance has NEVER had valid scientific foundations since Adam Smith. pic.twitter.com/52RMP4Vnn5
— E.K-H (@AXECorg) December 31, 2023
December 30, 2023
Occasional Xs: What economists really do (CXVII)
#Economics#FailedFakeScience#DisInfoTainment
— E.K-H (@AXECorg) December 30, 2023
Scientists do NOT predict the futurehttps://t.co/FLouHTlQD0
Only #Charlatans/#AgendaPushers indulge in behavioral speculation/mind reading, and only morons take them seriously.
Occasional Xs: How it works (CLXVII)
#Econ
— E.K-H (@AXECorg) December 30, 2023
The #ProfitLaw ⇓ implies #PublicDeficitIsPrivateProfit. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Growing #PublicDebt is the #SurvivalFormula of the so-called #FreeMarketEconomy. ⇒https://t.co/gtHNBANDrN pic.twitter.com/rgShjxxmJt
December 29, 2023
Occasional Xs: Clueless economists / Profit (XXII)
#Econ
— E.K-H (@AXECorg) December 29, 2023
The founding fathers never understood what #Profit is, i.e. they got the foundational economic concept wrong. But onward to Tyler Cowen, #Economists have neither noticed nor fixed the lethal blunder. For proof search his latest book GOAT for profit(s). pic.twitter.com/Srl4s1sG25
Occasional Xs: What economists really do (CXVI)
#Econ#DisInfoTainment #Economics claims to be #Science but is NOT. The representative #Economist is NOT a #Scientist but an #AgendaPusher / #Clown in the political #CircusMaximus. Nowadays, they mainly dabble in psychological life counseling. pic.twitter.com/X8sxkccElk
— E.K-H (@AXECorg) December 29, 2023
Occasional Xs: Economics is NOT a social science but a systems science (VIII)
#Econ#FailedFakeScience#Economics is about how the #Economy works. It is a #SystemsScience & NOT a #SocialScience i.e. NOT about #HumanNature / #Motives / #Behavior / #Choice / #Incentives / #Expectations etc. #PsychoSocialEcon has always been proto-scientific garbage. pic.twitter.com/1ekyEvYhsS
— E.K-H (@AXECorg) December 29, 2023
Occasional Xs: The futile attempt to recycle Milton Friedman (XI)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) December 29, 2023
Milton Friedman never understood what #Profit is and how the economic #System works. That's rather bad for an #Economist.
Friedman and the cluelessness of fake scientistshttps://t.co/b3edQjNEXv
For details of the big picture see cross-references Failed/Fake Scientists.
Occasional Xs: How it works (CLXVI)
The correct term for the GER polity is NOT #Democracy but #Oligarchy. It thrives on #DeficitSpendingMoneyCreation. The #ProfitLaw implies #PublicDeficitIsPrivateProfit, so #PrivateFinancialWealth ≈ #PublicDebt. This #FreeLunch is weaponized to reset non-oligarchic #Institutions. pic.twitter.com/GrtaIlD8oD
— E.K-H (@AXECorg) December 29, 2023
For details of the big picture see cross-references Political Economics/Stupidity/Corruption.
Occasional Xs: The futile attempt to recycle Adam Smith (LVI)
The history of economic thought is the history of scientific failure. #AdamSmith NEVER understood what #Profit is and how the economic #System works. Bc the foundational concepts are inconsistent the whole of #Economics is scientifically worthless to this day. pic.twitter.com/lLelaAUAOB
— E.K-H (@AXECorg) December 29, 2023
For details of the big picture see cross-references Political Economics/Stupidity/Corruption.
Occasional Xs: How it works (CLXV)
The #ProfitLaw implies #PublicDeficitIsPrivateProfit. So, #PrivateFinancialWealth grows with #PublicDebt becoming the #Interest #CashCow of the #Oligarchy. In addition, by reshuffling the #Debt & resetting #InterestRates & taking #Losses, the #Fed acts as a direct #ProfitPump. pic.twitter.com/4Tc1B4w0f6
— E.K-H (@AXECorg) December 29, 2023
Related ' The new doctrine of State Capture'.
Also
December 28, 2023
Occasional Xs: Clueless economists / Science (XLI)
#Econ#ForgetIt#Economics is about how the #Economy works. It is a #SystemsScience & NOT a #SocialScience i.e. NOT about #HumanNature / #Motives / #Behavior / #Choice / #Incentives / #Expectations etc. #PsychoSocialEcon has always been #CargoCultScience. pic.twitter.com/hKYg4j9CyH
— E.K-H (@AXECorg) December 28, 2023
For details of the big picture see cross-references Proto-Science/Cargo Cult Science/Fake Science.
Occasional Xs: Economics ― just disinfotainment and self-hype (XXXVI)
#Econ
— E.K-H (@AXECorg) December 28, 2023
The founding fathers never understood what #Profit is, i.e. they got the foundational economic concept wrong. But onward to Tyler Cowen, #Economists have neither noticed nor fixed the lethal blunder. For proof search his latest book GOAT for profit(s). pic.twitter.com/7bAWeHI8hL
Occasional Xs: How it works (CLXIV)
The #ProfitLaw ⇓ implies #PublicDeficitIsPrivateProfit. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. #WeThePeople owes the #PublicDebt & is eternally taxed for #Interest, the #Oligarchy owns the #FinancialAssets. This is how the #MarketEconomy works. pic.twitter.com/4kbKMEq4cv
— E.K-H (@AXECorg) December 28, 2023
Occasional Xs: Clueless economists / Profit (XXI)
#Econ
— E.K-H (@AXECorg) December 28, 2023
J.S. Mill and the other founding fathers never understood what #Profit is, i.e. they got the foundational economic concept wrong. But onward to Tyler Cowen, #Economists have neither noticed nor fixed the lethal blunder. For proof search his latest book GOAT for profit(s). pic.twitter.com/cbbCCQo36X
For details of the big picture see cross-references Profit/Distribution.
December 27, 2023
Occasional Xs: What economists really do (CXV)
#Economics#FailedFakeScience#DisInfoTainment
— E.K-H (@AXECorg) December 27, 2023
Scientists do NOT predict the futurehttps://t.co/FLouHTmosy
Only #Charlatans / #AgendaPushers indulge in #Forcasting, and only #Morons take them seriously.
Related 'Economists’ silly kindergarten games'
Occasional Xs: Paradigm Shift (X)
#Keynes got macroeconomic #Profit wrong bc he was too stupid for elementary #Algebra. So, he messed up the #ParadigmShift from #MicroFoundations to #MacroFoundations. Bc of this initial blunder, the whole of (#Micro & #Macro) #Economics is scientifically worthless to this day. pic.twitter.com/Edbf2EQk6V
— E.K-H (@AXECorg) December 27, 2023
Occasional Xs: What economists really do (CXIV)
#Economics#FailedFakeScience#Walrasianism, #Keynesianism, #Marxianism, #Austrianism etc. are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. #EconomicPolicyGuidance has NOT had valid scientific foundations from #AdamSmith onward. pic.twitter.com/3sJPd5gLne
— E.K-H (@AXECorg) December 27, 2023
December 26, 2023
Occasional Xs: The history of economic thought is the history of scientific failure (XVII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 26, 2023
The history of economic thought is the history of scientific failure. The major approaches are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. The set of “great economic thinkers” is empty. pic.twitter.com/ZzDEKKyzqy
Related 'Economics, philosophy, and the crapification of science' and 'Finally, the embarrassment of economics is over' and 'Substandard thinkers' and 'Economists — sloppy, stupid, or scientifically incompetent?' and 'As Napoleon said: don’t listen to economists' and 'Economists have no brains' and 'Failed economics: The losers’ long list of lame excuses'.
Occasional Xs: How it works (CLXIII)
#LearnEcon
— E.K-H (@AXECorg) December 26, 2023
The macroeconomic #LawOfSupplyAndDemand ⇓ tells one how the avg #Price P moves under the condition of #MarketClearing as a function of avg #WageRate W, #Productivity R, and #DeficitSpendingMoneyCreation i.e. the expenditure ratio ρE. pic.twitter.com/Eh3oWeTyNN
December 25, 2023
Occasional Xs: Clueless economists / Employment (IV)
#Economics
— E.K-H (@AXECorg) December 25, 2023
Due to the lack of correct #MacroFoundations, #Samuelson / #Solow messed up the original #PhillipsCurve. Being scientifically incompetent, #Economists have not realized anything since then.
NAIRU, wage-led growth, and Samuelson's Dyscalculiahttps://t.co/qDrdo8Hdey
December 23, 2023
Occasional Xs: What economists really do (CXIII)
#Economics#FailedFakeScience#NoFalseHeroMemorials
— E.K-H (@AXECorg) December 23, 2023
The history of economic thought is the history of scientific failure. The major approaches are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. #Solow was no exception. ⇒https://t.co/UDqmsPlWxf pic.twitter.com/PHj1tD2w8J
Occasional Xs: The history of economic thought is the history of scientific failure (XVIII)
#Economics#FailedFakeScience#NoFalseHeroMemorials
— E.K-H (@AXECorg) December 23, 2023
Milton Friedman never understood what #Profit is and how the economic #System works. That's rather bad for an #Economist.
Friedman and the cluelessness of fake scientistshttps://t.co/b3edQjNEXv pic.twitter.com/BkFu3paULm
Occasional Xs: How it works (CLXII)
The macro #LawOfSupplyAndDemand ⇓ tells one how the avg #Price P moves under the condition of #MarketClearing as a function of avg #WageRate W, #Productivity R, and #DeficitSpendingMoneyCreation i.e. the expenditure ratio ρE. #Employment is NOT among the price determinants. pic.twitter.com/G9qszHnQao
— E.K-H (@AXECorg) December 23, 2023
Occasional Xs: The history of economic thought is the history of scientific failure (XVII)
#Econ#ForgetIt#Economics is about how the #Economy works. It is a #SystemsScience & NOT a #SocialScience i.e. NOT about #HumanNature / #Motives / #Behavior / #Choice / #Incentives / #Expectations etc. #PsychoSocialEcon has always been proto-scientific garbage. pic.twitter.com/Qq4hz5rJir
— E.K-H (@AXECorg) December 23, 2023
Occasional Xs: What economists really do (CXII)
#Economics#War
— E.K-H (@AXECorg) December 23, 2023
USA/EUR/GER is at war with RUS. #WarEconomy means #Impoverishment / #SocialDeprivation /#DeficitSpendingMoneyCreation / exploding #PublicDebt / #Inflation bc in real terms #WeThePeople ALWAYS pays for the war. pic.twitter.com/qd4e4PiqYB
For details of the big picture see cross-references Political Economics/Stupidity/Corruption.
December 22, 2023
Occasional Xs: The history of economic thought is the history of scientific failure (XVI)
The history of economic thought is the history of scientific failure. #AdamSmith NEVER understood what #Profit is and how the economic #System works. Bc the foundational concepts are inconsistent the whole of #Economics is scientifically worthless to this day. pic.twitter.com/UDTXWgof14
— E.K-H (@AXECorg) December 22, 2023
Occasional Xs: Clueless economists / Breakdown (II)
The US #Economy runs on #Profit. The #ProfitLaw ⇓ implies that the greater part is produced by #DeficitSpendingMoneyCreation. So, #PrivateFinancialWealth ≈ #PublicDebt. #Capitalism/#FreeMarketEconomy/#StockMarket are saved from #BreakDown by #Fed/#Treasury i.e. the #State. pic.twitter.com/jueI0c8JUg
— E.K-H (@AXECorg) December 22, 2023
For more about breakdown see AXECquery.
Occasional Xs: Clueless economists / Science (XL)
#Economics#FailedFakeScience#Walrasianism, #Keynesianism, #Marxianism, #Austrianism etc. are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. #EconomicPolicyGuidance has NOT had valid scientific foundations from #AdamSmith onward. pic.twitter.com/xX5DzxxUuG
— E.K-H (@AXECorg) December 22, 2023
Occasional Xs: Clueless economists / Science (XXXIX)
#Econ#FailedFakeScience
— E.K-H (@AXECorg) December 22, 2023
“Economics has many problems. The biggest problem is not racism, sexism, or homophobia. The biggest problem in economics is …” that the representative #Economist is NOT a #Scientist but an #AgendaPusher / #Clown in the political #CircusMaximus. pic.twitter.com/4kBsBbofTj
For details of the big picture see cross-references Failed/Fake Scientists.
Occasional Xs: How Solow messed up growth theory and why economists don't get it right to this day (II)
The history of economic thought is the history of scientific failure. The major approaches are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong.
— E.K-H (@AXECorg) December 22, 2023
Sending Solow’s growth model to the dump of proto-scientific historyhttps://t.co/Cg3CZgHnKw
See also answer to
Occasional Xs: Clueless economists / Science (XXXVIII)
#Econ#Economics is about how the #Economy works. It is a #SystemsScience & NOT a #SocialScience i.e. NOT about #HumanNature / #Motives / #Behavior / #Choice / #Incentives / #Expectations etc. #PsychoSocialEcon has always been #CargoCultScience. pic.twitter.com/5RjuWBbDtY
— E.K-H (@AXECorg) December 22, 2023
Occasional Xs: No false-hero memorials (XXIII)
#Economics#FailedFakeScience#NoFalseHeroMemorials
— E.K-H (@AXECorg) December 22, 2023
The history of economic thought is the history of scientific failure. The major approaches are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. #Solow was no exception. ⇒https://t.co/UDqmsPlWxf
December 21, 2023
Occasional Xs: Clueless economists / Science (XXXVII)
#Econ#Economics claims to be #Science but is NOT. The major approaches are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. The representative #Economist is NOT a #Scientist but an #AgendaPusher / #Clown in the political #CircusMaximus. pic.twitter.com/oJh1uLt52r
— E.K-H (@AXECorg) December 21, 2023
Occasional Xs: The futile attempt to recycle Milton Friedman (X)
#Economics#FailedFakeScience#NoFalseHeroMemorials
— E.K-H (@AXECorg) December 21, 2023
Milton Friedman never understood what #Profit is and how the economic #System works. That's rather bad for an #Economist.
Friedman and the cluelessness of fake scientistshttps://t.co/b3edQjNEXv
Occasional Xs: What economists really do (CXI)
#Econ#EconomicWarfare
— E.K-H (@AXECorg) December 21, 2023
The idea to turn off the gas tap & create an artificial #Scarcity was originally (2016) by Mr. Habeck. As a minister, he & the #ZeitenWende/#KillNordStream folks executed the long-term strategy. This only came as a #Shock to the unsuspecting population. pic.twitter.com/Ks8tz1lK9v
Occasional Xs: The futile attempt to recycle Sraffa (I)
#Econ
— E.K-H (@AXECorg) December 21, 2023
The history of economic thought is the history of scientific failure. The major approaches are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. #Sraffa was no exception.
The futile attempt to recycle Sraffa.https://t.co/OCpV0E40e5
December 20, 2023
Occasional Xs: The futile attempt to recycle Adam Smith (LV)
The history of economic thought is the history of scientific failure. #AdamSmith NEVER understood what #Profit is and how the economic #System works. Bc the foundational concepts are inconsistent the whole of #Economics is scientifically worthless to this day. pic.twitter.com/TRegy4Bmr6
— E.K-H (@AXECorg) December 20, 2023
Occasional Xs: How it works (CLXI)
The US polity is an #Oligarchy with Congress/Treasury/Fed/BigBusiness as integral parts. The #ProfitLaw implies #PublicDeficitIsPrivateProfit. So, macroeconomic #Profit is produced by #DeficitSpendingMoneyCreation i.e. the growth of #PublicDebt which is owed by #WeThePeople. pic.twitter.com/hMmwAcwAG5
— E.K-H (@AXECorg) December 20, 2023
Occasional Xs: The futile attempt to recycle Keynesianism (XXXVII)
#Economics#FailedFakeScience#Keynes got macroeconomic #Profit wrong bc he was too stupid for elementary #Algebra. He was NOT a #Scientist but an #AgendaPusher / #Clown in the political #CircusMaximus. To this day, #Keynesians did not fix the blunder. pic.twitter.com/7seoeyMRW5
— E.K-H (@AXECorg) December 20, 2023
Occasional Xs: Clueless economists / Science (XXXVI)
#Econ
— E.K-H (@AXECorg) December 20, 2023
Not only the #PhillipsCurve is #PseudoScience. The major approaches are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. The representative #Economist is NOT a #Scientist but a stupid or corrupt political #AgendaPusher. pic.twitter.com/ZlSi22IkNt
December 19, 2023
Occasional Xs: The futile attempt to recycle Adam Smith (LIV)
The history of economic thought is the history of scientific failure. #AdamSmith NEVER understood what #Profit is and how the economic #System works. Bc the foundational concepts are inconsistent #Economics has NO scientific truth-value but only political use-value. pic.twitter.com/Dn0Q9ysCTW
— E.K-H (@AXECorg) December 19, 2023
Occasional Xs: Clueless economists / Profit (XX)
#Econ#FailedFakeScience
— E.K-H (@AXECorg) December 19, 2023
The history of economic thought is the history of scientific failure. The major approaches are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. #Marx was no exception.
Profit for Marxistshttps://t.co/94jqoxyfsn
Occasional Xs: Clueless economists / Phillips Curve (VIII)
#Econ
— E.K-H (@AXECorg) December 19, 2023
Due to the lack of correct #MacroFoundations, Samuelson et al. messed up the original #PhillipsCurve. Being scientifically incompetent, #Economists have not realized anything since then. For the correct curve see ⇓, for more details see links ⇒https://t.co/0yuibAGZDZ pic.twitter.com/MXAbQNl4NX
Occasional Xs: Paradigm Shift (IX)
“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, 1941) pic.twitter.com/9tG8Z7tihZ
— E.K-H (@AXECorg) December 19, 2023
December 18, 2023
Occasional Xs: Economics still lacks correct macrofoundations (XXIV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 18, 2023
The challenge in macro is NOT the #PhillipsCurve or the #EulerEquation or #Expectations. It is the #ParadigmShift to consistent #MacroFoundations. See cross-references ⇒https://t.co/LxBJfpejs3 pic.twitter.com/X3Se5KXL76
Occasional Xs: The futile attempt to recycle MMT (LX)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) December 18, 2023
MMT's foundational #BalancesEquation is provably false, so their whole #Macroeconomics is scientifically worthless.
The page where Stephanie Kelton gets macroeconomics wrong https://t.co/CNFDkXM1Ki pic.twitter.com/yegg9MjHSl
For details of the big picture see cross-references MMT.
Occasional Xs: Clueless economists / Profit (XIX)
#Econ#FailedFakeScience#MacroFoundations
— E.K-H (@AXECorg) December 18, 2023
The #NationalIncomeFormula is false bc #Economists are too stupid for elementary #Algebra.
The GDP death blow for the economics professionhttps://t.co/QJycQUh0Uj
For the correct #NationalProfitFormula see ⇓ pic.twitter.com/SucTB1vlTz
For details of the big picture see cross-references Accounting.
Occasional Xs: What economists really do (CX)
#Economics#War#EconomicWarfare
— E.K-H (@AXECorg) December 18, 2023
The ruin of the GER #Economy & the #Impoverishment of #WeThePeople is the direct consequence of the foreign/domestic #ZeitenWende policy which has been supported, among others, by the #EconomicExperts of the #SVR.
Occasional Xs: No false-hero memorials (XXII)
#Economics claims to be science but is NOT. The major approaches are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. The representative #Economist is NOT a #Scientist but an #AgendaPusher who violates the #SeparationOfScienceAndPolitics principle. pic.twitter.com/wmWVQmVpOt
— E.K-H (@AXECorg) December 18, 2023
For details of the big picture see cross-references Proto-Science/Cargo Cult Science/Fake Science.
December 17, 2023
Occasional Xs: Clueless economists / Science (XXXV)
#Econ#FailedFakeScience#Walrasianism, #Keynesianism, #Marxianism, #Austrianism etc. are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. #EconomicPolicyGuidance has NOT had sound scientific foundations from #AdamSmith onward to Peter Boettke. pic.twitter.com/1T7wJcLUw0
— E.K-H (@AXECorg) December 17, 2023
Occasional Xs: What economists really do (CIX)
#Pope#Profit
— E.K-H (@AXECorg) December 17, 2023
The #ProfitLaw implies #PublicDeficitIsPrivateProfit. #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. The growth of #PublicDebt is bad for #WeThePeople. How Mr. Kaczmarczyk harmonizes exploding #Profits with Christian social teaching is unknown. pic.twitter.com/oyK3L8fmqg
For details of the big picture see cross-references Profit/Distribution.
Occasional Xs: How it works (CLX)
The macro #LawOfSupplyAndDemand ⇓ tells one how the avg #Price P moves under the condition of #MarketClearing as a function of avg #WageRate W, #Productivity R, and #DeficitSpendingMoneyCreation i.e. the expenditure ratio ρE. So, W is ―and always has been― the #NominalAnchor. pic.twitter.com/KCypzwHVPh
— E.K-H (@AXECorg) December 17, 2023
Occasional Xs: How it works (CLIX)
#LearnEcon
— E.K-H (@AXECorg) December 17, 2023
The US polity is an #Oligarchy with Congress/Treasury/Fed/BigBusiness as integral parts. The #ProfitLaw implies #PublicDeficitIsPrivateProfit. So, the growth of #PublicDebt generates macro #Profit i.e. the Oligarchy is granting themselves continuous economic #Rents. pic.twitter.com/F0GKFQ8o0Q
December 16, 2023
Occasional Xs: How it works (CLVIII)
#Price#Profit#Deficit
— E.K-H (@AXECorg) December 16, 2023
The macroeconomic #LawOfSupplyAndDemand and the #ProfitLaw tell one exactly how avg #Price P & total #Profit Qm move as a function of avg #WageRate W, avg #Productivity R & overall #DeficitSpendingMoneyCreation ρE ― which is the common cause. pic.twitter.com/WtUIjNcc1z
Occasional Xs: The futile attempt to recycle Milton Friedman (IX)
#Econ#FailedFakeScience
— E.K-H (@AXECorg) December 16, 2023
Time to realize that #Economics is not ―and NEVER has been― about #Science / #Truth / #Knowledge. It's about political #AgendaPushing. And this is why #Friedman is praised as #Influential i.e. spreading #Propaganda wide & far. ⇒https://t.co/Cd3gu2jTGF pic.twitter.com/Ig8nGQYylE
Occasional Xs: How it works (CLVII)
The #ProfitLaw implies #PublicDeficitIsPrivateProfit. #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. The growth of #PublicDebt is ultimately good for them & bad for #WeThePeople. So, after the #Austerity shitshow, GER (like the USA) will explode deficit/profit. pic.twitter.com/vrr6K5KOCp
— E.K-H (@AXECorg) December 16, 2023
Occasional Xs: No false-hero memorials (XXI)
#Econ#FailedFakeScience
— E.K-H (@AXECorg) December 16, 2023
The history of economic thought is the history of scientific failure. The major approaches are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. #Walras was no exception. The set of “great economic thinkers” is empty.
December 15, 2023
Occasional Xs: The futile attempt to recycle Austrianism (XIX)
#Economics
— E.K-H (@AXECorg) December 15, 2023
The history of economic thought is the history of scientific failure. #HenryHazlitt NEVER understood what #Profit is. In Ch. XXII of his Economics in One Lesson he got the key concept of the subject matter wrong. #Austrianism is proto-scientific garbage to this day. pic.twitter.com/tbISG2ClQH
For details of the big picture see cross-references Profit.
Occasional Xs: The futile attempt to recycle MMT (LIX)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) December 15, 2023
MMT is NOT #EconomicScience but political #AgendaPushing but NOT for the benefit of #WeThePeople but for the benefit of the #Oligarchy.
What is MMT?https://t.co/9CI2K4s08f pic.twitter.com/KhN9pq9wbk
Occasional Xs: How it works (CLVI)
#Economics
— E.K-H (@AXECorg) December 15, 2023
The macro #ProfitLaw implies #PublicDeficitIsPrivateProfit. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. The growth of #PublicDebt & #Profit & #Interest is ultimately to the advantage of the #Oligarchy & to the disadvantage of #WeThePeople. pic.twitter.com/OXUJIZ3bG5
Occasional Xs: Clueless economists / Profit (XVIII)
The history of economic thought is the history of scientific failure. #AdamSmith NEVER understood what #Profit is and how the economic #System works. Bc #Economists got the foundational concept of their subject matter wrong #Economics is proto-scientific garbage to this day. pic.twitter.com/9h78UCP2y6
— E.K-H (@AXECorg) December 15, 2023
Occasional Xs: What economists really do (CVIII)
#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. Economics has become an integral part of the #DisInfoTainment industry. pic.twitter.com/PTn8NhOdYp
— E.K-H (@AXECorg) December 15, 2023
December 14, 2023
Occasional Xs: The futile attempt to recycle MMT (LVIII)
#Econ
— E.K-H (@AXECorg) December 14, 2023
Hey @ChatMMT, the crucial point is whether #Money is injected at (i) the supply or (ii) the demand side. In case (ii) it's #CounterfeitCurrency.
The ultimate ― analytical ― origin of moneyhttps://t.co/TdYOJnxRIy
Criminals and the Monetary Orderhttps://t.co/Iq1lVxePy1 pic.twitter.com/fyDV1TmuaD
Mr. Bunker got out of the discussion, so the point of reference is missing:
Occasional Tweets: How to pay for the war (IV)
#Economics#War#Deficit#Debt
— E.K-H (@AXECorg) December 14, 2023
It was never about #Investment. The good news is that the war is not being financed by consumptive #DeficitSpendingMoneyCreation.
How to pay for the war and to be bamboozled by economistshttps://t.co/A9RP6CFjNK
Occasional Tweets: Economists are too stupid for macro accounting (IV)
#FailedFakeScience
— E.K-H (@AXECorg) December 14, 2023
The #ProfitLaw implies #PublicDeficitIsPrivateProfit Q≡G−T. So, #PrivateFinancialWealth grows with #PublicDebt. This has NOTHING to do with domestic #Saving S. #Economists NEVER understood the simple #Algebra of #MacroAccounting. ⇒https://t.co/0t1vz3XnEB pic.twitter.com/9aQ7XxJxNR
For more about macro accounting see AXECquery.
December 13, 2023
Occasional Xs: The futile attempt to recycle Adam Smith (LIII)
The history of economic thought is the history of scientific failure. #AdamSmith NEVER understood what #Profit is and how the economic #System works. Bc the foundational concepts are inconsistent #Economics has NO scientific truth-value but only political use-value. pic.twitter.com/JyF7VY9ty5
— E.K-H (@AXECorg) December 13, 2023
Occasional Xs: How it works (CLV)
The #MarketEconomy runs on #Profit. The #ProfitLaw implies #PublicDeficitIsPrivateProfit. The growth of #PublicDebt generates continuous #Profit/#Interest for the #Oligarchy. #DebtBrake means #ProfitBrake means #BreakDown of the #Economy as we know it. ⇒https://t.co/OfTSftl25H pic.twitter.com/T04ELT9f1D
— E.K-H (@AXECorg) December 13, 2023
Related 'Who rides the debt tiger cannot dismount'.