#Economics#HowItWorks
— E.K-H (@AXECorg) September 30, 2024
The correct term for the U.S. polity is NOT #Democracy but #Oligarchy.
The #FreeMarketEconomy a.k.a. #Capitalism runs on #Profit. Macroeconomic profit is given by the axiomatically correct #ProfitLaw / #BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0.…
This blog connects to the AXEC Project which applies a superior method of economic analysis. The following comments have been posted on selected blogs as catalysts for the ongoing Paradigm Shift. The comments are brought together here for information. The full debates are directly accessible via the Blog-References. Scrap the lot and start again―that is what a Paradigm Shift is all about. Time to make economics a science.
September 30, 2024
Occasional Xs: How it works (CCXLXIV)
Occasional Xs: Clueless economists / Science (CXVII)
#Economics#FailedFakeScience#Methodology
— E.K-H (@AXECorg) September 30, 2024
“Karl Popper was a volunteer in the Austrian communist party as a teenager. But when he saw them killing people in what was a coup attempt…, he abandoned communism.”
Later in his life, he ended up as a member of the Mont Pelerin…
Occasional Xs: Clueless economists / Science (CXVI)
#Economics#FailedFakeScience#GeniusLoci
— E.K-H (@AXECorg) September 30, 2024
“… Kings College that was home to Keynes & Pigou.”
For 200+ years, economics has claimed to be #Science but still is NOT. So, #EconomicPolicyGuidance has NEVER had valid scientific foundations.#Keynes got macroeconomic #Profit wrong…
Occasional Xs: What economists really do (CCCLIX)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) September 30, 2024
Could it be that the representative #Economist is NOT ― and NEVER has been ― a competent #Scientist but a #SalesRep for all sorts of mental and material #Trash? ⇒
Links on Diane Coylehttps://t.co/eiCNQEZ2Uh
Occasional Xs: The futile attempt to recycle Austrianism (XLIV)
#Economics#FailedFakeScience#Austrianism#HallOfShame
— E.K-H (@AXECorg) September 30, 2024
von Mises NEVER understood what #Profit is and how the economic #System works. That's rather bad for an #Economist.
So, Austrian #PolicyGuidance has had NO valid scientific foundations from the beginning. To this day, it's…
Occasional Xs: The foul spirit of political economics (XCII)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) September 30, 2024
Economics claims to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false &… pic.twitter.com/IzPBtYlPMv
Occasional Xs: The futile attempt to recycle Austrianism (XLIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) September 30, 2024
“Every socialist is a disguised dictator” (Austrians)
“Every Austrian is a disguised scientific fraudster.” (AXEC)
von Mises NEVER understood what #Profit is and how the economic #System works. That's rather bad for an #Economist.
So, Austrian…
Occasional Xs: The futile attempt to recycle Austrianism (XLII)
#Economics#FailedFakeScience#Austrianism
— E.K-H (@AXECorg) September 30, 2024
“Ludwig von Mises: Defender of Capitalism” (G. Reisman)
von Mises NEVER understood what #Profit is and how the economic #System works. So, Austrian #PolicyGuidance has had NO valid scientific foundations from the beginning.
Austrians…
Occasional Xs: What economists really do (CCCLVIII)
#Economics#FailedFakeScience#DisInfoTainment
— E.K-H (@AXECorg) September 30, 2024
“… enjoy the sounds of Cambridge and the economic history we present.”
The history of economic thought is the history of scientific failure. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their…
Occasional Xs: The futile attempt to recycle Austrianism (XLI)
#Economics#HallOfShame
— E.K-H (@AXECorg) September 30, 2024
Economics claims to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong.…
September 29, 2024
Occasional Xs: How it works ― the central bank as profit pump (II)
#Economics#LearnRealEconomics#FederalReserve#Pump
— E.K-H (@AXECorg) September 29, 2024
"It [the Fed] operates on behalf of a few Wall Street banks, and its function is to act like a pump.”
Smart dude ― has read and understood all my posts about #ProfitPump / #MoneyPump / #InterestPump. ⇒…
September 28, 2024
Occasional Xs: Clueless economists / Science (CXV)
#Economics#FailedFakeScience#NobelPrize
— E.K-H (@AXECorg) September 28, 2024
Economics claims to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL… pic.twitter.com/tKcs5pSfNE
Occasional Xs: Economists are too stupid for macro accounting (V)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) September 28, 2024
Economics claims to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit… pic.twitter.com/cRFpRaWSCr
September 27, 2024
Occasional Xs: Forget supply-demand-equilibrium (XV)
#Economics#FailedFakeScience#LearnRealEcon
— E.K-H (@AXECorg) September 27, 2024
The basic building block of economics is NOT the Supply-Demand-Equilibrium Cross because this silly construct is derived from invalid #MicroFoundations. #PriceTheory requires a #ParadigmShift from methodologically unacceptable… pic.twitter.com/KsY5qZRRzZ
Also at Warwick Smith
Occasional Xs: What economists really do (CCCLVII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) September 27, 2024
“The reality is in recent years economists in DC have lost influence in many areas.”
Economics claims to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually… pic.twitter.com/Gchh4RDfIW
Occasional Xs: How it works (CCXLXIII)
#HowItWorks
— E.K-H (@AXECorg) September 27, 2024
“U.S. corporate profits rose to a new all-time high in the second quarter.”
The U.S. #Economy runs on profit. Macroeconomic profit is given by the axiomatically correct #ProfitLaw / #BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0 (which consists of variables… pic.twitter.com/mkTvyTzigL
Occasional Xs: What economists really do (CCCLVI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) September 27, 2024
Reminder: The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. When the foundational… pic.twitter.com/zuHo5l5WJz
September 26, 2024
Occasional Xs: What economists really do (CCCLV)
#GeoPolitics#GeoEconomics
— E.K-H (@AXECorg) September 26, 2024
It doesn't matter what Ms. Baerbock said recently about Polish bridges or fighting for freedom. That's #DisInfoTainment. The declared objective of German foreign policy is war against Russia and China.⇓ pic.twitter.com/QpofTxyeaq
Occasional Xs: What economists really do (CCCLIV)
#Economics#GeoPolitics#GeoEconomics
— E.K-H (@AXECorg) September 26, 2024
The ruin of the German #Economy and the impoverishment of #WeThePeople is the direct consequence of the #Ampel's foreign/domestic #ZeitenWende policy which has been supported from the beginning by the economic experts of the…
Occasional Xs: Clueless economists / Profit (XLVIII)
#Economics#Profit
— E.K-H (@AXECorg) September 26, 2024
“It is solely because of the desire to obtain profit that we can, in any degree, 'rely' on entrepreneurial discovery of where those profits are to be had.” (Israel Kirzner)
Austrians in general, and Israel Kirzner in particular, never understood what #Profit…
Occasional Xs: What economists really do (CCCLIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) September 26, 2024
This is economists' widely visible innate mental defect: they have not understood the difference between moralizing and doing science since the founding fathers.
Adam Smith NEVER understood what #Profit is and how the economic #System works.
The… pic.twitter.com/6HAc2LUys3
September 25, 2024
Occasional Xs: Clueless economists / Employment (XII)
#LearnRealEconomics#Employment#Inflation
— E.K-H (@AXECorg) September 25, 2024
“… the labor market...is at risk of entering in a period of a more rapid weakening”
No surprises here, that is exactly what he axiomatically correct macroeconomic #EmploymentLaw ⇓ tells one. #Employment L decreases if the avg product… pic.twitter.com/0WSpShE1yx
Occasional Xs: What economists really do (CCCLIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) September 25, 2024
Economics claims to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit…
Occasional Xs: Economics is NOT a social science but a systems science (XII)
#Economics#FailedFakeScience#PsySoc
— E.K-H (@AXECorg) September 25, 2024
“No one cares more about your personal success than you do.” is NOT “Common Sense Economics” but #TrivialPsychology. And with this kind of psycho blather, one cannot explain how the economic #System works. ⇒
Economics is NOT about Human…
Occasional Xs: Forget supply-demand-equilibrium (XIV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) September 25, 2024
The basic building block of economics is NOT the Supply-Demand-Equilibrium Cross because this silly construct is derived from invalid #MicroFoundations. Price Theory requires a #ParadigmShift. ⇒
There is NO such thing as supply-demand-equilibrium…
Occasional Xs: The foul spirit of political economics (XCI)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) September 25, 2024
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
The… pic.twitter.com/0YyjRsKejF
September 23, 2024
Occasional Xs: What economists really do (CCCLII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) September 23, 2024
“The problem with economics is that it reduces everything to sterile mathematical models and equilibrium outcomes.” (Hawk Tuah)
Dear Econrebels,
the problem with economics is that #Economists are #StupidOrCorruptOrBoth ― self-styled rebels… pic.twitter.com/W4ERyiztUY
September 22, 2024
Occasional Xs: Clueless economists / Profit (XLVII)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) September 22, 2024
The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong.…
Occasional Xs: The foul spirit of political economics (XC)
#Economics#GeoEconomics#GeoPolitics
— E.K-H (@AXECorg) September 22, 2024
The idea to turn off the gas tap (and thus create an artificial/inflationary #Scarcity) has been put forward by Mr. Habeck in the 2016 election campaign ⇓. He and the #ZeitenWende / #KillNordStream folks executed the plan after 2021. The… pic.twitter.com/Z1eh8PrmK1
September 21, 2024
Occasional Xs: The foul spirit of political economics (LXXXIX)
#GeoEconomics#GeoPolitics
— E.K-H (@AXECorg) September 21, 2024
“The United States shouldn’t be in an alliance with countries who don’t have Western values. If an EU nation goes after Elon Musk, that’s the end of the road for them.”#WesternValues is an empty set. There is #WesternValuesUSA and #WesternValuesEUR.…
Occasional Xs: Clueless economists / Inflation (XXXIII)
#LearnRealEconomics
— E.K-H (@AXECorg) September 21, 2024
The axiomatically correct macroeconomic #LawOfSupplyAndDemand ⇓ tells one how ― in the elementary case ― the avg #Price P moves under the condition of #MarketClearing as a function of avg #WageRate W, inverse #Productivity R, and… pic.twitter.com/NAicBB9585
Occasional Xs: What economists really do (CCCLI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) September 21, 2024
“Economics as such is a challenge to the conceit of those in power." (Ludwig von Mises)
For 200+ years, economics has claimed to be #Science but still is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their… pic.twitter.com/vz5NdoneZe
September 20, 2024
Occasional Xs: How it works (CCXLXII)
#HowItWorks
— E.K-H (@AXECorg) September 20, 2024
“The acceleration of the debt spiral is noticeable.”
The U.S. #Economy a.k.a. #FreeMarketEconomy a.k.a. #Capitalism runs on profit. Macroeconomic profit is given by the axiomatically correct #ProfitLaw / #BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0 (which… pic.twitter.com/UqxC2c0lUA
Occasional Xs: What economists really do (CCCL)
#Economics#FailedFakeScience#Economists #StupidOrCorruptOrBoth
— E.K-H (@AXECorg) September 20, 2024
“ …arguably the two most destructive economists ever — Marx and Malthus”.
Neither Marx nor Malthus understood what #Profit is and how the economic #System works. So they cannot be called economists —… pic.twitter.com/wjz2rAUo6O
September 19, 2024
Occasional Xs: Clueless economists / Science (CXIV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) September 19, 2024
In the sciences, the main criterion is true/false, in the entertainment business the main criterion is exciting/boring.
For 200+ years, economics has claimed to be #Science but still is NOT. The major approaches (#Walrasianism, #Keynesianism,… pic.twitter.com/U6CglbIE3A
Occasional Xs: The history of economic thought is the history of scientific failure (XXIX)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) September 19, 2024
The history of economic thought is the history of scientific failure. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally… pic.twitter.com/yZvekTc7NZ
September 17, 2024
Occasional Xs: The foul spirit of political economics (LXXXVIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) September 17, 2024
The root cause of Cuba's economic problems is well-known “ … the US embargo against Cuba is 'the oldest and most comprehensive US economic sanctions regime against any country in the world …'” (Wikipedia).
However, #PoliticalEconomists habitually…
#HowItWorks
— E.K-H (@AXECorg) September 18, 2024
“The world's most prosperous countries all have a fairly high degree of economic freedom, market economies, and strong impartial legal systems. Cuba has none of these.”
Neither has the USA.
The U.S. economy runs on profit. Macroeconomic profit is given by the… pic.twitter.com/j3EpSa07GK
Occasional Xs: The foul spirit of political economics (LXXXVII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) September 17, 2024
The correct term for the U.S. polity is NOT #Democracy but #Oligarchy.
The #FreeMarketEconomy a.k.a. #Capitalism runs on #Profit. Macroeconomic profit is given by the axiomatically correct #ProfitLaw / #BalancesEquation…
Occasional Xs: What economists really do (CCCXXXIX)
#Economics#FailedFakeScience#DisInfoTainment
— E.K-H (@AXECorg) September 17, 2024
“The American dream is alive and well” (Chris Freiman, Professor, John Chambers College of Business and Economics at WVU)
Sure, but you don't need GDP numbers to prove it, everybody knows it already from George Carlin ⇒…
September 16, 2024
Occasional Xs: Clueless economists / Science (CXIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) September 16, 2024
“This year's Carl Menger Prize goes to Benjamin Moll. he is one of the most respected macroeconomists in Europe.” (VfS)
For 200+ years, economics claims to be #Science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism,… pic.twitter.com/S4VyMGrMr3
Related 'The trouble with economics prizes'
Occasional Xs: There is no such thing as economic sciences (III)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) September 16, 2024
Because economics has never satisfied the definition of #Science, #Prizes have no scientific significance. They are a #Marketing / #PR / #Propaganda tool to shape #PublicOpinion and an #Incentive / #Reward with which the #Oligarchy controls… pic.twitter.com/jXvW3jVm5G
Occasional Xs: Clueless economists / Profit (XLVI)
#Economics#Profit#Wealth
— E.K-H (@AXECorg) September 16, 2024
“Wealth comes from successful individual efforts to please one’s fellow man …”
This is an optical illusion generated by the microeconomic perspective.
The #FreeMarketEconomy runs on profit. Macroeconomic profit is given by the axiomatically correct… pic.twitter.com/qIEtvotPMF
Occasional Xs: The history of economic thought is the history of scientific failure (XXVIII)
#Economics#FailefFakeScience
— E.K-H (@AXECorg) September 16, 2024
The history of economic thought is the history of scientific failure. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally… pic.twitter.com/JlktdPGFIq
Occasional Xs: The futile attempt to recycle Kalecki (VII)
#Economics#FailedFakeScience#Keynes got macroeconomic #Profit wrong because he was too stupid for elementary #Algebra. Same with #Kalecki. #MacroEconomics is scientifically worthless to this day. All one needs to know about Kalecki in particular is to be found here ⇒…
— E.K-H (@AXECorg) September 16, 2024
Occasional Xs: What economists really do (CCCXXXVIII)
#Economics#Germany
— E.K-H (@AXECorg) September 16, 2024
The ruin of the German #Economy and the impoverishment of #WeThePeople is the direct consequence of the #Ampel's foreign/domestic #ZeitenWende policy which must be seen in the broader context of #GeoPolitics / #GeoEconomics. This, however, goes probably…
Occasional Xs: The futile attempt to recycle Milton Friedman (XXVI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) September 16, 2024
“Well, there are fewer limits on what you can promise than on what you can deliver.” (Milton Friedman)
What a profound thinker! Those platitudes are what #Economists deliver after 200+ years of small-brain thinking about how the #Economy works.…
September 15, 2024
Occasional Xs: The futile attempt to recycle Austrianism (XL)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) September 15, 2024
Ludwig von Mises was the inventor and busy propagator of the quasi-religious tenet: All that is good in the universe is the outcome of the capitalist/free market economy, and all that is evil is the outcome of governmental interventionist policy.… pic.twitter.com/JxPCEJjSgl
Occasional Xs: The futile attempt to recycle Marx (XXXII)
#Economics#FailefFakeScience
— E.K-H (@AXECorg) September 15, 2024
The history of economic thought is the history of scientific failure. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally…
Related 'Profit for Marxists'
Occasional Xs: How it works (CCXLXI)
#HowItWorks
— E.K-H (@AXECorg) September 15, 2024
“No, the U.S. Dollar is not a Ponzi scheme. It serves as a proxy for the U.S. economy.”
The U.S. economy runs on profit. Macroeconomic profit is given by the axiomatically correct #ProfitLaw / #BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0 (which consists of…
September 14, 2024
Occasional Xs: The futile attempt to recycle Marx (XXXI)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) September 14, 2024
The History of Economic Thought is the history of scientific failure. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically…
Occasional Xs: Forget supply-demand-equilibrium (XIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) September 14, 2024
The basic building block of economics is NOT the Supply-Demand-Equilibrium Cross because this silly construct is derived from invalid #MicroFoundations.
Bang — the representative economist and supply-demand-equilibrium are dead…
Occasional Xs: The futile attempt to recycle MMT (CXVIII)
#Economics#MMT
— E.K-H (@AXECorg) September 14, 2024
“A welcome change from the usual theoretical twaddle that emanates from most mainstream economists & polllies.”
No, MMT is agenda-pushing just like mainstream economics.
The #FreeMarketEconomy runs on #Profit. Macroeconomic profit is given by the axiomatically… pic.twitter.com/gUD0Xi5hw0
Occasional Xs: The history of economic thought is the history of scientific failure (XXVII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) September 14, 2024
Economics is about how the #Economy works. It is a #SystemsScience and NOT a #SocialScience. #Economists have been messing this up since Adam Smith.
The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their… pic.twitter.com/trMkVLF1CI
#Economics#FailedFakeScience
— E.K-H (@AXECorg) September 15, 2024
“Economics is the study of the economy, not the study of economists.” (Ricardo Reis)
In order to understand the significance of the mass-energy equivalence relation E=mc^{2} one does not need to know where Einstein and the other protagonists were…
Occasional Xs: The futile attempt to recycle MMT (CXVII)
#FailedFakeScience#MMT
— E.K-H (@AXECorg) September 14, 2024
“The economic and monetary lies that create a veil of deceit and corruption are explained .”
Let's start.
MMT's foundational #BalancesEquation is provably false, so their whole #Macroeconomics is scientifically worthless. ⇒
The page where Stephanie… pic.twitter.com/OF6FSHh0P9
Occasional Xs: How it works (CCXLX)
#HowItWorks
— E.K-H (@AXECorg) September 14, 2024
“Few issues in politics and economics are nowadays more discussed — and less understood — than public debt.” (Lars Syll)
The #FreeMarketEconomy runs on profit. Macroeconomic profit is given by the axiomatically correct #ProfitLaw / #BalancesEquation…
September 13, 2024
Occasional Xs: Clueless economists / Breakdown (V)
#Economics#PublicDebt#Interest
— E.K-H (@AXECorg) September 13, 2024
Dear Charlie, the economy is going to hit the wall which has been obvious for a long time for everybody with more than two brain cells ⇒
From the debt economy to the gift economy: how America is brainwashed to love budget deficits…
Occasional Xs: Clueless economists / Employment (XI)
#Economics#Employment#MacroFoundations
— E.K-H (@AXECorg) September 13, 2024
“Incentives for US firms to produce more have to come from an increase in price, making it more profitable to do so.”
That's silly ceteris-paribus micro. For the #Economy as a whole things are different.
The axiomatically correct… pic.twitter.com/uRnMdGTkyR
Occasional Xs: How it works (CCXLIX)
#Economics#PublicDebt#Interest
— E.K-H (@AXECorg) September 13, 2024
Dear folks, you are going to hit the wall which has been obvious for a long time for everybody with more than two brain cells ⇒
From the debt economy to the gift economy: how America is brainwashed to love budget deficits…
Occasional Xs: The foul spirit of political economics (LXXXVI)
#Economics#FailedFakeScience#Keynesianism
— E.K-H (@AXECorg) September 13, 2024
For 200+ years, economics has claimed to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false &… pic.twitter.com/oXh1wAFlA1
September 12, 2024
Occasional Xs: What economists really do (CCCXXXVII)
#Economics#GeoPolitics#GeoEconomics
— E.K-H (@AXECorg) September 12, 2024
“Closing factories will not be enough to save Volkswagen”
No, because Volkswagen and other firms are caught in the geopolitical trap.
The ruin of the German #Economy and the impoverishment of #WeThePeople is the direct consequence of the…
Occasional Xs: What economists really do (CCCXXXVI)
#Economics#FailedFakeScience#DisInfoTainment
— E.K-H (@AXECorg) September 12, 2024
For 200+ years, economics has claimed to be #Science but still is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false &…
Occasional Xs: How it works (CCXLVIII)
#LearnRealEconomics
— E.K-H (@AXECorg) September 12, 2024
“Brussels explores Draghi-backed option of extending up to €350bn in EU pandemic debt to ease pressure on tight budget …”
The #FreeMarketEconomy runs on #Profit. Macroeconomic profit is given by the axiomatically correct #ProfitLaw / #BalancesEquation… pic.twitter.com/xazajo73Ef
Occasional Xs: What economists really do (CCCXXXV)
#LearnEconomics
— E.K-H (@AXECorg) September 12, 2024
From the macroeconomic #LawOfSupplyAndDemand ⇓ the intelligent layperson can immediately conclude that #Inflation rarely happens by accident but has to be engineered. This holds always and everywhere for #HyperInflation.
The representative economist does not… pic.twitter.com/9GLkX4hDBo
Occasional Xs: How it works (CCXLVII)
#HowItWorks
— E.K-H (@AXECorg) September 12, 2024
“Capitalism made it possible to become wealthy by serving your fellow man.” (Walter E. Williams)
The #FreeMarketEconomy a.k.a. #Capitalism runs on profit. Macroeconomic profit is given by the axiomatically correct #ProfitLaw / #BalancesEquation…
September 11, 2024
Occasional Xs: Clueless economists / Inflation (XXXII)
#LearnRealEconomics#Inflation is the #RateOfChange of the avg #Price. If it goes to zero the problems are NOT over because one is now on a higher #PriceLevel. A negative rate of change (#Deflation) is required to fully compensate for the previous price increase. It's the higher…
— E.K-H (@AXECorg) September 11, 2024
Occasional Xs: What economists really do (CCCXXXIV)
#Economics#GeoPolitics#GeoEconomics
— E.K-H (@AXECorg) September 11, 2024
The ruin of the German #Economy and the impoverishment of #WeThePeople is the direct consequence of the #Ampel's foreign/domestic #ZeitenWende policy which has been supported from the beginning by many so-called top economists (the SVR among…
Occasional Xs: The futile attempt to recycle Austrianism (XXXIX)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) September 11, 2024
Economics is about how the #Economy works. It is a #SystemsScience and NOT a #SocialScience. #Economists have been messing this up since Adam Smith.
The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their…
September 10, 2024
Occasional Xs: The futile attempt to recycle MMT (CXVI)
#HowItWorks#MMT's foundational #BalancesEquation is provably false, so their whole #Macroeconomics is scientifically worthless. ⇒
— E.K-H (@AXECorg) September 10, 2024
The page where Stephanie Kelton gets macroeconomics wrong https://t.co/CNFDkXM1Ki
The axiomatically correct #BalancesEquation…
Occasional Xs: The futile attempt to recycle Milton Friedman (XXV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) September 10, 2024
There is nothing more terrible than scientifically failed economists with their populist phrases. pic.twitter.com/0qCkSpT4MU
September 9, 2024
Occasional Xs: The futile attempt to recycle Hayek (XXII)
#Economics#FailedFakeScience#DisInfoTainment
— E.K-H (@AXECorg) September 9, 2024
Economics claims to be science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent &…
Occasional Xs: The history of economic thought is the history of scientific failure (XXVI)
#Economics#History
— E.K-H (@AXECorg) September 9, 2024
The history of economic thought is the history of scientific failure. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent &…
Occasional Xs: The history of economic thought is the history of scientific failure (XXV)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) September 9, 2024
“The economics profession has become insular and status-obsessed …” (David Deming)
That's NOT the real problem.
Economics claims to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism,… pic.twitter.com/ffpOgwXpZL
For details of the big picture see cross-references Failed/Fake Scientists.
Occasional Xs: How it works (CCXLVI)
#HowItWorks
— E.K-H (@AXECorg) September 9, 2024
The #FreeMarketEconomy a.k.a. #Capitalism runs on profit. Macroeconomic profit is given by the axiomatically correct #ProfitLaw / #BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0 (which consists of variables measurable with an accuracy of two decimal places).…
Occasional Xs: The futile attempt to recycle Hayek (XXI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) September 9, 2024
Economics claims to be science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit…
Occasional Xs: Clueless economists / Science (CXII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) September 9, 2024
The history of economic thought is the history of scientific failure. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally…
Occasional Xs: The futile attempt to recycle Milton Friedman (XXIV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) September 9, 2024
“Underlying most arguments against the free market is a lack of belief in freedom itself.” (Friedman)
“Underlying most arguments for the free market is the lack of scientific competence and the belief that Liberty flag-waving and free market…
September 8, 2024
Occasional Xs: How it works (CCXLV)
#Economics#PublicDebt#Interest
— E.K-H (@AXECorg) September 8, 2024
Dear folks, you are going to hit the wall as I told you in 2020 ⇒
From the debt economy to the gift economy: how America is brainwashed to love budget deficitshttps://t.co/gtHNBANDrN
Occasional Xs: Clueless economists / Inflation (XXXI)
#Economics#FailedFakeScience#Inflation
— E.K-H (@AXECorg) September 8, 2024
“We’re after that basic story. We will find it isn’t there.”
It isn't there because economics has been a failed/fake science for 200+ years.
The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their… pic.twitter.com/tNyeT86MiG
September 7, 2024
Occasional Xs: What economists really do (CCCXXXIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) September 7, 2024
“The book as it stands, seems to me be one of the most frightful muddles I have ever read, with scarcely a sound proposition in it…. It is an extraordinary example of how, starting with a mistake, a remorseless logician can end up in bedlam.”…
Occasional Xs: Paradigm Shift (XXXVII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) September 7, 2024
The history of economic thought is the history of scientific failure. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally… pic.twitter.com/YhQiJwRPmJ
Occasional Xs: Clueless economists / Philosophy (VII)
#LearnRealEconomics
— E.K-H (@AXECorg) September 7, 2024
The #FreeMarketEconomy a.k.a. #Capitalism runs on profit. Macroeconomic profit is given by the axiomatically correct #ProfitLaw / #BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0 (which consists of variables measurable with an accuracy of two decimal…
#Economics#FailedFakeScience#Philosophy
— E.K-H (@AXECorg) September 8, 2024
“She [Ayn Rand] advocated for the government getting out of the market entirely.”
This tells you that she had no clue how the economic #System works. If the growth of #PublicDebt stops macroeconomic #Profit goes to zero and the…
Occasional Xs: How it works (CCXLIV)
#Economics#Inflation
— E.K-H (@AXECorg) September 7, 2024
The axiomatically correct macroeconomic #LawOfSupplyAndDemand ⇓ tells one how ― in the elementary case ― the avg #Price P moves under the condition of #MarketClearing as a function of avg #WageRate W, inverse #Productivity R, and… pic.twitter.com/lNXaYgWXtr
Occasional Xs: What economists really do (CCCXXXII)
#Economics#FailedFakeScience#DisInfoTainment
— E.K-H (@AXECorg) September 7, 2024
What Gagarin proved was the techno-scientific superiority of the Soviet-Union. On the other hand, the USA has always been superior in creating science fiction and the fiction makers in Hollywood and in the Marketing/PR departments…
September 6, 2024
Occasional Xs: The futile attempt to recycle Keynesianism (LX)
#Economics#FailedFakeScience#Keynesianism
— E.K-H (@AXECorg) September 6, 2024
For 200+ years, economics claims to be #Science but is NOT. #Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives are mutually contradictory, and axiomatically false, and materially/formally inconsistent, and… pic.twitter.com/R6oZq1idNB