#Economics#FailedFakeScience#Marxianism
— E.K-H (@AXECorg) October 31, 2024
“Capital is dead labour, that, vampire-like, only lives by sucking living labour, and lives the more, the more labour it sucks.” (Karl Marx)
The history of economic thought is the history of scientific failure. The major approaches are…
October 31, 2024
Occasional X: The futile attempt to recycle Marx (XXXV)
Occasional X: The history of economic thought is the history of scientific failure (XXXI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 31, 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/HaznM1EtBO
October 30, 2024
Occasional X: Clueless economists / Money (X)
#Economics#LearnRealEconomics#Money
— E.K-H (@AXECorg) October 30, 2024
“I'm not an economist … But I do want to tell everyone that main stream economists are talking bollocks about how money is created and destroyed.” (Phil Waller)
This has already been done. ⇒
How money emerges out of nothing ― the…
Occasional X: The futile attempt to recycle Austrianism (XLVIII)
#Economics#FailedFakeScience#Austrianism
— E.K-H (@AXECorg) October 30, 2024
“Austrians literally say that the scientific method doesn't work on economics.” (Yang)
Austrians NEVER understood #Profit and how the economic #System works. They NEVER understood what #Science is all about. So, Austrian…
#Economics#FailedFakeScience#Austrianism
— E.K-H (@AXECorg) October 30, 2024
I am sure you can read and google, so help yourself. ⇒
Austrians, too, are either stupid or corrupt or bothhttps://t.co/TNGWeyNj1w
von Mises' Action Axiom (→ Wikipedia) refers to individual behavior. For methodological reasons (Fallacy of Composition), NOTHING follows from this axiom for the behavior of the #Economy as a whole. In particular, it does NOT follow that the economic system is self-adjusting.…
— E.K-H (@AXECorg) October 30, 2024
#LearnRealEconomics#Profit is the pivotal concept for the analysis of how the economy works. Without a correct profit theory, economics is vacuous. It is a unique fact of the history of economic thought that neither Classicals, nor Walrasians, nor Marshallians, nor Keynesians,…
— E.K-H (@AXECorg) October 31, 2024
Occasional X: Clueless economists / Inflation (XXXIV)
#LearnRealEconomics
— E.K-H (@AXECorg) October 30, 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/LFJrTjzvKJ
Occasional X: Criminals and the Monetary Order (II)
#HowItWorks
— E.K-H (@AXECorg) October 30, 2024
“So if fraud is rampant in the banking system, then at this point it's an intentional feature not a bug....” (Adam Taggart)
The U.S. economy runs on #Profit. Macroeconomic profit Qm is given by the axiomatically correct #ProfitLaw / #BalancesEquation…
Occasional X: How it works (CCXLXXXII)
#Economics#GeoEconomics#GeoPolitics
— E.K-H (@AXECorg) October 30, 2024
“Frightening how clearly Habeck predicted the situation of VW and Co. on 26.9.2019 …”
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… pic.twitter.com/xtdPAu6jUE
Occasional X: Clueless economists / Science (CXXVI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 30, 2024
“Why bother studying and teaching economics?” (Carolina Alves)
Economics claims to be science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory &…
October 29, 2024
Occasional X: The futile attempt to recycle von Mises (VII)
#Economics#FailedFakeScience#DisInfoTainment
— E.K-H (@AXECorg) October 29, 2024
“Economics is the study of the economy, not the study of economists.” (Ricardo Reis)
von Mises NEVER understood what #Profit is and how the economic #System works. When the foundational concepts of the subject matter are…
October 28, 2024
Occasional X: How it works (CCXLXXXI)
#HowItWorks
— E.K-H (@AXECorg) October 28, 2024
“Democracy is based on trust whereas dictatorship is based on terror” (Yuval Harari)
The correct term for the U.S. polity is NOT #Democracy but #Oligarchy
The U.S. economy runs on #Profit. Macroeconomic profit Qm is given by the axiomatically correct #ProfitLaw /…
Occasional X: Econ101― still proto-scientific garbage (VI)
#Econ101
— E.K-H (@AXECorg) October 28, 2024
“… good economics texts are packed with truisms based on calm observation of humanity: incentives change behavior, trade is mutually beneficial…”
Economics claims to be science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism,…
Occasional X: What economists really do (CCCLXXV)
#Economics#EconTwitter
— E.K-H (@AXECorg) October 27, 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.… pic.twitter.com/lk3DycwTfq
October 27, 2024
Occasional X: How it works (CCXLXXX)
#LearnRealEconomics
— E.K-H (@AXECorg) October 27, 2024
“… the US still follows free market principles, entrepreneurship and innovation, …” (Michael Arouet)#Economists can not get out of their self-made echo chamber.
The fact is, the U.S. Economy is in #BreakDown mode and only kept running through humungous… pic.twitter.com/9TBYcLvVhV
Occasional X: The futile attempt to recycle Milton Friedman (XXVIII)
#Economics#FailedFakeScience#Crisis
— E.K-H (@AXECorg) October 27, 2024
“The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy.” (Milton Friedman)
Economics claims to be science but is NOT.…
Related 'Iatrogenic economics' and 'How to minimize econogenic outcomes'.
Occasional X: What economists really do (CCCLXXIV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 27, 2024
For a #Scientist, the decisive criterion is true/false with #Truth well-defined as material and formal consistency. Nothing is farther away from #Science than #Politics.
Economics claims to be #Science but is NOT. The major approaches… pic.twitter.com/Cp4XLxfc9W
October 26, 2024
Occasional X: How it works (CCXLXXIX)
#HowItWorks#Profit#Distribution
— E.K-H (@AXECorg) October 26, 2024
“… it is a 'well established fact that every economist agrees on' that the free-market model adopted in the 1980s has 'generated enormous inequality and basically has done nothing for the majority of people'”#Economists never agree on…
Occasional X: The Zero-Tax Economy® (II)
#LearnRealEconomics#BeyondCapitalismAndCommunism
— E.K-H (@AXECorg) October 26, 2024
“Trump doubles down on abolishing the entire income tax.” Peter St Onge)
Notice: The concept of a Zero-Tax Economy is protected by Copyright © and Trademark ®. ⇒
The Third Way: Towards the Happy Zero-Tax Economy…
Occasional X: Clueless economists / Profit (LIII)
#Economics#FailedFakeScience#Profit
— E.K-H (@AXECorg) October 26, 2024
“… profit is the price paid for efficiency.” (Thomas Sowell, Basic Economics: A Citizen's Guide to the Economy)
For 200+ years, economics has claimed to be #Science but still is NOT. The major approaches (#Walrasianism, #Keynesianism,… pic.twitter.com/vpsdIKfvOW
Occasional X: What economists really do (CCCLXXIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 26, 2024
“If you need evidence that even famous researchers have ideological biases not grounded in evidence, just look at the post-prize comments of Nobelists…” (Scott Winship)
Economics claims to be science but is NOT. The major approaches… pic.twitter.com/WgcoATyJL5
Occasional X: The futile attempt to recycle von Mises (VI)
#Economics#FailedFakeScience#Austrianism
— E.K-H (@AXECorg) October 26, 2024
“Mises asserted that private property is essential for economic calculation, individual freedom, and the efficient allocation of resources, serving as the foundation of a prosperous and dynamic market economy.” (Austrians)
von Mises…
October 25, 2024
Occasional X: The end of Keynes (II)
#Economics#FailedFakeScience#Keynesianism#Keynes got macroeconomic #Profit wrong because he was too stupid for elementary #Algebra. So, he messed up the #ParadigmShift from #MicroFoundations to #MacroFoundations. Because of this initial blunder, the whole of (#Micro & #Macro)… pic.twitter.com/7u5yTj4jaM
— E.K-H (@AXECorg) October 25, 2024
Occasional X: Clueless economists / Science (CXXV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 25, 2024
“Why are 23 Nobel Prize winning Economists wrong …?” (Cooper)
Economics claims to be science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory &… pic.twitter.com/CK6nv9TQdI
Occasional X: What economists really do (CCCLXXII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 25, 2024
“The Nobel laureates may have endorsed the wrong candidate given their objective function.” (Hanno Lustig)
Economics claims to be science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their… pic.twitter.com/Sk0sdkRMVF
Occasional X: Paradigm Shift (XXXIX)
#Economics#FailedFakeScience#Reset
— E.K-H (@AXECorg) October 25, 2024
“Kreps I + II is the future” (Remy Levin)
No.
Economics is about how the #Economy works. It is a #SystemsScience & NOT a #SocialScience. Because of this, it is the fatal methodological blunder to base it on behavioral/subjective… pic.twitter.com/OhjgQ3nBhq
October 24, 2024
Occasional X: The futile attempt to recycle Austrianism (XLVII)
#Economics#FailedFakeScience#DisInfoTainment
— E.K-H (@AXECorg) October 24, 2024
“Economics is the study of the economy, not the study of economists.” (Ricardo Reis)
von Mises NEVER understood what #Profit is and how the economic #System works. When the foundational concepts of the subject matter are…
Occasional X: Scrap the EconNobel (XXXI)
#Economics#FailedFakeScience#NobelPrize
— E.K-H (@AXECorg) October 24, 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/GQP1IaBJhh
Occasional X: What economists really do (CCCLXXI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 24, 2024
“… we believe that Harris’s economic agenda will improve our nation’s health, investment, sustainability, resilience, employment opportunities, and fairness …” (Joseph Stiglitz)
Economics claims to be science but is NOT. The major approaches…
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 24, 2024
“… we believe that Harris’s economic agenda will improve our nation’s health, investment, sustainability, resilience, employment opportunities, and fairness …” (Joseph Stiglitz)
Economics claims to be science but is NOT. The major approaches… pic.twitter.com/Xu2WG1qgzm
#Economics#FailedFakeScience#NobelEconomists
— E.K-H (@AXECorg) October 24, 2024
“Listen to economists.” (Yann LeCun)
No, #Economics has always been #FailedFakeScience, so the #EconNobel has NO scientific significance but is an #Incentive / #Reward with which the #Oligarchy controls #Academia. For the latest…
October 23, 2024
Occasional X: Forget supply-demand-equilibrium (XVI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 23, 2024
For 200+ years, economics has claimed to be #Science but is NOT. The representative #Economist is NOT ― and NEVER has been ― a competent #Scientist but an #AgendaPusher / #PhraseMonger / #UsefulIdiot / #Clown in the political #CircusMaximus.
The… pic.twitter.com/Qwu9dCcqkP
Occasional X: Clueless economists / Profit (LII)
#Economics#FailedFakeScience#Profit
— E.K-H (@AXECorg) October 23, 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… pic.twitter.com/AKuFvspqHM
Occasional X: What economists really do (CCCLXX)
#Economics#PublicDebt#Interest
— E.K-H (@AXECorg) October 23, 2024
“…US interest payments — SPENDING FOR NOTHING — are soaring. (Steve Hanke)
If you were a competent economist you would have realized this long ago. ⇒
From the debt economy to the gift economy: how America is brainwashed to love budget…
October 22, 2024
Occasional X: Clueless economists / Profit (LI)
#Economics#FailedFakeScience#Profit
— E.K-H (@AXECorg) October 22, 2024
Alan Reynolds maintains: “Armen A. Alchian (1914–2013), one of the twentieth century’s great teachers of economic science, ….”
This is incorrect. First of all, because there is no such thing as “economic science”.
Economics claims to be…
Occasional X: The futile attempt to recycle Austrianism (XLVI)
#Economics#FailedFakeScience#Austrianism
— E.K-H (@AXECorg) October 22, 2024
“There is no other standard available for the distinction between profiteering and earning fair profits than that provided by the censor’s personal envy and resentment.” (Ludwig von Mises)
To accuse your opponent of bad motives such as…
Related 'Schumpeter's two axioms of discourse'
October 21, 2024
Occasional X: How it works (CCXLXXVIII)
#Economics#PublicDebt#Interest
— E.K-H (@AXECorg) October 21, 2024
Dear Elon Musk, #WeThePeople have been trapped long before the current #DebtExplosion ― among others by Mr. Trump. ⇓
From the debt economy to the gift economy: how America is brainwashed to love budget deficitshttps://t.co/gtHNBANDrN pic.twitter.com/FmTEAoY3Wa
Occasional X: The futile attempt to recycle Hayek (XXIX)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 21, 2024
“It is easier for people to agree on a negative program ― on the hatred of an enemy, on the envy of those better off ― than on any positive task.” (Friedrich Hayek)
Yes, about those age-old psycho-social platitudes there is widespread agreement.… pic.twitter.com/tmEwzRQkuI
October 20, 2024
Occasional X: The futile attempt to recycle Keynesianism (LXII)
#Economics
— E.K-H (@AXECorg) October 20, 2024
“The outstanding faults of the economic society in which we live are its failure” to realize that economics has been failed/fake #Science for 200+ years.
The fact is that #Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives are mutually… pic.twitter.com/aEKm5QQQSN
October 19, 2024
Occasional X: How it works (CCXLXXVII)
#LearnRealEconomics
— E.K-H (@AXECorg) October 19, 2024
The #FreeMarketEconomy runs on profit. But to this day, #Economists get #Profit wrong. When the foundational concepts of the subject matter are inconsistent the whole analytical superstructure is scientifically worthless. So, the first thing to realize is…
Occasional X: Economists’ eternal problem with methodology (IX)
#Economics#FailedFakeScience#Methodology
— E.K-H (@AXECorg) October 19, 2024
“ … since David Ricardo, the deductive-hypothetical axiomatic pseudo-science has become dominant, …” (Richard Werner)
Ricardo was a scientific zero and he never understood #Profit ― the foundational economic concept ― and how the… pic.twitter.com/7HcFjmI7YF
‡ Reference link
For more about the axiomatic-deductive method see AXECquery.
#Economics#FailedFakeScience#Methodology
— E.K-H (@AXECorg) October 22, 2024
“The reliance on deductive method makes the outcome highly susceptible to manipulation, as has happened for 200 years.” (Richard Werner)
True. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their…
Occasional X: The futile attempt to recycle Hayek (XXVIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 19, 2024
Like Adam Smith before him, Hayek was not a #Scientist but a #Moralizer/#AgendaPusher or what Schumpeter euphemistically called a 'philosopher of economic life'. His core message was Capitalism is better than Communism. This is a value judgment of… pic.twitter.com/Q8Jvar4vts
October 18, 2024
Occasional X: Clueless economists / Science (CXXIV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 18, 2024
“The beauty of economics.” (Branko Milanovic)
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/QFHcMjZkaE
Occasional X: The futile attempt to recycle Austrianism (XLV)
#Economics#FailedFakeScience#Austrianism
— E.K-H (@AXECorg) October 18, 2024
“As the economist Ludwig von Mises explained, consumers reign supreme in a market economy.”
No, as John Kenneth Galbraith explained. ⇓
von Mises NEVER understood what #Profit is and how the economic #System works. That's rather bad… pic.twitter.com/HewF0oypVm
Occasional X: Teaching failed/fake science (II)
#Economics#FailedFakeScience#Econ101
— E.K-H (@AXECorg) October 18, 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 &… pic.twitter.com/P0peWQNMBW
Occasional X: The futile attempt to recycle MMT (CXXII)
#Economics#FailedFakeScience#MMT
— E.K-H (@AXECorg) October 18, 2024
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
The #FreeMarketEconomy runs on #Profit.…
October 17, 2024
Occasional X: How it works (CCXLXXVI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 17, 2024
“The national debt is something to be celebrated.” (Richard Murphy)
Not for #WeThePeople but only for #WeTheOligarcy.
The #FreeMarketEconomy runs on #Profit. Macroeconomic profit Qm is given by the axiomatically correct #ProfitLaw /… pic.twitter.com/KsvhGeYBXR
Occasional X: Clueless economists / Phillips Curve (XIV)
#LearnRealEconomics
— E.K-H (@AXECorg) October 17, 2024
Samuelson/Solow messed up the original #PhillipsCurve back in 1960.
NAIRU, wage-led growth, and Samuelson's Dyscalculiahttps://t.co/qDrdo8Hdey
The axiomatically correct macrofounded Phillips Curve 3.0 is shown below ⇓. pic.twitter.com/G4BdwIoi1Z
Occasional X: The futile attempt to recycle MMT (CXXI)
#Economics#FailedFakeScience#MMT
— E.K-H (@AXECorg) October 17, 2024
“Could 'Modern Monetary Theory' Save the World?”
No, MMT is brain-dead political agenda-pushing just like mainstream economics.
The #FreeMarketEconomy runs on #Profit. Macroeconomic profit Qm is given by the axiomatically correct #ProfitLaw /…
Occasional X: The history of economic thought is the history of scientific failure (XXX)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 17, 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 X: Clueless economists / Science (CXXIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 17, 2024
“Is there any field more proudly ignorant of its own history than economics?” (Nils Gilman)
The history of economic thought is the history of scientific failure. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and…
October 16, 2024
Occasional X: The foul spirit of political economics (XCVII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 16, 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/YukaVm7BbC
Occasional X: The foul spirit of political economics (XCVI)
“Our democratic institutions matter. ” (Bloomberg)
— E.K-H (@AXECorg) October 16, 2024
The correct term for the U.S. polity is NOT #Democracy but #Oligarchy
The U.S. economy runs on #Profit. Macroeconomic profit Qm is given by the axiomatically correct #ProfitLaw / #BalancesEquation…
Occasional X: Clueless economists / Market (III)
#Economics#FailedFakeScience#PriceMechanism
— E.K-H (@AXECorg) October 16, 2024
"In an ideal free market resting on private property, no individual can coerce any other, all cooperation is voluntary." (Milton Friedman)
In an ideal free market economy #WeThePeople is not harassed, tortured, or killed by the…
Occasional X: Clueless economists / Employment (XIV)
#LearnRealEcon
— E.K-H (@AXECorg) October 16, 2024
The axiomatically correct #EmploymentLaw ⇓ tells one how wage-led growth works. For details see
NAIRU, wage-led growth, and Samuelson's Dyscalculiahttps://t.co/qDrdo8Hdey pic.twitter.com/zpTCSPfFPN
Occasional X: Scrap the EconNobel (XXX)
#Economics#FailedFakeScience#NobelPrize
— E.K-H (@AXECorg) October 16, 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…
Occasional X: How it works (CCXLXXV)
#LearnRealEconomics
— E.K-H (@AXECorg) October 16, 2024
The #FreeMarketEconomy runs on profit. But to this day, #Economists get profit wrong. When the foundational concepts of the subject matter are inconsistent the whole analytical superstructure is scientifically worthless. So, the first thing to realize is that…
Occasional X: The futile attempt to recycle Milton Friedman (XXVII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 16, 2024
“Wherever the free market has been permitted to operate, wherever anything approaching equality of opportunity has existed, the ordinary man has been able to attain levels of living never dreamed of before.”
This piece of silly propaganda is what… pic.twitter.com/hcezcdQ93n
October 15, 2024
Occasional X: The futile attempt to recycle Marx (XXXIV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 15, 2024
“Have Any of Karl Marx’s Critics Today Actually Read Him?” (Jacobin)
Have any of Karl Marx’s followers realized that his Profit Theory is provably false?
Economics claims to be #Science but is NOT. The major approaches (#Walrasianism,…
Occasional X: Scrap the EconNobel (XXIX)
#Economics#FailedFakeScience#NobelPrize
— E.K-H (@AXECorg) October 15, 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/m1d94IufGB
Occasional X: Economics still lacks correct macrofoundations (XXX)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 15, 2024
“… continue our "RIP" series with a critique of the IS-LM (also known as the Hicks-Hansen) Model.”
IS-LM is proto-scientific garbage and it has already been buried in 2016.
Causa finita: the end of I=S/IS-LMhttps://t.co/jzrdUzGrtW
For more about IS-LM see AXECquery.
Occasional X: Scrap the EconNobel (XXVIII)
#Economics#FailedFakeScience#NobelPrize
— E.K-H (@AXECorg) October 15, 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/nMcSV1tP1W
October 14, 2024
Occasional X: The futile attempt to recycle Keynesianism (LXI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 14, 2024
For 200+ years, economics has claimed to be #Science but still is NOT. #Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got… pic.twitter.com/jTG7g8pQJD
“Years ago I heard Mr. Cobden say at a League Meeting that ‘Political Economy was the highest study of the human mind, for that the physical sciences required by no means so hard an effort.’” (Bagehot, 1885)
This topos is the standard excuse when economists are confronted with the fact that, compared to genuine sciences, economics as a Cargo Cult (Feynman's term) has achieved virtually nothing in 200+ years.
Occasional X: Scrap the EconNobel (XXVII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 14, 2024
'The "Nobel prize" in economic sciences this year goes to Acemoglu/Johnson/Robinson "for studies of how institutions are formed and affect prosperity".'
Economics claims to be science but is NOT. The major approaches (#Walrasianism, #Keynesianism,… pic.twitter.com/QersQlQpyu
Also at El-Erian.
For more about Institutions see AXECquery.
Occasional X: Scrap the EconNobel (XXVI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 14, 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/RK7OSZWUlU
Occasional X: Economics still lacks correct macrofoundations (XXIX)
#Economics#FailedFakeScience#MacroFoundations
— E.K-H (@AXECorg) October 14, 2024
Your graph Geldkreislauf is false/misleading. Here is the axiomatically correct elementary monetary circuit ⇓.
For details see
The monetary circuit and how economists got it wronghttps://t.co/eTHAF4vjr4
The GDP death blow for… pic.twitter.com/lI942EL15f
Occasional X: How it works (CCXLXXIV)
#HowItWorks
— E.K-H (@AXECorg) October 14, 2024
“Moving toward a centrally planned economy is doomed to failure. ” (Cato Institute)
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. The Profit Law implies…
October 13, 2024
Occasional X: Clueless economists / Science (CXXII)
#Economics#FailedFakeScience#Methodology
— E.K-H (@AXECorg) October 13, 2024
“Hayek and Popper both make epistemological arguments for liberalism. Popper focuses on the fallibility of scientific knowledge and Hayek on dispersed and tacit knowledge.” (YK)
Later in his life, Popper ended up as a member of Hayek's…
Occasional X: The futile attempt to recycle Hayek (XXVII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 13, 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/vxK6ZrhsMB
Occasional X: The futile attempt to recycle Hayek (XXVI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 13, 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…
October 12, 2024
Occasional X: How it works (CCXLXXIII)
#HowItWorks
— E.K-H (@AXECorg) October 12, 2024
“Government spending in all European countries has been going up, …” (Michael Arouet)
The #FreeMarketEconomy runs on #Profit. Macroeconomic profit Qm is given by the axiomatically correct #ProfitLaw / #BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0 (which…
Occasional X: The futile attempt to recycle Hayek (XXV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 12, 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 X: What economists really do (CCCLXIX)
#HowItWorks
— E.K-H (@AXECorg) October 12, 2024
“Immature modes of reasoning ― for example, bad people do bad things; good people do good things ― must be replaced by the more mature and disciplined reasoning of 'invisible hand' explanations.” (Peter Boettke)
No, the very task of #Science is to make the…
Occasional X: Scrap the EconNobel (XXV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 12, 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/E2Gc5b1lbh
Also at James Broughel
October 11, 2024
Occasional X: The foul spirit of political economics (XCV)
#Economics#GeoEconomics#GeoPolitics
— E.K-H (@AXECorg) October 11, 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/xwVQjsCWbQ
Occasional X: What economists really do (CCCLXVIII)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) October 11, 2024
“Economists are freedom nuts, which is to say that they look with suspicion on lawyerly plans to solve problems with new state compulsions and longer jail sentences.” (Deirdre McCloskey)
If you thought that…
October 10, 2024
Occasional X: The futile attempt to recycle Hayek (XXIV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 10, 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 X: Clueless economists / Profit (L)
#HowItWorks
— E.K-H (@AXECorg) October 10, 2024
“There is a reason why US companies have higher valuations, they are more innovative and have better profit growth outlook.”
The U.S. #Economy runs on profit. Macroeconomic profit is given by the axiomatically correct #ProfitLaw / #BalancesEquation… pic.twitter.com/3gzoR4Wk4F
Occasional X: Clueless economists / Science (CXXI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 10, 2024
For a #Scientist, the decisive criterion is true/false with #Truth well-defined as material and formal consistency. Nothing is farther away from #Science than #Politics.
Economics claims to be #Science but is NOT. The major approaches… pic.twitter.com/Wf3Tl9rNiE
Occasional X: Scrap the EconNobel (XXIV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 10, 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/GBJLQXPdoG
Also at Tobias Blanken.
Occasional X: What economists really do (CCCLXVII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 10, 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/qvnk1goWiD
Occasional X: The foul spirit of political economics (XCIV)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) October 10, 2024
“Economists are freedom nuts, which is to say that they look with suspicion on lawyerly plans to solve problems with new state compulsions and longer jail sentences.” (Deirdre McCloskey)
If you thought that… pic.twitter.com/YdEBnepMux
Occasional X: Scrap the EconNobel (XXIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 10, 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/AKIinJX35A
October 9, 2024
Occasional X: The futile attempt to recycle Hayek (XXIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) October 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 X: Scrap the EconNobel (XXII)
#Economics#FailedFakeScience#NobelPrize
— E.K-H (@AXECorg) October 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…
Occasional X: How it works (CCXLXXII)
#HowItWorks
— E.K-H (@AXECorg) October 9, 2024
“We manufacture the appearance of growth through inflation...are we actually growing this economy, or is it just fluff, in terms of inflated dollars?” (Chris Whalen)
The U.S. #Economy runs on #Profit. Macroeconomic profit Qm is given by the axiomatically correct… pic.twitter.com/W1qbd4E2qw
Subscribe to:
Comments (Atom)