Occasional Xs: The futile attempt to recycle Marx (XXXV)

 

#Economics#FailedFakeScience#Marxianism

“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…

— E.K-H (@AXECorg) October 31, 2024

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

 

#Economics#FailedFakeScience

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

— E.K-H (@AXECorg) October 31, 2024

Occasional Xs: Clueless economists / Money (X)

 

#Economics#LearnRealEconomics#Money

“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…

— E.K-H (@AXECorg) October 30, 2024

Occasional Xs: The futile attempt to recycle Austrianism (XLVIII)

 

#Economics#FailedFakeScience#Austrianism

“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…

— E.K-H (@AXECorg) October 30, 2024

Related 'Economists’ eternal problem with methodology'

 

#Economics#FailedFakeScience#Austrianism

I am sure you can read and google, so help yourself. ⇒

Austrians, too, are either stupid or corrupt or bothhttps://t.co/TNGWeyNj1w

— E.K-H (@AXECorg) October 30, 2024

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 Xs: Clueless economists / Inflation (XXXIV)

 

#LearnRealEconomics

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

— E.K-H (@AXECorg) October 30, 2024

Occasional Xs: Criminals and the Monetary Order (II)

 

#HowItWorks

“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…

— E.K-H (@AXECorg) October 30, 2024

Occasional Xs: How it works (CCXLXXXII)

 

#Economics#GeoEconomics#GeoPolitics

“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

— E.K-H (@AXECorg) October 30, 2024

Occasional Xs: Clueless economists / Science (CXXVI)

 

#Economics#FailedFakeScience

“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 &…

— E.K-H (@AXECorg) October 30, 2024

Occasional Xs: The futile attempt to recycle von Mises (VII)

 

#Economics#FailedFakeScience#DisInfoTainment

“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…

— E.K-H (@AXECorg) October 29, 2024

Occasional Xs: How it works (CCXLXXXI)

 

#HowItWorks

“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 /…

— E.K-H (@AXECorg) October 28, 2024

Occasional Xs: Econ101― still proto-scientific garbage (VI)

 

#Econ101

“… 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,…

— E.K-H (@AXECorg) October 28, 2024

Occasional Xs: What economists really do (CCCLXXV)

 

#Economics#EconTwitter

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

— E.K-H (@AXECorg) October 27, 2024

Occasional Xs: How it works (CCXLXXX)

 

#LearnRealEconomics

“… 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

— E.K-H (@AXECorg) October 27, 2024

Occasional Xs: The futile attempt to recycle Milton Friedman (XXVIII)

 

#Economics#FailedFakeScience#Crisis

“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.…

— E.K-H (@AXECorg) October 27, 2024

Related 'Iatrogenic economics' and 'How to minimize econogenic outcomes'.

Occasional Xs: What economists really do (CCCLXXIV)

 

#Economics#FailedFakeScience

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

— E.K-H (@AXECorg) October 27, 2024

Occasional Xs: How it works (CCXLXXIX)

 

#HowItWorks#Profit#Distribution

“… 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…

— E.K-H (@AXECorg) October 26, 2024

Occasional Xs: The Zero-Tax Economy® (II)

 

#LearnRealEconomics#BeyondCapitalismAndCommunism

“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…

— E.K-H (@AXECorg) October 26, 2024

Occasional Xs: Clueless economists / Profit (LIII)

 

#Economics#FailedFakeScience#Profit

“… 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

— E.K-H (@AXECorg) October 26, 2024

Occasional Xs: What economists really do (CCCLXXIII)

 

#Economics#FailedFakeScience

“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

— E.K-H (@AXECorg) October 26, 2024

Occasional Xs: The futile attempt to recycle von Mises (VI)

 

#Economics#FailedFakeScience#Austrianism

“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…

— E.K-H (@AXECorg) October 26, 2024

Occasional Xs: 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 Xs: Clueless economists / Science (CXXV)

 

#Economics#FailedFakeScience

“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

— E.K-H (@AXECorg) October 25, 2024

Occasional Xs: What economists really do (CCCLXXII)

 

#Economics#FailedFakeScience

“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

— E.K-H (@AXECorg) October 25, 2024

Occasional Xs: Paradigm Shift (XXXIX)

 

#Economics#FailedFakeScience#Reset

“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

— E.K-H (@AXECorg) October 25, 2024

Occasional Xs: The futile attempt to recycle Austrianism (XLVII)

 

#Economics#FailedFakeScience#DisInfoTainment

“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…

— E.K-H (@AXECorg) October 24, 2024

Occasional Xs: Scrap the EconNobel (XXXI)

 

#Economics#FailedFakeScience#NobelPrize

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

— E.K-H (@AXECorg) October 24, 2024

Occasional Xs: What economists really do (CCCLXXI)

 

#Economics#FailedFakeScience

“… 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…

— E.K-H (@AXECorg) October 24, 2024

#Economics#FailedFakeScience

“… 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

— E.K-H (@AXECorg) October 24, 2024

#Economics#FailedFakeScience#NobelEconomists

“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…

— E.K-H (@AXECorg) October 24, 2024

Occasional Xs: Forget supply-demand-equilibrium (XVI)

 

#Economics#FailedFakeScience

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

— E.K-H (@AXECorg) October 23, 2024

Occasional Xs: Clueless economists / Profit (LII)

 

#Economics#FailedFakeScience#Profit

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

— E.K-H (@AXECorg) October 23, 2024

Occasional Xs: What economists really do (CCCLXX)

 

#Economics#PublicDebt#Interest

“…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…

— E.K-H (@AXECorg) October 23, 2024

Occasional Xs: Clueless economists / Profit (LI)

 

#Economics#FailedFakeScience#Profit

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…

— E.K-H (@AXECorg) October 22, 2024

Occasional Xs: The futile attempt to recycle Austrianism (XLVI)

 

#Economics#FailedFakeScience#Austrianism

“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…

— E.K-H (@AXECorg) October 22, 2024

Related 'Schumpeter's two axioms of discourse' 

Occasional Xs: How it works (CCXLXXVIII)

 

#Economics#PublicDebt#Interest

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

— E.K-H (@AXECorg) October 21, 2024

Occasional Xs: The futile attempt to recycle Hayek (XXIX)

 

#Economics#FailedFakeScience

“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

— E.K-H (@AXECorg) October 21, 2024

Occasional Xs: The futile attempt to recycle Keynesianism (LXII)

 

#Economics

“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

— E.K-H (@AXECorg) October 20, 2024

Occasional Xs: How it works (CCXLXXVII)

 

#LearnRealEconomics

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…

— E.K-H (@AXECorg) October 19, 2024

Occasional Xs: Economists’ eternal problem with methodology (IX)

 

‡

#Economics#FailedFakeScience#Methodology

“ … 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

— E.K-H (@AXECorg) October 19, 2024

‡ Reference link

For more about the axiomatic-deductive method see AXECquery. 

#Economics#FailedFakeScience#Methodology

“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…

— E.K-H (@AXECorg) October 22, 2024

Occasional Xs: The futile attempt to recycle Hayek (XXVIII)

 

#Economics#FailedFakeScience

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

— E.K-H (@AXECorg) October 19, 2024

Occasional Xs: Clueless economists / Science (CXXIV)

 

#Economics#FailedFakeScience

“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

— E.K-H (@AXECorg) October 18, 2024

Occasional Xs: The futile attempt to recycle Austrianism (XLV)

 

#Economics#FailedFakeScience#Austrianism

“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

— E.K-H (@AXECorg) October 18, 2024

Occasional Xs: Teaching failed/fake science (II)

 

#Economics#FailedFakeScience#Econ101

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

— E.K-H (@AXECorg) October 18, 2024

Occasional Xs: The futile attempt to recycle MMT (CXXII)

 

#Economics#FailedFakeScience#MMT

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.…

— E.K-H (@AXECorg) October 18, 2024

Occasional Xs: How it works (CCXLXXVI)

 

#Economics#FailedFakeScience

“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

— E.K-H (@AXECorg) October 17, 2024

Occasional Xs: Clueless economists / Phillips Curve (XIV)

 

#LearnRealEconomics

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

— E.K-H (@AXECorg) October 17, 2024

Occasional Xs: The futile attempt to recycle MMT (CXXI)

 

#Economics#FailedFakeScience#MMT

“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 /…

— E.K-H (@AXECorg) October 17, 2024

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

 

#Economics#FailedFakeScience

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…

— E.K-H (@AXECorg) October 17, 2024

Occasional Xs: Clueless economists / Science (CXXIII)

 

#Economics#FailedFakeScience

“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…

— E.K-H (@AXECorg) October 17, 2024

Occasional Xs: The foul spirit of political economics (XCVII)

 

#Economics#FailedFakeScience

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

— E.K-H (@AXECorg) October 16, 2024

Occasional Xs: The foul spirit of political economics (XCVI)

 

“Our democratic institutions matter. ” (Bloomberg)

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…

— E.K-H (@AXECorg) October 16, 2024

Occasional Xs: Clueless economists / Market (III)

 

#Economics#FailedFakeScience#PriceMechanism

"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…

— E.K-H (@AXECorg) October 16, 2024

Occasional Xs: Clueless economists / Employment (XIV)

 

#LearnRealEcon

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

— E.K-H (@AXECorg) October 16, 2024

Occasional Xs: Scrap the EconNobel (XXX)

 

#Economics#FailedFakeScience#NobelPrize

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…

— E.K-H (@AXECorg) October 16, 2024

Occasional Xs: How it works (CCXLXXV)

 

#LearnRealEconomics

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…

— E.K-H (@AXECorg) October 16, 2024

Occasional Xs: The futile attempt to recycle Milton Friedman (XXVII)

 

#Economics#FailedFakeScience

“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

— E.K-H (@AXECorg) October 16, 2024

Occasional Xs: The futile attempt to recycle Marx (XXXIV)

 

#Economics#FailedFakeScience

“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,…

— E.K-H (@AXECorg) October 15, 2024

Occasional Xs: Scrap the EconNobel (XXIX)

 

#Economics#FailedFakeScience#NobelPrize

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

— E.K-H (@AXECorg) October 15, 2024

Occasional Xs: Economics still lacks correct macrofoundations (XXX)

 

#Economics#FailedFakeScience

“… 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

— E.K-H (@AXECorg) October 15, 2024

For more about IS-LM see AXECquery. 

Occasional Xs: Scrap the EconNobel (XXVIII)

 

#Economics#FailedFakeScience#NobelPrize

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

— E.K-H (@AXECorg) October 15, 2024

Occasional Xs: The futile attempt to recycle Keynesianism (LXI)

 

#Economics#FailedFakeScience

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

— E.K-H (@AXECorg) October 14, 2024

Related 'Complexity, scientific incompetence, and the art of asking the right questions'

“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 Xs: Scrap the EconNobel (XXVII)

 

#Economics#FailedFakeScience

'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

— E.K-H (@AXECorg) October 14, 2024

Also at El-Erian.

For more about Institutions see AXECquery. 

 

Occasional Xs: Scrap the EconNobel (XXVI)

 

#Economics#FailedFakeScience

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

— E.K-H (@AXECorg) October 14, 2024

Occasional Xs: Economics still lacks correct macrofoundations (XXIX)

 

#Economics#FailedFakeScience#MacroFoundations

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

— E.K-H (@AXECorg) October 14, 2024

Related 'The Emergence of Profit and Interest in the Monetary Circuit' 

Occasional Xs: How it works (CCXLXXIV)

 

#HowItWorks

“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…

— E.K-H (@AXECorg) October 14, 2024

Occasional Xs: Clueless economists / Science (CXXII)

 

#Economics#FailedFakeScience#Methodology

“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…

— E.K-H (@AXECorg) October 13, 2024

Occasional Xs: The futile attempt to recycle Hayek (XXVII)

 

#Economics#FailedFakeScience

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

— E.K-H (@AXECorg) October 13, 2024

Occasional Xs: The futile attempt to recycle Hayek (XXVI)

 

#Economics#FailedFakeScience

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…

— E.K-H (@AXECorg) October 13, 2024

Occasional Xs: How it works (CCXLXXIII)

 

#HowItWorks

“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…

— E.K-H (@AXECorg) October 12, 2024

Occasional Xs: The futile attempt to recycle Hayek (XXV)

 

#Economics#FailedFakeScience

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…

— E.K-H (@AXECorg) October 12, 2024

Occasional Xs: What economists really do (CCCLXIX)

 

#HowItWorks

“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…

— E.K-H (@AXECorg) October 12, 2024

Occasional Xs: Scrap the EconNobel (XXV)

 

#Economics#FailedFakeScience

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

— E.K-H (@AXECorg) October 12, 2024

Also at James Broughel 

Occasional Xs: The foul spirit of political economics (XCV)

 

#Economics#GeoEconomics#GeoPolitics

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

— E.K-H (@AXECorg) October 11, 2024

Occasional Xs: What economists really do (CCCLXVIII)

 

#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth

“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…

— E.K-H (@AXECorg) October 11, 2024

Occasional Xs: The futile attempt to recycle Hayek (XXIV)

 

#Economics#FailedFakeScience

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…

— E.K-H (@AXECorg) October 10, 2024

Occasional Xs: Clueless economists / Profit (L)

 

#HowItWorks

“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

— E.K-H (@AXECorg) October 10, 2024

Occasional Xs: Clueless economists / Science (CXXI)

 

#Economics#FailedFakeScience

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

— E.K-H (@AXECorg) October 10, 2024

Occasional Xs: Scrap the EconNobel (XXIV)

 

#Economics#FailedFakeScience

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

— E.K-H (@AXECorg) October 10, 2024

Also at Tobias Blanken. 

Occasional Xs: What economists really do (CCCLXVII)

 

#Economics#FailedFakeScience

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

— E.K-H (@AXECorg) October 10, 2024

Occasional Xs: The foul spirit of political economics (XCIV)

 

#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth

“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

— E.K-H (@AXECorg) October 10, 2024

Occasional Xs: Scrap the EconNobel (XXIII)

 

#Economics#FailedFakeScience

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

— E.K-H (@AXECorg) October 10, 2024

Occasional Xs: The futile attempt to recycle Hayek (XXIII)

 

#Economics#FailedFakeScience

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…

— E.K-H (@AXECorg) October 9, 2024

Occasional Xs: Scrap the EconNobel (XXII)

 

#Economics#FailedFakeScience#NobelPrize

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…

— E.K-H (@AXECorg) October 9, 2024

Occasional Xs: How it works (CCXLXXII)

 

#HowItWorks

“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

— E.K-H (@AXECorg) October 9, 2024