Occasional Xs: The futile attempt to recycle Ricardo (X)

 

#Economics#FailedFakeScience#HallOfShame

The history of economic thought is the history of scientific failure and it goes from #DavidRicardo onward to the clueless folks at the Foundation for Economic Education.

Ricardo NEVER understood what #Profit is and how the economic…

— E.K-H (@AXECorg) December 23, 2024

Occasional Xs: Clueless economists / Distribution, Inequality (IX)

 

#LearnRealEconomics#Distribution

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) December 23, 2024

Occasional Xs: What economists really do (CDXV)

 

#Economics#FailedFakeScience

“It is probably one of the essential conditions for the preservation of [a free] society that we do not countenance envy… but treat it, in the words of John Stuart Mill, as ‘the most anti-social and evil of all passions’.” (Friedrich Hayek)

The…

— E.K-H (@AXECorg) December 23, 2024

Occasional Xs: How it works (CCCXVIII)

 

“The U.S. issues money by deficit spending. It puts more money into private accounts than it takes out via taxes.” (Steve Roth)

The blunder is in the undifferentiated term “private accounts”.

The U.S. economy runs on #Profit. Macroeconomic profit Qm is given by the…

— E.K-H (@AXECorg) December 21, 2024

Occasional Xs: Paradigm Shift (XLVIII)

 

#Economics#FailedFakeScience#Reset

“We need to stop making glib assumptions about what other people want and how they can best achieve their objectives.” (Jason Collins)

Yes.

Economics is about how the #Economy works. It is a #SystemsScience and NOT a #SocialScience. Because… pic.twitter.com/Ro96OUB2AA

— E.K-H (@AXECorg) December 20, 2024

Occasional Xs: What economists really do (CDXIV)

 

#Economics#FailedFakeScience

“Central planners will produce the wrong goods, use the wrong inputs, set the wrong prices, hire the wrong people, and ultimately produce shoddy products, and not enough of them anyway.” (Pietra Rivoli)

“Economists will produce provably false… pic.twitter.com/JnTgKKX3Yf

— E.K-H (@AXECorg) December 20, 2024

Occasional Xs: Clueless economists / Profit (LXIV)

 

#Economics#FailedFakeScience

“Profits are made by serving the public interest.” (Chris Freiman)

Sure.

For 200+ years, economics has claimed to be #Science but still is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are… pic.twitter.com/2d71svMmmG

— E.K-H (@AXECorg) December 19, 2024

Occasional Xs: How it works (CCCXVII)

 

“Eliminating the debt ceiling is the ultimate Efficient Government move.” (Ernie Tedeschi)

The U.S. economy runs on #Profit. Macroeconomic profit Qm is given by the axiomatically correct #ProfitLaw / #BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The Profit Law implies… pic.twitter.com/lN10K2cX9L

— E.K-H (@AXECorg) December 19, 2024

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

 

#Economics#FailedFakeScience

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 & materially/formally inconsistent &… pic.twitter.com/h3zIqG6f2r

— E.K-H (@AXECorg) December 18, 2024

Occasional Xs: Clueless economists / Profit (LXIII)

 

#Economics#FailedFakeScience

The representative #Economist is NOT a #Scientist but an #AgendaPusher / #UsefulIdiot / #Clown in the political #CircusMaximus.

The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually… pic.twitter.com/ncqHbUGo69

— E.K-H (@AXECorg) December 18, 2024

Occasional Xs: What economists really do (CDXIII)

 

#Economics#FailedFakeScience

“Economics is the study of the economy, not the study of economists.” (Ricardo Reis)

When Milton Friedman tells you that “Hayek was a lovely man” you don't any better understand how the economy works but immediately realize that economics has never… pic.twitter.com/bxncoYFwVv

— E.K-H (@AXECorg) December 17, 2024

Occasional Xs: What economists really do (CDXII)

 

#Economics#GeoPolitics#GeoEconomics

“… dann kommt das raus, was wir in Deutschland haben. / … then the result is what we have in Germany.” (Veronika Grimm)

The ruin of the German #Economy and the impoverishment of #WeThePeople is the direct consequence of the #Ampel's…

— E.K-H (@AXECorg) December 17, 2024

Occasional Xs: Clueless economists / Science (CXXXVI)

 

#Economics#FailedFakeScience

“Intelligent people tend to be socialists because they are more likely to overvalue intelligence and to suppose we must owe all the advantages and opportunities that our civilization offers to deliberate design rather than to following traditional… pic.twitter.com/SYEVfUMMxP

— E.K-H (@AXECorg) December 17, 2024

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

 

#Economics#FailedFakeScience#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) economics is… pic.twitter.com/koJfDrb9Bo

— E.K-H (@AXECorg) December 16, 2024

Occasional Xs: What economists really do (CDXI)

 

#Economics#FailedFakeScience

“… Doing Economics is a great intro guide for aspiring academics and research economists trying to figure out how to navigate a career in economics as a discipline” (Jack Meyer)

Four things are important to know about economics:

(i) Economics…

— E.K-H (@AXECorg) December 15, 2024

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

 

#Economics#FailedFakeScience

“Modern academics are relentless in trying to find any nuances they can from the works of Karl Marx, but they miss the larger issues with his work.” (Mises Institute)

Economics claims to be #Science (#Sciences according to the #EconNobel) but is…

— E.K-H (@AXECorg) December 15, 2024

Occasional Xs: What economists really do (CDX)

 

“There is only one way to prosperity, hard work and higher productivity.” (Michael Arouet)

Of all the silly propaganda slogans economists have ever produced this is silliest.

The U.S. economy runs on #Profit. The 3-sector #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd implies that the…

— E.K-H (@AXECorg) December 15, 2024

Occasional Xs: What economists really do (CDIX)

 

#Economics#FailedFakeScience

Since the founding fathers, #Economists have claimed to be doing science but they did NOT. They disguised political #AgendaPushing as #Science or #EnlightenedPhilosophy or #ProgressiveEthics or #EducationOfTheMasses or #WorldImprovement.

Adam Smith… pic.twitter.com/7oddhXF7ZM

— E.K-H (@AXECorg) December 14, 2024

Occasional Xs: The futile attempt to recycle Kalecki (IX)

 

#Economics#FailedFakeScience

The history of economic thought is the history of scientific failure and it goes from #AdamSmith onward via Keynes/Kalecki to this day.

The representative #Economist NEVER understood what #Profit is and how the economic #System works.

When the…

— E.K-H (@AXECorg) December 13, 2024

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

 

#MMT#BadScienceBadPolicyBadPeople

MMT's foundational #BalancesEquation is provably false, so their whole #MacroEconomics is false. ⇒

The page where Stephanie Kelton gets macroeconomics wrong https://t.co/CNFDkXM1Ki

When the foundational concepts of the subject matter are…

— E.K-H (@AXECorg) December 13, 2024

Occasional Xs: Clueless economists / Science (CXXXV)

 

#Economics#FailedFakeScience

“Friedrich Hayek recognized that economics is not about planning society, but about explaining why society cannot be planned. ” (https://t.co/esR0yr2bXm)

Economics is about how the economy works, it is NOT about society. Society is the subject… pic.twitter.com/404dLz1xKl

— E.K-H (@AXECorg) December 13, 2024

Occasional Xs: How it works (CCCXVI)

 

“She's an institutionalised cabbage.” (MarkGB)

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…

— E.K-H (@AXECorg) December 12, 2024

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

 

#Economics#FailedFakeScience

“Dangerous Guesswork in Economic Policy” (Max Steuer)

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/lKKbiGRIUI

— E.K-H (@AXECorg) December 12, 2024

Occasional Xs: What economists really do (CDVIII)

 

#Economics#FailedFakeScience

“Envy plus rhetoric equals social justice.” (Thomas Sowell)

“Stupidity plus corruption equal economic sciences.” (AXEC) pic.twitter.com/dJ7RNcBdPT

— E.K-H (@AXECorg) December 12, 2024

Occasional Xs: How it works (CCCXV)

 

“Government Spending Shock: US Budget Deficit Soars In Worst Start To Year On Record.” “Sorry DOGE, there's no stopping this train.” (zerohedge)

The U.S. economy runs on #Profit. The 3-sector #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd implies that the greater part is produced by…

— E.K-H (@AXECorg) December 12, 2024

Occasional Xs: Scrap the EconNobel (XXXIV)

 

#Economics#FailedFakeScience

“The Pretence of Knowledge (1974): In his Nobel speech, Friedrich Hayek critiqued central planners and economists treating economics like an exact science.” (Foundation for Economic Education)

The history of economic thought is the history of… pic.twitter.com/iheZUtaGTq

— E.K-H (@AXECorg) December 12, 2024

Occasional Xs: What economists really do (CDVII)

 

#Economics#FailedFakeScience#HallOfShame

“Paul Krugman was the greatest of us economics pundits. He will be sorely missed. ” (Noah Smith)

Paul Krugman NEVER understood what profit is and how the economic system works. That's rather bad for an economist. For details see ⇒…

— E.K-H (@AXECorg) December 11, 2024

Occasional Xs: Clueless economists / Inflation (XXXVII)

 

#Economics#FailedFakeScience

“The problem with #inflation is that economists sacrificed conceptual clarity for measurability, which has greatly muddied the waters.” (Per Bylund)

The axiomatically correct macroeconomic #LawOfSupplyAndDemand ⇓ tells one how ― in the elementary… pic.twitter.com/7hQYOPB9EK

— E.K-H (@AXECorg) December 11, 2024

Occasional Xs: What economists really do (CDVI)

 

#Economics#FailedFakeScience

“Economics is over.” (Gabriel Mihalache)

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/Zy8zu163nX

— E.K-H (@AXECorg) December 11, 2024

Occasional X: The growth of public debt is the life elixir of Capitalism (IV)

 

“Janet Yellen has personally overseen $16.7 trillion, or 46%, of all the debt increase in the history of the USA. But she is 'sorry'.” (zerohedge)

The #FreeMarketEconomy runs on #Profit. But to this day, economists get profit wrong. When the foundational concepts of the subject…

— E.K-H (@AXECorg) December 11, 2024

Occasional Xs: Clueless economists / Science (CXXXIV)

 

#Economics#FailedFakeScience

“Envy plus rhetoric equals 'social justice'.” (Thomas Sowell)

Stupidity plus corruption equals 'economic sciences'.

For 200+ years, economics has claimed to be a #Science but still is NOT. The representative #Economist is NOT ― and NEVER has been… pic.twitter.com/nO0EV9BIvz

— E.K-H (@AXECorg) December 11, 2024

Occasional Xs: What economists really do (CDV)

 

#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/LJd70m6MEn

— E.K-H (@AXECorg) December 10, 2024

Occasional Xs: Paradigm Shift (XLVII)

 

#Economics#FailedFakeScience#Reset

“Every important advance in economic theory during the last hundred years was a further step in the consistent application of subjectivism.” (Friedrich Hayek)

No.

Economics is about how the #Economy works. It is a #SystemsScience & NOT a… pic.twitter.com/zspuiFRBvl

— E.K-H (@AXECorg) December 10, 2024

Occasional Xs: Scrap the EconNobel (XXXIII)

 

#Economics#FailedFakeScience

“Hayek's Nobel 50 Years On” (promoted by Peter Boettke)

Economics claims to be science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically… pic.twitter.com/zLU7CXbRDY

— E.K-H (@AXECorg) December 10, 2024

Occasional Xs: Clueless economists / Phillips Curve (XVI)

 

#Economics#FailedFakeScience#LearnRealEconomics

Samuelson/Solow messed up the original #PhillipsCurve back in 1960. ⇒

NAIRU, wage-led growth, and Samuelson's Dyscalculiahttps://t.co/qDrdo8Hdey

Things have not improved in the meantime.

The elementary version of the… pic.twitter.com/fXt2r2eect

— E.K-H (@AXECorg) December 9, 2024

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

 

#MMT#BadScienceBadPolicyBadPeople

MMT's foundational #BalancesEquation is provably false, so their whole #MacroEconomics is false. ⇒

The page where Stephanie Kelton gets macroeconomics wrong https://t.co/CNFDkXM1Ki

When the foundational concepts of the subject matter are… pic.twitter.com/8Qvwpgobk1

— E.K-H (@AXECorg) December 8, 2024

Occasional Xs: How it works (CCCXIV)

 

“The U.S. government spends about 14 times more on interest payments than on foreign aid.” (Chris Freiman)

The U.S. economy runs on #Profit. The 3-sector #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd implies that the greater part is produced by #DeficitSpendingMoneyCreation. The…

— E.K-H (@AXECorg) December 8, 2024

Related 'Just one more day: How deficit spending delays the breakdown of Capitalism' 

Occasional Xs: Clueless economists / Distribution, Inequality (VIII)

 

#LearnRealEconomics#Distribution

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…

— E.K-H (@AXECorg) December 8, 2024

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

 

#Economics#FailedFakeScience

“It turns out that when scientists signal their political affiliation, their research is viewed as less credible.” (Luke Glowacki)

For 200+ years, economics has claimed to be #Science but still is NOT. The major approaches (#Walrasianism,… pic.twitter.com/oSKHsvkJuF

— E.K-H (@AXECorg) December 7, 2024

Occasional Xs: What economists really do (CDIV)

 

“Pretty incredible how many of the core ideas underlying macro Friedman talked about informally. ” (Sid Gundapaneni )

Friedman has never understood profit and how the economic system works. He simply invoked the Invisible Hand and repeated the unfounded claim that laissez-faire…

— E.K-H (@AXECorg) December 7, 2024

Occasional Xs: Clueless economists / Philosophy (VIII)

 

“Ayn Rand would likely be deeply unhappy with the state of American capitalism today.” (Eric Beinhocker)

Ayn Rand was neither a competent philosopher nor a competent economist and had NO idea what profit is and how the economic system works.

The U.S. economy runs on #Profit.…

— E.K-H (@AXECorg) December 7, 2024

Occasional Xs: What economists really do (CDIII)

 

#Economics#FailedFakeScience

“Paul provided some of the most insightful commentary on the economy over the course of several decades.” (Arin Dube)

Paul Krugman NEVER understood what profit is and how the economic system works. That's rather bad for an economist. For details…

— E.K-H (@AXECorg) December 6, 2024

Occasional Xs: Clueless economists / Science (CXXXIII)

 

#Economics#FailedFakeScience

“Public trust in science is more important than ever.” (Prashant Garg)

For 200+ years, economics has claimed to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are… pic.twitter.com/MnVi7QptJC

— E.K-H (@AXECorg) December 6, 2024

For details of the big picture see cross-references Political Economics/Stupidity/Corruption. 

Occasional Xs: Clueless economists / Science (CXXXII)

 

#Economics#FailedFakeScience

“Aesthetics and travel are the kryptonite of the rationalist movement.” (Tyler Cowen)

Economics claims to be science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually…

— E.K-H (@AXECorg) December 6, 2024

Occasional Xs: Paradigm Shift (XLVI)

 

#Economics#FailedFakeScience

“Wow, this is amazing” (Michael Davis)

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/weFr2aHtfF

— E.K-H (@AXECorg) December 6, 2024

Occasional Xs: Clueless economists / Distribution, Inequality (VII)

 

#LearnRealEconomics#Distribution

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…

— E.K-H (@AXECorg) December 5, 2024

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

 

#Economics#FailedFakeScience

“What can policy makers learn from economists?” (Brian Albrecht)

Nothing.

For 200+ years, economics has claimed to be #Science but still is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are… pic.twitter.com/dcaNoQaKUC

— E.K-H (@AXECorg) December 5, 2024

Occasional X: The fight against the debt brake (IV)

 

#Economics#SchuldenBremse

“Die deutliche Mehrheit, die sich für eine Beibehaltung der Schuldenbremse ausspricht, ist in Deutschland passé. / The clear majority in favor of retaining the debt brake is a thing of the past in Germany.” (Patrick Kaczmarczyk)

Brain-washing works!… pic.twitter.com/FIQz8PYslP

— E.K-H (@AXECorg) December 3, 2024

Occasional Xs: The scientist is no activist, and the activist is no scientist (IV)

 

#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 (Walrasianism,… pic.twitter.com/5B7YSYWR4a

— E.K-H (@AXECorg) December 3, 2024

Occasional Xs: Paradigm Shift (XLV)

 

#Economics#FailedFakeScience

“One of my students asked me for book recommendations. They're looking for popular econ books ― the kind that are both fun to read, and which give you some new insight into the world.” (Justin Wolfers)

For 200+ years, #Economics has claimed to be… pic.twitter.com/ssVW2dHG0f

— E.K-H (@AXECorg) December 3, 2024

Occasional Tweets: The futile attempt to recycle the Invisible Hand (III)

 

#Economics#FailedFakeScience

“In the marketplace, unintended consequences are paramount: a distribution of resources is effected by an impersonal process in which individuals, acting for their own ends, literally do not and cannot know what will be the net result of their… pic.twitter.com/Q05zRlmr0T

— E.K-H (@AXECorg) December 2, 2024

Related 'Economics for Economists' and 'No idealization, only misunderstanding and misconstrual'.

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

 

#Economics#FailedFakeScience

“WAS NEOLIBERALISM A SCAM?” (Joseph Stiglitz)

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 &… pic.twitter.com/Qtk3Or8QnE

— E.K-H (@AXECorg) December 2, 2024

Occasional Xs: Clueless economists / Science (CXXXI)

 

#Economics#FailedFakeScience

“Nobody can be a great economist who is only an economist—and I am even tempted to add that the economist who is only an economist is likely to become a nuisance if not a positive danger.” (Friedrich Hayek)

“Nobody can be a great economist who does… pic.twitter.com/BAujkWkuEd

— E.K-H (@AXECorg) December 1, 2024

Related 'What it takes to become a great economist' and 'Keynes ― the poster boy for the weakness of the economist’s mind' and 'Economics, methodology, morals ― a creepy freak-show' and 'Brainpower and hard work are hallucinatory characteristics of the representative economist'.

For more about the master economist see AXECquery.

Occasional Xs: What economists really do (CDII)

 

“Flying thru Frankfurt, I really don’t remember the last time I had to use cash in the UK, Spain, France or Poland. What’s wrong with Germany?”

Nothing is wrong with Germany. People simply don't want to be ripped off by credit card companies. Like George Carlin ⇓ they think… pic.twitter.com/ehsAJRU3A8

— E.K-H (@AXECorg) December 1, 2024

Occasional Xs: What economists really do (CDI)

 

#Economics#FailedFakeScience

“Half-baked theories are constantly creating needless disasters.” (Thomas Sowell)

For 200+ years, economics has claimed to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives)… pic.twitter.com/ZbFeBDOzAZ

— E.K-H (@AXECorg) December 1, 2024

Occasional Xs: Clueless economists / Inflation (XXXVI)

 

#LearnRealEconomics#Inflation is the rate of change of the avg price. If it goes to zero your problems are NOT over because you are now at a higher #PriceLevel. The relationship is like acceleration and velocity in physics. And it is the high velocity that kills when you hit… pic.twitter.com/CIpY16OTBA

— E.K-H (@AXECorg) December 1, 2024

For more about Inflation see AXECquery. 

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

 

#Economics#FailedFakeScience

“Underlying it is an immense wealth of scholarship and economic ideas about economic history, the process of growth, and economic concepts like opportunity cost and thinking on the margin that are almost invisibly woven into the fabric throughout…

— E.K-H (@AXECorg) December 1, 2024