#Economics#FailedFakeScience#HallOfShame
— E.K-H (@AXECorg) December 23, 2024
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…
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.
December 23, 2024
Occasional Xs: The futile attempt to recycle Ricardo (X)
Occasional Xs: Clueless economists / Distribution, Inequality (IX)
#LearnRealEconomics#Distribution
— E.K-H (@AXECorg) December 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 #Profit…
Occasional Xs: What economists really do (CDXV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 23, 2024
“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…
December 21, 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)
— E.K-H (@AXECorg) December 21, 2024
The blunder is in the undifferentiated term “private accounts”.
The U.S. economy runs on #Profit. Macroeconomic profit Qm is given by the…
December 20, 2024
Occasional Xs: Paradigm Shift (XLVIII)
#Economics#FailedFakeScience#Reset
— E.K-H (@AXECorg) December 20, 2024
“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
Occasional Xs: What economists really do (CDXIV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 20, 2024
“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
December 19, 2024
Occasional Xs: Clueless economists / Profit (LXIV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 19, 2024
“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
Occasional Xs: How it works (CCCXVII)
“Eliminating the debt ceiling is the ultimate Efficient Government move.” (Ernie Tedeschi)
— E.K-H (@AXECorg) December 19, 2024
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
December 18, 2024
Occasional Xs: The futile attempt to recycle Milton Friedman (XXX)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 18, 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 & materially/formally inconsistent &… pic.twitter.com/h3zIqG6f2r
Occasional Xs: Clueless economists / Profit (LXIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 18, 2024
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
December 17, 2024
Occasional Xs: What economists really do (CDXIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 17, 2024
“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
Occasional Xs: What economists really do (CDXII)
#Economics#GeoPolitics#GeoEconomics
— E.K-H (@AXECorg) December 17, 2024
“… 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…
Occasional Xs: Clueless economists / Science (CXXXVI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 17, 2024
“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
December 16, 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
December 15, 2024
Occasional Xs: What economists really do (CDXI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 15, 2024
“… 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…
Occasional Xs: The foul spirit of political economics (CVIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 15, 2024
“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…
Occasional Xs: What economists really do (CDX)
“There is only one way to prosperity, hard work and higher productivity.” (Michael Arouet)
— E.K-H (@AXECorg) December 15, 2024
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…
December 14, 2024
Occasional Xs: What economists really do (CDIX)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 14, 2024
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
December 13, 2024
Occasional Xs: The futile attempt to recycle Kalecki (IX)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 13, 2024
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…
Occasional Xs: The futile attempt to recycle MMT (CXXVIII)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) December 13, 2024
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…
Occasional Xs: Clueless economists / Science (CXXXV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 13, 2024
“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
December 12, 2024
Occasional Xs: How it works (CCCXVI)
“She's an institutionalised cabbage.” (MarkGB)
— E.K-H (@AXECorg) December 12, 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…
Occasional Xs: The foul spirit of political economics (CVII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 12, 2024
“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
Occasional Xs: What economists really do (CDVIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 12, 2024
“Envy plus rhetoric equals social justice.” (Thomas Sowell)
“Stupidity plus corruption equal economic sciences.” (AXEC) pic.twitter.com/dJ7RNcBdPT
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)
— E.K-H (@AXECorg) December 12, 2024
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…
Occasional Xs: Scrap the EconNobel (XXXIV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 12, 2024
“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
December 11, 2024
Occasional Xs: What economists really do (CDVII)
#Economics#FailedFakeScience#HallOfShame
— E.K-H (@AXECorg) December 11, 2024
“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 ⇒…
Occasional Xs: Clueless economists / Inflation (XXXVII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 11, 2024
“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
Occasional Xs: What economists really do (CDVI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 11, 2024
“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
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)
— E.K-H (@AXECorg) December 11, 2024
The #FreeMarketEconomy runs on #Profit. But to this day, economists get profit wrong. When the foundational concepts of the subject…
Occasional Xs: Clueless economists / Science (CXXXIV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 11, 2024
“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
December 10, 2024
Occasional Xs: What economists really do (CDV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 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/LJd70m6MEn
Occasional Xs: Paradigm Shift (XLVII)
#Economics#FailedFakeScience#Reset
— E.K-H (@AXECorg) December 10, 2024
“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
Occasional Xs: Scrap the EconNobel (XXXIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 10, 2024
“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
December 9, 2024
Occasional Xs: Clueless economists / Phillips Curve (XVI)
#Economics#FailedFakeScience#LearnRealEconomics
— E.K-H (@AXECorg) December 9, 2024
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
December 8, 2024
Occasional Xs: The futile attempt to recycle MMT (CXXVII)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) December 8, 2024
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
Occasional Xs: How it works (CCCXIV)
“The U.S. government spends about 14 times more on interest payments than on foreign aid.” (Chris Freiman)
— E.K-H (@AXECorg) December 8, 2024
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…
Occasional Xs: Clueless economists / Distribution, Inequality (VIII)
#LearnRealEconomics#Distribution
— E.K-H (@AXECorg) December 8, 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…
December 7, 2024
Occasional Xs: The foul spirit of political economics (CVI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 7, 2024
“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
Occasional Xs: What economists really do (CDIV)
“Pretty incredible how many of the core ideas underlying macro Friedman talked about informally. ” (Sid Gundapaneni )
— E.K-H (@AXECorg) December 7, 2024
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…
Occasional Xs: Clueless economists / Philosophy (VIII)
“Ayn Rand would likely be deeply unhappy with the state of American capitalism today.” (Eric Beinhocker)
— E.K-H (@AXECorg) December 7, 2024
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.…
December 6, 2024
Occasional Xs: What economists really do (CDIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 6, 2024
“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…
Occasional Xs: Clueless economists / Science (CXXXIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 6, 2024
“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
For details of the big picture see cross-references Political Economics/Stupidity/Corruption.
Occasional Xs: Clueless economists / Science (CXXXII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 6, 2024
“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…
Occasional Xs: Paradigm Shift (XLVI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 6, 2024
“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
December 5, 2024
Occasional Xs: Clueless economists / Distribution, Inequality (VII)
#LearnRealEconomics#Distribution
— E.K-H (@AXECorg) December 5, 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…
Occasional Xs: The foul spirit of political economics (CV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 5, 2024
“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
December 3, 2024
Occasional X: The fight against the debt brake (IV)
#Economics#SchuldenBremse
— E.K-H (@AXECorg) December 3, 2024
“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
Occasional Xs: The scientist is no activist, and the activist is no scientist (IV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 3, 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 (Walrasianism,… pic.twitter.com/5B7YSYWR4a
Occasional Xs: Paradigm Shift (XLV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 3, 2024
“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
December 2, 2024
Occasional Tweets: The futile attempt to recycle the Invisible Hand (III)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 2, 2024
“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
Occasional Xs: The history of economic thought is the history of scientific failure (XXXIV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 2, 2024
“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
December 1, 2024
Occasional Xs: Clueless economists / Science (CXXXI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 1, 2024
“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
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?”
— E.K-H (@AXECorg) December 1, 2024
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
Occasional Xs: What economists really do (CDI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) December 1, 2024
“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
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
— E.K-H (@AXECorg) December 1, 2024
“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…