#Economics#FailedFakeScience#SchuldenBremse
— E.K-H (@AXECorg) May 14, 2024
The correct term for the German polity is NOT #Democracy but #Oligarchy with key institutions like #Parliament / #Treasury / #CentralBank / #BigBusiness as integral parts. This institutional setup thrives on…
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.
May 14, 2024
Occasional Xs: What economists really do (CCXLIII)
Occasional Xs: The futile attempt to recycle MMT (CVII)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) May 14, 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 axiomatically correct 3-sector… pic.twitter.com/T3g01p4Kep
Occasional Xs: What economists really do (CCXLII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 14, 2024
Since 2018, the Trump and Biden administrations have lifted the #DebtCeiling several times. Did this help to significantly improve public infrastructure, alleviate poverty, or improve the future of American children?
No.
But because of the… pic.twitter.com/M0DDpW52rv
Occasional Xs: What economists really do (CCXLI)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) May 14, 2024
“As it developed since Adam Smith’s time, economics is, methodologically, not very pliable to what policymakers naturally want, which is interventionism and Colbertism, …” This is just another example of… pic.twitter.com/gSfMFyr3k5
Occasional Xs: What economists really do (CCXL)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) May 14, 2024
“Basiswissen triff auf wirschaftspolitische Strategie.”
For 200+ years, economics has claimed to be science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their… pic.twitter.com/6EPM7rGysS
May 13, 2024
Occasional Xs: How it works (CXCVII)
#LearnRealEconomics#Deficit#Profit#Debt#Interest
— E.K-H (@AXECorg) May 13, 2024
The #MarketEconomy runs on #Profit. The macroeconomic #ProfitLaw implies #PublicDeficitIsPrivateProfit. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy.
The #PrivateFinancialWealth of the #WeTheOligarchy…
Occasional Xs: The futile attempt to recycle Adam Smith (LXVII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 13, 2024
Since the founding fathers, #Economists have claimed to be doing science but they did NOT. What they really did was to disguise political #AgendaPushing as #Science or #EnlightenedPhilosophy or #Moralizing.
Adam Smith NEVER understood what #Profit… pic.twitter.com/YQcpbvB4G4
May 12, 2024
Occasional Xs: The futile attempt to recycle Marx (XXIX)
#Economics#FailedFakeScience#NoFalseHeroMemorials
— E.K-H (@AXECorg) May 12, 2024
“His [Marx's] work helps us not only understand capitalism, but fight for a world free of exploitation and domination.”
The history of economic thought is the history of scientific failure. #KarlMarx NEVER understood what…
Occasional Xs: Clueless economists / Money (VIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 12, 2024
“The Federal Reserve prints money (digitally).”
And that blows your mind?
That #Money is created #OutOfNothing is NOT the point. The crucial point is whether money is injected on the left side of the business sector's national account in the form…
Occasional Xs: Clueless economists / Science (LXXXIX)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) May 12, 2024
“Coming to the conclusion that there's no point trying to argue with 'mainstream' (neoliberal?) economists …”
In #Science, an argument starts with an empirical/logical refutation and ends with a #ParadigmShift.…
May 11, 2024
Occasional Xs: What economists really do (CCXXXIX)
#LearnRealEconomics#Deficit#Profit#Debt
— E.K-H (@AXECorg) May 11, 2024
“We do not have a national debt.”
The #Profit Law ⇓ implies #PublicDeficitIsPrivateProfit. So, the policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy i.e. #PrivateFinancialWealth grows with #PublicDebt.… pic.twitter.com/78nIlpPArB
Occasional Xs: Clueless economists / Money (VII)
#LearnRealEconomics#Money
— E.K-H (@AXECorg) May 11, 2024
“… the material does not give a clue about the nature of money.”
Correct, money is NOT a thing. It is #Information, stored on a material data medium, e.g. gold coin, clay tablet, paper, magnetic data carrier, etc.
How money emerges out of nothing ―…
Occasional Xs: The futile attempt to recycle MMT (CVI)
#LearnRealEconomics#Deficit#Profit#Money
— E.K-H (@AXECorg) May 11, 2024
“MMT proponents often say that a public sector deficit is a private sector surplus.”
Yes, and this tells you that #MMTers are either stupid or corrupt or both.
The #Profit Law ⇓ implies #PublicDeficitIsPrivateProfit. So, the policy…
May 9, 2024
Occasional Xs: Clueless economists / Science (LXXXVIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 9, 2024
To call economics a “dismal and harmful science” is misleading because economics has never satisfied the definition of #Science.
For 200+ years, economics has claimed to be science but is NOT. The major approaches (#Walrasianism, #Keynesianism,… pic.twitter.com/wGTQ1lx61i
Occasional Xs: Scrap the EconNobel (XIV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 9, 2024
Because economics has never satisfied the definition of #Science, #Prizes have no scientific significance. They are a #Marketing / #PR / #Propaganda tool to shape #PublicOpinion and an #Incentive / #Reward with which the #Oligarchy controls… pic.twitter.com/zK7EBWo2Ur
Occasional Xs: The futile attempt to recycle MMT (CV)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) May 9, 2024
“No MMT'er ever worked in finance and money management for a living.”
What about Warren Mosler or Mike Norman? The rest does not work on Wall Street but intentionally or unintentionally for Wall Street.
Dear idiots, MMTers are Wall Street’s…
Occasional Xs: How it works (CXCVI)
#Economics#FreeMarkets
— E.K-H (@AXECorg) May 9, 2024
“The market is a democracy in which every penny gives a right to vote.”
The U.S. polity is an Oligarchy with #Congress / #Treasury / #Fed / #BigBusiness as integral parts. The axiomatically correct #ProfitLaw ⇓ implies #PublicDeficitIsPrivateProfit.… pic.twitter.com/BN0ZIdpeAw
Occasional Xs: What economists really do (CCXXXVIII)
#Economics#FailedFakeScience#Austrianism
— E.K-H (@AXECorg) May 9, 2024
For 200+ years, economics claims to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory and axiomatically false and materially/formally… pic.twitter.com/Mhk9CBeoXa
Occasional Xs: What economists really do (CCXXXVII)
#LearnRealEconomics
— E.K-H (@AXECorg) May 9, 2024
The U.S. economy runs on #Profit. The macroeconomic #ProfitLaw implies that the greater part is produced by #DeficitSpendingMoneyCreation. The economy is saved from #Breakdown by #Fed / #Treasury i.e. the State's deficit-spending/money-creation. #Bidenomics… pic.twitter.com/AWHKJWRLcg
May 8, 2024
Occasional Xs: The futile attempt to recycle Austrianism (XXXII)
#Economics#FailedFakeScience#Austrianism#DisInfoTainment#Hayek NEVER understood what #Profit is and how the economic #System works. He was NOT a #Scientist but an #AgendaPusher / #Clown in the political #CircusMaximus. His Liberty flag waving is not, never has been, and…
— E.K-H (@AXECorg) May 8, 2024
Occasional Xs: The futile attempt to recycle MMT (CIV)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) May 8, 2024
“My 4-month-old son looked me straight in the eyes today & said “dad, isn’t it logically incongruent that MMTers claim they want to reduce inequality, …”
Yes, #MMTers have big problems with logic. They claim to be #Scientists but have no idea…
Occasional Xs: The futile attempt to recycle Austrianism (XXXI)
#Economics#FailedFakeScience#Austrianism
— E.K-H (@AXECorg) May 8, 2024
The history of economic thought is the history of scientific failure. #Hayek, for example, NEVER understood what #Profit is and how the economic #System works. When the foundational concepts of the subject matter are inconsistent, the…
Occasional Xs: Forget supply-demand-equilibrium (VI)
#Economics#FailedFakeScience#ParadigmShift
— E.K-H (@AXECorg) May 8, 2024
The basic building block of economics is NOT the Supply-Demand-Equilibrium Cross because this silly construct is derived from #MicroFoundations but the 4-Quadrant Chart ⇓ which is derived from axiomatically correct #MacroFoundations.… pic.twitter.com/adtrpD8mTr
Occasional Xs: The futile attempt to recycle MMT (CIII)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) May 8, 2024
“Finding the money is never a problem; they just create it. … when we view it from a different angle, a government deficit becomes a financial surplus." (Stephanie Kelton)
Yes, but it becomes a surplus of #WeTheOligarchy and NOT of… pic.twitter.com/eLoLinWde4
May 7, 2024
Occasional Xs: How it works (CXCV)
#LearnRealEconomics#Deficit#Profit
— E.K-H (@AXECorg) May 7, 2024
“Markets Can Shrug Off the ‘Oy, the Deficit’ Crowd.”
So true. The #Profit Law ⇓ implies #PublicDeficitIsPrivateProfit. So, the policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy i.e. #PrivateFinancialWealth grows… pic.twitter.com/6YCuxIlYR9
Occasional Xs: The futile attempt to recycle MMT (CII)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) May 7, 2024
“The national debt = safe assets. It's just our savings.“
It's not “our” savings i.e. it's the savings of #WeTheOligarchy and NOT of #WeThePeople.
MMT's foundational #BalancesEquation is provably false, so their whole #Macroeconomics is… pic.twitter.com/Xv672lGIIr
Occasional Xs: Economics ― just disinfotainment and self-hype (XLV)
#Economics#DisInfoTainment#Prizes
— E.K-H (@AXECorg) May 7, 2024
The #PulitzerPrize is just #SelfHype of the #Press, the #Oscar is just #SelfHype of #Hollywood, the #EconNobel is #SelfHype of #AcademicEconomics, etcetera. Prizes are a #Marketing / #PR / #Propaganda tool to shape #PublicOpinion and an…
Occasional Xs: How it works (CXCIV)
#LearnRealEconomics#Deficit#Profit#Debt#Interest
— E.K-H (@AXECorg) May 7, 2024
The #MarketEconomy runs on #Profit. The macroeconomic #ProfitLaw implies #PublicDeficitIsPrivateProfit. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Macroeconomic profit is mainly produced by the…
May 6, 2024
Occasional Xs: Paradigm Shift (XXX)
#Economics#FailedFakeScience#Reset
— E.K-H (@AXECorg) May 6, 2024
The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. When the foundational concepts… pic.twitter.com/j8g13g9MKt
Occasional Xs: How it works (CXCIII)
#LearnRealEconomics
— E.K-H (@AXECorg) May 6, 2024
The U.S. economy runs on #Profit. The macroeconomic #ProfitLaw implies that the greater part is produced by #DeficitSpendingMoneyCreation. The economy is saved from #Breakdown by #Fed/#Treasury i.e. the State's deficit-spending/money-creation. #Bidenomics is… pic.twitter.com/du2i20b0Ot
Occasional Xs: The futile attempt to recycle MMT (CI)
#Economics#FailedFakeScience#MMT
— E.K-H (@AXECorg) May 6, 2024
“Maybe the National debt clock does not represent the terrible burden we are leaving our grandchildren.”
The macroeconomic #Profit Law implies #PublicDeficitIsPrivateProfit. So, the MMT policy of #DeficitSpendingMoneyCreation is a #FreeLunch… pic.twitter.com/pt5nSTTx2A
Occasional Xs: The futile attempt to recycle MMT (C)
#Economics#FailedFakeScience#MMT
— E.K-H (@AXECorg) May 6, 2024
The #FreeMarketEconomy runs on #Profit. The 3-sector #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd implies that the greater part is produced by #DeficitSpendingMoneyCreation. So, the #PrivateFinancialWealth of #WeTheOligarchy grows with the #PublicDebt of… pic.twitter.com/OB7xnZ2ZGc
Occasional Xs: How it works (CXCII)
#LearnRealEconomics
— E.K-H (@AXECorg) May 6, 2024
The 3-sector #Profit Law ⇓ implies #PublicDeficitIsPrivateProfit. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy i.e. #PrivateFinancialWealth grows with #PublicDebt. #WeTheOligarchy owns the financial assets, #WeThePeople owes the… pic.twitter.com/YSBJo9rBgo
Occasional Xs: The futile attempt to recycle Milton Friedman (XIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 6, 2024
For 200+ years, 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 &… pic.twitter.com/lYi6CQW3mz
Occasional Xs: The futile attempt to recycle Marx (XXVIII)
#Economics#FakeScience#DisInfoTainment
— E.K-H (@AXECorg) May 6, 2024
After presenting #Marx as the “affectionate grandfather” and “romantic husband” one wonders when this #Hollywoodization ends and other lesser-known (and unfunny) aspects of his personality are revealed.
For example: Wolfgang Waldner, Der…
Occasional Xs: Clueless economists / Science (LXXXVII)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) May 6, 2024
Since the founding fathers, #Economists have claimed to be doing science but they did NOT. What they really did was to disguise political #AgendaPushing as #Science or #EnlightenedPhilosophy or #Moralizing.
Adam…
May 5, 2024
Occasional Xs: The futile attempt to recycle Marx (XXVI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 5, 2024
'The change makers have only changed the world in various ways — the point, however, is to improve it.'
The history of economic thought is the history of scientific failure. #Marx was NO exception. He got #Profit (the foundational concept of the…
Occasional Xs: How it works (CXCI)
#LearnRealEconomics#Deficit#Profit#Debt#Interest
— E.K-H (@AXECorg) May 5, 2024
The #MarketEconomy runs on #Profit. The #ProfitLaw ⇓ implies #PublicDeficitIsPrivateProfit. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Macroeconomic profit is mainly produced by the growth of… pic.twitter.com/4uyN9vRRpp
Occasional Xs: The futile attempt to recycle MMT (XCIX)
#Economics#MMT
— E.K-H (@AXECorg) May 5, 2024
“Everyone has an opinion on MMT, but very few understand monetary operations enough to formulate intelligent criticism.“
Yes, Mr. Bernstein's comment on money-printing and deficit-financing is BS but it cannot be used as proof that MMT/Stephanie Kelton is…
Occasional Xs: What economists really do (CCXXXVI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 5, 2024
“While government debt can be a valuable tool for addressing myriad economic challenges, it is not and has never been a free lunch.”
The #FreeMarketEconomy runs on #Profit. The 3-sector #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd implies that the greater part…
May 4, 2024
Occasional Xs: The futile attempt to recycle MMT (XCVIII)
#Economics#MacroFoundations#SectoralBalances
— E.K-H (@AXECorg) May 4, 2024
The so-called #FreeMarketEconomy runs on #Profit. The axiomatically correct macroeconomic #ProfitLaw / #BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0 implies Public Deficit G−T>0 = Private Profit Qm.
From this follows that…
Occasional Xs: The futile attempt to recycle Adam Smith (LXVI)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) May 4, 2024
Since the founding fathers, #Economists have claimed to be doing science but they did NOT. What they really did was to disguise political #AgendaPushing as #Science or #EnlightenedPhilosophy.
Adam Smith NEVER… pic.twitter.com/4ljFBgeDJk
Occasional Xs: What economists really do (CCXXXV)
#Economics#War
— E.K-H (@AXECorg) May 4, 2024
The USA/EUR/GER is at war with RUS. This implies the transition from the #Welfare to the #Warfare #State and this, in turn, means #Impoverishment / #DeficitSpendingMoneyCreation / exploding #PublicDebt / #Inflation and exploding macroeconomic #Profit. In real…
May 3, 2024
Occasional Xs: What economists really do (CCXXXIV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 3, 2024
For 200+ years, economics claims to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent &…
Occasional Xs: Clueless economists / Science (LXXXVI)
#Economics#FailedFakeScience#Reset
— E.K-H (@AXECorg) May 3, 2024
For 200+ years, 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…
Occasional Xs: What economists really do (CCXXXIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 3, 2024
The #MarketEconomy runs on #Profit. The 3-sector #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd implies that the greater part is produced by #DeficitSpendingMoneyCreation. So, the #PrivateFinancialWealth of the #Oligarchy grows with the #PublicDebt of… pic.twitter.com/73lS1NQ5bP
May 2, 2024
Occasional Xs: Clueless economists / Inflation (XXIV)
#LearnRealEconomics
— E.K-H (@AXECorg) May 2, 2024
From the macroeconomic #LawOfSupplyAndDemand ⇓ the intelligent layperson can immediately conclude that #Inflation rarely happens by accident but has to be ENGINEERED. This holds always and everywhere for #HyperInflation. So, moralizing about inflation or… pic.twitter.com/WUUitWYJtL
Occasional Xs: The futile attempt to recycle Adam Smith (LXV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 2, 2024
The history of economic thought is the history of scientific failure. Robert Heilbroner called #Economists worldly #Philosophers. This is an euphemism for #AgendaPushers / #UsefulIdiots / #Clowns in the political #CircusMaximus. ⇒
Economics,… pic.twitter.com/8p4DQyD1sp
May 1, 2024
Occasional Xs: The futile attempt to recycle MMT (XCVII)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) May 1, 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 axiomatically correct 3-sector… pic.twitter.com/4OdccObhNt
Occasional Xs: How it works (CXC)
#LearnRealEconomics#Deficit#Profit#Debt#Interest
— E.K-H (@AXECorg) May 1, 2024
The #MarketEconomy runs on profit. The #ProfitLaw ⇓ implies #PublicDeficitIsPrivateProfit. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the Oligarchy. Macroeconomic #Profit is mainly produced by the growth of… pic.twitter.com/KNwPIl0JPp
Occasional Xs: Economists’ eternal problem with methodology (VII)
#Economics#FailedFakeScience#Methodology#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/bvodmjzbJR
— E.K-H (@AXECorg) May 1, 2024
Occasional Xs: What economists really do (CCXXXII)
#Economics
— E.K-H (@AXECorg) May 1, 2024
The fact that equity returns have been rising faster in the USA than in EUR since 2010 proves that the #Fed's quantitative and qualitative manipulation of the #FinancialMarkes has gone into overdrive.
As far as real #Innovation is concerned, the current wars show…
Occasional Xs: Clueless economists / Expectations (I)
#LearnRealEcon
— E.K-H (@AXECorg) May 1, 2024
“One of the most frequent headlines seems to be 'the surprising strength of the US economy'."#Surprise means that one's #Expectations were wrong. This in turn means that one's grasp of reality is poor. So, strictly speaking, who tells on social media that he/she… pic.twitter.com/4fMIjunXSV
April 30, 2024
Occasional Xs: What economists really do (CCXXXI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) April 30, 2024
The correct term for the German polity is NOT #Democracy but #Oligarchy with key institutions like #Parliament / #Treasury / #CentralBank / #BigBusiness as integral parts. This institutional setup thrives on #DeficitSpendingMoneyCreation. The…
Occasional Xs: What economists really do (CCXXX)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) April 30, 2024
For 200+ years, 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 &… pic.twitter.com/pNGcfjPzZI
Occasional Xs: Economics curriculum ― the transmutation of plain morons to graduate morons (X)
#Economics#FailedFakeScience#Curriculum
— E.K-H (@AXECorg) April 30, 2024
For 200+ years, 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…
Occasional Xs: What economists really do (CCXXIX)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) April 30, 2024
The #MarketEconomy runs on #Profit. The 3-sector #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd implies that the greater part is produced by #DeficitSpendingMoneyCreation. So, the #PrivateFinancialWealth of the #Oligarchy grows with the #PublicDebt of… pic.twitter.com/RY1ZbY6Xrb
April 29, 2024
Occasional Xs: The futile attempt to recycle Austrianism (XXX)
#Economics#FailedFakeScience#Austrianism
— E.K-H (@AXECorg) April 29, 2024
For 200+ years, 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…
Occasional Xs: The futile attempt to recycle MMT (XCVI)
#MMT#BadScienceBadPolicyBadPeople#SectoralBalances
— E.K-H (@AXECorg) April 29, 2024
The so-called #FreeMarketEconomy runs on profit. The axiomatically correct macroeconomic #ProfitLaw / #BalancesEquation reads (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. Because they are too stupid for elementary #Algebra, #MMTers get… pic.twitter.com/puZ0UsU833
Occasional Xs: Clueless economists / Distribution, Inequality (VI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) April 29, 2024
“A major error in Mill was the separation of production and distribution, and thus distribution is a function of political will not economic forces.”
Economics claims to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism,…
April 28, 2024
Occasional Xs: Clueless economists / Science (LXXXV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) April 28, 2024
Economics claims to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit… pic.twitter.com/XkF5A8Fzzv
April 27, 2024
Occasional Xs: Clueless economists / War (V)
#Economics#War#GeoPolitics#GeoEconomics
— E.K-H (@AXECorg) April 27, 2024
“Aber um #Wirtschaftspolitik geht es im Grunde nicht, sondern eher um einen Abriss des Sozialstaats.”
USA/EUR/GER is at war with RUS. #WarEconomy means #Impoverishment / #SocialDeprivation / #DeficitSpendingMoneyCreation / exploding…
Occasional Xs: The futile attempt to recycle MMT (XCV)
#MMT#BadScienceBadPolicyBadPeople#SectoralBalances
— E.K-H (@AXECorg) April 27, 2024
The so-called #FreeMarketEconomy runs on profit. The axiomatically correct macroeconomic #ProfitLaw / #BalancesEquation reads (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. Because they are too stupid for elementary #Algebra, #MMTers get… pic.twitter.com/iAPD0NHv2C
Occasional Xs: Clueless economists / Science (LXXXIV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) April 27, 2024
“Mainstream economics is a disarray, by definition.”
Economics claims to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false…
Occasional Tweets: Economic laws (II)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) April 27, 2024
“There are no 'economic laws'. Every honest thinker knows this. There are only decisions made by humans.”
This is the scientifically incompetent #Economist's methodological confusion in a nutshell.
To begin with, economics is NOT a #SocialScience… pic.twitter.com/egsJxYqubP
April 26, 2024
Occasional Xs: Clueless economists / Inflation (XXIII)
#Economics#FailedFakeScience#Inflation
— E.K-H (@AXECorg) April 26, 2024
Mr. Powell is not to blame for policy mistakes. Economics is.
The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally… pic.twitter.com/ZEv9wjEQQw
Occasional Xs: What economists really do (CCXXVIII)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) April 26, 2024
“How economists could make themselves more useful?”
Economics claims to be #Science but is NOT. The history of economic thought is the history of scientific failure. The major approaches (#Walrasianism,…
April 25, 2024
Occasional Xs: What economists really do (CCXXVII)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) April 25, 2024
“… I do not hold that Bastiat was a bad theorist. I hold that he was no theorist.” (Schumpeter)#Bastiat had NO idea of what #Profit is and how the economic #System works. He was just another #AgendaPusher /…
Occasional Xs: What economists really do (CCXXVI)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) April 25, 2024
“… I do not hold that Bastiat was a bad theorist. I hold that he was no theorist.” (Schumpeter)#Bastiat had NO idea of what #Profit is and how the economic #System works. He was just another #AgendaPusher /…
Occasional Xs: What economists really do (CCXXV)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) April 25, 2024
The correct term for the German polity is NOT #Democracy but #Oligarchy with key institutions like #Parliament / #Treasury / #CentralBank / #BigBusiness as integral parts. This institutional setup thrives on…
Occasional Xs: Paradigm Shift (XXIX)
#Economics#FailedFakeScience#Reset
— E.K-H (@AXECorg) April 25, 2024
The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. When the foundational concepts… pic.twitter.com/aUIxIF8fIg
April 24, 2024
Occasional Xs: What economists really do (CCXXIV)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) April 24, 2024
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/cEBCF9Ukn0
Occasional Xs: What economists really do (CCXXIII)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) April 24, 2024
The so-called #FreeMarketEconomy runs on #Profit. The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Their…
Occasional Xs: How it works (CLXXXIX)
#LearnRealEconomics#Deficit#Profit#Debt#Interest
— E.K-H (@AXECorg) April 24, 2024
The #MarketEconomy runs on profit. The #ProfitLaw ⇓ implies #PublicDeficitIsPrivateProfit. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the Oligarchy. Macroeconomic #Profit is in the main produced by the growth of… pic.twitter.com/C6B9S6mPkA
Occasional Xs: Paradigm Shift (XXVIII)
#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/tEGlQXlS4j
— E.K-H (@AXECorg) April 24, 2024
Occasional Xs: The futile attempt to recycle MMT (XCIV)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) April 24, 2024
The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit, so the MMT policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the Oligarchy. It holds #PublicDeficitIsPrivateProfit.
Accordingly,…