Occasional Xs: Clueless economists / Science (CXXXVII)

 

#Economics#HallOfScientificShame

“Envy, once condemned as a mortal sin, has been rebranded as a 'virtue' in the name of 'social justice,' …” (Thomas Sowell)

The words mortal sin, virtue, and justice indicate that the economist Thomas Sowell is not a scientist but a preacher…

— E.K-H (@AXECorg) January 6, 2025

Occasional Xs: Clueless economists / Inflation (XXXVIII)

 

#AllYouNeedToKnow#Inflation

The axiomatically correct macroeconomic Law Of Supply And Demand ⇓ tells one how ― in the elementary case ― the avg price P moves under the condition of market clearing as a function of avg wage rate W, inverse productivity R, and… pic.twitter.com/uSg8Wqv5su

— E.K-H (@AXECorg) January 5, 2025

Occasional Xs: What economists really do (CDXIX)

 

#Economics#AllYouNeedToKnow

EconTalker has always been in the business of #DisInfoTainment. Therefore, a change of name is NOT sufficient. As I told you already in 2015, nothing less than a total shutdown is required.

Flight of ideas and the dead end of all econtalk…

— E.K-H (@AXECorg) January 5, 2025

Occasional Xs: The futile attempt to recycle behavioral economics (VII)

 

#Economics#AllYouNeedToKnow

“On this day in 1910, Leon Walras died. A hugely influential economist and part of the marginal revolution, …” (EconomicsinTen)

The #MarginalRevolution is the result of the application of the behavioral hardcore proposition “HC2 agents individually…

— E.K-H (@AXECorg) January 5, 2025

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

 

#Economics#AllYouNeedToKnow

Austrianism boils down to this: What is positive in the universe is always due to #FreeMarkets and never to the #Government and what is negative is due to the government and never to free markets.

For details see ⇒
Austrian blather…

— E.K-H (@AXECorg) January 5, 2025

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

 

#Economics#FailedFakeScience

“No one knows how to make a pencil, as Friedman explains.” (Connor Boyack)

The history of economic thought is the history of scientific failure. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are…

— E.K-H (@AXECorg) January 5, 2025

Occasional Xs: How it works (CCCXXII)

 

#LearnRealEconomics

“The 1,000 PhDs at the Fed have no clue as to what they are doing” (Fred Krueger)

Wrong.

The Fed is the profit pump for the #FreeMarketEconomy and the 1,000 PhDs are just doing their job.

The U.S. economy runs on profit. Macroeconomic profit is given by…

— E.K-H (@AXECorg) January 3, 2025

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

 

#LearnRealEconomics#Distribution

“Most economic fallacies derive from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another.” (Milton Friedman)

“The fact is that the pie is not fixed but growing and one party continuously gets…

— E.K-H (@AXECorg) January 3, 2025

Occasional Xs: Clueless economists / Profit (LXVI)

 

#LearnRealEconomics

For the monetary economy holds: Macroeconomic profit Qm is given by the axiomatically correct #ProfitLaw / #BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The Profit Law implies #PublicDeficitIsPrivateProfit Qm≡G−T>0 i.e. macroeconomic profit is… pic.twitter.com/7pkzvcu1Mc

— E.K-H (@AXECorg) January 2, 2025

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

 

#Economics#FailedFakeScience

“Top Tips for Happiness and Well-Being.” (Economics in Ten)

Since the founding fathers, economists have claimed to be doing science, but they did not. They disguised political agenda-pushing as #Science, enlightened philosophy, progressive ethics,… pic.twitter.com/Cs1lYoVz1C

— E.K-H (@AXECorg) January 2, 2025

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

 

#Economics#FailedFakeScience

“We have to decide whether the government is as incompetent as is generally assumed to be in the market for ideas, in which case we would want to decrease government intervention in the market for goods.” (Ronald Coase)

The history of economic…

— E.K-H (@AXECorg) January 2, 2025

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

 

“Economists find extreme inequality is not driven by merit, but by wealth extraction and luck.” (Didier Jacobs)

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…

— E.K-H (@AXECorg) January 1, 2025