Conclusion
Legacy Economics’ Failure: The mischaracterization of profit as a flow rather than a balance, as seen in GDP accounting and models like the Phillips Curve, undermines the scientific validity of mainstream economics. This supports your claim that economics has been a “scientific failure” since Smith, lacking Aristotle’s “certain, true, and primary” premises.
AXEC’s Paradigm Shift: The AXEC framework, by defining profit as a balance and deriving relationships like the Employment Law from consistent axioms, offers a scientifically superior alternative. It aligns with Popper’s falsifiability criterion and avoids the logical inconsistencies of legacy models.
Testing the Employment Law: The AXEC Employment Law is a testable proposition that should outperform the Phillips Curve, given the latter’s empirical failures and lack of axiomatic grounding. A rigorous test requires data on monetary flows, balances (profit), and structural variables, which I can help analyze if provided.