“The economy as a whole. Oh, please do go on. You are defining that how, measuring it how? Auditing the 'data' you use how? Choosing the inputs how?” (RFB) You agree that profit is an economic variable that can be measured to two decimal places. In the old days, you could even see and touch it in the cash box. You can measure individual profit; you can measure total profit by simply adding up. Needless to emphasize that there can be practical difficulties to collect the data; in particular if the entrepreneur is a member of Organized Crime. In principle, with all entrepreneurs being honest people, macroeconomic profit or loss Qm, i.e., the business sector's balance, is given by the axiomatically correct Profit Law Qm:=Yd+(I−Sm)+(G−T)+(X−M). If you were not so stupid and were familiar with the elementary math that underlies macroeconomic accounting, you could read it off the business sector's profit and loss account. Of course, economists cannot do it, because they have never understood profit, and by logical consequence, how the economic system works (⇓ AXEC109k). Macroeconomic profit does NOT follow from behavioral concepts of utility or profit maximisation.
— AXEC (@EgmontHandtke) October 26, 2026
October 26, 2026
Occasional X: The foul spirit of political economics (CCCXCXXIII)
