September 16, 2015


Comment on Scott Fullwiler on 'Corbynomics 101—It’s the Deficit, Stupid!'


You base your argument on the accounting approach and on standard Econ 101. Because both analytical elements are logically defective your version of Corbynomics has no sound theoretical foundations.

If you want Jeremy Corbyn to succeed you have to supply him with the true economic theory: “In order to tell the politicians and practitioners something about causes and best means, the economist needs the true theory or else he has not much more to offer than educated common sense or his personal opinion.” (Stigum)

For the rectification of the accounting approach and Econ 101 see Modern Moronomic Theory.

To resume the ultimate fatal shortcoming of your approach: the underlying profit theory is provably false.

Egmont Kakarot-Handtke

Related 'How to start off at the right foot'. For details of the big picture see cross-references Profit.