October 12, 2015

Time to make economics a science

Comment on Edward Fullbrook on ‘Key member of Swedish Academy of Sciences calls for immediate suspension of the “Nobel Prize for Economics”’

Blog-Reference and Blog-Reference and Blog-Reference and Blog-Reference

  • Science does not explain everything, but non-science explains nothing.
  • Neither orthodox nor heterodox economics satisfies the scientific criteria of material and formal consistency.
  • Economists cannot explain how the economy works. The profit theory is false since Adam Smith. There is much opinion and little knowledge.
  • Opinion is the realm of political economics, knowledge is the realm of theoretical economics.
  • Political economics is scientifically worthless.
  • Theoretical economics is built upon clearly stated premises, i.e., upon a set of axioms.
  • Orthodoxy got the axiomatic foundations wrong and traditional Heterodoxy has none at all.
  • Economics is a failed science.#1

Egmont Kakarot-Handtke

#1 For a new start see cross-references Paradigm Shift

Related 'Redefining economics' and 'How to be a good scientist'