August 14, 2017

Walrasian micro and Keynesian macro need to be flushed away

Comment on Bradford DeLong on ‘Micro Needs Macro’

Blog-Reference and Blog-Reference

This is the track record of economics: provably false
• profit theory, since 200+ years,
• Walrasian microfoundations (including equilibrium), since 140+ years,
• Keynesian macrofoundations (including I=S, IS-LM), since 80+ years.
The four main approaches ― Walrasianism, Keynesianism, Marxianism, Austrianism ― are mutually contradictory, axiomatically false, materially/formally inconsistent and all got the pivotal economic concept profit wrong. The representative economist, though, has not noticed anything.#1

What the representative economist should, but cannot, understand is that nothing less than a paradigm shift is required. Economics does not need a ‘new’ thinking of renowned orthodox and heterodox proto-scientific suckers but a paradigm shift from false Walrasian microfoundations and false Keynesian macrofoundations to the true macrofoundations. Nothing less will do.

The enthusiasm of failed suckers for New Economic Thinking cannot be taken seriously.#2 Time to get rid of scientifically worthless economics and failed/fake scientists who get nothing right since 200+ years.#3

The first rule of economic methodology says: If it isn’t macro-axiomatized, it isn’t economics.#4

Egmont Kakarot-Handtke

#1 Fact of life: your econ prof is scientifically incompetent
#2 New Economic Thinking, or, let’s put lipstick on the dead pig
#3 In search of new economists
#4 First Lecture in New Economic Thinking