“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)
Economists do NOT have the true theory. They do not even know what a true theory looks like.#1 Worst of all, economists do not have an employment theory.#2 What they indeed have is a lot of incoherent babble about employment.
Accordingly, Sandwichman is not at all occupied with the primary level issue, that is, what determines overall employment in the monetary economy? He is merely occupied with the secondary or meta-level of what economists have said about employment. What we learn is that they have talked nonsense. But if there is something the general public knows for sure it is this: economists babble for 200+ years and have not come any closer to the true employment theory.#3
There is NO need at all for Sandwichman to present this awkward mishmash of lump-of-labor tenet, work sharing, collective bargaining, shirking, mutual smear, social dividend, workweek shortening, distribution, production, saving, the Rani of Sirmur, the East India Company, colonialism, suprematism, and Attorney General Sessions’s blaming of illegal aliens.
Economists do not have the true employment theory but they have a lot of stories about what random morons have babbled about employment throughout the ages.
Sandwichman concludes: “Sessions’s economics is indeed terrible... as is the economics that opposes to it a fraudulent fallacy claim.” True, but only partially true. The fact is that economics as a whole is a repetitive ‘tale told by an idiot’ and Sandwichman keeps the terrible repetition going.#4
#1 First Lecture in New Economic Thinking
#2 Mass unemployment: The joint failure of orthodox and heterodox economics
#3 Macrofounded labor market theory
#4 Economics: 200+ years of scientific incompetence and fraud
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