March 7, 2018

Unsolicited proposal for the foreword of the next edition of the Palgrave Dictionary

Comment on Barkley Rosser on 'Eastern Economic Association Conference'


Barkley Rosser,

Congratulations on the appointment as one of three editors-in-chief of Palgrave Dictionary. Here is my unsolicited proposal for the foreword of the new edition.

Seven Plain Facts About ‘Economic Sciences’
  1. Science manifests itself in the form of the true theory.
  2. Truth is well-defined by material and formal consistency.
  3. Logical consistency is secured by applying the axiomatic-deductive method and material consistency by applying state-of-the-art testing.
  4. The true theory/model is the humanly best mental representation of reality.
  5. “When the premises are certain, true, and primary, and the conclusion formally follows from them, this is demonstration, and produces scientific knowledge of a thing.” (Aristotle, 300 BC)
  6. 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.
  7. Orthodox and heterodox economics is failed/fake science, i.e. mere political agenda pushing. A Paradigm Shift is called for.*
Egmont Kakarot-Handtke