There are political economics and theoretical economics. The main differences are: (i) The goal of political economics is to successfully push an agenda, the goal of theoretical economics is to successfully explain how the actual economy works. (ii) In political economics anything goes; in theoretical economics, the scientific standards of material and formal consistency are observed.
Theoretical economics (= science) had been hijacked from the very beginning by political economists (= agenda pushers). Political economics has produced NOTHING of scientific value in the last 200+ years.
The worst blunder is profit theory. Marx, too, never came to grips with profit. For an overview see
- The profit theory is false since Adam Smith
- Ricardo and the invention of class war
- Proﬁt for Marxists
- Karl Marx, fake scientist
- Capitalism, poverty, exploitation, and cross-over exploitation
- DSGE and profit―forget it! MMT and profit―forget it!
- For details of the big picture see cross-references Profit