April 23, 2018

Note on Marx Today

Blog-Reference

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
Because the foundational economic concept of profit is false the whole of economics is false. Economic policy guidance has no sound scientific foundations since Adam Smith/Karl Marx.

Egmont Kakarot-Handtke