Heterodox economists do not get tired of telling the world that orthodox economics ≈ mainstream economics ≈ textbook economics is false in all dimensions. But with this, they are already at the end of their wits: “As will become evident, there is more agreement on the defects of orthodox theory than there is on what theory is to replace it: but all agreed that the point of the criticism is to clear the ground for construction.” (Nell)
Orthodoxy has been deconstructed multiple times by now but traditional Heterodoxy has obviously failed at construction. Worse, the representative economist has not grasped what the state of his discipline is and what, by logical implication, his most urgent mission should be.#1, #2, #3
Fact is that economists have messed up
• profit theory, for 200+ years,
• microfoundations, for 140+ years,
• macrofoundations, for 80+ years,
• the application of elementary logic and mathematics since the founding fathers.
Because both orthodox and heterodox economics is a hopeless failure, the way forward requires, in methodological terms, a Paradigm Shift, that is, the full replacement of Walrasian microfoundations and Keynesian macrofoundations by an entirely new set of axioms.#4
Economists do NOT understand the full implications of the situation. Neither have they any idea how to get out of their self-created swamp. Just the opposite, they are hellbent on keeping everything as it is, i.e. to stage their zero-brain wrestling shows, to carry on with their vacuous palaver, and to hold on to the accustomed pluralism of false theories while telling the general public that New Economic Thinking is in overdrive and the breakthrough is just around the next corner.
The general public has the impression that economics consists of a pro-capitalist faction and an anti-capitalist faction and both claim to work/fight for the betterment/salvation of society/humanity. Nothing could be further from the truth. Both factions are in the propaganda and disinformation business. Both factions are scientifically incompetent, both factions are stupid and corrupt. This becomes always plain when the discussion turns to methodology.#5, #6, #7
The editors and main contributors#8 and regular commentators#9 of the Real-World Economics Review Blog actively promote proto-scientific BS and actively hinder everything that makes even remotely the impression of leading out of the swamp. That much is plain, whatever the RWER Blog is set up to achieve, it is NOT a Paradigm Shift.
#1 The present non-existence of economics
#2 What’s the use of economists?
#3 The miracle cure of economists’ micro-macro schizo
#4 For details of the big picture see Paradigm Shift
#5 Real-World Economics Review Blog, Radical paradigm shifts
#6 Real-World Economics Review Blog, What are axiomatizations good for?
7# Hooray! The formalization issue is finally settled
#8 Edward Fullbrook, Lars Syll, Asad Zaman, David Ruccio, Dean Baker, Maria Alejandra Madi, Mark Weisbrot, Merijn Knibbe, Norbert Häring, Peter Radford
#9 Prof Dr James Beckman Germany, Dave Marsay, Vladimir A. Masch, Edward K Ross, Frank Salter, Craig, Helen Sakho, John Vertegaal, Jan Milch, Calgacus alias Some Guy, dingo342014, Robert Locke, davetaylor1, Ken Zimmerman
Related 'How Heterodoxy became the venue for science’s scum' and 'Lying for money: a generalization' and 'Cryptoeconomics ― the best of Real-World Economics Review’s spam folder' and 'Cryptoeconomics ― the best of Lars Syll’s spam folder' and 'And the answer is NCND ― economics after 200+ years of Glomarization' and 'The inexorable paradigm shift in economics'. For details of the big picture see cross-references Heterodoxy.