August 6, 2018

Debunking MMT in one Counter-Tweet


Blog-Reference and Blog-Reference

(i) The macroeconomic foundations of MMT are provably false. More specifically, the MMT sectoral balances equation is proto-scientific garbage.#1

(ii) Because of (i) the whole analytical superstructure of MMT is false.

(iii) Because of (ii) MMT is scientifically worthless.

(iv) Since the founding fathers, in economics, a theory need NOT be true according to well-defined scientific criteria but only politically useful. Economics started as Political Economy and is a cargo cult science since then.

(v) According to the axiomatically correct macroeconomic Profit Law, it holds Public Deficit = Private Profit.

(vi) Because all MMT policy guidance boils down to deficit-spending/money-creation, MMT policy directly and immediately increases macroeconomic profit. Effects on employment/ prices are uncertain and secondary.

(vii) Because of (vi) MMTers are the natural useful idiots of the one-percenters.

(viii) The MMT sales crowd promotes an economic theory that is definitively falsified according to the scientific criteria of material/formal consistency in the social media and in the econblogosphere by pretending that MMT policy is for the benefit of the ninety-nine percenters.

(ix) MMT academics do NOT promote science but provide a cover for the agenda of the one-percenters.

(x) MMT academics suppress critique/refutation of MMT on their blogs and on Twitter.

(xi) The observable unequal distribution of income and financial wealth is the empirical proof (a) of the axiomatically correct Profit Law, and (b), that the deficit-agenda-pushing from Keynes to Lerner to MMT to Trump has been very successful.

(xii) MMT is the easily recognizable tip of the iceberg of political corruption of economics.

(xiii) Brad DeLong’s BETTER WORLD IS POSSIBLE TWEETING does NOT originate from the Republic of Plato but from the Sewer of Romulus and reminds everybody that the internet could, as far as economics is concerned, be an intellectual force multiplier but is actually “a hive of scum and villainy...” (DeLong)

Egmont Kakarot-Handtke

#1 For details of the big picture see cross-references MMT


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