The general trouble with economists is that they are either stupid or corrupt or both. The major approaches — Walrasianism, Keynesianism, Marxianism, Austrianism, MMT — are mutually contradictory, axiomatically false, materially/formally inconsistent and all got the foundational economic concept profit wrong. Economics is a failed science from Adam Smith/Karl Marx onward to New Keynesianism, DSGE, and MMT but economists cling desperately to their provably false proto-scientific garbage.
This is not only stupid but amounts to a violation of scientific standards: “In economics we should strive to proceed, wherever we can, exactly according to the standards of the other, more advanced, sciences, where it is not possible, once an issue has been decided, to continue to write about it as if nothing had happened.” (Morgenstern 1941) #1-#14
What is needed in economics is NOT repetitive critique and futile cosmetic repair but a Paradigm Shift. This is long known: “There is another alternative: to formulate a completely new research program and conceptual approach. As we have seen, this is often spoken of, but there is still no indication of what it might mean.” (Ingrao et al. 1990).
The specific trouble with some Canadian economists is (i) that they cling to false approaches and a failed methodology, (ii) that they have NO idea how to perform a Paradigm Shift, but (iii) that they prevent it by (a) stubbornly recycling provably false approaches, and (b), by actively suppressing critique and refutation in the econoblogosphere.#15-#17
In this, though, the agenda-pushing Canadians are by no means alone but follow a widespread pattern.#18, #19
#1 Is Nick Rowe stupid or corrupt or both?
#2 I is never equal S and even Nick Rowe will eventually grasp it
#3 Nick Rowe’s soapbubbling about money
#4 Worthless Canadian model bricolage
#5 It has been said before but economists still don’t get it
#6 Nick Rowe: Bury me at the end of coal-pit
#7 How economists missed out on the essential relationship of economics
#8 Another X-mas fantasy about IS curves
#9 Worthwhile Canadian filibuster?
#10 DSGE and profit―forget it! MMT and profit―forget it!
#11 How Keynes got macro wrong and Allais got it right
#12 Kalecki and Keynes: The double macroeconomic false start
#13 Are economics professors really that incompetent? Yes!
#14 Cryptoeconomics ― the best of Nick Rowe’s spam folder
#15 #EconBlocker Nick Rowe
#16 #EconBlocker George Selgin
#18 Economists/MMTers: agenda pushers, distractors, blockers, muters, censors
#19 Economics ― the science that never was