March 18, 2019

Economics: The proto-scientific mob embroiled in just another gang war

Comment on William Black on ‘The Day Orthodox Economists Lost Their Minds and Integrity’

Blog-Reference and Blog-Reference

William Black tells the world: “Something extraordinary happened yesterday. Orthodox economists, frustrated by their inability to intimidate progressive elected officials, have launched a coordinated assault on MMT in hopes of making it politically dangerous for elected officials to embrace MMT. Yesterday brought three remarkable revelations about orthodox economists’ willingness to engage in naked intellectual dishonesty in their desperation to find something to discredit MMT.”

This, of course, is risible because economists’ “naked intellectual dishonesty” is nothing new. In fact, it is their modus operandi for 200+ years now.#1, #2, #3 The major approaches ― Walrasianism, Keynesianism, Marxianism, Austrianism ― are mutually contradictory, axiomatically false, materially/formally inconsistent and all got the pivotal concept of the subject matter ― profit ― wrong. There is NO scientific truth in economics.#4

And there are no joint efforts to do serious research and to develop the true theory about how the economy works but there is endless meta-communication.#5

• “The orthodox ‘scholars’ have found it impossible to quote MMT scholars writing something that is demonstrably false. It is child’s play …, however, for an orthodox economist to create a strawman claim that is obviously, demonstrably false.”

• “Yesterday, dozens of orthodox economists, many of them prominent, collectively lost their minds and their integrity. They coordinated their actions to create a show trial that would have warmed Stalin’s spleen.”

• “The results of that natural experiment are spectacular ― a large group of the world’s prominent economists failed the test of honesty and competence even though the test set such a low bar that they should have passed it without discernible effort.”

• “Wolfers’ dishonesty spurred Paul Krugman to tweet a level of calculated dishonesty that exceeds the term ‘disgraceful’.”

• “Every aspect of Krugman’s chutzpah is logically false, dishonest, immoral, and wackiness of epic proportions.”

This is a lot of hot air. The fact of the matter is that BOTH orthodox New Keynesians and heterodox MMTers are scientifically incompetent. Krugman has not realized that IS-LM is false since Keynes/Hicks.#6 MMTers have not realized that their foundational sectoral balances equation is false since Keynes.#7, #8

William Black is right with regard to Krugman et al.: orthodox economists are stupid/ corrupt. The same, though, holds for MMTers.#9

Egmont Kakarot-Handtke

#1 The retirement of a fake scientist and real agenda pusher
#2 There is NO such thing as “smart, honest, honorable economists”
#3 Feynman Integrity, fake science, and the econblogosphere
#4 Links on capital-T Truth, stupidity, corruption
#5 Opinion, conversation, interpretation, blather: the economist’s major immunizing stratagems
#6 Mr. Keynes, Prof. Krugman, IS-LM, and the End of Economics as We Know It
#7 Refuting MMT’s Macroeconomics Textbook
#8 Paul’s and Stephanie’s economic delirium talk
#9 For the full-spectrum refutation of MMT see cross-references MMT

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Mar 18