March 14, 2019

Links on capital-T Truth, stupidity, corruption


It is, first of all, of utmost importance to distinguish between political and theoretical economics. The main differences are: (i) The goal of political economics is to push an agenda, the goal of theoretical economics is to explain how the actual economy works. (ii) In political economics anything goes; in theoretical economics, scientific standards are observed.

Theoretical economics has to be judged according to the criteria true/false and nothing else. Scientific truth is well-defined: “Research is, in fact, a continuous discussion of the consistency of theories: formal consistency insofar as the discussion relates to the logical cohesion of what is asserted in joint theories; material consistency insofar as the agreement of observations with theories is concerned.” (Klant)

Economics claims since Adam Smith/Karl Marx to be a science ― explicitly with the ‘Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel’. The fact is that most economists are to this day not ethically bound to scientific truth. What they are doing is political agenda pushing in a scientific bluff package.

The four 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.

► Economics, too, is pre-truth
► Economics between truth and blather
► Economics and truth
► Pre-truth and post-truth in economics
► Economics is not post-truth but pre-truth
► There is no truth in political economics
► Two steps towards truth
► Economics ― worse than fake
► False models and true incompetence
► Failed economics: The losers’ long list of lame excuses
► A heap of proto-scientific garbage
► There is NO such thing as “smart, honest, honorable economists”
► Scrap the EconNobel
► For details see cross-references Failed/Fake Scientists

Economists deceive the general public and violate scientific standards on a daily basis. The credo of corrupt economists is: “… capital-T truth is irrelevant. It’s the wrong reference point, and it doesn’t matter that no one really knows (for sure) what it is.” It is just the other way round among genuine scientists: “So the idea of truth (of an ‘absolute’ truth) ... is our main regulative idea.” (Popper)

Egmont Kakarot-Handtke

Oct 10