June 24, 2019

Econ 101: Economists flunk the intelligence test at the first hurdle

Links on John Warner on ‘Indoctrinated by Econ 101’*

Blog-Reference and Blog-Reference

There is no such thing as economics. There are TWO economixes: political economics and theoretical economics. The main differences are: (i) The goal of political economics is to successfully push an agenda, the goal of theoretical economics is to successfully explain how the actual economy works. (ii) In political economics anything goes; in theoretical economics, the scientific standards of material and formal consistency are observed.

Theoretical economics (= science) has been hijacked early on by political agenda pushers.

Political economics has produced NOTHING of scientific value in the last 200+ years. The major approaches ― Walrasianism, Keynesianism, Marxianism, Austrianism, MMT ― are mutually contradictory, axiomatically false, materially/formally inconsistent and all got the foundational concept of the subject matter ― profit ― wrong. Economics is a failed/fake science.

But there is nothing to worry about with regard to education. It is an empirical fact that economics students swallow proto-scientific garbage hook, line, and sinker for generations. They are not particularly smart. Whoever accepts supply-demand-equilibrium as an explanation of how the market system works flunks the entry-level intelligence test of science.

For details see:


Wikimedia AXEC144c


Twitter May 11, 2021 Constrained optimization: the making of an economist

Twitter May 15, 2022 No idea how the economy works