June 6, 2019

Links on ‘Keynes: socialist, liberal, or conservative?’


Scientifically, Keynes is long dead ― more precisely, since the General Theory p. 63. Keynes got the Profit Theory wrong. This means that the whole analytical superstructure of the GT is scientifically worthless and that Keynes’ policy proposals NEVER have had sound scientific foundations. After-Keynesians failed to spot Keynes’ foundational blunder to this day. For details see:

► Forget Keynes
► Macroeconomics ― dead since Keynes
► How Keynes got macro wrong and Allais got it right
► Keynes’ intellectual nonexistence
► Macroeconomics: Economists are too stupid for science
► Marshall and the Cambridge school of plain economic gibberish
► Post-Keynesianism vs MMT: a Zombie debate
► Keynesians ― terminally stupid or worse?
► From Keynes’ fatal blunder to the true economic model

Egmont Kakarot-Handtke

For the failure of the methodologists Sheila Dow and Victoria Chick to spot plain proto-scientific garbage see 'Economics, methodology, morals ― a creepy freak-show' and 'Ending the economic Froschmäusekrieg a.k.a. Batrachomyomachia' and 'What Keynesian revolution?.

Related 'Why Post Keynesianism Is Not Yet a Science' and 'Keynes’s Missing Axioms' and 'Mr. Keynes, Prof. Krugman, IS-LM, and the End of Economics as We Know It'. For the full-spectrum refutation of Keynesianism/Post-Keynesianism see cross-references Keynesianism and cross-references Political Economics/Stupidity/Corruption.

*Michael Roberts Blog

REPLY to Kaivey on Jun 6

You say: “The tweaking is politics and many of us prefer sicialism.”

“Tweaking” is a euphemism for scientific fraud. Keynes was a political agenda pusher, NOT a scientist. Same holds for socialists. See Socialism and scientific incompetence.

REPLY to Kaivey on Jun 7

General Theory p. 63: “Income = value of output = consumption + investment. Saving = income − consumption. Therefore saving = investment.”

“His Collected Writings show that he wrestled to solve the Profit Puzzle up till the semi-final versions of his GT but in the end he gave up and discarded the draft chapter dealing with it.”

Let this sink in: Keynes had NO idea of profit, i.e. of the fundamental concept of economics.

Keynes’ I=S is false, and AXEC’s Q≡I−S is true. See Do first your macroeconomic homework.

REPLY to Kaivey on Jun 8

“Keynes: socialist, liberal or conservative?” Wrong question!

The right question “Keynes: scientist or useful political idiot?”

Right answer: Keynes messed up macroeconomics and because of this he is buried at the darkest corner of the Flat-Earth Cemetery, see also cross-references Failed/Fake Scientists.

Wikimedia AXEC143d