July 29, 2020
Economics is a disgrace
Comment on Claudia Sahm on ‘Economics is a disgrace’*
Economics is an institution and a science. Claudia Sahm gives a personal summary of the toxic institutional culture, “We hurt economists from undergraduate classrooms to offices at the White House. We drive away talent; we mistreat those who stay; and we tolerate bad behavior.” So, economics is a failed institution, “Burn it down”.
Being not a part of this institution, I am not entitled to comment on it.
The all-decisive point about economics is not human failure but scientific failure. Walrasianism, Keynesianism, Marxianism, Austrianism, MMT, and Pluralism are materially/ formally inconsistent and therefore scientifically worthless.#1
The blunder is, with regard to the subject matter, at the axiomatic level and with regard to formal consistency at the level of elementary algebra.
Microfoundations are false since 150+ years. Macrofoundations are false since Keynes. Economists did not spot Keynes' foundational blunder to this day.
THIS is the indelible disgrace of economics.#2 The mistreatment of students/colleagues is bad, the mistreatment of science is worse. Institutional failure is bad, scientific failure is worse.
#1 Section Exemplary proof of the inconsistency of economics in Wikipedia, economics, scientific knowledge, or political agenda pushing?