February 4, 2021

Occasional Tweets: Keynes and Keynesianism are scientifically worthless


Keynes / Keynesianism

“Economics is the study of the economy, not the study of economists.” (Ricardo Reis)

“The paradox finds its explanation, perhaps, in that the master-economist must possess a rare combination of gifts. He must be mathematician, historian, statesman, philosopher ― in some degree. He must understand symbols and speak in words. He must contemplate the particular in terms of the general and touch abstract and concrete in the same flight of thought. He must study the present in the light of the past for the purposes of the future. No part of man’s nature or his institutions must lie entirely outside his regard. He must be purposeful and disinterested in a simultaneous mood; as aloof and incorruptible as an artist, yet sometimes as near to earth as a politician.” (J. M. Keynes)

For Keynes' lethal macroeconomic blunder see Ch. 13, The indelible scientific disgrace of economics, in Sovereign Economics.

For more about Keynes see AXECquery.
For more about Keynesianism see AXECquery.