Occasional Tweets: That's economics ― bad science, bad policy, bad people

 

#Economics#FailedScience#FakeScience#DisInfoTainment

Economics is NOT #Science but a sub-division of the entertainment industry.

Circus Maximus: Economics as entertainment, personality gossip, virtue signaling, and lifestyle promotionhttps://t.co/lfrdSbV4gX pic.twitter.com/RZnUZPrYgT

— E.K-H (@AXECorg) May 30, 2021

For more about Circus Maximus see AXECquery.

Occasional Tweets: What scientific progress in economics looks like

 

#Economics

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

The Sahm-Revolution of economics has been postponed. #Econ is fine except for a few shitheads and they will be dealt with eventually.

What’s the use of economists?https://t.co/ztOmBTl8Bn#EconTwitter

— E.K-H (@AXECorg) May 30, 2021

For more about Claudia Sahm see AXECquery. 

Occasional Tweets: Economists are too stupid for science

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

Macroeconomics is proto-scientific garbage because #Economists are too stupid for elementary algebra.

What is REALLY wrong with macroeconomicshttps://t.co/GFBSmQpzhP pic.twitter.com/c9XKvD820X

— E.K-H (@AXECorg) May 30, 2021

For more about macroeconomics see AXECquery. 

Occasional Tweets: How economists optically reduce the interest burden of WeThePeople

 

#LearnEcon

Olivier Blanchard attempts to optically reduce the #InterestBurden of #WeThePeople (= #CashCow of the #Oligarchy) by deflating interest but not GDP.

From the debt economy to the gift economy: how America is brainwashed to love budget deficitshttps://t.co/gtHNBANDrN

— E.K-H (@AXECorg) May 30, 2021

Occasional Tweets: Economists don't get it to this day

 

#LearnEcon

Politically it may be a big change but “wages rise at the expense of profits” is BS macro. The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd tells one that macroeconomic #Profit depends on #DeficitSpendingMoneyCreation and NOT on wages. That's the Fallacy of Composition.

— E.K-H (@AXECorg) May 29, 2021

For more about the macroeconomic Profit Law see AXECquery. 

Occasional Tweets: Peer-review checklist of papers to throw in the garbage

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

Here is the HC-checklist of papers to throw in the garbage.

Get it econ suckers: microfoundations = false, macrofoundations = truehttps://t.co/VufeQMFV1v pic.twitter.com/otfCHEl6XM

— E.K-H (@AXECorg) May 29, 2021

For more about axiomatization see AXECquery. 

Occasional Tweets: Let economists bury themselves at the Flat-Earth-Cemetery

 

#Economics#FailedScience#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT, are mutually contradictory, axiomatically false, and materially/formally inconsistent. Let all these fake scholars move on to the Flat-Earth-Cemetery and bury themselves in disgrace. pic.twitter.com/55mCWAJDyX

— E.K-H (@AXECorg) May 28, 2021

Occasional Tweets: The behavioral approach has always been proto-scientific garbage

 

#Economics#FailedScience#FakeScience#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT, are mutually contradictory, axiomatically false, and materially/formally inconsistent.

There is NO such thing as “smart, honest, honorable economists”https://t.co/6wS6SAOtZt

— E.K-H (@AXECorg) May 28, 2021

For more about the failure of behavioral economics see AXECquery.

Occasional Tweets: Debt must grow or Capitalism breaks down

 

#DebtMustGrow

A #Deficit is a #FreeLunch for the #Oligarchy. The #ProfitLaw implies #PublicDeficitIsPrivateProfit. For #PublicDebt holds #OligarchyOwnsIt and #WeThePeopleOwesIt. This #CashCow produces interest which is taxed from #WeThePeople.⇒https://t.co/ATzyx3Cwnt

— E.K-H (@AXECorg) May 28, 2021

For more about deficit spending see AXECquery. 

For more about debt see AXECquery.

For more about breakdown see AXECquery. 

Occasional Tweets: Economics is NOT a social science but a systems science (I)

 

#Econ#FailedScience#ScientificIncompetence

To this day, #Economists do not understand that #Economics is NOT a #SocialScience but a #SystemsScience. There is NO such thing as behavioral laws but there are systemic laws, e.g. the #ProfitLaw. ⇒https://t.co/LEW2Ei6khR pic.twitter.com/ffBO91JuZP

— E.K-H (@AXECorg) May 27, 2021

For more about the failure of the PsySoc approach see AXECquery.

For more about the systems approach see AXECquery.

Occasional Tweets: Eleven plain facts about "economic sciences"

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

Economics: 200+ years of scientific incompetence and fraudhttps://t.co/nMch3B3pUZ#DefundEconomics #FireEconomists #ScrapTheLot pic.twitter.com/l7gfURxfN6

— E.K-H (@AXECorg) May 26, 2021

For more about incompetence see AXECquery. 

Occasional Tweets: Economics is not science, just brain-dead agenda-pushing

 

#Econ#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth#Economics is proto-scientific garbage. #Economists are NOT #Scientists but political #Clowns/#UsefulIdiots.

Economics has been captured by agenda-pushershttps://t.co/ONskXRXMAu pic.twitter.com/0YyiaigTL7

— E.K-H (@AXECorg) May 26, 2021

For the big picture see cross-references Political Economics/Stupidity/Corruption. 

Occasional Tweets: Power is not the subject matter of economics, but profit is

 

#Power is the foundational concept of #Sociology. #Profit is the foundational concept of #Economics. To this day #Economists are too stupid for elementary #Logic. That's why economics is proto-scientific garbage.
The profit theory is false since Adam Smithhttps://t.co/s3zlXjwArK

— E.K-H (@AXECorg) May 25, 2021

For more about profit see AXECquery.

 

Occasional Tweets: Economics ― scientifically worthless since the founding fathers

 

#Economists are too stupid for the elementary #Algebra of #MacroEconomics. Therefore, economic policy guidance never has had sound scientific foundations. Since the founding fathers, #Economics is NOT a #Science but “one of the better-funded” #Propaganda units of the #Oligarchy.

— E.K-H (@AXECorg) May 25, 2021

For the big picture see cross-references Political Economics/Stupidity/Corruption. 

Occasional Tweets: Fiscal policy and distribution

 

#LearnEconomics

How FISCAL policy affects the distribution of income.

The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit.

Dear idiots, it is deficit spending that creates the distribution people complain abouthttps://t.co/4Ff0uZ3J2i

— E.K-H (@AXECorg) May 23, 2021

For more about distribution see AXECquery.  

Occasional Tweets: predistribution renders redistribution unnecessary

 

Four words: stop deficit-spending, idiots.

The 3-sector macro #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. More #DeficitSpendingMoneyCreation produces a #ProfitExplosion.

Keynes, Lerner, MMT, Trump, Biden and exploding profithttps://t.co/ABFUc41eMs

— E.K-H (@AXECorg) May 23, 2021

For more about distribution see AXECquery. 

Occasional Tweets: Greed is NOT the problem ― lack of scientific competence is

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

The crippling problem of economics students is NOT selfishness/greed but stupidity/corruption.

Econ 101: Economists flunk the intelligence test at the first hurdlehttps://t.co/BTQxySrNgI

— E.K-H (@AXECorg) May 22, 2021

Occasional Tweets: Marxists, too, are stupid/corrupt agenda pushers for the Oligarchy

 

#HowEconomistsServeTheOligarchy

The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy.

Deficit cheerleaders ― the Oligarchy’s useful idiotshttps://t.co/XX5wLu3cSJ

— E.K-H (@AXECorg) May 21, 2021

Occasional Tweets: State capture ― time to switch rhetoric

 

#JobAlert#Economists,
the #Oligarchy has decided to no longer curse the state but to fully capture it. This follows from #ProfitMaximization. To recall, #PublicDeficitIsPrivateProfit. Therefore, M. Mazzucato is promoted and Neoliberals are phased out. ⇒https://t.co/lfrdSbV4gX

— E.K-H (@AXECorg) May 21, 2021

For more about state capture see AXECquery. 

Occasional Tweets: From Adam Smith/Karl Marx onward to MMT, economists cheat WeThePeople

 

#MMT#HowMMTersServeTheRich#Deficits drive #Profit. The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. So, #PrivateFinancialWealth grows in lockstep with #PublicDebt which is the interest #CashCow for the #Oligarchy. ⇒https://t.co/lNmRwUlBda pic.twitter.com/FOq0PtJ3Bw

— E.K-H (@AXECorg) May 21, 2021

For more about Adam Smith see AXECquery

For more about Karl Marx see AXECquery

For more about MMT see AXECquery.

Occasional Tweets: Don't blame economists ― bury them at the Flat-Earth-Cemetery

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

The problem with economics as a disciplinehttps://t.co/FFSyI974St#DefundEconomics #FireEconomists #ScrapTheLot

— E.K-H (@AXECorg) May 20, 2021

Occasional Tweets: Gatekeepers

 

#Economics#FailedScience#FakeScience

Whoever thinks that being published in one of the prestigious economic journals guarantees scientific content is mistaken. To this day, most of economics is NOT #Science but brain-dead political #AgendaPushing. ⇒https://t.co/gAKz6gaSVn pic.twitter.com/SehkJF5Rcw

— E.K-H (@AXECorg) May 19, 2021

For more about Political Economics see AXECquery. 

Occasional Tweets: How economists serve the rich (III)

 

#HowEconomistsServeTheRich#Deficits are necessary because they drive #Profit. The #ProfitLaw Q≡(G−T)+(I−S) implies #PublicDeficitIsPrivateProfit. #PrivateFinancialWealth grows in lockstep with #PublicDebt which is owed by #WeThePeople. This is how billionaire-creation works.

— E.K-H (@AXECorg) May 19, 2021

For more on the Profit Law see AXECquery.

For more on Distribution see AXECquery.

For more on economists are stupid or corrupt or both see AXECquery.

Occasional Tweets: No false-hero memorials (III)

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

Buchanan was not only a member of #MontPelerin but also on the payroll of the #Oligarchy. He had a realistic view of the profession.

Economists: “a bevy of camp-following whores”https://t.co/tBQHMtyKpv

— E.K-H (@AXECorg) May 18, 2021

For more about false-hero memorials see AXECquery.

***

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

James Buchanan NEVER understood how the market system works. Whether he trusted individuals is a matter of indifference.

Proof of the inherent instability of the market economyhttps://t.co/I33YX0jAfT

— E.K-H (@AXECorg) May 19, 2021

Occasional Tweets: It's NOT an image problem but a fact ― economists are stupid or corrupt or both

 

#Economics#FailedScience#FakeScience

“Economics has a worrying image problem.” Indeed, #Economists are NOT #Scientists but #Clowns/#UsefulIdiots in the political #CircusMaximus.

There is NO such thing as “smart, honest, honorable economists”https://t.co/6wS6SAOtZt pic.twitter.com/Ahuc3kmMGK

— E.K-H (@AXECorg) May 18, 2021

Experts of what?

• The demise of phony experts: Macroeconomics is provably false
• There is NO such thing as an economic expert
• Deficit cheerleaders ― the Oligarchy’s useful idiots
• Political fraud and the silence of academia
• MMT: The fusion of Wall Street and Academia
• Economics: The greatest scientific fraud in modern times
• The tragedy of economics: stupid/corrupt economists
• Disgrace again ― is economics really that bad?
• Economics: A science without scientists
• #HallOfScientificShame
• Cross-references Failed/Fake Scientists

Occasional Tweets: For WeThePeople, deficit-spending is ANTI-social

 

#LearnTrueEcon

The 3-sector #ProfitLaw Q≡(G−T)+(I−S) implies #PublicDeficitIsPrivateProfit. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. This is as ANTI-social as can be.

Deficit cheerleaders ― the Oligarchy’s useful idiotshttps://t.co/XX5wLu3cSJ

— E.K-H (@AXECorg) May 17, 2021

Deficit-spending/money-creation is ANTI-social

• Deficit cheerleaders ― the Oligarchy’s useful idiots
• Links on Austerity
• MMT and the promotion of Wall Street's idea of social policy
• How to pay for the war and to be bamboozled by economists
• MMT, Warren Mosler, and the little helpers from Wall Street and Academia
• MMTers are false Progressives and false Friends-of-the-People
• Links on MMTers push Wall Street’s agenda
• MMTers are NOT Friends-of-the-People
• Economists betray WeThePeople
• Dear idiots, it is deficit spending that creates the distribution people complain about
• MMT: Redistribution as wellness program
• Q: How are you going to pay for it? MMT: By stealth taxation!
• How counterfeiters save America with an extra profit and make WeThePeople pay for it
• Very busy these days: Wall Street’s agents
• No MMT illusions! YOU are going to pay for it

Profit is the key to the understanding of how the economy works

Comment on Michael Roberts on ‘Some notes on the world economy now’

Blog-Reference and Blog-Reference

Michael Roberts summarizes: “The central argument of Marxian criticism is based on the law of value. This roughly means that companies only invest if they can make a profit. Profit is the centre of their actions and not the needs of the people.” and “For mainstream economists, profit simply does not matter. But even among the left-wing Keynesians, profit hardly appears. For them it is all about ‘demand’, about ‘speculation’ or about ‘financialisation’. These things all play a major role, but profit is the key category for understanding the capitalist process of production and accumulation.”

Yes, profit is the foundational concept of economics and economists get it wrong since Adam Smith/Karl Marx.

The major approaches Walrasianism, Keynesianism, Marxianism, Austrianism, MMT, are mutually contradictory, axiomatically false,  materially/formally inconsistent, and ALL get profit wrong. Economic policy guidance NEVER has had sound scientific foundations. To this day, economics is brain-dead political agenda-pushing.

Marx, too, got profit wrong.#1, #2 Because the foundational concept is false the whole analytical superstructure is false. Marx was too stupid for science and this holds for his followers without exception.

To say “I am a Marxist” is to say “I am either stupid or corrupt or both”.

Egmont Kakarot-Handtke

#1 Dear idiots, Marx got profit and exploitation wrong

#2 Profit: The most powerful formula of economics

For details of the big picture see cross-references Profit/Distribution.

For more on Michael Roberts see AXECquery.

Occasional Tweets: Economists ― why are these morons still around?

 

#Economics#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT, are mutually contradictory, axiomatically false, and materially/formally inconsistent. Economic policy advice NEVER has had sound scientific foundations. Why are these morons still around?#FireEconomists pic.twitter.com/q1ritwcRs8

— E.K-H (@AXECorg) May 15, 2021

Occasional Tweets: Employment theory ― where economics becomes toxic for WeThePeople

 

#LearnEcon

The macroeconomic #EmploymentLaw states ― roughly speaking ― that an increase of the average wage rate is GOOD for employment. Microeconomic labor market theory has always been proto-scientific garbage.

Wage rate and employment: the basicshttps://t.co/qWpFWYosDj

— E.K-H (@AXECorg) May 15, 2021

Employment

• NAIRU, wage-led growth, and Samuelson's Dyscalculia
• The minimum wage debate: a showpiece of economists’ hereditary idiocy
• Rethinking the Phillips Curve (II)
• Unemployment ― the fatal consequence of economists’ scientific incompetence
• Macrofounded labor market theory
• The role of labor and business in a well-organized society
• The missing elephant of full employment policy
• Wage rate and employment: the basics
• Go! ― test the Profit and Employment Law
• Supply-demand-equilibrium employment theory as an example of proto-scientific soap bubbling
• The set screws of overall and individual employment
• Full employment, the Phillips Curve, and the end of Gaganomics
• Full employment through the price mechanism
• Toward a non-Neanderthal employment policy
• Full employment: thinking like the macro-boss
• The key to macro and Keen's debt-employment model
• Mass unemployment: The joint failure of orthodox and heterodox economics
• For more about employment see AXECquery.

Occasional Tweets: Economic advisers ― scientific incompetence/fraud in action

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

Economic policy guidance NEVER has had sound scientific foundations. #Economists are NOT #Scientists but #Clowns/#UsefulIdiots in the political #CircusMaximus.

Cross-referenceshttps://t.co/tcf7JJQr5o pic.twitter.com/qgp3NkZOdp

— E.K-H (@AXECorg) May 14, 2021

Occasional Tweets: In economics, research is newspeak for political agenda-pushing

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

Why does @blair_fix push @BichlerNitzan on #EconTwitter although he knows that they are #EconBlockers?#EconBlockers violate the Code of Professional Conduct.https://t.co/5j0Nl9pyUC pic.twitter.com/RbjGdieUot

— E.K-H (@AXECorg) May 13, 2021

 ***

Wikimedia AXEC108g

Occasional Tweets: Economic policy advice never has had sound scientific foundations

 

#Econ#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT, are mutually contradictory, axiomatically false, and materially/formally inconsistent. Economic policy advice NEVER has had sound scientific foundations. To this day, it is brain-dead political agenda-pushing.

— E.K-H (@AXECorg) May 12, 2021

For more on Political Economics see AXECquery. 

Occasional Tweets: Economists are dumb folks

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

Economists are the dumb folks who after 200+ years still do NOT understand what #Profit is. Peter Bofinger is one of them.

Profit: The most powerful formula of economicshttps://t.co/lnw6QFadOE

— E.K-H (@AXECorg) May 10, 2021

Occasional Tweets: Learn economics ― but not from scientific losers

 

#LearnEconomics

The U.S. system is in break-down mode and has to be stabilized by the Fed's money pumping and the Treasury's deficit spending. To recall #PublicDeficitIsPrivateProfit.

The U.S. economy hangs on the state ventilator for its survivalhttps://t.co/ATzyx3Cwnt

— E.K-H (@AXECorg) May 10, 2021

Economics is failed/fake/cargo cult science for 200+ years.

For more on failure see AXECquery. In particular:

• The demise of phony experts: Macroeconomics is provably false
• There is NO such thing as an economic expert
• There is NO such thing as “smart, honest, honorable economists”
• As Napoleon said: don’t listen to economists

Occasional Tweets: The political weaponization of science

 

#Economics#FailedScience#FakeScience#CargoCultScience#Science, too, has been politically weaponized. #Politics corrupts science, always and everywhere. Time to restore the strict separation of Science and Politics.

Links on the Economics Nobelhttps://t.co/ExJf3VErgZ

— E.K-H (@AXECorg) May 8, 2021

For details of the big picture see cross-references Political Economics/Stupidity/Corruption and cross-references Failed/Fake Scientists and cross-references Scientific Incompetence.

Profit Law: The most powerful formula of economics

Comment on Robert Vienneau on ‘Adam Smith On The Source Of Profits And Rents In The Exploitation Of The Worker’

Blog-Reference and Blog-Reference

Adam Smith, one of the founding fathers of economics, was not a particularly smart guy: “Smith … disliked whatever went beyond plain common sense. He never moved above the heads of even the dullest readers. He led them on gently, encouraging them by trivialities and homely observations, making them feel comfortable all along.” (Schumpeter)

Accordingly, he got the foundational concept of economics ― profit ― wrong. That is bad, but what is worse is that economists did not get it right to this day.#1-#3

To make matters short here, the macroeconomic 3-sector (household, business, government) Profit Law is given with Q_m≡(I−S_m)+(G−T)+Y_d, Legend: Q_m business sector's monetary profit/loss, S_m household sector's monetary saving/dissaving, G government's expenditures, T taxes, Y_d distributed profits. #4

The main drivers of macroeconomic profit/loss Q_m are the difference between the business sector's investment expenditures I and the household sector's saving/dissaving S_m, and the government's budget deficit/surplus (G−T). 

The first half of the formula is dominant in early capitalism, and the second half is dominant in late capitalism.#5

It is pretty obvious that profit has NOTHING to do with the Labour Theory of Value.#6 So, Adam Smith and Karl Marx got the macroeconomic profit formula wrong, and later Keynes.#7, #8

Economics is proto-scientific garbage because economists in their abysmal scientific incompetence do not get the profit formula right to this day. Walrasianism, Keynesianism, Marxianism, Austrianism, and MMT are mutually contradictory, axiomatically false, materially/formally inconsistent, and ALL get profit wrong.

Egmont Kakarot-Handtke

#1 The profit theory is false since Adam Smith

#2 Dear idiots, Marx got profit and exploitation wrong

#3 Cross-references Profit

#4 Profit

#5 The U.S. economy hangs on the state ventilator for its survival

#6 Ricardo, too, got profit theory wrong

#7 How Keynes got macroeconomics wrong and Allais got it right

#8 Profit analysis ― another exercise in economic deception

Related 'The Profit Law'

***

Wikimedia AXEC143d  Profit Law® and sectoral balances equation

Occasional Tweets: The History of Economic Thought ― a lot of stuff for the scientific Orkus

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

The history of economic thought is the history of scientific failure.

The profit theory is false since Adam Smithhttps://t.co/s3zlXjwArK pic.twitter.com/QLmIOtLwXU

— E.K-H (@AXECorg) May 7, 2021

Occasional Tweets: Learn MMT ― spot the fraud

 

#MMT#Myth

Stephanie Kelton's Deficit Myth is scientifically refuted and proven to be agenda-pushing for the advantage of the #Oligarchy and disadvantage of #WeThePeople.

The page where Stephanie Kelton gets macroeconomics wrong https://t.co/CNFDkXM1Ki pic.twitter.com/y2vWboWTR2

— E.K-H (@AXECorg) May 6, 2021

For more on fraud see AXECquery.

For more on refutation see AXECquery.

For more on proof see AXECquery.

Occasional Tweets: MMT's battle for the People's Economy ― the mastermind's HQ

 

#MMT#FailedScience#FakeScience#MMTers#StupidOrCorruptOrBoth

Nice place to rest after working so hard for the coming of the “People's Economy”.

Deficit cheerleaders ― the Oligarchy’s useful idiotshttps://t.co/XX5wLtLBu9 pic.twitter.com/Hu9pHBuDq7

— E.K-H (@AXECorg) May 6, 2021

 People's Economy or Wall Street's Economy?

• Very busy, those Wall Street propaganda folks
• MMT ― a Wall Street myth
• Swabian housewife vs Wall Street loan shark
• Dear idiots, MMTers are Wall Street’s agenda pushers
• MMT: The fusion of Wall Street and Academia
• Very busy these days: Wall Street’s agents
• Links on MMTers push Wall Street’s agenda
• MMT, Warren Mosler, and the little helpers from Wall Street and Academia
• MMT and the promotion of Wall Street's idea of social policy
• Bill Mitchell ― Wall Street’s hitman keeps an eye on MMT defeatists
• MMT: agenda-pushing and money-making for the Oligarchy
• MMT: Money-making for the one-percenters
• MMT: academic snake oil for the people
• Bill Mitchell says that economists are fake scientists ― true, but MMTers are NOT different
• Very busy ― the MMT troll brigade in action
• The MMT fraud in slow motion, so that even economists can get it
• Warren Mosler: scientific dilettante and political fraudster
• No MMT illusions! YOU are going to pay for it
• Hype does not help: MMT is toast

For more on Warren Mosler see AXECquery.

***

Just another political fraud: MMT's People's Economy

Economists’ periodically recurring crocodile tears about inequality

Comment on Brad DeLong on ‘RHETORICAL QUESTION: Why Do Economists Ignore the Greatest of All Market Failures?’

Blog-Reference and Blog-Reference

Distribution is the greatest of all theory failures.

Economics is failed/fake science for 200+ years. Walrasianism, Keynesianism, Marxianism, Austrianism, MMT are mutually contradictory, axiomatically false, materially/formally inconsistent, and all got profit wrong. Because the foundational economic concept of profit is false the whole analytical superstructure is false. Economics is scientifically worthless.

Deficit-spending/money-creation is the cause of the extreme inequality of income and wealth. The 3-sector Profit Law Q≡(G−T)+(I−S)+Yd implies Public Deficit = Private Profit. Private financial wealth of the Oligarchy grows in lockstep with the public debt of WeThePeople. Public debt, in turn, is the interest cash cow that produces perpetual income which is taxed by the IRS from WeThePeople on behalf of the Oligarchy.

The Oligarchy, in turn, uses the opulent free lunches to corrupt what remains of the state’s legislative, executive, judiciary institutions. Ultimately, it is scientifically incompetent economists who work ― intentionally or unintentionally does NOT matter ― for the growing inequality of income/wealth. Only stupid/corrupt economists rhetorically wonder about the inequality of income/wealth.#1-#3

Egmont Kakarot-Handtke

#1 Dear idiots, it is deficit spending that creates the distribution people complain about

#2 Keynes, Lerner, MMT, Trump, Biden, and exploding profit

#3 First Fundamental Law vs. Fundamental Theorem of Income Distribution

Related 'Why economists always seem to lose the fight against inequality'.

Occasional Tweets: Why do economists waste so much time/ressources with Dead-Horse-Beating?

 

Prof. Bofinger is one of the dead-horse beaters. Time to realize that #Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #Pluralism are mutually contradictory, axiomatically false, materially/formally inconsistent, and that ALL got #Profit wrong. ⇒https://t.co/pyZJYlHRR4

— E.K-H (@AXECorg) May 5, 2021

Towards the true economic theory

• From proto-scientific garbage to true macrofoundations
• True macrofoundations
• Get it econ suckers: behavioral microfoundations ⇒ false, systemic macrofoundations ⇒ true
• Right policy depends on true theory
• Mad but true: 200+ years after Adam Smith economists still have no idea what profit is
• From Keynes’ fatal blunder to the true economic model
• From MMT misunderstandings to the true Theory of Money
• From false microfoundations to true macrofoundations (II)
• False models and true incompetence
• From false microfoundations to true macrofoundations (I)
• Money: from silly stories to the true theory
• Make economics true
• True macrofoundations: the reset of economics
• From the pluralism of false models to the true economic theory
• From false micro to true macro: the new economic Paradigm
• True or false: income=wages+profits? False
• False and true economic laws
• The other half plus the hitherto missing true foundations of macroeconomics
• Don’t tell me that Krugman’s economics is false, tell me instead what is true
• Economic recommendations out of the swamp between true and false
• Toward the true economic axioms
• True/false is different from good/bad
• From true/false to hardcore wrestling and back
• Make no mistake: there can be only one true theory
• Wanted: The True Theory 

Occasional Tweets: Economics is just another clown show

 

#Economics#BadScienceBadPolicyBadPeople

William Luther and David Glasner prove again that economics has become just another personality/talk/shit show.

Gossip economicshttps://t.co/BctDj88p1B#DefundEconomics #FireEconomists #ScrapTheLot pic.twitter.com/dj5ETCkYsQ

— E.K-H (@AXECorg) May 4, 2021

For more on gossip see AXECquery. 

Occasional Tweets: Keynesianism never had any scientific truth-value, only some political use-value

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth#Keynes

Keynes and Keynesianism are scientifically worthlesshttps://t.co/tiFEnof4hJ#Keynesians are NOT #Scientists but #AgendaPushers for the #Oligarchy. pic.twitter.com/2Ytwv6N7cy

— E.K-H (@AXECorg) May 3, 2021

For more on Keynesianism see AXECquery. 

Occasional Tweets: The state of macro

 

#Economics#FailedScience#FakeScience

Macroeconomics: Economists are too stupid for sciencehttps://t.co/vTNWwrNUxA
(including Claudia Sahm)#DefundEconomics #FireEconomists #ScrapTheLot pic.twitter.com/3KuMUD3Mat

— E.K-H (@AXECorg) May 2, 2021

 

For more on macroeconomics see AXECquery. 

Occasional Tweets: The Paradigm Shift is settled

 

#Econ#FailedScience#Reset

The methodological term for a “fundamentally new way of thinking” is Paradigm Shift.

Feeble thinkers, feeble rethinkers: The perennial misery of economicshttps://t.co/iOgEQIzNbh

The Paradigm Shift is an accomplished facthttps://t.co/cdG8xpZohk pic.twitter.com/z7PeGamj9y

— E.K-H (@AXECorg) May 2, 2021

 Rethink / New Economic Thinking

• Rethinking macroeconomics
• Rethinking the Phillips Curve (II)
• When non-thinkers rethink
• Rethinking the Phillips Curve (I)
• Rethinking Distribution
• Rethinking MMT
• Rethinking the Profit Law
• Rethinking deficit spending
• Rethinking the multiplier
• Feeble thinkers, feeble rethinkers: The perennial misery of economics
• This is New Economic Thinking? Give me a break!
• First Lecture in New Economic Thinking
• How to make economics a science
• For details of the big picture see cross-references New Economic Thinking
• Your economics is refuted on all counts: here is the real thing

Occasional Tweets: Economics has always been fake science

 

#Economics#FakeScience#Economists are NOT #Scientists but stupid/corrupt #AgendaPushers.

Politics corrupts science, always and everywherehttps://t.co/UdAeo2HUJx

Cross-references Political Economicshttps://t.co/tcf7JJQr5o#DefundEconomics #FireEconomists #ScrapTheLot

— E.K-H (@AXECorg) May 2, 2021

Occasional Tweets: Among incompetent advisors economists are the worst

 

#Economics#FailedScience#FakeScience#EconTwitter

Economic policy advice has never had sound scientific foundationshttps://t.co/QdFaJiQJsL pic.twitter.com/XZ8AyHaYBw

— E.K-H (@AXECorg) May 1, 2021

Orthodoxy is refuted ― but MMT also

Comment on Bill Mitchell on ‘The Cambridge Controversy ― a fundamental refutation of orthodox economic theory’ *

Blog-Reference and Blog-Reference on May 2

It goes without saying that what Paul Krugman says about the CCC and Joan Robinson is abysmally stupid. In Bill Mitchell's words: “Paul Krugman is either a liar or didn’t really get the point, or both.”#1 The fact that he is still a member of good standing of academic economics tells one all about the subzero level of scientific competence/ethics of the profession. In Bill Mitchell's words: “The import though is clear ― orthodox economics, which is still taught on a daily basis in our universities and which people like Krugman use to make money by writing textbooks about is based on a series of myths that cannot be sustained, both logically, in terms of their own internal consistency, and, in relation to saying anything about the real world we live in.”

Neoclassical economists do not understand profit and by consequence distribution. Bill Mitchell argues that Karl Marx did: “The major insight provided by Marx’s theory of surplus-value was that capitalist profits are sourced in the production of surplus-value. In turn, surplus-value is produced by unpaid labour and so under capitalism workers remain exploited (as they were under previous modes of production).” The fact is, that Marx, too, got profit wrong.#2

From this, one may infer that Bill Mitchell and the MMTers have no idea about what profit is. And this, too, is a provable fact.#3

Conclusion: Walrasianism, Keynesianism, Marxianism, Austrianism, MMT are mutually contradictory, axiomatically false, materially/formally inconsistent, and ALL got profit wrong. What passes as economics (“economic sciences” according to the EconNobel) is the pluralism of idiotism.#4

Because the foundational concept of economics ― profit ― is ill-defined and not understood to this day, economic policy guidance has NEVER had sound scientific foundations but has always been brain-dead agenda pushing. In their scientific incompetence, economists have always been a hazard to their fellow citizens. If humanity has made some progress it was NOT because of economists but despite them.

Egmont Kakarot-Handtke

* Bill Mitchell's MMT Blog Part 1 Part 2

#1 Links on Paul Krugman, proto-scientific impresario

#2 Profit for Marxists

#3 For those who want to check the refutation of MMT in greater detail here are the relevant references:

ad Mitchell: Proving Bill Mitchell wrong ― burying MMT for good

ad Kelton: The page where Stephanie Kelton gets macroeconomics wrong

ad Mosler: MMT: The one deadly error/fraud of Warren Mosler

ad Keen: MMT: fraudsters united

ad Wray: MMT: Agenda-pushing and money-making for the Oligarchy

ad Godley: Do economists finally wake up from their methodological delirium?

ad Kalecki: MMT: How mathematical incompetence helps the Kelton-Fraud

ad Minsky: Profit is the key

ad Textbook: Refuting MMT’s Macroeconomics Textbook

#4 For the reset of economics and the correct macroeconomic Profit Law see Profit

Related 'The CCC ― a monument of economists’ utter scientific incompetence' and 'One entirely sufficient reason for the shutdown of economics'. For details of the big picture see cross-references Failed/Fake Scientists.