May 30, 2021

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

 


For more about Circus Maximus see AXECquery.

Occasional Tweets: What scientific progress in economics looks like

 

For more about Claudia Sahm see AXECquery

Occasional Tweets: Economists are too stupid for science

 


For more about macroeconomics see AXECquery

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

 

May 29, 2021

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

 


For more about the macroeconomic Profit Law see AXECquery

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

 


For more about axiomatization see AXECquery. 

May 28, 2021

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

 

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

 

For more about the failure of behavioral economics see AXECquery.

Occasional Tweets: Debt must grow or Capitalism breaks down

 



For more about deficit spending see AXECquery
For more about debt see AXECquery.
For more about breakdown see AXECquery

May 27, 2021

Occasional Tweets: Economics is NOT a social science but a systems science

 

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

May 25, 2021

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

 

For more about profit see AXECquery.
 

Occasional Tweets: Economics ― scientifically worthless since the founding fathers

 

May 23, 2021

Occasional Tweets: Fiscal policy and distribution

 


For more about distribution see AXECquery.  

Occasional Tweets: predistribution renders redistribution unnecessary

 


For more about distribution see AXECquery

May 22, 2021

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

 

May 21, 2021

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

 

Occasional Tweets: State capture ― time to switch rhetoric

 

For more about state capture see AXECquery

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

 

For more about Adam Smith see AXECquery
For more about Karl Marx see AXECquery
For more about MMT see AXECquery.

May 19, 2021

Occasional Tweets: Gatekeepers

 

For more about Political Economics see AXECquery

Occasional Tweets: How economists serve the rich (III)

 

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.

May 18, 2021

Occasional Tweets: No False-Hero-Memorials (II)

 

For more about False-Hero-Memorials see AXECquery.

***

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

 


Experts of what?

May 16, 2021

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

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


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




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?

 

May 15, 2021

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

 

Employment

May 12, 2021

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

 


For more on Political Economics see AXECquery

May 10, 2021

Occasional Tweets: Economists are dumb folks

 

Occasional Tweets: Learn economics ― but not from scientific losers

 

Economics is failed/fake/cargo cult science for 200+ years.
For more on failure see AXECquery. In particular:

May 7, 2021

Profit: 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’


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 Qm≡(I−Sm)+(G−T)+Yd, Legend: Qm business sector's monetary profit/loss, Sm household sector's monetary saving/dissaving, G government's expenditures, T taxes, Yd distributed profits. #4

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

The first half of the formula is dominant in early capitalism, 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 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, MMT are mutually contradictory, axiomatically false, materially/formally inconsistent, and ALL get profit wrong.

Egmont Kakarot-Handtke




***
Wikimedia AXEC143d

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

 

Occasional Tweets: Learn MMT ― spot the fraud

 

For more on fraud see AXECquery.
For more on refutation see AXECquery.
For more on proof see AXECquery.

May 6, 2021

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

 


 People's Economy or Wall Street's Economy?


For more on Warren Mosler see AXECquery.

***

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

May 5, 2021

Economists’ periodically recurring crocodile tears about inequality

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


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



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

 

Towards the true economic theory

May 2, 2021

Occasional Tweets: The state of macro

 

 

For more on macroeconomics see AXECquery

Occasional Tweets: The Paradigm Shift is settled

 


 Rethink / New Economic Thinking

Occasional Tweets: Economics has always been fake science

 

Occasional Tweets: Among incompetent advisors economists are the worst

 

May 1, 2021

Orthodoxy is refuted ― but MMT also

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


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
#3 For those who want to check the refutation of MMT in greater detail here are the relevant references:
#4 For the reset of economics and the correct macroeconomic Profit Law see Profit