June 30, 2021

Occasional Tweets: How the system works (I)

 


For more about the economics of agenda-pushing see AXECquery

Occasional Tweets: Nothing to teach ― economics is scientifically worthless

 


For more about the econ curriculum see cross-references Econ 101/Old Curriculum/New Curriculum.

Occasional Tweets: To hit always and everywhere ― the MMT deceivers of WeThePeople

 


For the full-spectrum refutation of MMT see cross-references MMT.

June 27, 2021

Occasional Tweets: The economist as social programmer

 


For more about political economics see AXECquery.

June 26, 2021

Occasional Tweets: Economics is just silly talk, talk, talk …

 

Occasional Tweets: For 150+ years, economists again and again awake to the fact that supply-demand-equilibrium is a moronic concept

 

Supply-Demand-Equilibrium

June 23, 2021

Occasional Tweets: Economists still have no idea of what science is

 

June 22, 2021

Occasional Tweets: Economists are not scientists but brain-dead agenda pushers

 


June 20, 2021

Occasional Tweets: Money and crime

 



June 19, 2021

Occasional Tweets: Off to the scientific Nirvana-Of-No-Return

 

Occasional Tweets: Clueless economists / Employment (II)

 


For more about clueless economists see AXECquery.

June 18, 2021

Occasional Tweets: Economists and their silly prediction games

 


For more about prediction see AXECquery

Occasional Tweets: Brace for the biggest profit explosion ever

 


The new economic policy doctrine


For more about self-alimentation see AXECquery.

Occasional Tweets: This is how the U.S. economy works

 

June 17, 2021

Occasional Tweets: MMT ― another 5th column against WeThePeople

 


For more about political economics in general and the undermining of Mr. Corbyn by academic economists in particular see AXECquery and AXECquery.

Occasional Tweets: All one needs to know about economics

 

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Wikimedia AXEC109i

June 16, 2021

Occasional Tweets: Deceiving WeThePeople ― the case of Peter Bofinger

 


For more about Austerity see AXECquery.
For more about Peter Bofinger see AXECquery

Occasional Tweets: Deceiving WeThePeople ― the case of MMT/Bill Mitchell

 


For more about Bill Mitchell see AXECquery

Occasional Tweets: Emoji economics

 

June 15, 2021

Occasional Tweets: Economists push the biggest free lunch ever

 


For more about the Profit Law see AXECquery

Occasional Tweets: Very busy these days: Wall Street’s agents

 
 

For more about agenda pusher see AXECquery.
For more about bashing the Swabian housewife see AXECquery.
For more about the balanced budget see AXECquery.

 

Occasional Tweets: Economics and Logic ― an empty set to this day

 


For more about economics and math see AXECquery.
For more about macroeconomic accounting see AXECquery.

June 14, 2021

Occasional Tweets: Kalecki, too, got profit theory wrong

 



For more about profit theory see AXECquery.
For more about Kalecki see AXECquery.

Occasional Tweets: Economists do not understand cross-over exploitation to this day

 



For more about cross-over exploitation see AXECquery.
For more about distribution see AXECquery.

June 12, 2021

Occasional Tweets: Science, climate, and brain dead economic agenda pushers

 

MMT and the staying power of stupidity/corruption

Comment on Bill Mitchell on ‘MMT and Power ― Part 2’*


MMT's sectoral balances equation has been refuted #1-#3 but Bill Mitchell stubbornly repeats the foundational blunder. This, of course, is long known as unscientific behavior: “In economics we should strive to proceed, wherever we can, exactly according to the standards of the other, more advanced, sciences, where it is not possible, once an issue has been decided, to continue to write about it as if nothing had happened.” (Morgenstern, 1941)

In the section Description and Theory, Bill Mitchell states: “Another example of the ‘description’ story is that MMT is just about accounting relationships ― for example, deriving sectoral balances from the National Accounting framework and then concluding that a government deficit (surplus) must equal the non-government surplus (deficit).
In part, MMT certainly exploits accounting consistency to assemble an analytical framework This is part of the stock-flow tradition in heterodox economics that ensures consistency between flows of things and the stocks they flow into, period to period. …
So the statement: the Government deficit (surplus) equals the non-government surplus (deficit) dollar-for-dollar is a truism and must be true.”

Not at all, it is only true for the scientifically incompetent. MMT gets even the most elementary economic truism wrong. It all depends on what MMTers put in their “non-government” top hat.

Axiomatically correct macroeconomics says for the 2- and 3-sector economy:
  • Q≡−S i.e. profit of the business sector Q is trivially equal to dissaving/deficit-spending of the household sector −S, and loss of the business sector −Q is trivially equal to saving of the household sector S. The balances add up to zero, that is the accounting truism for the most elementary case.
  • Q≡(G−T) i.e. profit of the business sector Q is trivially equal to the budget deficit of the government sector T−G<0.
  • Q≡(G−T)−S is the general case, i.e. profit of the business sector Q is trivially equal to the combined deficit of the household and government sector. In other words: the profit of the business sector equals the combined deficit of the non-business sector and vice versa, the loss of the business sector equals the combined surplus of the non-business sector.

The “non-government” sector is an MMT construct that makes profit disappear. Isn't it a bit strange that Bill Mitchell applies in his post the foundational sociological concept of power but not the foundational economic concept of profit?#4 Except in this summarizing complaint: “I have seen many social media attacks on our work that claims that we are just part of the establishment and want to shore up profits.”#5

Yes, indeed. That's what MMT is all about. It is trivially true that the macroeconomic Profit Law implies Public Deficit = Private Profit. MMTers introduce the redundant non-government sector in order to hide macroeconomic profit from WeThePeople. The remarkable fact is that the rest of academic economics does not realize anything.

If there is a scientific hell, Bill Mitchell and his MMTers will spend an eternity there for political fraud.#6 The rest of academic economics will be there for negligence/complicity.

Egmont Kakarot-Handtke



Related 'Political fraud and the silence of academia'. For details of the big picture see cross-references MMT.

For more about Bill Mitchell see AXECquery.

June 11, 2021

Occasional Tweets: Clueless economists / Employment (I)

 


For more about employment see AXECquery

Occasional Tweets: Rethinking economics a.k.a the inevitable Paradigm Shift

 



Rethinking / New Economic Thinking / Paradigm Shift / Reset

June 9, 2021

Occasional Tweets: Macroeconomics ― time to get it right

 

For more about macroeconomics see AXECquery.
For more about macrofoundations see AXECquery.
For more about Paradigm Shift see AXECquery.
For details of the big picture see cross-references Refutation of I=S and cross-references Keynesianism.

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Wikimedia AXEC121i


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Occasional Tweets: The lost scientific credibility of economics

 


For more about the separation of science and politics see AXECquery.

June 8, 2021

Occasional Tweets: Economics ― hijacked by agenda pushers

 


For details of the big picture see cross-references Failed/Fake Scientists.

Occasional Tweets: MMT's weaponizing of empathy

 

For the full-spectrum refutation of MMT see cross-references MMT.

Occasional Tweets: The problem of economics is that it is fake science to this day

 


For details of the big picture see cross-references Failed/Fake Scientists.

June 7, 2021

Occasional Tweets: After 80+ years, Keynesians are still behind the curve

 

Occasional Tweets: Economic narratives cause severe mental damage

 


For more about narrative see AXECquery.
For more about storytelling see AXECquery.
For more about propaganda see AXECquery.

Occasional Tweets: How MMTers serve the Oligarchy (I)

 



For the full-spectrum refutation of MMT see cross-references MMT

June 6, 2021

Occasional Tweets: "Nowadays we have plenty of cranks." (Joan Robinson)

 


For more about cranks see AXECquery

Occasional Tweets: MMT is anti-social

 

For all about MMT see cross-references MMT.
For more about stealth taxation see AXECquery.

June 5, 2021

Occasional Tweets: Clueless economists / Phillips Curve (II)

 


Occasional Tweets: After 200+ years, economists still have no idea of the foundational concept of economics, i.e. profit

 


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

Note: Because the foundational concept of economics is false, all of the economics is false.

June 4, 2021

Occasional Tweets: Economists are scientifically incompetent ― the smoking gun proof

 


For all about profit see AXECquery.
For more about the Flow-Balance Inconsistency see AXECquery.

Occasional Tweets: Deliberate deception of WeThePeople by academic economics

 


MMT ― just another academic fraud