Occasional Tweets: Macroeconomics ― lots of fun with teaching proto-scientific garbage

 

#Economics#FailedScience#FakeScience

Macroeconomics: Economists are too stupid for sciencehttps://t.co/vTNWwrNUxA#DefundEconomics #FireEconomists #ScrapTheLot pic.twitter.com/DJJ7qZwJ3X

— E.K-H (@AXECorg) July 31, 2021

For more about macrofoundations see AXECquery.

For more about the Cambridge School see AXECquery.

Occasional Tweets: First Economic Law of the macrofoundations Paradigm

 

#DearIdiots#LearnEconomics

First Economic Law® (attached) pic.twitter.com/bmLfGkSxpq

— E.K-H (@AXECorg) July 31, 2021

For more about macrofoundations see AXECquery.

***

This Tweet is a reply to @mattyglesias and @tylercowen but the reference has been "deleted by the Tweet author".

Occasional Tweets: Economics ― 200+ years of disinfotainment

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

Economics is NOT #Science but a #DisInfoTainment shit-show.

Economics as storytelling and entertainment for the masseshttps://t.co/SbHCzAqYov pic.twitter.com/fLOnmlrBqC

— E.K-H (@AXECorg) July 30, 2021

Occasional Tweets: Because macrofoundations are false, economics is proto-scientific garbage

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

Macroeconomics ― still dead after 80+ yearshttps://t.co/D20TrmDMsi pic.twitter.com/5e0IwCE2kj

— E.K-H (@AXECorg) July 30, 2021

What is MMT? (III) ― Rectifying Bill Mitchell

Comment on Bill Mitchell on ‘Booming growth in Britain (Brexit?) but child poverty rises (austerity)’

Blog-Reference and Blog-Reference

“Social media is, of course, awash with Modern Monetary Theory (MMT) and a host of different characters have made it a goal to become MMT proponents, which is a good thing in some respects.”

It is pretty obvious that “MMT proponents” on social media and elsewhere are overwhelmingly agenda-pushers/applause-trolls/useful idiots/sales-reps and #EconBlockers.#1, #2, #3

“MMT is an economic framework for understanding how the macroeconomy works and the role of the currency-issuer in the monetary economy.”

MMT got macrofoundations wrong. Because of this, the whole analytical superstructure is scientifically worthless.#4

“But MMT is not a ‘movement’, nor, is it a progressive agenda.”

MMTers present themselves as Real Progressives when it suits them, e.g. when they fight UK Labour. Actually, MMT is a movement of and for the Oligarchy.#5, #6, #7

“I keep reading things like ‘MMT advocates taxing the rich’. It doesn’t.”

No, MMT advocates deficit-spending/money-creation which is (because of the 3-sector Profit Law Q≡(G−T)+(I−S)+Yd) to the advantage of the Oligarchy and to the disadvantage of WeThePeople.#8, #9

Egmont Kakarot-Handtke

#1 Economics, communication, disinformation

#2 Economists ― the Oligarchy's agenda pushers

#3 Links on MMTers push Wall Street’s agenda

#4 The unassailable formal refutation of MMT

#5 How Bill Mitchell stalks Jeremy Corbyn

#6 MMT: Corbynism is dead, British Labour is next

#7 Mission accomplished: Economists as useful idiots of the Oligarchy

#8 MMT, money creation, stealth taxation, and redistribution

#9 MMT pushes the Oligarchy's agenda ― and they push MMT

***

Twitter Jul 30

***

Bill Mitchell

• Deceiving WeThePeople ― the case of MMT/Bill Mitchell
• Bill Mitchell says that economists are fake scientists ― true, but MMTers are NOT different
• Proving Bill Mitchell wrong ― burying MMT for good
• Bill Mitchell cracks the spending whip over the Swabian housewife
• Bill Mitchell, MMT, Progressives: economists as Oligarchy hacks
• Mainstream vs MMT ― another clown show
• Economic backstabbing: Bill Mitchell hits again
• Bill Mitchell’s pure MMT teachings for British Labour
• Bill Mitchell’s dishonorable discharge from the sciences
• Bill Mitchell ― Wall Street’s hitman keeps an eye on MMT defeatists
• MMT, Bill Mitchell, and the lack of basic scientific integrity
• How Bill Mitchell stalks Jeremy Corbyn
• MMT is dead: An unfriendly critique of Bill Mitchell
• Bill Mitchell, MMT’s fake scientist
• Cryptoeconomics ― the best of Bill Mitchell’s spam folder
• The final implosion of MMT

Ocassional Tweets: Economists ― crazy or scientifically incompetent?

 

#Economics#FailedScience#FakeScience

“Economics is the study of the economy, not the study of economists.” (R. Reis)#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, are mutually contradictory, axiomatically false, materially/formally inconsistent. pic.twitter.com/LlTE3YvS8k

— E.K-H (@AXECorg) July 29, 2021

Occasional Tweets: Right policy depends on true theory

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

Econogenics: economists pose a hazard to their fellow citizenshttps://t.co/SyFCKMbDmx pic.twitter.com/gf6solpHYQ

— E.K-H (@AXECorg) July 28, 2021

For more about the true theory see AXECquery. 

Occasional Tweets: The absolute & invariable truth about orthodox & heterodox economics

 

#FailedScience#FakeScience

The absolute & invariable #Truth is that #Economics is NOT #Science because #Economists are too stupid for the elementary #Algebra of #MacroFoundations. Bc of this, both #Orthodoxy & #Heterodoxy get the foundational economic concept of #Profit wrong. pic.twitter.com/8UqC0zOKE7

— E.K-H (@AXECorg) July 28, 2021

For more about Orthodoxy see AXECquery.

For more about Heterodoxy see AXECquery.

Occasional Tweets: It is no accident that economics has come down to disinfotainment

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth#DisInfoTainment

If you think this handball chit-chat is a harmless distraction, you are mistaken. Economists are always on duty as agenda pushers for the #Oligarchy. pic.twitter.com/JmZZm0yG2L

— E.K-H (@AXECorg) July 26, 2021

For more about communication see AXECquery.

For more about the swamp between true and false see AXECquery.

Debunking economists' favorite hallucinations

Comment on J.W. Mason on ‘At Age of Economics: How Should an Economist Be?’*

Blog-Reference and Blog-Reference

1. “The most obvious way that economics matters is that it has an enormous prestige in our society. Economists have a level of respect and authority that no other social scientist, arguably no other academic discipline possesses.”Economics is failed/fake science.#1

The prestige it has in society is a result of massive political promotion and not of any genuine scientific merits.#2

2. “It’s also important to realize that economics has come up with some very useful concepts, to make sense of this world around us: concepts like GDP or employment.”

In 200+ years economists did not get the foundational concept of macroeconomic profit right. Because of this, the concept of GDP is provably false.#3

3. “… you’ll find a lot of useful tools within economics.”

The main tools are constrained optimization and supply-demand-equilibrium and both are methodological garbage, i.e. based on untenable axioms.#4 Because the foundations of economics are false the whole analytical superstructure is scientifically worthless.

4. “And to be fair, there are plenty of prominent mainstream macroeconomists who have a lot of interesting and insightful things to say about real economies. The thing is that when they’re talking about the real world, they ignore what they doing their scholarly work.”

That is a euphemism for collective schizophrenia, i.e. of the fact that economists are either stupid or corrupt or both.#5

5. “But it’s almost impossible to imagine a non-ideological economics. … So as long as we live under capitalism, we are never going to have an established scientific study of capitalism.”

From J. W. Mason's and other scientifically incompetent economists' lack of imagination does NOT logically follow that economics cannot move above the level of proto-scientific garbage and political corruption.#6

6. “If you want to think about capitalism as a system, you need to go back to Karl Marx.”

No! Marx was just another scientifically incompetent clown/useful idiot in the political Circus Maximus.#7 If you want to think about the economy you have to move from false microfoundations and false macrofoundations to true macrofoundations.

Egmont Kakarot-Handtke

* Blog

#1 Wikipedia, economics, scientific knowledge, or political agenda pushing?

#2 The real problem with the economics Nobel

#3 The GDP-death-blow for the economics profession

#4 Get it econ suckers: behavioral microfoundations ⇒ false, systemic macrofoundations ⇒ true

#5 Schizonomics

#6 The Paradigm Shift is an accomplished fact

#7 Dear idiots, Marx got profit and exploitation wrong

***

Wikimedia AXEC121i

Occasional Tweets: Economics and the Age of Fraud

 

#Econ#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth#Economics has NEVER been #Science. #Economists are NOT #Scientists but too stupid for the elementary #Algebra that underlies #MacroEconomics. ⇒https://t.co/CfmwBuMFU0 pic.twitter.com/MVdWZ7S7tE

— E.K-H (@AXECorg) July 26, 2021

Related 'Economic policy guidance NEVER had sound scientific foundations' and 'Economics, methodology, morals ― a creepy freak-show'.

Occasional Tweets: How the economy works ― the Profit Law

 

This is how the #Economy works: the 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. So, the #MMT policy of increased #DeficitSpendingMoneyCreation will result in a #ProfitExplosion.

MMT works just fine (for the Oligarchy)https://t.co/J7ThjKM5fF

— E.K-H (@AXECorg) July 26, 2021

For more about the Profit Law see AXECquery.

Preceding profit explosion.

***

Wikimedia AXEC143d Profit Law (with increasing complexity) and Balances Equation

Occasional Tweets: Profit explosion

 

#LearnEcon

COV is a godsend for the #Oligarchy. The 3-sector #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) July 26, 2021

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

Occasional Tweets: Behavioral Economics has always been cargo cult science

 

#Economics#FailedScience#FakeSciences#Economists#StupidOrCorruptOrBoth#Reset

Get it econ suckers: behavioral microfoundations ⇒ false, systemic macrofoundations ⇒ truehttps://t.co/VufeQMFV1v pic.twitter.com/GFFxxTdmGj

— E.K-H (@AXECorg) July 26, 2021

For more about cargo cult science see AXECquery. 

Occasional Tweets: The basics about inflation (I)

 

#Economics#FailedScience#FakeScience

For 200+ years, the theory of #Inflation is proto-scientific garbage bc the theory of #Money is crap bc #MacroFoundations are false bc #Economists are too stupid for simple #Algebra.

Clueless economists / Inflationhttps://t.co/bvWgilUF1y pic.twitter.com/AlyyWbvR7J

— E.K-H (@AXECorg) July 25, 2021

For more about inflation see AXECquery. 

Occasional Tweets: Economists ― agenda pushers for the Oligarchy

 

#DearIdiots#LearnEconomics#HowEconomistsServeTheRich

COV is a godsend for the #Oligarchy. The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. Therefore, the policy of increased #DeficitSpendingMoneyCreation produces a #ProfitExplosion.

— E.K-H (@AXECorg) July 25, 2021

Occasional Tweets: Oligarchy vs WeThePeople ― who pays for COV?

 

#MMT#BadScienceBadPolicyBadPeople

The three dumbest MMT argumentshttps://t.co/DIKIEwGuAA

— E.K-H (@AXECorg) July 25, 2021

***

The three dumbest MMT arguments

Comment on Lars Syll on ‘It’s not the debt we need to fix, stupid! It’s our thinking.’

Blog-Reference and Blog-Reference

1. “Can a government go bankrupt? No. You cannot be indebted to yourself.”

The 3-sector Profit Law Q≡(G−T)+(I−S)+Yd implies Public Deficit = Private Profit. So, private financial wealth grows in lockstep with public debt. WeThePeople owes the debt and is taxed for the interest payments to the Oligarchy for an indefinite time. The upper limit for the public debt ― which is in class terms the debt of the working class to the capitalist class ― is given by the interest burden in relation to wage income.#1

2. “Can a central bank go bankrupt? No. A central bank in a monetary sovereign country can always ‘print’ more money.”

Yes, the central bank creates money out of nothing at any time and any amount. There is no technical problem. The economic problem is whether the central bank finances the wage bill of the business sector or whether it finances the government’s direct or indirect purchase of current output. In the latter case, the central bank acts like a counterfeiter who helps the government to redistribute output among WeThePeople.#2

3. “Do taxpayers have to repay government debts? No, at least not as long the debt is incurred in a country’s own currency.”

Public debt can be rolled over for an indefinite time. And for this time it is the interest cash cow of the Oligarchy. However, pushing debt beyond the time horizon does not mean that it vanishes. Central bank money is a specific form of an IOU, i.e. the liability side of the central bank's balance sheet (= money) is equal to the amount of short- or long-term debt on the credit side.#3 It is the defining property of debt that it has eventually to be repaid. So yes, the grandchildren of WeThePeople have to repay the public debt to the grandchildren of the Oligarchy.#3, #4

With deficit-spending/money-creation, i.e. a growing public debt, actual problems are not really solved but merely shifted beyond the time horizon. Ultimately, this is to the advantage of the Oligarchy and to the disadvantage of WeThePeople.

Whether they know it or not does not matter: MMTers in general and Lars Syll, in particular, are just the useful idiots of the Oligarchy.#5 Academic economics is provably false, that is, scientifically worthless.

Egmont Kakarot-Handtke

#1 From the debt economy to the gift economy: how America is brainwashed to love budget deficits

#2 MMT, money creation, stealth taxation, and redistribution

#3 The ultimate ― analytical ― origin of money

#4 How to pay for the war and to be bamboozled by economists

#5 Criminals and the monetary order

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

For more about Lars Syll see AXECquery.

Economics, communication, disinfotainment

Comment on Matt Franko on ‘AOC weighs in on “inflation!”’

Blog-Reference

Economists from Adam Smith/Karl Marx onward claimed to do science. They never did. For 200+ years, economics has been failed/fake science.#1, #2

“In order to tell the politicians and practitioners something about causes and best means, the economist needs the true theory or else he has not much more to offer than educated common sense or his personal opinion.” (Stigum) Economists do NOT have the true theory: Walrasianism, Keynesianism, Marxianism, Austrianism, and MMT are mutually contradictory, axiomatically false, materially / formally inconsistent, and all got macroeconomic profit wrong.

So, economists have NO scientific knowledge but only their worthless personal opinions. As a matter of principle, everybody has the right to his own opinion no matter how stupid, crazy, wrong, or absurd, the only exception is scientists. The ancient Greeks started science by distinguishing between doxa (= opinion) and episteme (= knowledge). Scientific knowledge is well-defined by material and formal consistency. Knowledge is established by proof — belief or opinion counts for NOTHING. Economics is provably false.#3

As a matter of principle, scientists do NOT discuss the statements of politicians on scientific matters because politicians have by definition only opinions but no knowledge. Politics and science are mutually exclusive. Only economists who are themselves political agenda pushers discuss the silly pronouncements of politicians on economic matters.

Inflation is a case in point. Of course, what Alexandria Ocasio-Cortez says about inflation is garbage. Nobody expects anything else from a politician. However, one expects more from an economist because economists are ― according to their self-presentation since Adam Smith/Karl Marx ― scientists.

The fact of the matter is, though, that what MMTers say about inflation is worth as much as what the member of the United States Congress, Alexandria Ocasio-Cortez, says: nothing.#4

Economists in general, and MMTers in particular, are NOT scientists but an integral part of a political disinformation exercise.#5

Egmont Kakarot-Handtke

#1 Delusions of useful idiots

#2 Economists: Incompetent? Stupid? Corrupt?

#3 Wikipedia, economics, scientific knowledge, or political agenda pushing?

#4 Clueless economists / Inflation

#5 Wikimedia AXEC176b

Related 'How to get out of the swamp of ignorance' and 'Economic recommendations out of the swamp between true and false' and 'A new curriculum for swampies?' and 'NAIRU and economists’ lethal swampiness' and 'Getting out of the economics swamp' and 'Macroeconomics: Drain the scientific swamp' and 'Dialectic: the swampies’ methodology of choice' and '#DrainTheScientificSwamp' and 'Economists and philosophers ― creatures from the scientific swamp.

For more about disinfotainment see AXECquery.

***

Twitter Oct 14, 2022

Twitter/X Jan 13, 2024 In the meantime, misinformation/disinformation/disinfotainment has become the #1 global risk

Occasional Tweets: MMTers ― stupid or corrupt or both?

 

#DearIdiots#LearnEconomics

“Deficit of gov't = addition to the financial balance of non-gov't.” NO! The 3-sector #ProfitLaw Q≡(G−T)+(I−S) implies #PublicDeficitIsPrivateProfit. Thus, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. ⇒https://t.co/J7ThjKM5fF

— E.K-H (@AXECorg) July 23, 2021

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

For more about free lunch see AXECquery.

For more about stupid or corrupt or both see AXECquery.

Occasional Tweets: The axiomatic stake through the heart of the Quantity Theory

 

#Economics#FailedScience#FakeScience

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

Forget Friedman, forget the Quantity Theoryhttps://t.co/UmRrHlfxsu

— E.K-H (@AXECorg) July 21, 2021

For more about inflation see AXECquery. 

Occasional Tweets: Economists ― the Oligarchy's agenda pushers

 

#DearIdiots#LearnEcon

The 3-sector #ProfitLaw Q≡(G−T)+(I−S) implies #PublicDeficitIsPrivateProfit. Thus, the policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Growing #PublicDebt produces a #ProfitExplosion. Thx, Mr. Biden.⇒https://t.co/ABFUc41eMs

— E.K-H (@AXECorg) July 20, 2021

For more about Public Deficit = Private Profit see AXECquery.

Occasional Tweets: Abusing disaster for pushing the deficit/debt agenda

 

#Econ

The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Their useful academic idiots abuse the flood to push the deficit/debt agenda. That's ethically/scientifically corrupt.

— E.K-H (@AXECorg) July 18, 2021

Related MMT: If you’ve got a problem, I don’t care what it is, let me help

Occasional Tweets: Applause-trolling does not help ― macrofoundations are provably false

 

Obviously, you overlooked that Godley/Cripps messed up #MacroFoundations on p. 24: “It is extremely useful to chose definitions such that total income and expenditures … are identically equal…" NO! this is extremely stupid.

Micro and macro inconsistencyhttps://t.co/byeOHoHHmG pic.twitter.com/gqYXybeIzo

— E.K-H (@AXECorg) July 18, 2021

For more about macrofoundations see AXECquery. 

Occasional Tweet: The deconstruction of supply-demand-equilibrium has long since been done

 

#LearnEconomics

Bang — the representative economist and supply-demand-equilibrium are deadhttps://t.co/aNBIV3Tq92

How to Get Rid of Supply-Demand-Equilibriumhttps://t.co/hRcvWEQ6dH

The Law of Supply and Demand: Here It Is Finallyhttps://t.co/VKbRFurANb

— E.K-H (@AXECorg) July 18, 2021

For more about supply-demand-equilibrium (S-D-E) see AXECorg. 

Occasional Tweets: MMT and the Helping-the-Poor fraud

 

In real terms, stimulus checks for the poor redistribute output from the rest of #WeThePeople.

The #MMT policy of #DeficitSpendingMoneyCreation translates into #PublicDeficitIsPrivateProfit for the #Oligarchy and #StealthTaxation for #WeThePeople.⇒https://t.co/EJwqgom77G pic.twitter.com/D3vLSlL4ci

— E.K-H (@AXECorg) July 17, 2021

Occasional Tweets: Employment and inflation ― right policy depends on true theory

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

The axiomatically correct macroeconomic #EmploymentLaw tells one that #PriceInflation is bad for #Employment, and #WageInflation is good.

Right policy depends on true theoryhttps://t.co/LbKFQnygXs

— E.K-H (@AXECorg) July 17, 2021

For details of the big picture see cross-references Employment/Phillips Curve.

Occasional Tweets: Religion, science, fake science, economics

 

#Econ#Economics is about how the #Economy works and NOT about the Latin Mass. #Economists are too stupid for the elementary #Algebra of #MacroEconomics. Bc of this, they get the foundational concept of #Profit wrong. Bc of this, economics is proto-scientific garbage. pic.twitter.com/LBBq14c5z0

— E.K-H (@AXECorg) July 16, 2021

Economics / Religion

• If religion is opium of the people, economics is crack of the people
• Fake religion, fake science, fake news, and false complaints
• Economics is not science, not religion, but proto-scientific garbage
• No religion, merely incompetence
• The Supreme Being handed over these Twelve Economics Commandments
• Economists: Jacks-of-all-trades ― except economics

For more about economics imperialism see AXECorg.

Occasional Tweets: MMTers ― abusing babies for pushing Wall Street's agenda

 

#MMT#BadScienceBadPolicyBadPeople

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

The page where Stephanie Kelton gets macroeconomics wrong https://t.co/CNFDkXM1Ki

— E.K-H (@AXECorg) July 15, 2021

Stephanie Kelton

• Stephanie Kelton's modern monetary terror
• The Kelton Myth
• The memorable Kelton/Trump victory against WeThePeople
• Stephanie Kelton
• Stephanie Kelton: “All deficits are good for someone” Yes, Someone=Oligarchy
• Stephanie Kelton: MMT’s public farce
• How Stephanie Kelton brain-washes a lovely young English girl
• Stephanie Kelton sells children into debt slavery
• Paul’s and Stephanie’s economic delirium talk
• Stephanie Kelton and the self-destructive stupidity of the super-rich
• Stephanie Kelton on how to become fabulously wealthy
• Stephanie Kelton’s legendary Plain-Sight-Ink-Trick
• Links on Liza N. Burby‘s ‘Cutting-Edge Economist Stephanie Kelton Delivers Presidential Lecture’
• MMT: How mathematical incompetence helps the Kelton-Fraud
• The Kelton Fraud
• MMT pushes the Oligarchy's agenda ― and they push MMT 

Occasional Tweets: Meet the young economists ― same driveling idiots as the old economists

 

#Economics#FailedScience#FakeScience

What makes P. Heimberger think that he understands “macroeconomic relationships”? #Economists are too stupid for the elementary #Algebra that underlies #MacroEconomics.

Clueless economists / Macrofoundationshttps://t.co/Lj85oSJUY6 pic.twitter.com/XjrsLNMPCZ

— E.K-H (@AXECorg) July 15, 2021

For more about New Economic Thinking see AXECquery. 

Occasional Tweets: Keynes ― another episode of the ongoing proto-scientific shitshow

 

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

In the grand scheme of things, Lord Keynes was only a small-time crookhttps://t.co/qD8aPg7TXv pic.twitter.com/NhlL11oaI0

— E.K-H (@AXECorg) July 13, 2021

For more about Keynesianism see AXECorg. 

Occasional Tweets: Read Marx ― learn what failed/fake science is

 

#Economics#FailedScience#FakeScience#Economists who have read Marx and not realized that it is proto-scientific garbage should keep quiet and NOT make fools of themselves on Twitter.

Dear idiots, Marx got profit and exploitation wronghttps://t.co/0kj2UV8UXT

— E.K-H (@AXECorg) July 13, 2021

Marxianism, too, is failed/fake science

• Keynes―Marx―Profit: The abysmal scientific failure of economics
• Marx and Marxists ― too stupid for the elementary algebra of profit
• Karl Marx, fake scientist
• Marx, the moron
• Marxism is one of four instances of proto-scientific garbage
• Here is the long-overdue scientific death certificate for Marx and Marxists
• Marx’s bicentennial ― nothing to discuss, nothing to celebrate
• 200 years in the dark ― how Marx got it wrong
• Profit for Marxists
• Capitalism, poverty, exploitation, and cross-over exploitation

For more about Karl Marx see AXECquery.

For more about Marxianism see AXECquery.

Occasional Tweets: No bright future for stupidity/corruption

 

#Economics is and has always been #FakeScience. #Economists are and have always been #Clowns/#AgendaPushers/#UsefulIdiots in the political #CircusMaximus. Time to restore the strict separation of #Science and #Politics. ⇒https://t.co/UdAeo2HUJx
andhttps://t.co/tcf7JJQr5o pic.twitter.com/VFgvN55Kxk

— E.K-H (@AXECorg) July 12, 2021

Occasional Tweets: How MMTers serve the Oligarchy (II)

 

#HowMMTersServeTheRich

The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. Thus, the #MMT policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Consequently, MMT scammers claim: “We need not a cent from the rich.” pic.twitter.com/CVYAjuZ5AC

— E.K-H (@AXECorg) July 12, 2021

 

Get it: MMT-Progressives don’t tax the rich.

For more about don't tax the rich see AXECquery.

For more about stealth taxation of WeThePeople see AXECquery.

For more about how economists/MMTers serve the rich/Oligarchy see AXECquery.

Keynes―Marx―Profit: The abysmal scientific failure of economics

Comment on Michael Roberts/Tom Hickey on ‘Marx’s reproduction schema’*

Blog-Reference and Blog-Reference

Michael Roberts summarizes: “… for Marx, under capitalism, … investment growth depends on profitability, …” and “for Marx, savings are profits because workers do not save, so there is a class aspect to his reproduction model.”

Tom Hickey cites Keynes: “The Engine which drives Enterprise is not Thrift, but profit.” (Treatise on Money, 1931)

OK folks, and what does profit depend on? The fact of the matter is that neither Marx nor Keynes had any idea of what profit is. And that is rather bad for any economist who claims to do science.#1, #2

The macroeconomic 3-sector Profit Law reads Q≡(G−T)+(I−S)+Yd.#3 This formula tells one, among many other important things, that monetary profit Q depends on investment I.#4 And there you have it: investment depends on profit, and profit depends on investment. In systems theory, this is called a positive feedback loop. And every half-wit knows by now that positive feedback is what destabilizes a system and eventually destroys it. The big insight about Capitalism is that at its heart there is a positive feedback loop. And this explains the economic system's dynamic and crises.

How does MMT fit in? The Profit Law implies Public Deficit (G−T)>0 = Private Profit Q. Thus, the MMT policy of deficit-spending/money-creation is a free lunch for the Oligarchy. While investment i.e. a growing real capital stock is the life elixir of Early Capitalism, growing public debt is the life elixir of Late Capitalism.#5

This, then, is the scandal of 200+ years of economics. Economics is all in one: scientific failure and political fraud because Walrasianism, Keynesianism, Marxianism, Austrianism, MMT, and Pluralism are mutually contradictory, axiomatically false, and materially/formally inconsistent, and ALL got profit wrong.

Because of this, economic policy guidance NEVER has had sound scientific foundations. It has ALWAYS been brain-dead agenda-pushing of political clowns. Left-right-center does not matter. Time to bury Marx and Keynes and MMT and all the rest at the Flat-Earth Cemetery.

Egmont Kakarot-Handtke

* Michael Roberts blog

#1 Cross-references Profit/Distribution

#2 Wikipedia, economics, scientific knowledge, or political agenda pushing?

#3 Profit: The most powerful formula of economics

#4 Squaring the Investment Cycle

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

***

Wikimedia AXEC172

Occasional Tweets: Politicians have NOTHING to say in scientific matters

 

#MMT#BadScienceBadPolicyBadPeople

The unassailable formal refutation of MMThttps://t.co/xGwVw91M2n

Whether politicians are for or against MMT is a matter of indifference. Science has the last word and it is thumbs down on MMT.

— E.K-H (@AXECorg) July 10, 2021

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

Occasional Tweets: Economists ― a bunch of fake scientists, brain-dead agenda pushers, and silly applause trolls

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

How Steve Keen got the foundational economic concept of #Profit wrong, messed up Heterodoxy, and ended as an #EconBlocker.

Debunking Squaredhttps://t.co/WP0GvLkq4d#FireEconomists pic.twitter.com/VAop9vjkyf

— E.K-H (@AXECorg) July 10, 2021

For more about Steve Keen see AXECquery.

MMTers at the end of their wits

Comment on Bill Mitchell on ‘Intergenerational Report ― the past is catching up with the government and the game is up’*

Blog-Reference and Blog-Reference

Bill Mitchell comments the 2021 Intergenerational Report as follows: ridiculous, smokescreen-creating, jam-packed with scaremongering, latest nonsense, madness, designed to deflect the damage that the government surpluses were creating in the mid-1990s, embarrassing for Treasury workers to be coerced by their bosses into producing this garbage.” and “What parades as economic analysis is just the usual neo-liberal mainstream nonsense that currency-issuing governments have run out of money and fiscal deficits are dangerous.” and “We have also seen that the government can spend what it likes without taxes going up and without bond markets declaring the government insolvent. We have now lived with large deficits as a result of the pandemic and the game is up on the deficits are bad and the sky will crash down story line.“

All this, of course, is not a scientifically valid argument but desperate political shit throwing. As such it is just another example of the abysmal level of academic economics. To this day, economists are too stupid for the elementary algebra of macroeconomics.#1

MMT has been refuted by the proof of its inconsistency. Because the foundational concepts of MMT are false the whole analytical superstructure of MMT is scientifically worthless.#2 That is, MMT's policy guidance has NO sound scientific foundations. It is just political agenda pushing for the benefit of the Oligarchy. The claim that MMT policy is for the benefit of WeThePeople is a political fraud.#3

MMTers debate every crappy argument that comes their way but has never attempted to refute the proof of the inconsistency of the MMT sectoral balances equation.#4

MMT is refuted on all counts and a sure sign that MMTers are at the end of their wits is that all that they do is to repeat their thoroughly refuted silly slogans of the harmlessness of a continuously growing public debt.#5

It is a mathematical certainty that the macroeconomic Profit Law implies Public Deficit = Private Profit. By the same token, it is a political certainty that MMTers are agenda-pushers for the Oligarchy and false Friends-of-the-People.

Egmont Kakarot-Handtke

* Bill Mitchell's blog

#1 Wikipedia, economics, scientific knowledge, or political agenda pushing?

#2 MMT has been conclusively refuted and MMTers can do NOTHING about it

#3 For details of the big picture see cross-references MMT

#4 MMTers still don't get the foundational sectoral balances right

#5 No MMT illusions! YOU are going to pay for it

Related 'Links on Austerity' and 'From the debt economy to the gift economy: how America is brainwashed to love budget deficits' and 'Hype does not help: MMT is toast' and 'Clueless economists / Macrofoundations'.

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Wikimedia AXEC118d

Occasional Tweets: Economics is and has always been fake science

 

#TheScientistIsNoActivist#TheActivistIsNoScientist#Economics is and has always been #FakeScience. #Economists are and have always been #Clowns/#AgendaPushers/#UsefulIdiots in the political #CircusMaximus.
Politics corrupts science, always and everywherehttps://t.co/UdAeo2HUJx pic.twitter.com/tykPP8DCuU

— E.K-H (@AXECorg) July 8, 2021

Occasional Tweets: Economists ― the dumbest excuse for scientific failure ever

 

#Econ#FailedScience#FakeScience#Economists are too stupid for the elementary #Algebra of #MacroFoundations. Because of this, they get the foundational concept of #Profit wrong. Because of this, the whole of #Economics is scientifically worthless. ⇒https://t.co/QJycQUh0Uj

— E.K-H (@AXECorg) July 8, 2021

 

For details of the big picture see cross-references Failed/Fake Scientists in particular Failed economics: The losers’ long list of lame excuses.

For more about failure see AXECquery.

Occasional Tweets: Economists are too stupid for science

 

#Economics#FailedScience#FakeScience#Economists are too stupid for the elementary #Algebra of #MacroEconomics. Because of this, they get the foundational concept of #Profit wrong. Because of this, the whole of economics is scientifically worthless. pic.twitter.com/FdKRmWiGrg

— E.K-H (@AXECorg) July 8, 2021

How the Intelligent Non-Economist Can Refute Every Economist Hands Down → SSRN 

Occasional Tweets: Young scientists watch out

 

Nachwuchswissenschaftler*innen aufgepasst #Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT, #Pluralism are mutually contradictory, axiomatically false, and materially/formally inconsistent. #Economics is NOT #Science but proto-scientific garbage since A.Smith/K.Marx.

— E.K-H (@AXECorg) July 7, 2021

For more about curriculum see AXECquery.

Occasional Tweets: Economics ― brain-dead agenda-pushing since the founding fathers

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

Since the founding fathers, economics is NOT science but political agenda-pushinghttps://t.co/dZhAtFEGBb#DefundEconomics #FireEconomists #ScrapTheLot pic.twitter.com/4pAAOTTeRl

— E.K-H (@AXECorg) July 7, 2021

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