July 26, 2021

Debunking economists' favorite hallucinations

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

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

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