July 23, 2021
Economics, communication, disinformation
Comment on Matt Franko on ‘AOC weighs in on “inflation!”’
Economists from Adam Smith/Karl Marx onward claimed to do science. They never did. For 200+ years, economics is 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 with the distinction 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 political 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
#5 Wikimedia AXEC176a
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.
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