Occasional Tweets: Employment theory ― proto-scientific garbage for 200+ years

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth#EmploymentTheory is proto-scientific garbage for 200+ years.

Keynes’ Employment Function and the Gratuitous Phillips Curve Disasterhttps://t.co/fYComRqFX3

— E.K-H (@AXECorg) August 31, 2021

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

Occasional Tweets: Economists are not scientists but agenda pushers and self-promoter

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth#TheActivistIsNoScientist#TheScientistIsNoActivist

Agenda pushers and hijackers vs scientistshttps://t.co/Kh6Kj6ikrc pic.twitter.com/lhgyXyw3Hb

— E.K-H (@AXECorg) August 29, 2021

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

Occasional Tweets: Economists have no idea how the economy works but can tell a lot of stories about it

 

#Economics#FailedScience#FakeScience#DisInfoTainment

Economics as storytelling and entertainment for the masseshttps://t.co/SbHCzAqYov#DefundEconomics #FireEconomists #ScrapTheLot

— E.K-H (@AXECorg) August 29, 2021

For more about storytelling see AXECquery. 

Occasional Tweets: How the monetary economy works

 

The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. Thus, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Growing #PublicDebt is the life elixir of #LateCapitalism. Financial Wealth of the Oligarchy ≈ Public Debt of WeThePeople.

— E.K-H (@AXECorg) August 29, 2021

Occasional Tweets: Accounting identities ― false since Keynes

 

#MMT#BadScienceBadPolicyBadPeople

When #MMTers talk of an accounting identity one should always be aware that #Economists, in general, are too stupid for the elementary #Algebra that underlies macroeconomic accounting.

MMTers: too stupid for simple mathhttps://t.co/7qhGPGzjew pic.twitter.com/4gBpWs49Qm

— E.K-H (@AXECorg) August 28, 2021

For details of the big picture see cross-references Accounting and cross-references Math/Mathiness.

Occasional Tweets: How to fix economics

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth#DefundEconomics#FireEconomists#ScrapTheLot

— E.K-H (@AXECorg) August 28, 2021

For details of the big picture see cross-references Scientific Incompetence and cross-references Paradigm Shift and cross-references Axiomatization.

Occasional Tweets: Keynes and Post Keynesians ― too stupid for science

 

#Economics#FailedScience#FakeScience#Keynes messed up #MacroFoundations because he was too stupid for elementary #Algebra. After-Keynesians do not get it to this day.

Keynes ― the poster boy for the weakness of the economist’s mindhttps://t.co/RgruUzd0gx pic.twitter.com/RNYw0zq44E

— E.K-H (@AXECorg) August 28, 2021

For details of the big picture cross-references Keynesianism.

Related 'Why Post Keynesianism Is Not Yet a Science'.

Occasional Tweets: "All economics is woo woo"

 

#MMT#Economists#StupidOrCorruptOrBoth

If all economics is unscientific, as you say, then the #EconNobel, i.e. the “Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel” is a fraud.

The real problem with the economics Nobelhttps://t.co/kCwE4nptUQ

— E.K-H (@AXECorg) August 26, 2021

Occassional Tweets: Odd ― economists can explain the Taliban but not how the economy works

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth#Economics is NOT about Human Nature/motives/behavior/action but about the behavior of the economic #System.

Economics is NOT a social sciencehttps://t.co/ENmXGsBMvD pic.twitter.com/mZsnQ8o5Cc

— E.K-H (@AXECorg) August 27, 2021

Occasional Tweets: Economists ― fake fighters for a better world

 

#Economics#FailedScience#FakeScience#Economists have always been a hazard to their fellow citizens because they are NOT #Scientists but #Clowns/#UsefulIdiots in the political #CircusMaximus.

Iatrogenic economicshttps://t.co/BR3Lnnt5nf#DefundEconomics #FireEconomists

— E.K-H (@AXECorg) August 27, 2021

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

Occasional Tweets: MMT trolls ― dumb but very busy (II)

 

The #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. Thus, the #MMT policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Growing #PublicDebt is the life elixir of #WallStreet. ⇒https://t.co/XX5wLtLBu9 pic.twitter.com/VLty7ZwufJ

— E.K-H (@AXECorg) August 26, 2021

For more about money see AXECquery. 

Occasional Tweets: Kalecki, too, got macroeconomics badly wrong

 

#Economics#FailedScience#FakeScience

The history of economic thought is the history of scientific failure. Kalecki, too, got macroeconomic #Profit wrong.

Cross references: Kaleckihttps://t.co/NVpmqGFy1m#NoFalseHeroMemorials

— E.K-H (@AXECorg) August 24, 2021

For more about Kalecki see AXECquery. 

Occasional Tweets: Marginalism ― proto-scientific garbage for 150+ years

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

There is NO such thing as supply-demand-equilibrium.

Marginalism is the landmark of scientific incompetencehttps://t.co/e8WmHvNz3O

The solemn burial of marginalismhttps://t.co/9MVsTvNma4

— E.K-H (@AXECorg) August 22, 2021

For more about marginalism see AXECquery. 

Occasional Tweets: MMT trolls ― dumb but very busy (I)

 

“Their deficits = our balances” is false. Public Deficit = Private Profit is true.

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

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

— E.K-H (@AXECorg) August 21, 2021

 

For more about Stephanie Kelton see AXECquery. 

Occasional Tweets: The history of economic thought is the history of scientific failure (II)

 

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

The father of modern economics and his imbecile kidshttps://t.co/HM0cpzXZbA

Milton Friedman, fake scientisthttps://t.co/Cd3gu2jTGF

Links on Paul Krugman, proto-scientific impresariohttps://t.co/RRYQuNSgTU pic.twitter.com/D81PfkwWxK

— E.K-H (@AXECorg) August 21, 2021

Occasional Tweets: That friday feeling about economics

 

#Economics#FailedScience#FakeScience#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT, are mutually contradictory, axiomatically false, and materially/formally inconsistent. #Economists are scientifically incompetent.#DefundEconomics #FireEconomists #ScrapTheLot pic.twitter.com/tZj1HE8U58

— E.K-H (@AXECorg) August 20, 2021

Occasional Tweets: How Post Keynesianism was buried at the Flat-Earth Cemetery

 

#LearnEconomics

The concept of “national income (wage bill plus the profits)” is provably false and the proof is available on SSRN:

Debunking Squaredhttps://t.co/WP0GvLkq4d

This paper buries Heterodoxy/Post Keynesianism for good at the Flat Earth Cemetery. pic.twitter.com/iJJDqAcjxA

— E.K-H (@AXECorg) August 20, 2021

For more about Keynesianism see AXECquery. 

 

 

Occasional Tweets: NONENTITIES ― the stuff employment theory has always been made of

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

NAIRU and the bastard Phillips Curve have always been proto-scientific garbage.

NAIRU ― letting one more NONENTITY gohttps://t.co/bPDmLCcs0E

— E.K-H (@AXECorg) August 18, 2021

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

For more about NONENTITY see AXECquery.

Occasional Tweets: MMT ― political economics ― agenda-pushing for the Oligarchy

 

#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 pic.twitter.com/XzEwNLAcR7

— E.K-H (@AXECorg) August 17, 2021

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

Occasional Tweets: The futile attempt to recycle Keynes (I)

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth#Keynes messed up #MacroFoundations because he was too stupid for elementary #Algebra.

Keynes ― the poster boy for the weakness of the economist’s mindhttps://t.co/RgruUzd0gx pic.twitter.com/oqS7PbPJUx

— E.K-H (@AXECorg) August 16, 2021

For more about Keynes see AXECquery. 

Occasional Tweets: Economics ― truly global incompetence

 

Right policy depends on true theory. #Economists do NOT have the true theory. Economic policy guidance has NEVER had sound foundations. #Economists have always been #Clowns/#UsefulIdiots in the political #CircusMaximus.

Economics: failure, fake, fraudhttps://t.co/5Eq84tFODE pic.twitter.com/PxUFkkCFZm

— E.K-H (@AXECorg) August 15, 2021

Occasional Tweets: The father of modern economics suffered from micro-macro schizo

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

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

The father of modern economics and his imbecile kidshttps://t.co/HM0cpzXZbA pic.twitter.com/0Atb8J8Q0n

— E.K-H (@AXECorg) August 13, 2021

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

Occasional Tweets: Economists are not scientists

 

#Econ

According to its self-presentation, #Economics is a #Science (→#EconNobel). The fact is that #Economists are NOT scientists but #Clowns and #UsefulIdiots in the political #CircusMaximus.

Economics: The greatest scientific fraud in modern timeshttps://t.co/S3ErelutCa pic.twitter.com/j12xiXEA14

— E.K-H (@AXECorg) August 13, 2021

Occasional Tweets: IS-LM ― still a landmark of utter scientific incompetence

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

Mr. Keynes, Prof. Krugman, IS-LM, and the End of Economics as We Know Ithttps://t.co/QtIPGfRCk0

Btw. Jo Michell is an #EconBlocker. pic.twitter.com/XqO302fB9F

— E.K-H (@AXECorg) August 12, 2021

For details of the big picture see cross-references Refutation of I=S 

 

Occasional Tweets: Economists and their scientifically lethal lack of logic

 

#Econ#FakeScience#Keynes reasoned in the GT “Income = value of output = consumption + investment. Saving = income − consumption. Therefore saving = investment.” (p. 63)

This syllogism is provably false but #Economists do not realize anything bc of a lethal #LackOfLogic.

— E.K-H (@AXECorg) August 12, 2021

Lack of Logic

• Economics and Logic ― an empty set to this day
• Logic is a faculty economists never had and never missed
• Economists are too stupid for elementary logic ― the final proof
• Do economists finally wake up from their methodological delirium?
• Controlled demolition of MMT ― an exercise in elementary logic
• “But economics is not pure mathematics or logic” No, it is pure blather
• Note on Lars Syll on ‘Cauchy logic’ in economics
• Economics: the simple logic of failure
• Keynes and the logical brilliance of Bedlam
• Troubles with logic?
• Flawed logic

Occasional Tweets: Climate, deficit, profit

 

#Economics#FailedScience#FakeScience

For the relationship between #Climate and #Profit see

MMT/GND: Another case of bad people capturing a good causehttps://t.co/t1YFcltC2z

— E.K-H (@AXECorg) August 12, 2021

For more about the Green New Deal GND see AXECquery. 

Occasional Tweets: Austrianism ― axiomatically false

 

#Economics#FailedScience#FakeScience

Austrians, too, are either stupid or corrupt or bothhttps://t.co/TNGWeyNj1w#DefundEconomics #FireEconomists #ScrapTheLot

— E.K-H (@AXECorg) August 11, 2021

 Austrianism

• Austrians, too, are either stupid or corrupt or both
• Both Austrianism and MMT is proto-scientific garbage
• Austrian blather
• Hayek ― agenda pusher or scientist?
• Hayek and other informationally retarded proto-economists
• Forget Hayek
• Austrian idiocy ― the case of Hayek
• Why Hayek was not a scientist
• Hayek was not an economist
• Hayek: mad, bad, or just another incompetent economist?
• Hayek, or, How economists miss their subject matter for 200+ years
• Pareto-efficiency, Hayek’s marvel, and the invisible executor

For more about Austrianism see AXECquery.

Occasional Tweets: Gossip economics (III)

 

#Economics#FailedScience#FakeScience

“Economics is the study of the economy, not the study of economists.” (R. Reis)

Gossip economicshttps://t.co/MztiY5VZl2#DisInfoTainment

— E.K-H (@AXECorg) August 10, 2021

 

 Gossip / Blather / Drivel

The history of economic thought proves that economists are unfit for science.

• Circus Maximus: Economics as entertainment, personality gossip, virtue signaling, and lifestyle promotion
• No False-Hero-Memorials (II)
• The problem with economics as a discipline
• Economics, philosophy, and the crapification of science
• Have we reached the bottom of gossip economics?
• The end of political economics (I)
• Economics as target group marketing
• The economist as storyteller (II)
• Media-fake-farce-fraud-storytelling-macro
• Economics debate ― just another variant of hardcore wrestling
• If religion is opium of the people, economics is crack of the people
• Economics as storytelling and entertainment for the masses
• Economists: too stupid for counting
• Gossip economics
• Economic narratives are for the scientific garbage dump
• Econogenics: economists pose a hazard to their fellow citizens
• The real trouble with Capitalism: stupid/corrupt economists
• Economics: stories, narratives, and disinformation
• The moralizing economist is not a good guy but a fake scientist
• The economist as stand-up comedian
• Economics: ‘a tale told by an idiot ... signifying nothing’
• From gossip to the correct employment theory
• The economics of gossip and misplaced humor
• Banana economics
• Economics: communication without content
• Turning the bananatization of economics around
• Scientists and science actors
• Economics: Science or cheap talk?
• Economists: scientists or political clowns?
• Delusions of useful idiots
• Economics is just another shitshow
• Economics: communication without content
• Economics: A science without scientists
• Failed economics: The losers’ long list of lame excuses
• Economics: Poor philosophy, poor psychology, poor science
• Does economics matter more for bread or for circuses?
• Economic narratives are for the scientific garbage dump
• The economist as amateur journalist
• Time to get out of gossip economics
• Throw them out! Orthodox and heterodox economists are unfit for science

Occasional Tweets: Wage-led growth

 

#LearnEconomics

Some folks finally catch on to the correct macro #EmploymentTheory.

No doubts about wage-led growthhttps://t.co/gdmaSVVIRt

Demand-led and wage-led growthhttps://t.co/4oIj3LOK2y

NAIRU, wage-led growth, and Samuelson's Dyscalculiahttps://t.co/qDrdo8Hdey

— E.K-H (@AXECorg) August 9, 2021

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

Occasional Tweets: Joint explosions ― pandemic, macroeconomic profit, public debt

 

#DearIdiots#LearnEconomics

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 (=growing #PublicDebt) produces a #ProfitExplosion.

— E.K-H (@AXECorg) August 9, 2021

Occasional Tweets: Test your economics professor's IQ

 

#Economics#FailedScience#FakeScience#Keynes messed up #Macroeconomics because he was too stupid for elementary #Algebra but W. J. Luther did not check anything to this day.

How Keynes got macroeconomics wrong and Allais got it righthttps://t.co/5eUeu6Sr0w pic.twitter.com/x4so3T04tA

— E.K-H (@AXECorg) August 9, 2021

Related 'How the Intelligent Non-Economist Can Refute Every Economist Hands Down' and 'Are economics professors really that incompetent? Yes!' and 'Low-IQ economics: the beginner’s guide' and 'A science without scientists'.

Occasional Tweets: Paradigm Shift ― how economics becomes a science after 200+ years of brain-dead political agenda-pushing

 

#Economics#FailedScience#FakeSciences#Economists#StupidOrCorruptOrBoth

Economics has to move from false Walrasian #MicroFoundations and false Keynesian #MacroFoundations to #TrueMacroFoundations.

See cross-references #ParadigmShifthttps://t.co/rf8n0xkhRA pic.twitter.com/P7YEsSUfJt

— E.K-H (@AXECorg) August 8, 2021

For more about equilibrium see AXECquery.

For more about I=S see AXECquery.

For more about paradigm see AXECquery.

For more about David Glasner see AXECquery.

What is economics? (II)

Comment on James Galbraith on ‘What is economics?’*

Blog-Reference and Blog-Reference

James Galbraith claims that

• economics is a policy discipline,
• economics co-evolves with circumstances, and is historically contingent,
• economic theories are a byproduct of the social order that spawns them,
• the economy is a complex system, appropriate generalizations, simplifications, heuristics, and principles are to be derived from a study of the actual world,
• mathematical systems are inadequate when they start from the dead dogmas of the neoclassical mainstream: ex nihilo nihil fit,
• the history of economic thought/hallucination crashed against the wall of reality with the Great Financial Crisis 2007-09 and the Pandemic of 2020.

Without going into details the sum is: economics as a policy discipline is scientifically worthless from the founding fathers onward to this day. The problem is this: “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)

Lacking sound scientific foundations, economic policy guidance has never been more than personal opinion.#1

However, these things, “… even the dimmest observer of real-existing capitalism already knew.” The point is, again and again: “The moral of the story is simply this: it takes a new theory, and not just the destructive exposure of assumptions or the collection of new facts, to beat an old theory.” (Blaug)

Even the dimmest economist knows by now that it takes a Paradigm Shift to get out of the swamp of cargo cult science. However, this is beyond the means of the representative economist. To this day, neither orthodox nor heterodox economists got the foundational concept of economics ― profit ― right.

Here is the unassailable proof: in his General Theory, Keynes asserted: “Income = value of output = consumption + investment. Saving = income − consumption. Therefore saving = investment.” (p. 63) This syllogism is conceptually and logically defective because Keynes never came to grips with profit. “His Collected Writings show that he wrestled to solve the Profit Puzzle up till the semi-final versions of his GT but in the end, he gave up and discarded the draft chapter dealing with it.” (Tómasson et al.)#2, #3

So, Keynes never got macroeconomic profit right and neither did pro- or anti-Keynesians to this day. Folks who cannot do the elementary algebra of macrofoundations cannot do the Paradigm Shift. Their contribution to human welfare/progress consists of burying themselves in a dark corner of the Flat-Earth-Cemetery.

James Galbraith maintains: “The purpose of economic reasoning is to inform and buttress political and social choices.” That sounds plausible but is false. It is the credo of the agenda pusher.#4 The credo of the scientist is: “The purpose of economic reasoning is to figure out how the economy works.”

The criterion for the scientist is truth, i.e. material/formal consistency, and NOT usefulness. The scientist produces new knowledge and nobody can know in advance whether and for whom it is “useful”.

Economists never understood this, but genuine scientists did: “At one point in that 100 years, Lord Ernest Rutherford was visited by a minister of the Queen. He proudly and busily demonstrated what he had learned about radio. The minister said that’s all very good, but what is it good for. Lord Rutherford replied that he did not know, but he guaranteed that at some point the government would tax it.”#5

To this day, economists are not scientists but useful idiots for the Oligarchy. This is what “economics is a policy discipline” means. All these fake scientists have to be expelled from the sciences.#6

Egmont Kakarot-Handtke

* RWER blog

#1 Opinion, conversation, interpretation, blather: the economist’s major immunizing stratagems

#2 Finalizing the Keynesian Revolution

#3 Profit: The most powerful formula of economics

#4 Economics ― the science that never was

#5 The scientist and the minister

#6 A rough business plan for science

Related 'What is economics? (I)'

For more about science see AXECquery.

For more about Paradigm Shift see AXECquery.

***

Wikimedia AXE136f

Occasional Tweets: Economists are too stupid for macro accounting (I)

 

#LearnEconomics

Basic macroeconomic #Accounting [i.e. #Profit Q≡(G−T)+(I−S)+Yd] implies #PublicDeficitIsPrivateProfit. Thus, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy and Private financial assets of the #Oligarchy ≈ Public debt of #WeThePeople.

— E.K-H (@AXECorg) August 6, 2021

 

For more about macroeconomic accounting see AXECquery.

For more about math see AXECquery.

Occasional Tweets: The representative economist ― fake scientist, agenda pusher, useful idiot, applause troll

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

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

Milton Friedman, fake scientisthttps://t.co/Cd3gu2jTGF

Links on Paul Krugman, proto-scientific impresariohttps://t.co/RRYQuNSgTU

— E.K-H (@AXECorg) August 6, 2021

***

Wikimedia AXEC169

Occasional Tweets: The futile attempt to recycle Marx/Engels (I)

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

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

Links on Karl Marxhttps://t.co/tpIFeUryFo#DefundEconomics #FireEconomists #ScrapTheLot

— E.K-H (@AXECorg) August 5, 2021

Occasional Tweets: Profit is the same in Capitalism and Communism

 

#LearnEconomics

The economic laws ― in particular, the macroeconomic #ProfitLaw Q≡(I−S)+(G−T)+(X−M)+Yd ― are the same for Capitalism and Communism and anything in between.

Rethinking the Profit Lawhttps://t.co/ESQUZ5rXcb

— E.K-H (@AXECorg) August 5, 2021

 

For more about profit see AXECquery.

Occasional Tweets: The microfoundations/ macrofoundations issue finally resolved

 

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

Get it econ suckers: behavioral microfoundations ⇒ false, systemic macrofoundations ⇒ truehttps://t.co/VufeQMFV1v pic.twitter.com/CruXnbMti9

— E.K-H (@AXECorg) August 5, 2021

For more on microfoundations see AXECquery.

For more on macrofoundations see AXECquery. 

Occasional Tweets: Flow-Balance-Inconsistency ― inscription on the gravestone of economics

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

The Flow-Balance-Inconsiststency invalidates all micro- and macroeconomics of the last 200+ years.

The GDP-death-blow for the economics professionhttps://t.co/QJycQUh0Uj pic.twitter.com/ySKW1UxqSy

— E.K-H (@AXECorg) August 4, 2021

For more about inconsistency see AXECquery.

For more about fallacy see AXECquery.

For more about Humpty Dumpty Fallacy see AXECquery.

What is economics? (I)

Comment on James Galbraith on ‘What is economics?’*

Blog-Reference and Blog-Reference on 4 Aug

James Galbraith's first sentence reads: “Economics is a policy discipline” and it is false. Because the premise is false the rest of his argument is false.

Economics is a science. The first thing to know about science is that it is ontologically different from politics. The strict separation of science and politics is imperative because politics corrupts everything. This happened to economics.#1

There are two economixes: political economics and theoretical economics. The main differences are: (i) The goal of political economics is to successfully push an agenda, the goal of theoretical economics is to successfully explain how the actual economy works. (ii) In political economics anything goes; in theoretical economics, the scientific standards of material and formal consistency are observed.

Theoretical economics (= science) had been hijacked from the very beginning by political economists (= agenda pushers). Political economics has produced NOTHING of scientific value in the last 200+ years. Economics is a failed science, or, in Feynman's term a cargo cult science. The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel is a fraud because there is NO such thing as economic sciences.

Right policy depends on true theory. Economists do NOT have the true theory. So, economic policy guidance (left/center/right does not matter) NEVER has had sound scientific foundations. Economists are NOT scientists but clowns/useful idiots in the political Circus Maximus.#2 James Galbraith is no exception.

Science is defined by material/formal consistency: “Research is, in fact, a continuous discussion of the consistency of theories: formal consistency insofar as the discussion relates to the logical cohesion of what is asserted in joint theories; material consistency insofar as the agreement of observations with theories is concerned.” (Klant)#3

The fact is: the major approaches ― Walrasianism, Keynesianism, Marxianism, Austrianism, MMT, Pluralism ― are mutually contradictory, axiomatically false, materially/formally inconsistent and ALL got the foundational economic concepts of profit/income/value wrong.#4, #5, #6

The fact that economists have in 200+ years not gotten their foundational concepts right is disqualifying. To this day, economics is proto-scientific garbage, economic policy has no sound scientific foundations, and in their utter incompetence economists are a hazard to their fellow citizens.#7

Economists are stupid or corrupt or both. Stupid because Walrasian microfoundations and Keynesian macrofoundations are provably false. And when the foundations are false the whole analytical superstructure is scientifically worthless. Corrupt, because economists push a political agenda under the guise of science.#8 Of all moral evils, this is the worst.

Egmont Kakarot-Handtke

* RWER issue 96

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

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

#3 For details of the big picture see cross-references Proto-Science/Cargo Cult Science/Fake Science

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

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

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

#7 Econogenics: economists pose a hazard to their fellow citizens

#8 Political fraud and the silence of academia

Related 'How the Intelligent Non-Economist Can Refute Every Economist Hands Down' and 'Confused Confusers: How to Stop Thinking Like an Economist and Start Thinking Like a Scientist' and 'Disgrace again ― is economics really that bad?' and 'Occasional Tweets: What is economics?' and 'As Napoleon said: don’t listen to economists' and 'What is economics? (II)'.

***

Wikimedia AXEC172  Scientific incompetence ― the smoking gun proof

Occasional Tweets: Dead horse beating ― the favorite pastime in the economics kindergarten

 

#Economics#FailedScience#FakeScience#Reset

“The problem is not just to say that something might be wrong, but to replace it by something — and that is not so easy.” (Feynman)

Stop beating the dead economics horsehttps://t.co/pyZJYlHRR4 pic.twitter.com/WJ0qWJt0QF

— E.K-H (@AXECorg) August 2, 2021

For more about dead horse beating see AXECquery.

For more about paradigm shift see AXECquery.

Occasional Tweets: What is economics? (I)

 

#Econ

Right policy depends on true theory. #Economists do NOT have the true theory. #Economics is proto-scientific garbage. So, policy guidance has NEVER had sound foundations. #Economists are #Clowns/#UsefulIdiots in the political #CircusMaximus.⇒https://t.co/5Eq84tFODE

— E.K-H (@AXECorg) August 2, 2021

For more about political economics, ie. agenda-pushing see AXECquery.

For more about theoretical economics, i.e. science see AXECquery.

For more about science see AXECquery.

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Wikimedia AXEC108g

Occasional Tweets: Economists never understood what profit is

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

The most important financial algorithm is the #ProfitLaw Q≡(I−S)+(G−T)+(X−M)+Yd and from Ricardo onward #Economists don't get it.

Ricardo, too, got profit theory wronghttps://t.co/hAbgvDcx17

— E.K-H (@AXECorg) August 1, 2021

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