September 30, 2021

Occasional Tweets: High time to finally bury von Mises

 

For more about von Mises see AXECquery

Occasional Tweets: The Oligarchy’s useful idiots

 

Occasional Tweets: Economic policy guidance has no sound scientific foundations since Adam Smith

 


For more about Adam Smith see AXECquery.

Occasional Tweets: The Zero-Tax Economy®

 

September 29, 2021

September 28, 2021

Occasional Tweets: The novelist's futile attempt to save Keynes from being thrown out of science

 

For details of the big picture see cross-references Keynesianism.

Occasional Tweets: Scrap the EconNobel (I)

 


For more about the EconNobel see AXECquery

September 27, 2021

Occasional Tweets: The best economics education in the world ― hyping proto-scientific garbage

 

 
For details of the big picture see cross-references Econ 101/Old Curriculum/New Curriculum.
For more about principles see AXECquery.

Occasional Tweets: The St. Louis Fed gets profit and employment theory wrong

 



For more about employment see AXECquery.
For more about profit see AXECquery.
For more about lump of labour see AXECquery.

September 25, 2021

Occasional Tweets: Economics has always been fake science ― the reset is now

 

For more about the reset see cross-references Paradigm Shift.


***

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

 

For more about MMT trolls see AXECquery.

September 24, 2021

Occasional Tweets: Inflation does not happen but is always and everywhere engineered

 

For more about inflation see AXECquery

Occasional Tweets: The dirty secret of Capitalism ― no idea how the economy works

 

Occasional Tweets: MMT is a do-gooder scam

 

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

Occasional Tweets: Learn economics ― yes, but not this proto-scientific garbage

 


For details of the big picture see cross-references Econ 101/Old Curriculum/New Curriculum.

September 23, 2021

Occasional Tweets: "Empirical observations without theory are directionless." (Kant) ― the case of Kuznets

 


Occasional Tweets: No way around it ― Post Keynesianism is proto-scientific garbage

 

Occasional Tweets: To this day, economics is fake science and economists are brain-dead agenda pushers

 



 

September 22, 2021

MMT vs Mainstream ― a proto-scientific shitshow

Comment on Bill Mitchell on ‘ECB researchers find fiscal policy is very effective and more so if central banks buy up the debt’ and ‘They never wrote about it, talked about it, and, did quite the opposite ― yet they knew it all along!’*


In these two pieces, Bill Mitchell argues in great detail that mainstream economics is proto-scientific garbage. And he correctly identifies the foundational methodological blunder: “Consequently, treating macro as if it is micro means there is a tendency to conclude that what applies at the individual level also applies at the aggregate level, which is demonstrably false.” Indeed, this is the well-known Fallacy of Composition.#1

As far a the critique of mainstream economics goes, Bill Mitchell is on firm ground. However, the death and burial of mainstream economics at the Flat-Earth Cemetery is NOT news, and repeating the non-news is not exactly a contribution to scientific progress. Also, the suggestion that the provable falsity of mainstream economics somehow implies the correctness of MMT is misleading.#2-#4

While MMT's policy intuition is superior to that of the Sargent/Wallace crowd.#5, the underlying theoretical foundations are also provably false. So, this is the current state of economics: the Walrasian microfoundations of the mainstream are false and the Keynesian macrofoundations of MMT are false.#6-#10

Bill Mitchell concludes:
(i) “So far in more than 25 years of doing this stuff, I have not been systematical wrong about my predictions, which are quite converse relative to the mainstream predictions.”
(ii) “So it matters how you come to a conclusion, which might be similar to a conclusion that the rival paradigm reaches. The surrounding body of knowledge is what matters.”

It turns out that (i) is true with regard to fiscal and monetary policy. It is NOT true with regard to macroeconomic profit, distribution, the advantages for the Oligarchy, and the disadvantages for WeThePeople. The problem-solving capacity of MMTers is basically that of counterfeiters.#11

Yes, from the standpoint of science “it matters how you come to a conclusion” and the “body of knowledge is what matters”. The fact is that both mainstream and MMT are based on provably false axiomatic foundations and because of this, all policy advice lacks sound scientific foundations. Actually, mainstream policy guidance is plucked from the vacuum of five behavioral axioms.#12

Economics has to advance beyond the mainstream and MMT.

Egmont Kakarot-Handtke


* Bill Mitchell's blog here and here
#1 For more about the Fallacy of Composition see AXECquery
#5 “When I started studying economics in the mid-1970s, this was a raved about paper. I read it and couldn’t believe how asinine it was.”

Related 'Mankiw vs Mitchell ― another clown show' and 'Swabian housewife vs Wall Street loan shark' and 'The not so funny MMT vs Neoliberalism slapstick' and 'Post Keynesianism vs MMT: a Zombie debate' and 'MMT vs WSJ: Another futile exercise in moron bashing' and 'Krugman vs MMT ― like the blind talking about colors' and 'MMT vs The Rest of Economics ― a Punch and Judy show' and 'MMT vs Keynesianism: Nothing to chose' and 'MMT vs Neoliberalism: Just another clown show fight' and 'Orthodoxy vs Heterodoxy: the squabbling of quacks' and 'Storytelling vs Theory = Politics vs Science' and 'Confused Orthodoxy vs confused Heterodoxy' and 'Economists vs Economics' and 'Sales talk vs Science' and 'Knowledge vs Belief' and 'Around the world: storytelling vs science' and 'Economics vs Sociology' and 'First Fundamental Law vs Fundamental Theorem of Income Distribution' and 'Agenda pushers and hijackers vs scientists' and 'Politics vs Science' and 'Entertainment vs Science' and 'Opinion vs Knowledge.

September 21, 2021

Occasional Tweet: The representative economist ― flying like a goldfish

 

For more about thinking/rethinking see AXECquery.

September 20, 2021

Occasional Tweets: Economic agenda pushing has no scientific legitimacy

 

The headline says Guide to Governing and is a clear message for the next government.

Occasional Tweets: Cross-hyping ― how political economists abuse social media

 


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

 

Occasional Tweets: Delete economics

 

Occasional Tweets: Forget economics

 

September 19, 2021

Occasional Tweets: How economists serve the rich

 


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

Occasional Tweets: Economists ― a bunch of scientifically incompetent polit-clowns

 

***



Occasional Tweets: Economists ― jesters of the Queen of Social Sciences

 

 

Australia, here we come

Comment on Tom Hickey on ‘Steve Keen ― Australia: MMT Runs for Office’


Steve Keen is too stupid for elementary algebra. Because of this, he got macroeconomic profit wrong: Debunking Squared

So, he is publicly known to be scientifically incompetent since 2013. This is not a big deal, though, because economics as a whole is failed/fake science. Economics never had scientific truth-value but only some political use-value.

And so it came that economists are for 200+ years now clowns and useful idiots in the political Circus Maximus. Steve Keen is just the latest example. He
  • never understood how the economy works,
  • recently teamed up with MMTers who promote a free-lunch agenda for the Oligarchy and the seizure of the means of production of currency,
  • is an #EconBlocker. These folks violate the Code of Professional Conduct with the silent consent of their national economic societies who set up these codes but never enforce them.#1

After playing the role of “one of the world's leading economists” (V. Kline on Twitter) for some years, Steve Keen now gets a new assignment: “Australia, you are going to be in a very good hand”.

Egmont Kakarot-Handtke



For more about Steve Keen see AXECquery.


***

Twitter, Sep 23

September 17, 2021

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

 


For more about MMT trolls see AXECquery.
For more about Warren Mosler see AXECquery.

Occasional Tweets: How to never run out of money ― counterfeiters have solved the problem long ago

 


Occasional Tweets: The history of economics and economic history ― the mutual reinforcement of scientific failure

 

For more about history see AXECquery
 

September 16, 2021

Occasional Tweets: Economists ― the folks who make crap recycling their mission in life

 


For more about Keynesianism see AXECquery.

Occasional Tweets: Economists serve the Oligarchy

 


For more about distribution see AXECquery.
For more about the EconNobel see AXECquery.

Occasional Tweets: Deficit-spending/money-creation ― a power snack for the worker? Pull the other leg, Philippa!

 



 

Occasional Tweets: Adam Smith ― the scientific false start of economics

 

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

 


For the refutation of MMT see:

For more about MMT trolls see AXECquery.


September 13, 2021

Occasional Tweets: For 200+ years, economics is basically intellectual garbage recycling

 


For more about the mental swamp of economics see AXECquery

September 12, 2021

Occasional Tweets: Economics and the perversion of science

 

Occasional Tweets: What credibility? MMT is just another political fraud

 


Occasional Tweets: Fire economists

 

Occasional Tweets: No false-hero memorials ― economics is proto-scientific garbage

 

September 11, 2021

Occasional Tweets: What can you do with an economics degree? Throw yourself under the bus?

 


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

Occasional Tweets: The MMT crowd ― a reunion of clowns/useful idiots a.k.a. activists at Poznań

 

Occasional Tweets: MMT is a social bluff package

 


Occasional TWEETS: MMTers ― another case of arsonists claiming to be firefighters

 

Occasional Tweets: Stephanie Kelton is an academic fraud

 


September 10, 2021

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

 


For more about MMT trolls see AXECquery.
For more about Stephanie Kelton see AXECquery.
For the full-spectrum refutation of MMT see cross-references MMT.

Occasional Tweets: Learn economics ― 1. The Macroeconomic Profit Law

 

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

 


For more about Public Deficit = Private Profit see AXECquery.
For more about MMT trolls see AXECquery.  

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

 


For more about Public Deficit = Private Profit see AXECquery.
For more about MMT trolls see AXECquery

Occasional Tweets: MMT ― just talk, talk, talk

 


For more about Stephanie Kelton see AXECquery

September 9, 2021

There is an absolute limit to the growth of public debt

Comment on Mike Norman on ‘Absolutely idiotic hit piece on MMT by 3 clowns at the Richmond Fed’


“This core tenet of so-called ‘modern monetary theory’ ignores the fact that deficit spending is constrained in the long run by a government's ability to satisfy creditors.”

Except that it is not the government that satisfies creditors but WeThePeople. For the public debt holds We-The-People-Owes-It and Oligarchy-Owns-It. This cash cow produces interest for the Oligarchy which is taxed from WeThePeople in all eternity. So, deficit-spending/money-creation is always and everywhere a bad deal for WeThePeople.

The absolute limit to the growth of public debt is given by: total interest on public debt = total wage income of WeThePeople.#1 Practically, the limit is reached much earlier.

The 3-sector Profit Law Q≡(G−T)+(I−S)+Yd implies Public Deficit = Private Profit. If tax T goes to the minimum and spending G goes to the maximum, profit Q goes to the maximum. With their advocacy for deficit-spending/money-creation, MMTers are the profit maximizers for the Oligarchy.

In this capacity, they shred everyone who says that public debt has an absolute upper limit even the folks at the central bank who support since their founding the growth of the public debt ― which, by the way, has always been their real job.

So, actually, the central bank clowns and the MMT clowns both push the agenda of the Oligarchy.#2

Egmont Kakarot-Handtke





***

REPLY to Mike Norman

#DearIdiots
#LearnEconomics

“Meanwhile, corporate profits are at a record with ‘nobody’ working.” (Mike Norman)

What a surprise!

Not really. COV is a godsend for the Oligarchy. The 3-sector Profit Law Q≡(G−T)+(I−S)+Yd implies Public Deficit = Private Profit. Therefore, the policy of increased deficit-spending/money-creation (= growing public debt) produces a profit explosion.




REPLY to Activist #MMT on 10 Sep

#MMT
#BadScienceBadPolicyBadPeople

“It would also be nice if more people recognized the likely, literally, hundreds of times these exact criticisms have been explicitly and directly addressed over the years, not to mention the even more thorough treatments to be found throughout the academic literature..” (Activist #MMT)

It is NOT true that “criticisms have been explicitly and directly addressed” by MMTers. The opposite is true. MMTers ignore refutation#1 and systematically suppress it.#2

The MMT macrofoundations are provably false. Because of this, the whole analytical superstructure is false. Because of this, MMT policy guidance has NO sound scientific foundations. It is just brain dead agenda pushing for the advantage of the Oligarchy and disadvantage of WeThePeople.


#2 For more about #EconBlocker see AXECquery



REPLY to Ahmed Fares on 13 Sep

#LearnEconomics

Kalecki, too, got macroeconomic Profit wrong.

For all about Egmont and Kalecki see AXECquery.

Yes, doing economics these days means dealing with people who are either stupid, or corrupt, or both. After all, economics is a failed science.