#MMT#BadScienceBadPolicyBadPeople#SectoralBalances
— E.K-H (@AXECorg) April 27, 2024
The so-called #FreeMarketEconomy runs on profit. The axiomatically correct macroeconomic #ProfitLaw / #BalancesEquation reads (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. Because they are too stupid for elementary #Algebra, #MMTers get… pic.twitter.com/iAPD0NHv2C
April 27, 2024
Occasional Xs: The futile attempt to recycle MMT (XCV)
Occasional Xs: Clueless economists / Science (LXXXIV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) April 27, 2024
“Mainstream economics is a disarray, by definition.”
Economics claims to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false…
Occasional Tweets: Economic laws (II)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) April 27, 2024
“There are no 'economic laws'. Every honest thinker knows this. There are only decisions made by humans.”
This is the scientifically incompetent #Economist's methodological confusion in a nutshell.
To begin with, economics is NOT a #SocialScience… pic.twitter.com/egsJxYqubP
April 26, 2024
Occasional Xs: Clueless economists / Inflation (XXIII)
#Economics#FailedFakeScience#Inflation
— E.K-H (@AXECorg) April 26, 2024
Mr. Powell is not to blame for policy mistakes. Economics is.
The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally… pic.twitter.com/ZEv9wjEQQw
Occasional Xs: What economists really do (CCXXVIII)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) April 26, 2024
“How economists could make themselves more useful?”
Economics claims to be #Science but is NOT. The history of economic thought is the history of scientific failure. The major approaches (#Walrasianism,…
Also at Soumaya Keynes
April 25, 2024
Occasional Xs: What economists really do (CCXXVII)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) April 25, 2024
“… I do not hold that Bastiat was a bad theorist. I hold that he was no theorist.” (Schumpeter)#Bastiat had NO idea of what #Profit is and how the economic #System works. He was just another #AgendaPusher /…
Occasional Xs: What economists really do (CCXXVI)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) April 25, 2024
“… I do not hold that Bastiat was a bad theorist. I hold that he was no theorist.” (Schumpeter)#Bastiat had NO idea of what #Profit is and how the economic #System works. He was just another #AgendaPusher /…
Occasional Xs: What economists really do (CCXXV)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) April 25, 2024
The correct term for the German polity is NOT #Democracy but #Oligarchy with key institutions like #Parliament / #Treasury / #CentralBank / #BigBusiness as integral parts. This institutional setup thrives on…
Occasional Xs: Paradigm Shift (XXIX)
#Economics#FailedFakeScience#Reset
— E.K-H (@AXECorg) April 25, 2024
The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. When the foundational concepts… pic.twitter.com/aUIxIF8fIg
April 24, 2024
Occasional Xs: What economists really do (CCXXIV)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) April 24, 2024
The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong.… pic.twitter.com/cEBCF9Ukn0
Occasional Xs: What economists really do (CCXXIII)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) April 24, 2024
The so-called #FreeMarketEconomy runs on #Profit. The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Their…
Occasional Xs: How it works (CLXXXIX)
#LearnRealEconomics#Deficit#Profit#Debt#Interest
— E.K-H (@AXECorg) April 24, 2024
The #MarketEconomy runs on profit. The #ProfitLaw ⇓ implies #PublicDeficitIsPrivateProfit. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the Oligarchy. Macroeconomic #Profit is in the main produced by the growth of… pic.twitter.com/C6B9S6mPkA
Occasional Xs: Paradigm Shift (XXVIII)
#Economics#FailedFakeScience#Keynes got macroeconomic #Profit wrong because he was too stupid for elementary #Algebra. So, he messed up the #ParadigmShift from #MicroFoundations to #MacroFoundations. Because of this initial blunder, the whole of (#Micro & #Macro) #Economics is… pic.twitter.com/tEGlQXlS4j
— E.K-H (@AXECorg) April 24, 2024
Occasional Xs: The futile attempt to recycle MMT (XCIV)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) April 24, 2024
The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit, so the MMT policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the Oligarchy. It holds #PublicDeficitIsPrivateProfit.
Accordingly,…
Occasional Xs: How it works (CLXXXVIII)
#Economics#FreeMarkets
— E.K-H (@AXECorg) April 24, 2024
The U.S. polity is an Oligarchy with #Congress / #Treasury / #Fed / #BigBusiness as integral parts. The axiomatically correct #ProfitLaw ⇓ implies #PublicDeficitIsPrivateProfit. Macroeconomic #Profit is in the main produced by… pic.twitter.com/2xKuPMmgUZ
April 23, 2024
Occasional Xs: How it works (CLXXXVII)
#LearnRealEcon
— E.K-H (@AXECorg) April 23, 2024
From the axiomatically correct elementary macroeconomic #Laws follows that #Price P, monetary #Profit Qm, and #Employment L all increase as a result of #DeficitSpendingMoneyCreation i.e. ρE>1. The #Economy thrives on growing #PublicDebt. Without the massive help… pic.twitter.com/8fzLJSjctL
Occasional Xs: The history of economic thought is the history of scientific failure (XXIII)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) April 23, 2024
The history of economic thought is the history of scientific failure. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory and…
Occasional Xs: Clueless economists / Philosophy (III)
#Economics#War#Philosophy
— E.K-H (@AXECorg) April 23, 2024
What #Kant had to say to #WarMongers and proponents of #DeficitSpendingMoneyCreation: “National debts shall not be contracted with a view to the external friction of states.” Olaf Scholz and the #WerteWesten have long since lost Kant.
Occasional Xs: What economists really do (CCXXII)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) April 23, 2024
The history of economic thought is the history of scientific failure. #Hayek, for example, NEVER understood what #Profit is and how the economic #System works. When the foundational concepts of the subject matter…
April 22, 2024
Occasional Xs: What economists really do (CCXXI)
#Economics#War#EconomicWarfare
— E.K-H (@AXECorg) April 22, 2024
What #Kant had to say to #WarMongers and proponents of #DeficitSpendingMoneyCreation: “National debts shall not be contracted with a view to the external friction of states.” Clearly, Kant has been a #SchuldenBremser. Neither Olaf Scholz, Gustav…
Occasional Xs: Clueless economists / Science (LXXXIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) April 22, 2024
The founding fathers did not understand what profit is, i.e. they got the foundational concept of the subject matter wrong. But their successors have neither noticed nor fixed the lethal blunder.#Walrasianism, #Keynesianism, #Marxianism,…
April 21, 2024
Occasional Xs: Clueless economists / Science (LXXXII)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) April 21, 2024
The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong.… pic.twitter.com/qCqw8i2d4C
Occasional Xs: The futile attempt to recycle MMT (XCIII)
#MMT#BadScienceBadPolicyBadPeople#SectoralBalances
— E.K-H (@AXECorg) April 21, 2024
The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit, so the MMT policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the Oligarchy. It holds #PublicDeficitIsPrivateProfit.
Accordingly,… pic.twitter.com/dFvW75BtKg
Occasional Xs: The futile attempt to recycle Austrianism (XXIX)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth#Austrianism
— E.K-H (@AXECorg) April 21, 2024
von Mises: “In the imaginary construction of a stationary economy the total sum of all entrepreneurs’ profit equals the total sum of all entrepreneurs’ losses.”
This is provably false. Obviously, von…
Occasional Xs: Economists’ eternal problem with methodology (VI)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) April 21, 2024
Everyone has a #Model in their head. But #Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives are mutually contradictory and axiomatically false and materially/formally inconsistent and… pic.twitter.com/ZDcuKPQUWR
Occasional Xs: The futile attempt to recycle MMT (XCII)
#MMT#BadScienceBadPolicyBadPeople#MacroFoundations#SectoralBalances
— E.K-H (@AXECorg) April 21, 2024
The so-called #FreeMarketEconomy runs on profit. The axiomatically correct macroeconomic #ProfitLaw / #BalancesEquation reads (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0.
Because they are too stupid for elementary…
April 20, 2024
Occasional Xs: The futile attempt to recycle Austrianism (XXVIII)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) April 20, 2024
The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. When…
Occasional Xs: Clueless economists / Science (LXXXI)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) April 20, 2024
“Most mainstream economists view #MMT as a crackpot theory, …” As a matter of fact, both mainstream econ and MMT are proto-scientific garbage.
The major approaches (#Walrasianism, #Keynesianism, #Marxianism,…
April 19, 2024
Occasional Xs: What economists really do (CCXX)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) April 19, 2024
The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. So, the 1%ers a.k.a. Oligarchy and their loudspeakers in #Parliament / #Academia / #Media should always argue for…
Occasional Xs: The futile attempt to recycle Adam Smith (LXIV)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) April 19, 2024
Since the founding fathers, #Economists have claimed to be doing science but they did NOT. What they really did was to disguise political #AgendaPushing as #Science or #EnlightenedPhilosophy.
Adam Smith NEVER… pic.twitter.com/bFOVLwY5Y6
Occasional Xs: How it works (CLXXXVI)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) April 19, 2024
The correct term for the German polity is NOT #Democracy but #Oligarchy with key institutions like #Parliament / #Treasury / #CentralBank / #BigBusiness as integral parts. This institutional setup thrives on… pic.twitter.com/MhlWmogExG
Occasional Xs: What economists really do (CCXIX)
#Economics#FailedFakeScience#CalculationProblem
— E.K-H (@AXECorg) April 19, 2024
von Mises: “In the imaginary construction of a stationary economy the total sum of all entrepreneurs’ profit equals the total sum of all entrepreneurs’ losses.”
This is provably false. The axiomatically correct macroeconomic… pic.twitter.com/eQr8jn4BtQ
April 18, 2024
Occasional Xs: The futile attempt to recycle Ricardo (VII)
#Economics#FailedFakeScience#Profit
— E.K-H (@AXECorg) April 18, 2024
The history of economic thought is the history of scientific failure and it goes from #DavidRicardo onward to the clueless Jorge Morales Meoqui.
Ricardo NEVER understood what #Profit is and how the economic #System works. When the…
Occasional Xs: The futile attempt to recycle Keynesianism (XLXIV)
#Economics#FailedFakeScience#Keynes got macroeconomic #Profit wrong because he was too stupid for elementary #Algebra. So, he messed up the #ParadigmShift from #MicroFoundations to #MacroFoundations. Because of this initial blunder, the whole of (#Micro & #Macro) #Economics is… pic.twitter.com/zeeZD4POBy
— E.K-H (@AXECorg) April 18, 2024
Occasional Xs: The futile attempt to recycle Austrianism (XXVII)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) April 18, 2024
The history of economic thought is the history of scientific failure. #Hayek, for example, NEVER understood what #Profit is and how the economic #System works. When the foundational concepts of the subject matter…
April 17, 2024
Occasional Xs: What economists really do (CCXVIII)
#Economics#FailedFakeScience#Austrianism
— E.K-H (@AXECorg) April 17, 2024
von Mises: “In the imaginary construction of a stationary economy the total sum of all entrepreneurs’ profit equals the total sum of all entrepreneurs’ losses.”
This is provably false. The axiomatically correct macroeconomic #ProfitLaw… pic.twitter.com/6GhXkB9mU9
Occasional Xs: How it works (CLXXXV)
#Economics#MacroFoundations#SectoralBalances
— E.K-H (@AXECorg) April 17, 2024
The so-called #FreeMarketEconomy runs on #Profit. The axiomatically correct macroeconomic #ProfitLaw / #BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0 implies Public Deficit G−T>0 = Private Profit Qm.
From this follows the… pic.twitter.com/372lQ98Mwa
For more about sectoral balances see AXECquery.
Related 'Keynes’s Missing Axioms'
Occasional Xs: How it works (CLXXXIV)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) April 17, 2024
Since 2018, the Trump and Biden administrations have lifted the #DebtCeiling several times. ⇓ Did this help to significantly improve public infrastructure, alleviate poverty, or improve the future of American… pic.twitter.com/ZozIDDLM6Y
Occasional Xs: How it works (CLXXXIII)
#Econ#FailedFakeScience
— E.K-H (@AXECorg) April 17, 2024
“Der Staat ist kein Privathaushalt.”/”The state is not a private household”
So true. The #State is one of the sectors of the economic #System (household, business, state, rest of the world).
The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies…
Occasional Xs: How it works (CLXXXII)
#Econ
— E.K-H (@AXECorg) April 17, 2024
The axiomatically correct 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. So, the policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Growing public debt is the life elixir of the so-called #FreeMarketEconomy.
The…
April 16, 2024
Occasional Xs: What economists really do (CCXVII)
#Economics#War#EconomicWarfare
— E.K-H (@AXECorg) April 16, 2024
The ruin of the GER #Economy and the #Impoverishment of #WeThePeople is the direct consequence of Ampel's foreign/domestic #ZeitenWende policy. #WarEconomy always means #SocialDeprivation / excessive #DeficitSpendingMoneyCreation / exploding…
Occasional Xs: Clueless economists / Science (LXXX)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) April 16, 2024
The task of the #Economist is to figure out how the #Economy works. His task is NOT to side with the rich or the poor or anybody else.
Since the founding fathers, #Economists have claimed to be doing science but they did NOT. What they really did… pic.twitter.com/o6GsWNHkwk
Occasional Xs: What economists really do (CCXVI)
#Economics#FailedFakeScience#Austrianism
— E.K-H (@AXECorg) April 16, 2024
von Mises: “In the imaginary construction of a stationary economy the total sum of all entrepreneurs’ profit equals the total sum of all entrepreneurs’ losses.”
This is provably false. The axiomatically correct macroeconomic #ProfitLaw… pic.twitter.com/T2o8m7Cqr7
For more about von Mises see AXECquery.
April 15, 2024
Occasional Xs: What economists really do (CCXV)
#LearnRealEcon
— E.K-H (@AXECorg) April 15, 2024
Since 2018, the Trump and Biden administrations have lifted the #DebtCeiling several times. Did this help to significantly improve public infrastructure, alleviate poverty, or improve the future of American children?
No.
But because of the 3-sector #ProfitLaw… pic.twitter.com/tdwvENngDK
Occasional Xs: The futile attempt to recycle Adam Smith (LXIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) April 15, 2024
“Economics is the study of the economy, not the study of economists.” (Ricardo Reis)
Since the founding fathers, #Economists have claimed to be doing science but they did NOT. What they really did was to disguise political #AgendaPushing as…
Occasional Xs: The futile attempt to recycle MMT (XCI)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) April 15, 2024
The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit i.e. the MMT policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy.
Accordingly, private financial wealth grows with #PublicDebt. The…
Occasional Xs: The futile attempt to recycle Austrianism (XXVI)
#Economics#FailedFakeScience#Austrianism
— E.K-H (@AXECorg) April 15, 2024
“Witnessing excellence in arts and music; athletics and sports; science and engineering is a wonderful experience.”
Instead of witnessing the excellence of athletes, #Austrians could start producing some scientific excellence…
Occasional Xs: The futile attempt to recycle MMT (XC)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) April 15, 2024
“FINDING THE MONEY will flip your understanding of the national debt — and the nature of money — upside down.”
Only if you had many drinks at the Greenwich Village’s Bar Veloce gathering.
The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies…
Occasional Xs: The futile attempt to recycle Austrianism (XXV)
#Economics#FailedFakeScience#Austrianism
— E.K-H (@AXECorg) April 15, 2024
“… Austrian economics is a scientific research program …”
Sorry, you can’t be serious!
For 200+ years, economics claims to be #Science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their…
April 13, 2024
Occasional Xs: The futile attempt to recycle Keynesianism (XLXIII)
#Economics#FailedFakeScience#Keynesianism#Keynes got macroeconomic #Profit wrong bc he was too stupid for elementary #Algebra. So, he messed up the #ParadigmShift from #MicroFoundations to #MacroFoundations. Bc of this initial blunder, the whole of (#Micro & #Macro)… pic.twitter.com/dJ3bvGFVtP
— E.K-H (@AXECorg) April 13, 2024
Occasional Xs: Paradigm Shift (XXVII)
#Econ#FailedFakeScience
— E.K-H (@AXECorg) April 13, 2024
The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. When the foundational concepts of the subject… pic.twitter.com/hQkeegq7Mu
April 12, 2024
Occasional Xs: How economists serve the rich (V)
#LearnRealEcon
— E.K-H (@AXECorg) April 12, 2024
The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. So, the 1%ers a.k.a. Oligarchy and their loudspeakers in #Parliament/#Academia/#Media should always argue for #DeficitSpendingMoneyCreation = #GrowingPublicDebt.#PublicDebt…
April 11, 2024
Occasional Xs: What economists really do (CCXIV)
#Econ#FailedFakeScience
— E.K-H (@AXECorg) April 11, 2024
For 200+ years, economics claims to be #Science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got…
April 9, 2024
Occasional Xs: Paradigm Shift (XXVI)
#Econ#FailedFakeScience#Economics claims to be #Science but is NOT. The major approaches are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. When the foundational concepts of the subject matter are inconsistent, the… pic.twitter.com/YloUuS4fI3
— E.K-H (@AXECorg) April 9, 2024
Occasional Xs: What economists really do (CCXIII)
#Econ#FailedFakeScience
— E.K-H (@AXECorg) April 9, 2024
You don't need another Boettke post to realize that academic #Economics has finally degenerated into a #DisInfoTainment shit show.
April 8, 2024
Occasional Xs: Clueless economists / Science (LXXIX)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) April 8, 2024
“Unlike other sciences, such as physics and even ecology, we prefer to do trivial mathematics and not concern ourselves with realism.”
The verbal swindling in this sentence consists of the implicit assertion that economics is just another science.… pic.twitter.com/7CfkCxKf9z
Occasional Xs: Clueless economists / Inflation (XXII)
#LearnRealEcon
— E.K-H (@AXECorg) April 8, 2024
The axiomatically correct elementary macroeconomic #LawOfSupplyAndDemand ⇓ tells one how the avg #Price P moves as a function of avg #WageRate W, #Productivity R, #DeficitSpendingMoneyCreation ρE>1 & supply chain issues ρX<1. pic.twitter.com/UDmXSqnA44
April 6, 2024
Profit and the decline of workers’ nominal share (III)
#LearnRealEcon
— E.K-H (@AXECorg) April 6, 2024
The macroeconomic #ProfitLaw ⇓ implies #PublicDeficitIsPrivateProfit. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy i.e. exploding #PublicDebt is the ultimate cause of a rising #ProfitShare/falling #WageShare. ⇒
Profit and the decline of… pic.twitter.com/K7GqE2FxQN
Occasional Xs: The futile attempt to recycle Adam Smith (LXII)
#Economics#FailedFakeScience#NoFalseHeroMemorials
— E.K-H (@AXECorg) April 6, 2024
Since the founding fathers, #Economists have claimed to be doing science but they did NOT. What they really did was to disguise political #AgendaPushing as #Science or #EnlightenedPhilosophy.
Adam Smith NEVER understood what… pic.twitter.com/vsjTf8U9O6
April 5, 2024
Occasional Xs: The futile attempt to recycle MMT (LXXXIX)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) April 5, 2024
“More accurately, govt purchases things it needs and in so doing, the numbers are typed into the recipient's bank account, thus 'new money' enters the economy.”
Very narrowly missed!
That #Money is created #OutOfNothing is NOT the point. The… pic.twitter.com/0xh42Vumgx
Occasional Xs: Clueless economists / Profit (XXXIV)
#Economics#FailedFakeScience#Keynes got macroeconomic #Profit wrong because he was too stupid for elementary #Algebra. Consequently, he got the relationship between #Investment I, #Saving Sm, and #Profit Qm wrong. Thus, he landed at the “ex-post accounting identity” I=S, which… pic.twitter.com/YHyU29be9V
— E.K-H (@AXECorg) April 5, 2024
Occasional Xs: Clueless economists / Inflation (XXI)
The axiomatically correct macroeconomic #LawOfSupplyAndDemand ⇓ tells one how the avg #Price P moves under the condition of #MarketClearing as a function of avg #WageRate W, #Productivity R, and #DeficitSpendingMoneyCreation i.e. the expenditure ratio ρE. The representative… pic.twitter.com/nB9nghXF49
— E.K-H (@AXECorg) April 5, 2024
Occasional Xs: The futile attempt to recycle behavioral economics (V)
#Econ#FailedFakeScience#PsySoc#Economics is about how the economy works. It is a #SystemsScience and NOT a #SocialScience i.e. NOT about Human Nature / Motives / Behavior / Preferences / Choice / Incentives / Expectations etc. #PsychoSocialEcon has always been… pic.twitter.com/VZA74kAiys
— E.K-H (@AXECorg) April 5, 2024
Occasional Xs: Paradigm Shift (XXV)
#Econ#FailedFakeScience#PsySoc#Economics is about how the economy works. It is a #SystemsScience and NOT a #SocialScience i.e. NOT about Human Nature / Motives / Behavior / Preferences / Choice / Incentives / Expectations etc. #PsychoSocialEcon has always been… pic.twitter.com/U0fY4cL4kN
— E.K-H (@AXECorg) April 5, 2024
Occasional Xs: How MMTers serve the Oligarchy (III)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) April 5, 2024
“Only one flaw, @jeremycorbyn. You can't save the NHS by taxing the rich. You save the NHS by the gov't using the power of our sovereign fiat currency to create the money needed, on an ongoing basis.”
Now it's MMT's Matty Erskine who stalks…
April 4, 2024
Occasional Xs: Clueless economists / Breakdown (III)
#HowMoneyWorks
— E.K-H (@AXECorg) April 4, 2024
The axiomatically correct 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. So, the policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Growing public debt is the life elixir of the so-called #FreeMarketEconomy.…
Occasional Xs: How it works (CLXXXI)
#LearnRealEcon
— E.K-H (@AXECorg) April 4, 2024
The axiomatically correct 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. So, the policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Growing public debt is the life elixir of the so-called #FreeMarketEconomy.…
April 3, 2024
Occasional Xs: What economists really do (CCXII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) April 3, 2024
For 200+ years, economics claims to be #Science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL…
Related 'The economist as amateur journalist'.
Occasional Xs: Economists’ eternal problem with methodology (V)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) April 3, 2024
“… because my view is that it is the unique methodology and analytics of the Austrian School that yields the powerful insights.”
For 200+ years, economics claims to be #Science but is NOT. The major approaches (Walrasianism, Keynesianism,…
April 2, 2024
Occasional Xs: The futile attempt to recycle MMT (LXXXVIII)
#MMT
— E.K-H (@AXECorg) April 2, 2024
“Guess what happened? MMT bros join and start fighting with each other about what MMT *really is*.”
MMT is really #BadScienceBadPolicyBadPeople.
The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit, so the MMT policy of… pic.twitter.com/21pGSgZB5P
Occasional Xs: The futile attempt to recycle MMT (LXXXVII)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) April 2, 2024
MMT's foundational #BalancesEquation is provably false, so the whole approach is scientifically worthless.
The page where Stephanie Kelton gets macroeconomics wrong https://t.co/CNFDkXM1Ki
The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies… pic.twitter.com/3tjuy8DmYV
April 1, 2024
Occasional Xs: How it works (CLXXX)
#Econ
— E.K-H (@AXECorg) April 1, 2024
The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. So, the policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Growing public debt is the life elixir of #LateCapitalism.
However, there is an absolute #UpperLimit for…
March 30, 2024
Occasional Xs: What economists really do (CCXI)
#Econ#FailedFakeScience#Economics claims to be #Science but is NOT. The representative #Economist is NOT a #Scientist but an #AgendaPusher / #UsefulIdiot /#Clown in the political #CircusMaximus. ⇒
— E.K-H (@AXECorg) March 30, 2024
Links on Paul Krugman, proto-scientific impresariohttps://t.co/RRYQuNSgTU…
Occasional Xs: What economists really do (CCX)
#Econ#FailedFakeScience#MilitaryKeynesianism#Economics claims to be #Science but is NOT. The history of economic thought is the history of scientific failure. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually… pic.twitter.com/W0FBngtMgb
— E.K-H (@AXECorg) March 30, 2024
Occasional Xs: Economics curriculum ― the transmutation of plain morons to graduate morons (IX)
#Econ#Economics claims to be #Science but is NOT. The major approaches are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. When the foundational concepts of the subject matter are inconsistent the whole analytical… pic.twitter.com/Om681DxhNf
— E.K-H (@AXECorg) March 30, 2024
March 29, 2024
Occasional Xs: The futile attempt to recycle MMT (LXXXVI)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) March 29, 2024
“The logic of MMT is incredibly simple”.
Yes, the 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit i.e. #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy.
So, MMT is ultimately a political fraud for…
Occasional Xs: Economics curriculum ― the transmutation of plain morons to graduate morons (VIII)
#Econ#Economics claims to be #Science but is NOT. The major approaches are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. When the foundational concepts of the subject matter are inconsistent the whole analytical…
— E.K-H (@AXECorg) March 29, 2024
Occasional Xs: Paradigm Shift (XXIV)
#Econ#FailedFakeScience#Economics is about how the economy works. It is a #SystemsScience and NOT a #SocialScience i.e. NOT about Human Nature / Motives / Behavior / Preferences / Choice / Incentives / Expectations etc. #PsychoSocialEcon has been #CargoCultScience (→… pic.twitter.com/5vmDnPYfAx
— E.K-H (@AXECorg) March 29, 2024
For details of the big picture see cross-references Not a Science of Behavior.
March 28, 2024
Occasional Xs: The futile attempt to recycle MMT (LXXXV)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) March 28, 2024
“I watched the Berlin premiere of Finding the Money and it was EPIC.” Only if you prefer #DisInfoTainment to #Science.
The page where Stephanie Kelton gets macroeconomics wrong https://t.co/CNFDkXM1Ki
Down with idiocy!…
Occasional Xs: How it works (CLXXIX)
#LearnRealEcon
— E.K-H (@AXECorg) March 28, 2024
The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. So, the policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Growing #PublicDebt is the life elixir of #LateCapitalism.
However, there is an absolute…
Occasional Xs: What economists really do (CCIX)
#Economics#War#EconomicWarfare#SchuldenBremse
— E.K-H (@AXECorg) March 28, 2024
USA/EUR/GER is at war with RUS. #WarEconomy means #Impoverishment / #SocialDeprivation / #DeficitSpendingMoneyCreation / exploding #PublicDebt / #Inflation because in real terms #WeThePeople ALWAYS pays for the war. At the moment,… pic.twitter.com/zNoFS2ENhL
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