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. ⇒

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

— E.K-H (@AXECorg) March 30, 2024

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

Occasional Xs: The futile attempt to recycle MMT (LXXXVI)

 

#MMT#BadScienceBadPolicyBadPeople

“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…

— E.K-H (@AXECorg) March 29, 2024

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. 

Occasional Xs: The futile attempt to recycle MMT (LXXXV)

 

#MMT#BadScienceBadPolicyBadPeople

“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!…

— E.K-H (@AXECorg) March 28, 2024

Occasional Xs: How it works (CLXXIX)

 

#LearnRealEcon

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…

— E.K-H (@AXECorg) March 28, 2024

Occasional Xs: What economists really do (CCIX)

 

#Economics#War#EconomicWarfare#SchuldenBremse

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

— E.K-H (@AXECorg) March 28, 2024

Occasional Xs: Economics ― just disinfotainment and self-hype (XLIV)

 

#Economics#DisInfoTainment#Oscars#Prizes are a tool of #Marketing / #PR / #Propaganda to shape #PublicOpinion. #Economics is #FailedFakeScience, so prizes have NO scientific significance but are an #Incentive / #Reward with which the #Oligarchy controls #Academia.

This holds…

— E.K-H (@AXECorg) March 28, 2024

Occasional Xs: The futile attempt to recycle behavioral economics (IV)

 

#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 / #PsySoc has always been… pic.twitter.com/NymZxitoaC

— E.K-H (@AXECorg) March 28, 2024

Occasional Xs: How it works (CLXXVIII)

 

The U.S. polity is an Oligarchy with Congress/Treasury/Fed/BigBusiness as integral parts. The #ProfitLaw ⇓ implies #PublicDeficitIsPrivateProfit. Macroeconomic #Profit is in the main produced by #DeficitSpendingMoneyCreation i.e. the growth of #PublicDebt.

So, the… pic.twitter.com/bgmIRrlPaH

— E.K-H (@AXECorg) March 28, 2024

Occasional Xs: Clueless economists / Science (LXXVIII)

 

#Economics#FailedFakeScience

“Are we economists today any better today at explaining the exchange relationships of the market, and the institutions within which exchange relationship are formed and executed?”

No.

For 200+ years, economics claims to be #Science but is NOT. The…

— E.K-H (@AXECorg) March 28, 2024

Occasional Xs: Paradigm Shift (XXIII)

 

#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 / #PsySoc has always been… pic.twitter.com/uuwfDknDBW

— E.K-H (@AXECorg) March 27, 2024

Also to Plurale Ökonomik 

Occasional Xs: What economists really do (CCVIII)

 

#Economics#FailedFakeScience

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… pic.twitter.com/MnhFQgsvTP

— E.K-H (@AXECorg) March 27, 2024

Occasional Xs: How it works (CLXXVII)

 

The U.S. polity is an Oligarchy with Congress/Treasury/Fed/BigBusiness as integral parts. The #ProfitLaw ⇓ implies #PublicDeficitIsPrivateProfit. Macroeconomic #Profit is in the main produced by #DeficitSpendingMoneyCreation i.e. the growth of #PublicDebt.

So, the… pic.twitter.com/WUe1UQrL4B

— E.K-H (@AXECorg) March 27, 2024

Occasional Xs: What economists really do (CCVII)

 

The correct term for the GER polity is NOT #Democracy but #Oligarchy with key institutions like #Parliament/#Treasury/#CentralBank/#BigBusiness as integral parts. This institutional setup thrives on #DeficitSpendingMoneyCreation. The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd… pic.twitter.com/nvvyDK3shW

— E.K-H (@AXECorg) March 27, 2024

Occasional Xs: Clueless economists / Science (LXXVII)

 

#Econ#FailedFakeScience

“… modern economics is failing us, says a Nobel Prize-winning economist.”

For 200+ years, #Economics claims to be #Science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually… pic.twitter.com/EgpEwC4a1l

— E.K-H (@AXECorg) March 27, 2024

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

Occasional Xs: Clueless economists / Profit (XXXIII)

 

#Economics#FailedFakeScience#Keynes got macroeconomic #Profit wrong because he was too stupid for elementary #Algebra. Same with #Kalecki. #MacroEconomics is scientifically worthless to this day. The representative #Economist still has no clue about the #ProfitLaw ⇓.… pic.twitter.com/9oJZUFEkCT

— E.K-H (@AXECorg) March 26, 2024

Occasional Xs: Clueless economists / Science (LXXVI)

 

#Economics#FailedFakeScience

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 #EnlightedPhilosophy. This is why the history of economic thought is the history… pic.twitter.com/SVw5tpSz6k

— E.K-H (@AXECorg) March 26, 2024

Related 'Economics: A failed/fake science for 200+ years' and 'Political economists ― the village idiots of science' and 'From obscurity to enlightenment' and 'After 200+ years even economics becomes a science.

Occasional Xs: Clueless economists / Science (LXXV)

 

#Econ#FailedFakeScience#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 contradictory &… pic.twitter.com/AZ2UKeuMVO

— E.K-H (@AXECorg) March 26, 2024

Occasional Xs: Clueless economists / Phillips Curve (XI)

 

#LearnRealEconomics

Samuelson/Solow messed up the original #PhillipsCurve back in 1960.

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

The axiomatically correct macrofounded Phillips Curve 3.0 is shown below ⇓. pic.twitter.com/vkR7Xx9TXU

— E.K-H (@AXECorg) March 25, 2024

Occasional Xs: Forget supply-demand-equilibrium (V)

 

#Economics#FailedFakeScience

“Just when you think AI is catching up, it falls short. Claude 3's misunderstanding of equilibrium in economic scenarios is alarming.” Not at all! AI is smarter than the representative #Economist who has not figured out in more than 150 years that…

— E.K-H (@AXECorg) March 24, 2024

Occasional Xs: What economists really do (CCVI)

 

The #FreeMarketEconomy runs on #Profit. The axiomatically correct macroeconomic #ProfitLaw / #BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0 implies Public Deficit = Private Profit, i.e. G−T= Qm>0.

So, the 1%ers a.k.a. the #Oligarchy and their #LoudSpeakers in #Academia /… pic.twitter.com/Wkvv0ZWLkU

— E.K-H (@AXECorg) March 24, 2024

Occasional Xs: What economists really do (CCV)

 

The #FreeMarketEconomy runs on #Profit. The axiomatically correct macroeconomic #ProfitLaw / #BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0 implies Public Deficit = Private Profit, i.e. G−T= Qm>0.

So, the 1%ers a.k.a. the #Oligarchy and their #LoudSpeakers in #Academia /…

— E.K-H (@AXECorg) March 24, 2024

Twitter/X Mar 24, 2024 Explosion of global government debt

Occasional Xs: What economists really do (CCIV)

 

The macroeconomic #ProfitLaw implies #PublicDeficitIsPrivateProfit. So, the 1%ers a.k.a. the #Oligarchy and their #LoudSpeakers in #Academia / #Media should always argue FOR #DeficitSpendingMoneyCreation = #GrowingPublicDebt = #FreeLunch for the Oligarchy.

It holds… pic.twitter.com/DIRYsKIpEy

— E.K-H (@AXECorg) March 23, 2024

Occasional Xs: How it works (CLXXVI)

 

The correct term for the GER polity is NOT #Democracy but #Oligarchy with key institutions like #Parliament/#Treasury/#CentralBank/#BigBusiness as integral parts. This institutional setup thrives on #DeficitSpendingMoneyCreation. The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd…

— E.K-H (@AXECorg) March 23, 2024

Occasional Xs: What economists really do (CCIII)

 

The correct term for the GER polity is NOT #Democracy but #Oligarchy with key institutions like #Parliament/#Treasury/#CentralBank/#BigBusiness/#PoliticalParties as integral parts. This institutional setup thrives on #DeficitSpendingMoneyCreation. The 3-sector #ProfitLaw…

— E.K-H (@AXECorg) March 23, 2024

Occasional Xs: Econ101― still proto-scientific garbage (IV)

 

#Curriculum#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 23, 2024

Occasional Xs: The futile attempt to recycle Keynesianism (XLXII)

 

#Economics#FailedFakeScience#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) #Economics is… pic.twitter.com/K4OACar6yT

— E.K-H (@AXECorg) March 23, 2024

Occasional Xs: What economists really do (CCII)

 

The correct term for the GER polity is NOT #Democracy but #Oligarchy with key institutions like #Parliament/#Treasury/#CentralBank/#BigBusiness/#PoliticalParties as integral parts. The institutional setup thrives on #DeficitSpendingMoneyCreation. The 3-sector #ProfitLaw… pic.twitter.com/pUT9HBY3BB

— E.K-H (@AXECorg) March 22, 2024

Occasional Xs: Clueless economists / Science (LXXIV)

 

#Econ#Economics is about how the #Economy works. It is a #SystemsScience & NOT a #SocialScience i.e. NOT about Human Nature / Motives / Behavior / Preferences / Choice / Incentives / Expectations etc. #PsychoSocialEcon/#PsySoc has always been proto-scientific garbage.

While…

— E.K-H (@AXECorg) March 22, 2024

Occasional Xs: The futile attempt to recycle MMT (LXXXIV)

 

#MMT#BadScienceBadPolicyBadPeople

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 Kelton Fraudhttps://t.co/BN9izLduPa

Down with…

— E.K-H (@AXECorg) March 22, 2024

Occasional Xs: The futile attempt to recycle Walrasianism (I)

 

#Economics#FailedFakeScience

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… pic.twitter.com/i7BuEgFa9g

— E.K-H (@AXECorg) March 21, 2024

Occasional Xs: The futile attempt to recycle Keynesianism (XLXI)

 

#Economics#FailedFakeScience#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) #Economics is… pic.twitter.com/9MG0X6TWiy

— E.K-H (@AXECorg) March 21, 2024

Occasional Xs: Clueless economists / Science (LXXIII)

 

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 superstructure… pic.twitter.com/5potwfZZZj

— E.K-H (@AXECorg) March 21, 2024

Occasional Xs: How it works (CLXXV)

 

#SchuldenBremse

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… pic.twitter.com/L4xtxK6D6t

— E.K-H (@AXECorg) March 21, 2024

Occasional Xs: How it works (CLXXIV)

 

The U.S. polity is an Oligarchy with Congress/Treasury/Fed/BigBusiness as integral parts. Analogous for EUR, UK, CAN, JAP etc. The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. Macroeconomic #Profit is in the main produced by… pic.twitter.com/O1zhxWNZSB

— E.K-H (@AXECorg) March 21, 2024

Occasional Xs: What economists really do (CCI)

 

#Economics#War#EconomicWarfare

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 are inconsistent, the whole analytical… pic.twitter.com/ZbYlLNTfW7

— E.K-H (@AXECorg) March 20, 2024

Occasional Xs: The futile attempt to recycle MMT (LXXXIII)

 

#MMT#BadScienceBadPolicyBadPeople

“Why are these people fundamentally opposed to the government creating wealth for the private sector?” The government is NOT creating wealth for the “private sector” but #Profit for the #Oligarchy.

The page where Stephanie Kelton gets… pic.twitter.com/jt6qm6q0sZ

— E.K-H (@AXECorg) March 20, 2024

For more about the abuse of the term private sector see AXECquery. 

 

Occasional Xs: The futile attempt to recycle Hayek (XVII)

 

The correct term for the GER polity is NOT #Democracy but #Oligarchy. It thrives on #DeficitSpendingMoneyCreation. The #ProfitLaw ⇓ implies #PublicDeficitIsPrivateProfit. Macroeconomic #Profit is in the main produced by the growth of #PublicDebt.#PrivateFinancialWealth of the… pic.twitter.com/AgDUWEV5YA

— E.K-H (@AXECorg) March 19, 2024

Occasional Xs: What economists really do (CC)

 

#Econ#FailedFakeScience#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, etc.) are mutually contradictory & axiomatically false &… pic.twitter.com/Mek5W5HrIA

— E.K-H (@AXECorg) March 19, 2024

Occasional Xs: The futile attempt to recycle Marx (XXV)

 

#Economics#FailedFakeScience#ForgetMarx

The history of economic thought is the history of scientific failure. #Marx was NO exception. He got #Profit (the foundational concept of the subject matter) wrong and NEVER understood how the economic #System and #CrossOverExploitation…

— E.K-H (@AXECorg) March 19, 2024

Occasional Xs: Clueless economists / Real Wage (I)

 

#LearnRealEcon

According to the axiomatically correct macroeconomic #LawOfSupplyAndDemand, the #RealWage W/P in the elementary production-consumption #Economy moves (i) with the #Productivity R and declines (ii) with #DeficitSpendingMoneyCreation i.e. ρE>1. The formula gets a… pic.twitter.com/IsTLH9xBSE

— E.K-H (@AXECorg) March 19, 2024

Occasional Xs: What economists really do (CXCIX)

 

#Economics#FailedFakeScience

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… pic.twitter.com/sYeBT2L49W

— E.K-H (@AXECorg) March 18, 2024

Occasional X: The growth of public debt is the life elixir of Capitalism (III)

 

#Capitalism

The US polity is an Oligarchy with Congress/Treasury/Fed/BigBusiness as integral parts. Analogous for EUR, UK, CAN, etc. The #ProfitLaw ⇓ implies #PublicDeficitIsPrivateProfit. Macroeconomic #Profit is in the main produced by #DeficitSpendingMoneyCreation i.e. the… pic.twitter.com/mUwAGmWO4M

— E.K-H (@AXECorg) March 18, 2024

Occasional Xs: The futile attempt to recycle MMT (LXXXII)

 

#MMT#BadScienceBadPolicyBadPeople

Under the main title “Wealth & Wellbeing”, Andrew Bunker proclaims “MMT is Winning”. The fact of the matter is, that under the main title of Science, MMT lost it long ago.

MMT's foundational #BalancesEquation is provably false, so the whole… pic.twitter.com/MGbE1ICsHU

— E.K-H (@AXECorg) March 18, 2024

Occasional Xs: How Solow messed up growth theory and why economists don't get it right to this day (III)

 

#Economics#FailedFakeScience

The history of economic thought is the history of scientific failure. The major approaches are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. When the foundational concepts of the subject…

— E.K-H (@AXECorg) March 16, 2024

Occasional Xs: What economists really do (CXCVIII)

 

#Economics#FailedFakeScience

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 are… pic.twitter.com/AYmCllaYPh

— E.K-H (@AXECorg) March 16, 2024

Occasional Xs: Clueless economists / Science (LXXII)

 

#Economics#FailedFakeScience#Reset

Everyone has a #Model in their head. But #Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. When the… pic.twitter.com/UOaBAEGu70

— E.K-H (@AXECorg) March 16, 2024

Occasional Xs: The futile attempt to recycle Hayek (XVI)

 

#Economics#FailedFakeScience

The history of economic thought is the history of scientific failure. #Hayek NEVER understood what #Profit is and how the economic #System works. When the foundational concepts of the subject matter are inconsistent, the whole analytical… pic.twitter.com/tew0fFPYCO

— E.K-H (@AXECorg) March 16, 2024

Occasional Xs: The futile attempt to recycle MMT (LXXXI)

 

#MMT#BadScienceBadPolicyBadPeople

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 fact that MMT is heavily promoted by #Movies /… pic.twitter.com/EhhA8zKogP

— E.K-H (@AXECorg) March 15, 2024

Occasional Xs: Clueless economists / Oligarchy-Democracy (I)

 

#Capitalism

The US polity is an Oligarchy with Congress/Treasury/Fed/BigBusiness as integral parts. Analogous for EUR, UK, CAN, etc. The #ProfitLaw ⇓ implies #PublicDeficitIsPrivateProfit. Macroeconomic #Profit is in the main produced by #DeficitSpendingMoneyCreation i.e. the… pic.twitter.com/Pjmiypgm2m

— E.K-H (@AXECorg) March 15, 2024

Occasional Xs: What economists really do (CXCVII)

 

#Economics#FailedFakeScience#Keynesianism#Distribution#Keynes got macroeconomic #Profit wrong bc he was too stupid for elementary #Algebra. After-Keynesians do not realize this lethal blunder to this day. ⇒

Keynesianism as ultimate profit machinehttps://t.co/EWEJGEyinO…

— E.K-H (@AXECorg) March 15, 2024

Occasional Xs: The futile attempt to recycle MMT (LXXX)

 

#MMT#BadScienceBadPolicyBadPeople

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 fact that MMT is heavily promoted by #Movies /… pic.twitter.com/ijKCHNLbMH

— E.K-H (@AXECorg) March 15, 2024

Occasional Xs: What economists really do (CXCVI)

 

#Economics#FailedFakeScience#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 contradictory &… pic.twitter.com/YnGbNR0KTz

— E.K-H (@AXECorg) March 14, 2024

Occasional Xs: The futile attempt to recycle Marx (XXIV)

 

#Economics#FailedFakeScience#NoFalseHeroMemorials#Marx NEVER understood what #Profit is and how the economic #System works. Because the foundational concepts of the subject matter are inconsistent, the whole analytical superstructure is scientifically worthless.

Dear idiots,…

— E.K-H (@AXECorg) March 14, 2024

Also here. 

Occasional Xs: The futile attempt to recycle MMT (LXXIX)

 

#MMT#BadScienceBadPolicyBadPeople

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

MMT has NO scientific truth-value only political…

— E.K-H (@AXECorg) March 14, 2024

Occasional Xs: The foul spirit of political economics (LXXXIV)

 

#SchuldenBremse

The GER polity is an #Oligarchy with Parliament/Treasury/ECB/BigBusiness as integral parts. The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. Macroeconomic #Profit is in the main produced by #DeficitSpendingMoneyCreation i.e. the…

— E.K-H (@AXECorg) March 14, 2024

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

Occasional Xs: How it works (CLXXIII)

 

#Bidenomics

The US polity is an #Oligarchy with Congress/Treasury/Fed/BigBusiness as integral parts. The #ProfitLaw ⇓ implies #PublicDeficitIsPrivateProfit. Macroeconomic #Profit is in the main produced by #DeficitSpendingMoneyCreation i.e. the growth of #PublicDebt.… pic.twitter.com/9sx5VBMm58

— E.K-H (@AXECorg) March 13, 2024

Occasional Xs: What economists really do (CXCV)

 

#Economics#FailedFakeScience

“When everything is at stake, capitalism also manages nuclear fusion.” This is another case of #StolenValor. It has NOT been #Capitalism but #Scientists / #Inventors / #Engineers / #Builders / #Workers who have created and continually improve… pic.twitter.com/Qv0o86BQ2L

— E.K-H (@AXECorg) March 13, 2024

Occasional Xs: What economists really do (CXCIV)

 

#SchuldenBremse

The GER polity is an #Oligarchy with Parliament/Treasury/ECB/BigBusiness as integral parts. The #ProfitLaw implies #PublicDeficitIsPrivateProfit. Macroeconomic #Profit is in the main produced by #DeficitSpendingMoneyCreation i.e. the growth of #PublicDebt.… pic.twitter.com/lqfJvKbsed

— E.K-H (@AXECorg) March 13, 2024

Occasional Xs: How it works (CLXXII)

 

#SchuldenBremse

The GER polity is an #Oligarchy with Parliament/Treasury/ECB/BigBusiness as integral parts. The #ProfitLaw implies #PublicDeficitIsPrivateProfit. Macroeconomic #Profit is in the main produced by #DeficitSpendingMoneyCreation i.e. the growth of #PublicDebt.… pic.twitter.com/CsCnImklAP

— E.K-H (@AXECorg) March 13, 2024

Occasional Xs: Paradigm Shift (XXII)

 

#Econ#FailedFakeScience#ParadigmShift#Economics claims to be #Science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, etc.) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. When… pic.twitter.com/AtGlpsTrse

— E.K-H (@AXECorg) March 12, 2024

Occasional Xs: The futile attempt to recycle MMT (LXXVIII)

 

#MMT#BadScienceBadPolicyBadPeople

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 fact that MMT is heavily promoted by… pic.twitter.com/RiERzrlhnR

— E.K-H (@AXECorg) March 12, 2024

Occasional Xs: Clueless economists / Science (LXXI)

 

#Economics#FailedFakeScience

The history of economic thought is the history of scientific failure. #AdamSmith NEVER understood what #Profit is and how the economic #System works. That's rather bad for an economist. So, since his time, #EconomicPolicyGuidance has NEVER had valid… pic.twitter.com/omdeo2WycR

— E.K-H (@AXECorg) March 12, 2024

Occasional Xs: How it works (CLXXI)

 

#Bidenomics

The US polity is an #Oligarchy with Congress/Treasury/Fed/BigBusiness as integral parts. The #ProfitLaw ⇓ implies #PublicDeficitIsPrivateProfit. Macroeconomic #Profit is in the main produced by #DeficitSpendingMoneyCreation i.e. the growth of #PublicDebt.… pic.twitter.com/HDrgql3N72

— E.K-H (@AXECorg) March 12, 2024

Occasional Xs: What economists really do (CXCIII)

 

#Economics#FailedFakeScience#Keynesianism

Before one can talk about the positive #Employment effects of Military Keynesianism one has to come clear with the positive #Profit effects of original Keynesianism. #Keynes got macroeconomic profit wrong bc he was too stupid for…

— E.K-H (@AXECorg) March 12, 2024

Occasional Xs: Paradigm Shift (XXI)

 

#Econ#FailedFakeScience#ParadigmShift#Economics claims to be #Science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, etc.) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. When… pic.twitter.com/j7Yk7hQJdj

— E.K-H (@AXECorg) March 11, 2024

Occasional Xs: How it works (CLXX)

 

The US polity is an #Oligarchy with Congress/Treasury/Fed/BigBusiness as integral parts. The #ProfitLaw ⇓ implies #PublicDeficitIsPrivateProfit. Macroeconomic #Profit is in the main produced by #DeficitSpendingMoneyCreation i.e. the growth of #PublicDebt. #PrivateFinancialWealth… pic.twitter.com/JE9WGlpRQn

— E.K-H (@AXECorg) March 11, 2024

Occasional Xs: What economists really do (CXCII)

 

#Econ

The history of economic thought is the history of scientific failure. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit… pic.twitter.com/WRP6M1I8rF

— E.K-H (@AXECorg) March 11, 2024

Occasional Xs: The futile attempt to recycle MMT (LXXVII)

 

#MMT#BadScienceBadPolicyBadPeople

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 fact that MMT is heavily promoted by… pic.twitter.com/9PXcRonS6p

— E.K-H (@AXECorg) March 11, 2024

Occasional Xs: The futile attempt to recycle MMT (LXXVI)

 

#MMT#BadScienceBadPolicyBadPeople

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 pic.twitter.com/z3CaUsxSIm

— E.K-H (@AXECorg) March 11, 2024

Occasional Xs: Clueless economists / Distribution, Inequality (V)

 

#LearnRealEcon

The US polity is an #Oligarchy with Congress/Treasury/Fed/BigBusiness as integral parts. The #ProfitLaw ⇓ implies #PublicDeficitIsPrivateProfit. Macroeconomic #Profit is in the main produced by #DeficitSpendingMoneyCreation i.e. the growth of #PublicDebt.… pic.twitter.com/k51FCTzvT9

— E.K-H (@AXECorg) March 11, 2024

Occasional Xs: How it works (CLXIX)

 

#LearnRealEcon

The elementary macroeconomic #LawOfSupplyAndDemand ⇓ tells one how the avg #Price P moves as a function of avg #WageRate W, #Productivity R, #DeficitSpendingMoneyCreation ρE>1. Employment is NOT among the price determinants. pic.twitter.com/NSH4PcReE7

— E.K-H (@AXECorg) March 11, 2024

Occasional Xs: How it works (CLXVIII)

 

The US economy runs on profit. The macroeconomic #ProfitLaw implies that the greater part is produced by #DeficitSpendingMoneyCreation. So, #PrivateFinancialWealth of the #Oligarchy ≈ #PublicDebt of #WeThePeople. The so-called free market economy is saved from #Breakdown by… pic.twitter.com/DsfTHABqU0

— E.K-H (@AXECorg) March 10, 2024

Occasional Xs: The futile attempt to recycle MMT (LXXV)

 

#MMT#BadScienceBadPolicyBadPeople

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 pic.twitter.com/AFgBwvLHf1

— E.K-H (@AXECorg) March 9, 2024

Occasional Xs: Paradigm Shift (XX)

 

#Econ#FailedFakeScience#ParadigmShift#Economics claims to be #Science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, etc.) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. When… pic.twitter.com/0dnTiqR1IE

— E.K-H (@AXECorg) March 9, 2024

Occasional Xs: Clueless economists / Science (LXX)

 

#Econ#FailedFakeScience#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, etc.) are mutually contradictory & axiomatically false &… pic.twitter.com/QcDWSTGCPv

— E.K-H (@AXECorg) March 9, 2024

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

Occasional Xs: How it works (CLXVII)

 

The US polity is an #Oligarchy with Congress/Treasury/Fed/BigBusiness as integral parts. The #ProfitLaw ⇓ implies #PublicDeficitIsPrivateProfit. Macroeconomic #Profit is in the main produced by #DeficitSpendingMoneyCreation i.e. the growth of #PublicDebt. #PrivateFinancialWealth… pic.twitter.com/fhNKQ4eFLa

— E.K-H (@AXECorg) March 9, 2024

Occasional Xs: Clueless economists / Science (LXIX)

 

#Reset#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, etc.) are mutually contradictory & axiomatically false & materially/formally… pic.twitter.com/GaZAQtJaRi

— E.K-H (@AXECorg) March 8, 2024