Occasional Xs: What economists really do (CCLX)

 

#Economics#FailedFakeScience

'Study: US is an oligarchy, not a democracy'

“Warum das in den USA eine wichtige Nachricht ist./Why this is important news in the USA.”#Economics claims to be #Science but is NOT. The major approaches are mutually contradictory & axiomatically…

— E.K-H (@AXECorg) May 31, 2024

Occasional Xs: What economists really do (CCLIX)

 

#Economics#FailedFakeScience#Curriculum

Since the founding fathers, #Economists have claimed to be doing science but they did NOT. What they did was to disguise political #AgendaPushing as #Science or #EnlightenedPhilosophy or #ProgressiveEthics or #EducationOfTheMasses or…

— E.K-H (@AXECorg) May 31, 2024

Occasional Xs: How it works (CCVIII)

 

#LearnRealEconomics

I suggest that you correct the labeling from Taxpayer → #WeThePeople and from Government → #WeTheOligarchy.

The U.S. economy runs on #Profit. The 3-sector #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd implies that the greater part is produced by…

— E.K-H (@AXECorg) May 31, 2024

Occasional Xs: How it works (CCVII)

 

#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth

“Das kommt drauf an, wofür das Geld ausgegeben wird. Erneuerbare Energien, Klimaschutz, Bildung, Wiederaufbau Böden & Biodiversität, digitale Infrastruktur würden echte Möglichkeiten öffnen.”

As a matter of… pic.twitter.com/4RR0uYFkQo

— E.K-H (@AXECorg) May 31, 2024

Occasional Tweets: How to pay for the war (V)

 

#Economics#War#GeoEconomics

The USA/EUR/GER is at war with RUS. From history, it is known that in real terms #WeThePeople ALWAYS pays for the war. There is, however, a difference in how this is financially engineered. Mr. Putin increases taxes. How stupid is this? Mr. Biden,…

— E.K-H (@AXECorg) May 30, 2024

Occasional Xs: Equilibrium is long dead but some folks still don't get it (II)

 

#Economics#FailedFakeScience

Mr. Milei is far behind the curve. The discussion about price equilibrium in general and Brouwer’s and Kakutani’s theorems in particular is long over. For details see ⇒

Ingrao, B., and Israel, G. (1990). The Invisible Hand. Economic Equilibrium in…

— E.K-H (@AXECorg) May 30, 2024

Occasional Xs: What economists really do (CCLVIII)

 

#Economics

“Absolutely insane that a president of a nation has read and understood Coase, Arrow, and Ramsey and other.”

Since the founding fathers, #Economists have claimed to be doing science but they did NOT. What they did was to disguise political #AgendaPushing as #Science… pic.twitter.com/3bPG4VIBpQ

— E.K-H (@AXECorg) May 30, 2024

Occasional Xs: How it works (CCVI)

 

#Economics#FailedFakeScience#NeverTrustTopEconomists

“Ein gutes Programm der Top Ökonominnen und Ökonomen.”/ “A good program from top economists.”

The correct term for the GER polity is NOT #Democracy but #Oligarchy with national/European key institutions like #Parliament /… pic.twitter.com/mXPxrxHm7J

— E.K-H (@AXECorg) May 30, 2024

Occasional Xs: What economists really do (CCLVII)

 

#Economics

Since the founding fathers, #Economists have claimed to be doing science but they did NOT. What they did was to disguise political #AgendaPushing as #Science or #EnlightenedPhilosophy or #ProgressiveEthics or #EducationOfTheMasses or #WorldImprovement.

Economics has… pic.twitter.com/jhLbrsvaPI

— E.K-H (@AXECorg) May 30, 2024

Occasional Xs: How it works (CCV)

 

#Economics#FailedFakeScience

The #FreeMarketEconomy runs on #Profit. The 3-sector #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd implies #PublicDeficitIsPrivateProfit. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Their #FinancialWealth grows with growing #PublicDebt…

— E.K-H (@AXECorg) May 29, 2024

Occasional Xs: The futile attempt to recycle Milton Friedman (XIV)

 

#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth

Milton Friedman never understood what #Profit is and how the economic #System works. That's rather bad for an #Economist.

Friedman and the cluelessness of fake scientistshttps://t.co/b3edQjNEXv pic.twitter.com/lwuThpm3ps

— E.K-H (@AXECorg) May 28, 2024

Occasional Xs: How it works (CCIV)

 

#Economics#GeoEconomics#GeoPolitics

“Europe needs a massive investment shock to meet its challenges... This should be done, either by doubling 'the size of the budget, through common borrowing strategies or the instruments that already exist.'”

The correct term for the…

— E.K-H (@AXECorg) May 28, 2024

Occasional Xs: How it works (CCIII)

 

#LearnRealEconomics

The U.S. #Economy runs on #Profit. The 3-sector #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd implies that the greater part is produced by #DeficitSpendingMoneyCreation. The so-called #FreeMarketEconomy is continuously saved from #BreakDown by #Fed / #Treasury i.e. the… pic.twitter.com/m4t8kQPQtX

— E.K-H (@AXECorg) May 28, 2024

Occasional Xs: What economists really do (CCLVI)

 

#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 #EnlightenedPhilosophy or #ProgressiveEthics or #EducationOfTheMasses.

Economics…

— E.K-H (@AXECorg) May 28, 2024

Occasional Xs: Clueless economists / History (II)

 

#Economics#FailedFakeScience#History

The Santayana quote “Those who cannot remember the past are condemned to repeat it.” is misplaced in an economic argument.

The main reason is that the greater part of History is NOT an objective account of facts and events but a…

— E.K-H (@AXECorg) May 27, 2024

For more about the relationship between economics and history see AXECquery. 

Occasional Xs: What economists really do (CCLV)

 

#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 #EnlightenedPhilosophy or #ProgressiveEthics or #EducationOfTheMasses.

Economics… pic.twitter.com/r2zBYLmS9d

— E.K-H (@AXECorg) May 27, 2024

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

 

#MMT#BadScienceBadPolicyBadPeople

The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. So, the MMT policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy.

How this helps for “Achieving the goals of socialism” is a magic trick…

— E.K-H (@AXECorg) May 26, 2024

Occasional Xs: What economists really do (CCLIV)

 

#Economics#FailedFakeScience#IdeologicalBias#AuthorityBias#FollowerBias

For 200+ years, economics claims to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory &…

— E.K-H (@AXECorg) May 26, 2024

Occasional Xs: What economists really do (CCLIII)

 

#Economics#War

“Sparpolitik” and “Kürzungen bei Ausgaben” serve as preparation for a massive increase in military spending in the coming years. The #SchuldenBremse will be abolished but the additional money will NOT be spent on investments for the future.

The current austerity…

— E.K-H (@AXECorg) May 25, 2024

Occasional Xs: What economists really do (CCLII)

 

#Economics#Bamboozle

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 or #ProgressiveEthics or #EducationOfTheMasses.

Economics has…

— E.K-H (@AXECorg) May 25, 2024

Occasional Xs: How it works (CCII)

 

#Economics

The U.S. economy runs on #Profit. The 3-sector #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd implies that the greater part is produced by #DeficitSpendingMoneyCreation. The economy is continuously saved from #BreakDown by #Fed / #Treasury i.e. the #State's… pic.twitter.com/V38vZFOP34

— E.K-H (@AXECorg) May 24, 2024

Occasional Xs: What economists really do (CCLI)

 

#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 #EnlightenedPhilosophy or #ProgressiveEthics or #EducationOfTheMasses.

Economics…

— E.K-H (@AXECorg) May 24, 2024

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

 

#Economics#FailedFakeScience#DisInfoTainment

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

The history of economic thought is the history of scientific failure. #Austrians NEVER understood what #Profit is & how the economic #System…

— E.K-H (@AXECorg) May 24, 2024

Occasional Xs: What economists really do (CCL)

 

#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 &…

— E.K-H (@AXECorg) May 23, 2024

Occasional Xs: What economists really do (CCXLIX)

 

#LearnRealEconomics

The #FreeMarketEconomy runs on #Profit. The 3-sector #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd implies that the greater part is produced by #DeficitSpendingMoneyCreation. So, #LateCapitalism is kept running mainly by #CentralBank / #Treasury i.e. the #State's…

— E.K-H (@AXECorg) May 23, 2024

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

 

#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 #EnlightenedPhilosophy or #ProgressiveEthics or #EducationOfTheMasses.

Actually,…

— E.K-H (@AXECorg) May 22, 2024

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

 

#Economics#FailedFakeScience

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

— E.K-H (@AXECorg) May 22, 2024

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

 

#MMT#BadScienceBadPolicyBadPeople

MMT's foundational #BalancesEquation is provably false, so their whole #Macroeconomics is scientifically worthless.

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

The axiomatically correct 3-sector… pic.twitter.com/nASU7TsRW6

— E.K-H (@AXECorg) May 22, 2024

Occasional Xs: Clueless economists / Science (XC)

 

#Economics#FailedFakeScience

Perhaps some people would not have such convoluted views on #Science and #Politics if they had properly studied Mill. John Stuart Mill was a champion of science and formulated the foundational rule of doing economics for his stupid/corrupt fellow… pic.twitter.com/jolnvTLTpo

— E.K-H (@AXECorg) May 20, 2024

Occasional Xs: How it works (CCI)

 

#LearnRealEconomics#Independence

The #FreeMarketEconomy runs on #Profit. The 3-sector #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd implies that the greater part is produced by #DeficitSpendingMoneyCreation. So, #LateCapitalism is kept running by #Fed / #Treasury i.e. the #State's…

— E.K-H (@AXECorg) May 20, 2024

Occasional Xs: Clueless economists / Philosophy (IV)

 

#Economics#FailedFakeScience#LaissezFaire

The #FreeMarketEconomy runs on #Profit. The 3-sector #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd implies that the greater part is produced by #DeficitSpendingMoneyCreation. So, in the main, the #FreeMarketEconomy is kept running by #Fed /… pic.twitter.com/iCymsrZpo8

— E.K-H (@AXECorg) May 19, 2024

Occasional Xs: The futile attempt to recycle Austrianism (XXXV)

 

#Economics#FailedFakeScience#Austrianism

“The final outcome of the credit expansion is general impoverishment.” (von Mises)

No!

The final outcome of a #CreditExpansion is a #ProfitExpansion i.e. a #FreeLunch for the #Oligarchy.

The 3-sector #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd…

— E.K-H (@AXECorg) May 19, 2024

Occasional Xs: How it works (CC)

 

#LearnRealEconomics

“While government debt can be a valuable tool for addressing myriad economic challenges, it is not and has never been a free lunch.”

The U.S. polity is an #Oligarchy with #Congress / #Treasury / #Fed / #BigBusiness as integral parts. The axiomatically… pic.twitter.com/iiPbFA11Tw

— E.K-H (@AXECorg) May 18, 2024

Occasional Xs: Clueless economists / Profit (XXXV)

 

#Economics#FailedFakeScience#Austrianism

“The only source from which an entrepreneur’s profits stem is his ability to anticipate better than other people the future demand of the consumers.” (von Mises)

The #MarketEconomy runs on #Profit. The 3-sector #ProfitLaw… pic.twitter.com/LTZ8NyZ7fZ

— E.K-H (@AXECorg) May 18, 2024

Occasional Xs: The futile attempt to recycle Austrianism (XXXIV)

 

#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth#Austrianism

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… pic.twitter.com/Y4p8xxsFZt

— E.K-H (@AXECorg) May 18, 2024

Occasional Xs: The futile attempt to recycle Austrianism (XXXIII)

 

#Economics#FailedFakeScience

“… it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.”

For 200+ years, economics has claimed to be science but is NOT. The major approaches (#Walrasianism,…

— E.K-H (@AXECorg) May 18, 2024

Occasional Xs: What economists really do (CCXLVIII)

 

#Economics

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 or #ProgressiveEthics or #EducationOfTheMasses.

Actually, economics has…

— E.K-H (@AXECorg) May 16, 2024

Occasional Xs: What economists really do (CCXLVII)

 

#Economics#FailedFakeScience

“Your podcast is far better than our educational system.”

For 200+ years, economics has claimed to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually… pic.twitter.com/hW6cBqkUtb

— E.K-H (@AXECorg) May 16, 2024

Occasional Xs: How it works (CXCIX)

 

#Economics#FailedFakeScience

“… did anyone mention the only beneficiaries of the myth of Fed independence …”

The U.S. polity is an #Oligarchy with #Congress / #Treasury / #Fed / #BigBusiness as integral parts. The axiomatically correct #ProfitLaw ⇓ implies… pic.twitter.com/gJPSrcRVnH

— E.K-H (@AXECorg) May 16, 2024

Occasional Xs: What economists really do (CCXLVI)

 

#Economics#FailedFakeScience#Economists#StupidOrCorruptorBoth

“Our knowledge of Ravi Shankar won us a prize.”

Congratulations on this professional shot in the foot. There is no better way to tell the social media crowd that Economics in Ten Minutes is in the #DisInfoTainment… pic.twitter.com/RV1QPYzoEb

— E.K-H (@AXECorg) May 16, 2024

Occasional Xs: What economists really do (CCXLV)

 

#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/PM3ppguRzN

— E.K-H (@AXECorg) May 15, 2024

Occasional Xs: What economists really do (CCXLIV)

 

#Economics#FailedFakeScience

“Wir sollten auf den Rat der Ökonomen vom IW sowie IMK hören, die #Schuldenbremse außer Kraft setzen und mindestens 600 Mrd. in die Infrastruktur investieren, …”

No. If your job is to promote the interests of #WeThePeople, don't ever follow the…

— E.K-H (@AXECorg) May 15, 2024

Occasional Xs: How it works (CXCVIII)

 

#Economics#FailedFakeScience#FiscalPolicy

“Bei den jungen Leuten ist der Groschen gefallen “ / “The penny has dropped with the young people”

Not really.

The #MarketEconomy runs on #Profit. The macroeconomic #ProfitLaw implies #PublicDeficitIsPrivateProfit. So,… pic.twitter.com/KdijuFnfNC

— E.K-H (@AXECorg) May 15, 2024

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

 

#Economics#FailedFakeScience#MMT

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.… pic.twitter.com/dK6GXnIovk

— E.K-H (@AXECorg) May 15, 2024

Related 'Deficits matter for distribution' 

Occasional Xs: What economists really do (CCXLIII)

 

#Economics#FailedFakeScience#SchuldenBremse

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…

— E.K-H (@AXECorg) May 14, 2024

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

 

#MMT#BadScienceBadPolicyBadPeople

MMT's foundational #BalancesEquation is provably false, so their whole #Macroeconomics is scientifically worthless.

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

The axiomatically correct 3-sector… pic.twitter.com/T3g01p4Kep

— E.K-H (@AXECorg) May 14, 2024

Occasional Xs: What economists really do (CCXLII)

 

#Economics#FailedFakeScience

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… pic.twitter.com/M0DDpW52rv

— E.K-H (@AXECorg) May 14, 2024

Occasional Xs: What economists really do (CCXLI)

 

#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth

“As it developed since Adam Smith’s time, economics is, methodologically, not very pliable to what policymakers naturally want, which is interventionism and Colbertism, …” This is just another example of… pic.twitter.com/gSfMFyr3k5

— E.K-H (@AXECorg) May 14, 2024

Occasional Xs: What economists really do (CCXL)

 

#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth

“Basiswissen triff auf wirschaftspolitische Strategie.”

For 200+ years, economics has claimed to be science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their… pic.twitter.com/6EPM7rGysS

— E.K-H (@AXECorg) May 14, 2024

Occasional Xs: How it works (CXCVII)

 

#LearnRealEconomics#Deficit#Profit#Debt#Interest

The #MarketEconomy runs on #Profit. The macroeconomic #ProfitLaw implies #PublicDeficitIsPrivateProfit. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy.

The #PrivateFinancialWealth of the #WeTheOligarchy…

— E.K-H (@AXECorg) May 13, 2024

Occasional Xs: The futile attempt to recycle Adam Smith (LXVII)

 

#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 #EnlightenedPhilosophy or #Moralizing.

Adam Smith NEVER understood what #Profit… pic.twitter.com/YQcpbvB4G4

— E.K-H (@AXECorg) May 13, 2024

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

 

#Economics#FailedFakeScience#NoFalseHeroMemorials

“His [Marx's] work helps us not only understand capitalism, but fight for a world free of exploitation and domination.”

The history of economic thought is the history of scientific failure. #KarlMarx NEVER understood what…

— E.K-H (@AXECorg) May 12, 2024

Occasional Xs: Clueless economists / Money (VIII)

 

#Economics#FailedFakeScience

“The Federal Reserve prints money (digitally).”

And that blows your mind?

That #Money is created #OutOfNothing is NOT the point. The crucial point is whether money is injected on the left side of the business sector's national account in the form…

— E.K-H (@AXECorg) May 12, 2024

Occasional Xs: Clueless economists / Science (LXXXIX)

 

#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth

“Coming to the conclusion that there's no point trying to argue with 'mainstream' (neoliberal?) economists …”

In #Science, an argument starts with an empirical/logical refutation and ends with a #ParadigmShift.…

— E.K-H (@AXECorg) May 12, 2024

Occasional Xs: What economists really do (CCXXXIX)

 

#LearnRealEconomics#Deficit#Profit#Debt

“We do not have a national debt.”

The #Profit Law ⇓ implies #PublicDeficitIsPrivateProfit. So, the policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy i.e. #PrivateFinancialWealth grows with #PublicDebt.… pic.twitter.com/78nIlpPArB

— E.K-H (@AXECorg) May 11, 2024

Occasional Xs: Clueless economists / Money (VII)

 

#LearnRealEconomics#Money

“… the material does not give a clue about the nature of money.”

Correct, money is NOT a thing. It is #Information, stored on a material data medium, e.g. gold coin, clay tablet, paper, magnetic data carrier, etc.

How money emerges out of nothing ―…

— E.K-H (@AXECorg) May 11, 2024

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

 

#LearnRealEconomics#Deficit#Profit#Money

“MMT proponents often say that a public sector deficit is a private sector surplus.”

Yes, and this tells you that #MMTers are either stupid or corrupt or both.

The #Profit Law ⇓ implies #PublicDeficitIsPrivateProfit. So, the policy…

— E.K-H (@AXECorg) May 11, 2024

Occasional Xs: Clueless economists / Science (LXXXVIII)

 

#Economics#FailedFakeScience

To call economics a “dismal and harmful science” is misleading because economics has never satisfied the definition of #Science.

For 200+ years, economics has claimed to be science but is NOT. The major approaches (#Walrasianism, #Keynesianism,… pic.twitter.com/wGTQ1lx61i

— E.K-H (@AXECorg) May 9, 2024

Occasional Xs: Scrap the EconNobel (XIV)

 

#Economics#FailedFakeScience

Because economics has never satisfied the definition of #Science, #Prizes have no scientific significance. They are a #Marketing / #PR / #Propaganda tool to shape #PublicOpinion and an #Incentive / #Reward with which the #Oligarchy controls… pic.twitter.com/zK7EBWo2Ur

— E.K-H (@AXECorg) May 9, 2024

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

 

#MMT#BadScienceBadPolicyBadPeople

“No MMT'er ever worked in finance and money management for a living.”

What about Warren Mosler or Mike Norman? The rest does not work on Wall Street but intentionally or unintentionally for Wall Street.

Dear idiots, MMTers are Wall Street’s…

— E.K-H (@AXECorg) May 9, 2024

Occasional Xs: How it works (CXCVI)

 

#Economics#FreeMarkets

“The market is a democracy in which every penny gives a right to vote.”

The U.S. polity is an Oligarchy with #Congress / #Treasury / #Fed / #BigBusiness as integral parts. The axiomatically correct #ProfitLaw ⇓ implies #PublicDeficitIsPrivateProfit.… pic.twitter.com/BN0ZIdpeAw

— E.K-H (@AXECorg) May 9, 2024

Occasional Xs: What economists really do (CCXXXVIII)

 

#Economics#FailedFakeScience#Austrianism

For 200+ years, economics claims to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory and axiomatically false and materially/formally… pic.twitter.com/Mhk9CBeoXa

— E.K-H (@AXECorg) May 9, 2024

Occasional Xs: What economists really do (CCXXXVII)

 

#LearnRealEconomics

The U.S. economy runs on #Profit. The macroeconomic #ProfitLaw implies that the greater part is produced by #DeficitSpendingMoneyCreation. The economy is saved from #Breakdown by #Fed / #Treasury i.e. the State's deficit-spending/money-creation. #Bidenomics… pic.twitter.com/AWHKJWRLcg

— E.K-H (@AXECorg) May 9, 2024

Occasional Xs: The futile attempt to recycle Austrianism (XXXII)

 

#Economics#FailedFakeScience#Austrianism#DisInfoTainment#Hayek NEVER understood what #Profit is and how the economic #System works. He was NOT a #Scientist but an #AgendaPusher / #Clown in the political #CircusMaximus. His Liberty flag waving is not, never has been, and…

— E.K-H (@AXECorg) May 8, 2024

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

 

#MMT#BadScienceBadPolicyBadPeople

“My 4-month-old son looked me straight in the eyes today & said “dad, isn’t it logically incongruent that MMTers claim they want to reduce inequality, …”

Yes, #MMTers have big problems with logic. They claim to be #Scientists but have no idea…

— E.K-H (@AXECorg) May 8, 2024

Occasional Xs: The futile attempt to recycle Austrianism (XXXI)

 

#Economics#FailedFakeScience#Austrianism

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 are inconsistent, the…

— E.K-H (@AXECorg) May 8, 2024

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

 

#Economics#FailedFakeScience#ParadigmShift

The basic building block of economics is NOT the Supply-Demand-Equilibrium Cross because this silly construct is derived from #MicroFoundations but the 4-Quadrant Chart ⇓ which is derived from axiomatically correct #MacroFoundations.… pic.twitter.com/adtrpD8mTr

— E.K-H (@AXECorg) May 8, 2024

 

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

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

 

#MMT#BadScienceBadPolicyBadPeople

“Finding the money is never a problem; they just create it. … when we view it from a different angle, a government deficit becomes a financial surplus." (Stephanie Kelton)

Yes, but it becomes a surplus of #WeTheOligarchy and NOT of… pic.twitter.com/eLoLinWde4

— E.K-H (@AXECorg) May 8, 2024

Occasional Xs: How it works (CXCV)

 

#LearnRealEconomics#Deficit#Profit

“Markets Can Shrug Off the ‘Oy, the Deficit’ Crowd.”

So true. The #Profit Law ⇓ implies #PublicDeficitIsPrivateProfit. So, the policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy i.e. #PrivateFinancialWealth grows… pic.twitter.com/6YCuxIlYR9

— E.K-H (@AXECorg) May 7, 2024

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

 

#MMT#BadScienceBadPolicyBadPeople

“The national debt = safe assets. It's just our savings.“

It's not “our” savings i.e. it's the savings of #WeTheOligarchy and NOT of #WeThePeople.

MMT's foundational #BalancesEquation is provably false, so their whole #Macroeconomics is… pic.twitter.com/Xv672lGIIr

— E.K-H (@AXECorg) May 7, 2024

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

 

#Economics#DisInfoTainment#Prizes

The #PulitzerPrize is just #SelfHype of the #Press, the #Oscar is just #SelfHype of #Hollywood, the #EconNobel is #SelfHype of #AcademicEconomics, etcetera. Prizes are a #Marketing / #PR / #Propaganda tool to shape #PublicOpinion and an…

— E.K-H (@AXECorg) May 7, 2024

Occasional Xs: How it works (CXCIV)

 

#LearnRealEconomics#Deficit#Profit#Debt#Interest

The #MarketEconomy runs on #Profit. The macroeconomic #ProfitLaw implies #PublicDeficitIsPrivateProfit. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Macroeconomic profit is mainly produced by the…

— E.K-H (@AXECorg) May 7, 2024

Occasional Xs: Paradigm Shift (XXX)

 

#Economics#FailedFakeScience#Reset

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/j8g13g9MKt

— E.K-H (@AXECorg) May 6, 2024

Occasional Xs: How it works (CXCIII)

 

#LearnRealEconomics

The U.S. economy runs on #Profit. The macroeconomic #ProfitLaw implies that the greater part is produced by #DeficitSpendingMoneyCreation. The economy is saved from #Breakdown by #Fed/#Treasury i.e. the State's deficit-spending/money-creation. #Bidenomics is… pic.twitter.com/du2i20b0Ot

— E.K-H (@AXECorg) May 6, 2024

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

 

#Economics#FailedFakeScience#MMT

“Maybe the National debt clock does not represent the terrible burden we are leaving our grandchildren.”

The macroeconomic #Profit Law implies #PublicDeficitIsPrivateProfit. So, the MMT policy of #DeficitSpendingMoneyCreation is a #FreeLunch… pic.twitter.com/pt5nSTTx2A

— E.K-H (@AXECorg) May 6, 2024

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

 

#Economics#FailedFakeScience#MMT

The #FreeMarketEconomy runs on #Profit. The 3-sector #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd implies that the greater part is produced by #DeficitSpendingMoneyCreation. So, the #PrivateFinancialWealth of #WeTheOligarchy grows with the #PublicDebt of… pic.twitter.com/OB7xnZ2ZGc

— E.K-H (@AXECorg) May 6, 2024

Occasional Xs: How it works (CXCII)

 

#LearnRealEconomics

The 3-sector #Profit Law ⇓ implies #PublicDeficitIsPrivateProfit. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy i.e. #PrivateFinancialWealth grows with #PublicDebt. #WeTheOligarchy owns the financial assets, #WeThePeople owes the… pic.twitter.com/YSBJo9rBgo

— E.K-H (@AXECorg) May 6, 2024

Occasional Xs: The futile attempt to recycle Milton Friedman (XIII)

 

#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 &… pic.twitter.com/lYi6CQW3mz

— E.K-H (@AXECorg) May 6, 2024

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

 

#Economics#FakeScience#DisInfoTainment

After presenting #Marx as the “affectionate grandfather” and “romantic husband” one wonders when this #Hollywoodization ends and other lesser-known (and unfunny) aspects of his personality are revealed.

For example: Wolfgang Waldner, Der…

— E.K-H (@AXECorg) May 6, 2024

Occasional Xs: Clueless economists / Science (LXXXVII)

 

#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth

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 or #Moralizing.

Adam…

— E.K-H (@AXECorg) May 6, 2024