Occasional Xs: Economics is NOT a social science but a systems science (XI)

 

#Economics#FailedFakeScience#PsySoc

“All of economics is a behavioural science. The difference is whether you think the behaviour is irrational or rational.” (FT, Eugene Fama)

Economics is about how the #Economy works. It is a #SystemsScience and NOT a #SocialScience.…

— E.K-H (@AXECorg) August 31, 2024

Also at Gita Gopinath 

 

Occasional Xs: The futile attempt to recycle the Invisible Hand (II)

 

#HowItWorks#InvisibleHand#SpontaneousOrder

The #FreeMarketEconomy runs on profit. Macroeconomic profit is given by the axiomatically correct #ProfitLaw / #BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0 (which consists of variables measurable with an accuracy of two…

— E.K-H (@AXECorg) August 31, 2024

Occasional Xs: What economists really do (CCCXXII)

 

#Economics#FailedFakeScience

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

— E.K-H (@AXECorg) August 31, 2024

Occasional Xs: What economists really do (CCCXXI)

 

#Economics#FailedFakeScience

For 200+ years, economics has claimed to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally… pic.twitter.com/0lW78zpnWT

— E.K-H (@AXECorg) August 31, 2024

Occasional Xs: What economists really do (CCCXX)

 

#Economics#FailedFakeScience

The history of economic thought is the history of scientific failure and it goes from #DavidRicardo onward to the clueless folks at the Foundation for Economic Education.

Ricardo NEVER understood what #Profit is and how the economic #System works.…

— E.K-H (@AXECorg) August 31, 2024

Occasional Xs: How it works (CCXLI)

 

#LearnRealEconomics

“When people say that the economy is super strong, please understand … We are running a HISTORIC deficit.” (Geiger Capital)

The #FreeMarketEconomy runs on profit. Macroeconomic profit is given by the axiomatically correct #ProfitLaw / #BalancesEquation…

— E.K-H (@AXECorg) August 30, 2024

Occasional Xs: Clueless economists / Profit (XLV)

 

#Economics#FailedFakeScience#Profit

“The rate of profits increases in direct proportion to the total reduction in wages.”

This is correct for a single firm under ceteris paribus but provably false for the economy as a whole. Macroeconomic profit Qm is given by the… pic.twitter.com/Gncru8J2d4

— E.K-H (@AXECorg) August 30, 2024

Occasional Xs: What economists really do (CCCXIX)

 

#Economics#FailedFakeScience#DisInfoTainment

“An equal moral value is attached to the utility of all individuals.”

In the #FreeMarketEconomy, the individual utility is leveraged by income/wealth such that the rich have a very long lever and the poor a very short one. In other…

— E.K-H (@AXECorg) August 30, 2024

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

 

#Economics#FailedFakeScience

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

— E.K-H (@AXECorg) August 30, 2024

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

 

#Economics#FailedFakeScience#MMT

The #FreeMarketEconomy runs on #Profit. The 3-sector #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd implies #PublicDeficitIsPrivateProfit i.e. Qm≡G−T>0. So, #DeficitSpendingMoneyCreation = #GrowingPublicDebt ultimately benefits the #OnePercenters a.k.a.…

— E.K-H (@AXECorg) August 30, 2024

Occasional Xs: Clueless economists / Science (CXI)

 

#Economics#FailedFakeScience#PsySoc#GreedAndEnvy

“We are living at the Age of Envy.” (Henry Hazlitt)

Economics is about how the #Economy works. It is a #SystemsScience and NOT a #SocialScience. #Economists have messed it up since the founding fathers.

The major approaches… pic.twitter.com/zdt19wBap0

— E.K-H (@AXECorg) August 30, 2024

Occasional Xs: Clueless economists / Employment (X)

 

#Economics#Employment

The axiomatically correct macroeconomic #EmploymentLaw ⇓ shows that #Employment L increases if the avg #WageRate W rises faster than the avg product #Price P & if the #ExpenditureRatio ρE> 1. The Law is composed of precisely measurable variables. For… pic.twitter.com/HswCaGVOQI

— E.K-H (@AXECorg) August 30, 2024

Occasional Xs: Clueless economists / Science (CX)

 

#Economics#FailedFakeScience#Knowledge#Opinion

“The only defense against the world is a thorough knowledge of it.” (John Locke)

The Ancient Greeks made the all-important distinction between opinion (= doxa) and knowledge (= episteme). Science is about knowledge.

For 200+…

— E.K-H (@AXECorg) August 29, 2024

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

 

#Economics#FailedFakeScience

For 200+ years, economics has claimed to be #Science but is NOT. The representative #Economist is NOT ― and NEVER has been ― a competent #Scientist but an #AgendaPusher / #PhraseMonger / #UsefulIdiot / #Clown in the political #CircusMaximus.

The…

— E.K-H (@AXECorg) August 29, 2024

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

 

#Economics#FailedFakeScience#ParadigmShift

“It all starts here, peeps.”

No, it all starts there ⇓ pic.twitter.com/tPiqkcyMem

— E.K-H (@AXECorg) August 28, 2024

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

 

#Economics#FailedFakeScience

The basic building block of economics is NOT the Supply-Demand-Equilibrium Cross because this silly construct is derived from invalid #MicroFoundations.

There is NO such thing as supply-demand-equilibriumhttps://t.co/187XlJsNrO

For 200+ years,…

— E.K-H (@AXECorg) August 28, 2024

Occasional Xs: What economists really do (CCCXVIII)

 

Tyler Cowen's economic reasoning is of breathtaking intellectual height but lacks cultural context. In Europe, tipping has been the difference to the next higher round amount to avoid people dragging themselves to death with small change or ruining their elegant appearance with…

— E.K-H (@AXECorg) August 28, 2024

Occasional Xs: Clueless economists / Profit (XLIV)

 

#Economics#Profit

“The disdain of profit is due to ignorance, …” (Friedrich Hayek)

The scientific fact is that economists do not understand to this day what #Profit ― the foundational concept of the subject matter ― is. This is like physics before the concept of energy was… pic.twitter.com/8MstNMTrsv

— E.K-H (@AXECorg) August 28, 2024

Occasional Xs: Clueless economists / Philosophy (VI)

 

#Economics#FailedFakeScience#Philosophy

The #FreeMarketEconomy runs on #Profit. The 3-sector #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd implies #PublicDeficitIsPrivateProfit i.e Qm≡G−T>0. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Their #FinancialWealth…

— E.K-H (@AXECorg) August 27, 2024

Occasional Xs: Clueless economists / Science (CIX)

 

#Economics#FailedFakeScience

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

— E.K-H (@AXECorg) August 27, 2024

Occasional Xs: Clueless economists / Science (CVIII)

 

#Economics#FailedFakeScience

The easiest argument against #Keynes, #Friedman, and all the rest:

Keynes got macroeconomic #Profit wrong because he was too stupid for elementary #Algebra. He was NOT a competent #Scientist but an #AgendaPusher / #PhraseMonger / #UsefulIdiot /…

— E.K-H (@AXECorg) August 27, 2024

Occasional Xs: What economists really do (CCCXVII)

 

#Economics#FailedFakeScience#DisInfoTainment

Another episode of the never-ending series The Economics Professor as a fun maker in the political #ShitShow.

— E.K-H (@AXECorg) August 27, 2024

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

 

#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth

The #FreeMarketEconomy runs on #Profit. The 3-sector #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd implies #PublicDeficitIsPrivateProfit i.e., Qm≡G−T>0. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy.…

— E.K-H (@AXECorg) August 27, 2024

Occasional Xs: What economists really do (CCCXVI)

 

#Economics#FailedFakeScience

“The advantages derived from peaceful cooperation and division of labor are universal.”

People knew this thousands of years before von Mises presented it as a great revelation in his political pamphlets and appropriated it as a positive property of…

— E.K-H (@AXECorg) August 27, 2024

Occasional Xs: Clueless economists / Science (CVII)

 

#Economics#FailedFakeScience

“Socialism might not work in practice, but it works in theory.”#Kant exploded the silly practice/theory meme more than 200 years ago with the famous punch-line “There is nothing as practical as a good theory.”

However, #Economists didn't get the…

— E.K-H (@AXECorg) August 27, 2024

Occasional Xs: Clueless economists / Science (CVI)

 

#Economics#FailedFakeScience

For 200+ years, economics has claimed to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally… pic.twitter.com/d3cx9CeneP

— E.K-H (@AXECorg) August 27, 2024

Occasional Xs: What economists really do (CCCXV)

 

#Economics#FailedFakeScience

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… pic.twitter.com/TxNEE8aRSR

— E.K-H (@AXECorg) August 26, 2024

Occasional Xs: How it works (CCXL)

 

#Economics#FailedFakeScience#Inflation

The axiomatically correct macroeconomic #LawOfSupplyAndDemand ⇓ tells one how ― in the elementary case ― the avg #Price P moves as a function of avg #WageRate W, inverse #Productivity R, supply chain issues ρX, and… pic.twitter.com/0pvZ1NsjWJ

— E.K-H (@AXECorg) August 26, 2024

Occasional Xs: What economists really do (CCCXIV)

 

#Economics#GeoPolitics#GeoEconomics

The ruin of the German #Economy and the impoverishment of #WeThePeople is the direct consequence of the foreign/domestic #ZeitenWende policy of the #Ampel which has been supported from the beginning by the economic experts of the…

— E.K-H (@AXECorg) August 26, 2024

Occasional Xs: What economists really do (CCCXXIII)

 

#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth

The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong.…

— E.K-H (@AXECorg) August 26, 2024

Occasional Xs: Paradigm Shift (XXXVI)

 

#Economics#FailedFakeScience#Reset

Economics is about how the #Economy works. It is a #SystemsScience & NOT a #SocialScience. Because of this, it is the fatal methodological blunder to base it on behavioral/subjective #MicroFoundations.

For 200+ years, economics has claimed… pic.twitter.com/AxEA7FeUlO

— E.K-H (@AXECorg) August 26, 2024

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

 

#Economics#FailedFakeScience

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

The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false &…

— E.K-H (@AXECorg) August 26, 2024

Occasional Xs: How it works (CCXXXIX)

 

#Economics#FailedFakeScience

“Prices are important not because money is considered paramount but because prices are a fast and effective conveyor of information …”

Prices are important because ultimately they are an effective #SelectionMechanism. Their main function is the…

— E.K-H (@AXECorg) August 25, 2024

Occasional Xs: What economists really do (CCCXXII)

 

#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth

“… I do not hold that Bastiat was a bad theorist. I hold that he was no theorist.” (Schumpeter)#Bastiat had NO idea what #Profit is and how the economic #System works. He was just another #AgendaPusher /…

— E.K-H (@AXECorg) August 25, 2024

Occasional Xs: What economists really do (CCCXXI)

 

#Economics#FailedFakeScience

For 200+ years, economics has claimed to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally… pic.twitter.com/rAy2OJSMPf

— E.K-H (@AXECorg) August 25, 2024

Occasional Xs: What economists really do (CCCXX)

 

#HowItWorks

“$35.2 trillion in debt... and I feel fine...” (E. Antoni)

The #FreeMarketEconomy runs on #Profit. Macroeconomic profit is given by the axiomatically correct #ProfitLaw / #BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The Profit Law implies…

— E.K-H (@AXECorg) August 25, 2024

Occasional Xs: What economists really do (CCCXIX)

 

#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth

The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong.…

— E.K-H (@AXECorg) August 25, 2024

Occasional Xs: Paradigm Shift (XXXV)

 

#Economics#Reset#MicroFoundations#MacroFoundations

Economics is about how the #Economy works. It is a #SystemsScience & NOT a #SocialScience. Because of this, it is a methodological blunder to base it on #MicroFoundations. The required #ParadigmShift starts with… pic.twitter.com/KdESSxui6w

— E.K-H (@AXECorg) August 24, 2024

Occasional Xs: Clueless economists / Science (CV)

 

#Economics#FailedFakeScience

“Suppose that, for whatever reason, economics fails to meet the conditions needed to qualify as a science. This wouldn’t imply that all sources of economic opinion are equally credible.” (C. Freiman)#Science is NOT about #Credibility but #Proof.… pic.twitter.com/1sIRjgjG9w

— E.K-H (@AXECorg) August 24, 2024

Occasional Xs: What economists really do (CCCXVIII)

 

#Economics#FailedFakeScience#StolenValor

“The free market is the way out of poverty!”

The increase of #Productivity through #Science / #Engineering / #Organisation / #EnergyUtilization has been the way out of #Poverty. #Economists have NOT contributed anything to…

— E.K-H (@AXECorg) August 23, 2024

Occasional Xs: Economics debate ― the never-ending shitshow (II)

 

#Economics#FailedFakeScience

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… pic.twitter.com/ZbAYbicvAB

— E.K-H (@AXECorg) August 23, 2024

Occasional Xs: Clueless economists / Science (CIV)

 

#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth

Schumpeter never left any doubt that economics has been proto-scientific garbage from the founding fathers onwards. pic.twitter.com/HBkwoAuAmE

— E.K-H (@AXECorg) August 23, 2024

Occasional Xs: What economists really do (CCCXVII)

 

#Economics#FailedFakeScience

For 200+ years, economics has claimed to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally… pic.twitter.com/6mYqROqFT4

— E.K-H (@AXECorg) August 23, 2024

Occasional Xs: What economists really do (CCCXVI)

 

#Economics#FailedFakeScience

The root cause of Cuba's economic problems is well-known “ … the US embargo against Cuba is 'the oldest and most comprehensive US economic sanctions regime against any country in the world …'" (Wikipedia).

However, #PoliticalEconomists habitually… pic.twitter.com/lHAVCz0ZZn

— E.K-H (@AXECorg) August 23, 2024

Occasional Xs: How it works (CCXXXVIII)

 

#HowItWorks

The #FreeMarketEconomy runs on #Profit. Macroeconomic profit is given by the axiomatically correct #ProfitLaw / #BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The Profit Law implies #PublicDeficitIsPrivateProfit Qm≡G−T>0 i.e. macroeconomic #Profit is…

— E.K-H (@AXECorg) August 23, 2024

Occasional Xs: The role of narratives and storytelling in economics (III)

 

#Economics#FailedFakeScience

“The advantages derived from peaceful cooperation and division of labor are universal. (von Mises)

This has been known to humans since the dawn of civilization, i.e., long before Adam Smith described the pin factory in his Wealth of Nations.… pic.twitter.com/yrzfahy7Yz

— E.K-H (@AXECorg) August 23, 2024

Occasional Xs: What economists really do (CCCXV)

 

#Economics#FailedFakeScience

“Sometimes You Just Have to Ignore the Economists”

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

— E.K-H (@AXECorg) August 23, 2024

Occasional Xs: Clueless economists / Science (CIII)

 

#Economics#FailedFakeScience

“Sometimes You Just Have to Ignore the Economists”

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

— E.K-H (@AXECorg) August 22, 2024

Occasional Xs: Economists don't know how the price mechanism works

 

#Economics#FailedFakeScience

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

— E.K-H (@AXECorg) August 22, 2024

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

 

#Economics#FailedFakeScience

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

Bang — the… pic.twitter.com/J4t6u5GVzX

— E.K-H (@AXECorg) August 22, 2024

Occasional Xs: Clueless economists / Money (IX)

 

#Economics#Money

“… monetary sovereign governments, …, create new currency when they spend and do not need to tax or borrow to finance government expenditure.”

That money is created out of nothing and backed by nothing is NOT the critical point of a #FiatMoney system. The… pic.twitter.com/6Cz7ewoHqF

— E.K-H (@AXECorg) August 21, 2024

Occasional Xs: Clueless economists / Employment (IX)

 

#Economics#FailedFakeScience#Employment#Inflation

“So far this year the median raise is 4%, which means half of people get less than inflation.”

That means that there is trouble ahead for the labor market.

The axiomatically correct macroeconomic #EmploymentLaw ⇓ tells one… pic.twitter.com/89g1aYxJPL

— E.K-H (@AXECorg) August 21, 2024

Occasional Xs: Clueless economists / Inflation (XXX)

 

#Economics#FailedFakeScience

“Meanwhile Robert is yet to explain how Japan has run continual government deficits for over 30 years without causing high inflation.”

The axiomatically correct macroeconomic #LawOfSupplyAndDemand ⇓ tells one how ― in the elementary case ― the avg… pic.twitter.com/63FOvnIdA1

— E.K-H (@AXECorg) August 21, 2024

Occasional Xs: How it works (CCXXXVII)

 

#HowItWorks

The #FreeMarketEconomy runs on #Profit. Macroeconomic profit is given by the axiomatically correct #ProfitLaw / #BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The Profit Law implies #PublicDeficitIsPrivateProfit Qm≡G−T>0 i.e. macroeconomic #Profit is…

— E.K-H (@AXECorg) August 20, 2024

Occasional Tweets: The futile attempt to recycle von Mises (V)

 

#Economics#FailedFakeScience#Austrianism

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

For 200+ years, economics claims to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism,…

— E.K-H (@AXECorg) August 20, 2024

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

 

#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) August 20, 2024

Occasional Xs: How it works (CCXXXVI)

 

#LearnRealEconomics

In an election year, the Fed is supposed to push up the financial markets and the economy. This window-dressing is achieved by #DeficitSpendingMoneyCreation. There is no need to celebrate Jerome Powell, he has just switched the money printer on. That's a job…

— E.K-H (@AXECorg) August 19, 2024

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

 

#Economics#FailedFakeScience#Keynesianism

For 200+ years, economics claims to be #Science but is NOT. #Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives are mutually contradictory, and axiomatically false, and materially/formally inconsistent, and… pic.twitter.com/bk3QtzE73y

— E.K-H (@AXECorg) August 19, 2024

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

 

#Economics#FailedFakeScience

Folks in the U.S. are good at #ShowBusiness / #Hollywood / #Marketing / #PR / #Sales. Milton Friedman's Donahue Shows are a good example.

Where they are NOT so good is #Science in general and economics in particular.

For 200+ years, economics…

— E.K-H (@AXECorg) August 19, 2024

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

 

#LearnRealEconomics

The #FreeMarketEconomy runs on #Profit. Macroeconomic profit is given by the axiomatically correct #ProfitLaw / #BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The Profit Law implies #PublicDeficitIsPrivateProfit Qm≡G−T>0 i.e. macroeconomic #Profit is…

— E.K-H (@AXECorg) August 19, 2024

Occasional Xs: How it works (CCXXXV)

 

#MMT#BadScienceBadPolicyBadPeople

“The problem with this graph is that it's incomplete. What it fails to show is the equal and opposite private sector balances. The government's debt is the private sectors' assets.”

MMT's foundational #BalancesEquation is provably false, so… pic.twitter.com/Zg9uOH6A0U

— E.K-H (@AXECorg) August 19, 2024

Related 'Links on Austerity'

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

 

#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 pic.twitter.com/F2J5tEihFf

— E.K-H (@AXECorg) August 19, 2024

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

 

#Economics#FailedFakeScience

“The belief that we can understand a complex system by two lines is beyond comprehension.”

For 200+ years, economics claims to be #Science but is NOT. The representative #Economist is NOT ― and NEVER has been ― a competent #Scientist but an…

— E.K-H (@AXECorg) August 19, 2024

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

 

#Economics#FailedFakeScience

The task of the #Economist is to figure out how the #Economy works.

Since the founding fathers, #Economists have claimed to be doing science but did NOT. They disguised political #AgendaPushing as #Science or #EnlightenedPhilosophy or… pic.twitter.com/4EywGwLWYK

— E.K-H (@AXECorg) August 19, 2024

Occasional Xs: Clueless economists / Inflation (XXIX)

 

#Economics#FailedFakeScience

“What’s the best explanation for why inflation has fallen so much more in the United States than any other G7 country?”

The best explanation is that data manipulation is most extreme in an election year.

Reminder: Economics claims to be #Science…

— E.K-H (@AXECorg) August 19, 2024

Occasional Xs: What economists really do (CCCXIV)

 

#Economics#FailedFakeScience

“I'm so old I remember when Krugman was an honest economist.” (Virginia Postrel )

“Honest economist” is an #Oxymoron, there never has been such a thing ⇒
Links on Paul Krugman, proto-scientific impresariohttps://t.co/RRYQuNSgTU

For 200+ years,…

— E.K-H (@AXECorg) August 18, 2024

Occasional Xs: What economists really do (CCCXIII)

 

#Economics#FailedFakeScience#Knowledge#Opinion

“The advancement and diffusion of knowledge is the only guardian of true liberty.” (James Madison)

The Ancient Greeks made the all-important distinction between opinion (= doxa) and knowledge (= episteme). Science is about… pic.twitter.com/UrBLX3FeE6

— E.K-H (@AXECorg) August 18, 2024

Related 'Narrative economics and the imperatives of the sitcom'

Occasional Xs: Clueless economists / Profit (XLIII)

 

#Economics#FailedFakeScience

This law ― the 3-sector #ProfitLaw Qm≡Yd+(G−T)+(I−Sm) ― holds in ALL societies (capitalist, fascist, socialist, communist, etc.) but the representative #Economist has NOT figured it out to this day.

For 200+ years, economics claims to be… pic.twitter.com/JJPYIjfs1n

— E.K-H (@AXECorg) August 18, 2024

Related 'The profit theory is false since Adam Smith' 

Occasional Xs: Clueless economists / Inflation (XXVIII)

 

#Economics#FailedFakeScience#Price#Inflation

The axiomatically correct macroeconomic #LawOfSupplyAndDemand ⇓ tells one how ― in the elementary case ― the avg #Price P moves under the condition of #MarketClearing as a function of avg #WageRate W, inverse #Productivity R, and… pic.twitter.com/cr6MiJ6Pxd

— E.K-H (@AXECorg) August 17, 2024

Occasional Xs: What economists really do (CCCXII)

 

#Economics#FailedFakeScience

The #FreeMarketEconomy runs on #Profit. Macroeconomic profit is given by the axiomatically correct #ProfitLaw / #BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The Profit Law implies #PublicDeficitIsPrivateProfit Qm≡G−T>0 i.e. macroeconomic…

— E.K-H (@AXECorg) August 17, 2024

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

 

#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/QYe7ojWqXn

— E.K-H (@AXECorg) August 16, 2024

Occasional Xs: Clueless economists / Science (CII)

 

#Economics#FailedFakeScience

“The economics profession needs to do a lot of self-reflection.” (Daniel J. Smith)

Economics claims to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually… pic.twitter.com/YtZlq8z1ZP

— E.K-H (@AXECorg) August 16, 2024

Occasional Xs: What economists really do (CCCXI)

 

#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/K7Zy42Ih0F

— E.K-H (@AXECorg) August 16, 2024

Occasional Xs: How it works (CCXXXIV)

 

#Economics

“America the generous: U.S. leads globe in giving”

The #FreeMarketEconomy runs on #Profit. Macroeconomic profit is given by the axiomatically correct #ProfitLaw / #BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The Profit Law implies…

— E.K-H (@AXECorg) August 16, 2024

Occasional Xs: What economists really do (CCCX)

 

#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/3IKRlAzThP

— E.K-H (@AXECorg) August 15, 2024

Occasional Xs: What economists really do (CCCIX)

 

#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/PkMDEbznak

— E.K-H (@AXECorg) August 15, 2024

Occasional Xs: Clueless economists / Science (CI)

 

#Economics#FailedFakeScience

“There is no such thing as 'neutral knowledge' and so there is no such thing as 'a-political teaching'.” (Alonso Gurmendi)

This has always been the creed of stupid/corrupt political agenda pushers.

For 200+ years, economics claims to be #Science… pic.twitter.com/IPcBeqhvpA

— E.K-H (@AXECorg) August 14, 2024

Occasional Xs: What economists really do (CCCVIII)

 

#Economics#FailedFakeScience

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

The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false &…

— E.K-H (@AXECorg) August 14, 2024

Occasional Xs: What economists really do (CCCVII)

 

#Economics#FailedFakeScience#DisInfoTainment

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… pic.twitter.com/3eZ668XpOW

— E.K-H (@AXECorg) August 14, 2024

Occasional Xs: What economists really do (CCCVI)

 

#Economics is #FailedFakeScience. The representative #Economist is NOT a #Scientist but an #AgendaPusher / #PhraseMonger / #UsefulIdiot / #Clown in the political #CircusMaximus.

The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives)… pic.twitter.com/JPYF3k0Kva

— E.K-H (@AXECorg) August 14, 2024

Occasional Xs: What economists really do (CCCV)

 

#Economics#FailedFakeScience

The Sowell quote is unassailable proof that #Economists have lost their way. Sex, love, and other four-letter words are from the #DisInfoTainment vocabulary.

For 200+ years, economics claims to be #Science but is NOT. The major approaches… pic.twitter.com/Uc6QdlSGhG

— E.K-H (@AXECorg) August 14, 2024

Occasional Xs: Clueless economists / Profit (XLII)

 

#Economics#FailedFakeScience

For 200+ years, economics claims to be #Science but is NOT. #Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives are mutually contradictory, and axiomatically false, and materially/formally inconsistent, and ALL got #Profit…

— E.K-H (@AXECorg) August 13, 2024

Occasional Xs: Paradigm Shift (XXXIV)

 

#Economics#Reset #MicroFoundations#MacroFoundations

Economics is about how the #Economy works. It is a #SystemsScience & NOT a #SocialScience. Because of this, it is a methodological blunder to base it on #MicroFoundations. The required #ParadigmShift consists of starting… pic.twitter.com/ylFCXroEdu

— E.K-H (@AXECorg) August 13, 2024

Occasional Xs: Clueless economists / Science (C)

 

#Economics

“… a simple and beautiful theory that agrees well with observation is often closer to the truth than a complicated ugly theory that agrees better with observation.” (Lucas)

Instead of admitting, that economics is #FailedScience, #Economists simply invent their own… pic.twitter.com/pXWivwgKGP

— E.K-H (@AXECorg) August 12, 2024