#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 30, 2024
“Economics is primarily useful, both to the student and to the political leader, as a prophylactic against popular fallacies.“ (Henry Simons)
For 200+ years, economics has claimed to be #Science but still is NOT. The major approaches…
November 30, 2024
Occasional Xs: What economists really do (CD)
Economics is NOT a science of behavior (V)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 30, 2024
“Most of economics can be summarized in four words: 'People respond to incentives.' The rest is commentary.” (Steven Landsburg)
After 200+ years of sharp economic thinking, this is the great insight. The tremendous scientific achievement of…
Occasional Xs: How it works (CCCXIII)
“Powell lost $210 billion.” (E Antoni)
— E.K-H (@AXECorg) November 30, 2024
The U.S. economy 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.…
November 29, 2024
Occasional Tweets: How to pay for the war (VI)
“Deutschland braucht mehr finanzielle Ressourcen für die Verteidigung ― noch vor der Wahl. / Germany needs more financial resources for defense ― even before the election” (Kiel Institute)
— E.K-H (@AXECorg) November 29, 2024
Roughly speaking, there are three options
(i) increase military spending, reduce all…
Related 'How to pay for the war and to be bamboozled by economists'
Occasional Xs: Paradigm Shift (XLIV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 29, 2024
“I am often asked what I would keep of Neoclassical economics in a new paradigm. My answer is that I would keep as much of Neoclassical economics as modern astronomy kept of Ptolemaic astronomy ― which is to say, nothing at all.” (Steve Keen)
For… pic.twitter.com/x9iSNjVuCd
Occasional Xs: Clueless economists / Science (CXXXI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 29, 2024
For 200+ years, economics has claimed to be #Science but still is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally… pic.twitter.com/mu3plN2R6D
November 28, 2024
Occasional Xs: Clueless economists / Employment (XVI)
#Economics#FailedFakeScience#Employment
— E.K-H (@AXECorg) November 28, 2024
“If unions raise wage rates in a particular occupation or industry, they necessarily make the amount of employment available in that occupation or industry less than it otherwise would be.” (Milton Friedman)
This is correct for a single… pic.twitter.com/8gmr2wLmPD
November 27, 2024
Occasional Xs: The futile attempt to recycle Heterodoxy (VI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 27, 2024
“Mainstream econ education is not only misleading but dull. In heterodoxy, you study philosophy, various econ paradigms, ecology, feminism, SD modelling, accounting, 'realistic' micro/macro, data analytics, ... “ (Shahin Ashkiani)
For 200+ years,…
For details of the big picture see cross-references Heterodoxy.
Occasional Xs: Clueless economists / Inflation (XXXV)
#LearnRealEconomics#Inflation
— E.K-H (@AXECorg) November 27, 2024
“Inflation is always and everywhere a monetary phenomenon.” (Milton Friedman)
Friedman has never understood profit and how the economic system works. His main achievement has been to spread silly love-the-marke-hate-the-state propaganda.
The… pic.twitter.com/Wr5jIE3JFM
November 26, 2024
Occasional Xs: How it works (CCCXII)
“Jetzt auch Angela Merkel für Reform der Schuldenbremse! 'Um aber Verteilungskämpfe [..] zu vermeiden [..], muss die Schuldenbremse reformiert werden, damit die Aufnahme höherer Schulden für Zukunftsinvestitionen möglich wird.'” (Achim Truger)
— E.K-H (@AXECorg) November 26, 2024
Of course!
The #FreeMarketEconomy…
Occasional Xs: Clueless economists / Science (CXXX)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 26, 2024
“There have been two editorials in Science recently in response to the election, one arguing that 'science is neither red nor blue' … (Alexander Kustov)
For 200+ years, economics has claimed to be #Science but still is NOT. The major approaches… pic.twitter.com/YPu37qPYO2
November 25, 2024
Occasional Xs: Clueless economists / Profit (LXII)
The #FreeMarketEconomy runs on #Profit. But to this day, economists get profit wrong. When the foundational concepts of the subject matter are inconsistent the whole analytical superstructure is scientifically worthless. So, the first thing to realize is that economists have been…
— E.K-H (@AXECorg) November 25, 2024
Occasional Xs: The futile attempt to recycle MMT (CXXVI)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) November 25, 2024
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/np6qkb0aGT
Occasional Xs: The foul spirit of political economics (CIV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 25, 2024
“… partisanship shapes research fields, journals, and even key policy estimates …” (Philipp Heimberger)
For 200+ years, economics has claimed to be #Science but still is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism,… pic.twitter.com/ofulKXcmkH
Occasional Xs: Paradigm Shift (XLIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 25, 2024
"Modern economics likes to think of itself as a science, and too often its practitioners have attempted to uncover its 'laws', …” (Evonomics)
For 200+ years, #Economics has claimed to be #Science but still is NOT. The major approaches… pic.twitter.com/VVvmzAWA6u
For details of the big picture see cross-references Axiomatization
Occasional Xs: The futile attempt to recycle Milton Friedman (XXIX)
“Through Smith’s eyes we see that [the market] is a finely ordered and effectively tuned system, one which arises out of men’s individually motivated actions, yet is not deliberately created by men.” (Milton Friedman)
— E.K-H (@AXECorg) November 25, 2024
Friedman has never understood profit and how the economic…
November 24, 2024
Occasional Xs: The foul spirit of political economics (CIII)
#Economics#FailedFakeScience#Austrianism
— E.K-H (@AXECorg) November 24, 2024
Economics is about how the #Economy works. The fact is that Hayek never understood what #Profit is and how the economic #System works.
For 200+ years, economics has claimed to be #Science but still is NOT. The major approaches…
Occasional Xs: How it works (CCCXI)
#HowItWorks
— E.K-H (@AXECorg) November 24, 2024
“Calm down, Elon. The U.S. will never go bankrupt because we can print the money. We do not have to pay off the national debt. We just have to roll it over. That requires a sustainable path where nominal growth > nominal debt increase. It’s 5th grade math.” (Jim…
Occasional Xs: What economists really do (CCCLXXXIX)
#Economics#FailedFakeScience#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) November 24, 2024
Most academic #Economists are NOT competent #Scientists but #AgendaPushers / #UsefulIdiots / #Clowns in the political #CircusMaximus.
Steven Hail is an #EconBlocker.#EconBlockers violate the Code of Professional… pic.twitter.com/K35BNKFgeB
For details of the big picture see cross-references MMT
Occasional Xs: What economists really do (CCCLXXXVIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 24, 2024
“Hayek and Friedman’s ideas converged on one powerful truth: markets thrive when government gets out of its own way. ” (Mario Nawfal)
Economics is about how the #Economy works. The fact is that Hayek & Friedman never understood what #Profit is and… pic.twitter.com/Cef6Ps1vtd
Occasional Xs: How it works (CCCX)
#LearnRealEconomics
— E.K-H (@AXECorg) November 24, 2024
“I am not worried about the recent multitrillion-dollar surge in spending.” (Stephanie Kelton)
MMT's foundational #BalancesEquation is provably false, so their whole #Macroeconomics is scientifically worthless. ⇒
The page where Stephanie Kelton gets… pic.twitter.com/BCE90yyQpW
Related 'From the debt economy to the gift economy: how America is brainwashed to love budget deficits'
November 23, 2024
Occasional Tweets: The mystery of wealth creation unveiled (II)
#LearnRealEconomics
— E.K-H (@AXECorg) November 23, 2024
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 #FreeMarketEconomy is continuously saved from #BreakDown by #Fed / #Treasury i.e. the #State's…
Occasional Xs: Clueless economists / Profit (LXI)
#Economics#FailedFakeScience#MacroFoundations
— E.K-H (@AXECorg) November 23, 2024
“Income = value of output = consumption + investment. Saving = income − consumption. Therefore saving = investment.” (J. M. Keynes, General Theory, p. 63)
“It is the rate of investment which governs the rate of saving, and not… pic.twitter.com/sgZB52hKUl
Occasional Xs: Paradigm Shift (XLII)
#Economics#FailedFakeScience#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.
— E.K-H (@AXECorg) November 23, 2024
When the… pic.twitter.com/IuLzMJF4Ns
Occasional Xs: Paradigm Shift (XLI)
#Economics#FailedFakeScience#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.
— E.K-H (@AXECorg) November 23, 2024
When the… pic.twitter.com/8pFmSNcuQz
November 22, 2024
Occasional Xs: What economists really do (CCCLXXXVII)
#Economics#FailedFakeScience#HallOfShame
— E.K-H (@AXECorg) November 22, 2024
Economics claims to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL…
Related 'Links on the Economics Nobel'.
Occasional Xs: The foul spirit of political economics (CII)
#HowItWorks
— E.K-H (@AXECorg) November 22, 2024
“It is for the good of society that self-interest in the economic sphere be allowed to operate without hindrance.” (Foundation for Economic Education)
Wrong. Right →
“It is for the good of the Oligarchy that self-interest in the economic sphere be allowed to…
November 21, 2024
Occasional Xs: What economists really do (CCCLXXXVI)
#Economics#CargoCultScience
— E.K-H (@AXECorg) November 21, 2024
Economics claims to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit…
Occasional Xs: Clueless economists / Profit (LX)
#Economics#FailedFakeScience#Profit
— E.K-H (@AXECorg) November 21, 2024
“In view of the facts set forth in the introductory chapter as to the relation of profit to theoretical economics, and the vagueness in the minds of economic writers as to fundamental postulates, it is not surprising that the theory of…
Occasional Xs: How it works (CCCIX)
#Economics#FailedFakeScience#GeoPolitics#GeoEconomics
— E.K-H (@AXECorg) November 21, 2024
The ruin of the German #Economy and the impoverishment of #WeThePeople is the direct consequence of the #Ampel's foreign/domestic #ZeitenWende policy. This policy has been supported from the beginning by the economic…
Occasional Xs: Clueless economists / Employment (XV)
#LearnRealEcon
— E.K-H (@AXECorg) November 21, 2024
“NAIRU does not hold water simply because it does not exist — and to base economic policy on such a weak theoretical and empirical construct is nothing short of writing out a prescription for self-inflicted economic havoc.” (Lars Syll)
True, #EmploymentTheory has… pic.twitter.com/5QEAFgNJH0
November 20, 2024
Occasional Xs: The foul spirit of political economics (CI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 20, 2024
“The great achievements of civilization have not come from government bureaus.” (Milton Friedman)
Neither did they come from economics.
Economics claims to be science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism,…
November 19, 2024
Occasional Xs: How it works (CCCVIII)
#HowItWorks
— E.K-H (@AXECorg) November 19, 2024
“Government debt is the cash in your pockets” (Patricia Pino)
Government debt is the cash plus financial assets in the Oligarchy's pockets. (AXEC)
The U.S. economy runs on #Profit. Macroeconomic profit Qm is given by the axiomatically correct #ProfitLaw /…
Occasional Xs: What economists really do (CCCLXXXV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 19, 2024
“Americans are so economically illiterate it’s embarrassing ” (Kiyah Willis)
What's embarrassing is that #Economists are so economically illiterate.
For 200+ years, economics has claimed to be #Science but still is NOT. The major approaches…
Occasional Xs: Clueless economists / Science (CXXIX)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 19, 2024
“It's an understatement to say the economists are out of fashion in policy circles. ” (Brian Albrecht)
Economics claims to be science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives)…
Occasional Xs: The futile attempt to recycle MMT (CXXV)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) November 19, 2024
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/s1YkF7Ypjj
Occasional Xs: The futile attempt to recycle Hayek (XXX)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 19, 2024
“Social justice is a fraud, a promise to distribute what one would not have if one followed its bidding.” (Friedrich Hayek)
Economics is about how the #Economy works. The fact is that Hayek never understood what #Profit is and how the economic… pic.twitter.com/VV8EVeoAtb
Occasional Xs: Clueless economists / Breakdown (VII)
#Economics#PublicDebt#DebtLimit
— E.K-H (@AXECorg) November 19, 2024
“If we don’t tackle the national debt, all tax revenue will go to paying interest and there will be nothing left for anything else.”
Congratulations, you have finally read and understood my post of 2020. ⇒
From the debt economy to the gift…
For more about debt see AXECquery.
November 18, 2024
Occasional Xs: Economics and math ― they just can't get it together (IV)
#Economics#FailedFakeScience#Math#Keynes got macroeconomic #Profit wrong because he was too stupid for elementary #Algebra. So, he messed up the #ParadigmShift from #MicroFoundations to #MacroFoundations. Because of this initial blunder, the whole of (#Micro & #Macro)… pic.twitter.com/JmzzBOFkJW
— E.K-H (@AXECorg) November 18, 2024
November 17, 2024
Occasional Xs: Clueless economists / Inflation (XXXVI)
#LearnRealEconomics#Inflation
— E.K-H (@AXECorg) November 17, 2024
“Countries with greater stimulus spending didn't see higher inflation.” (IMF graph)
“MMTers would say, I told you so.” (Yan Liang)
MMT is macroeconomically defective, so their Inflation Theory is provably false. For details see ⇒
MMT:… pic.twitter.com/BHiUv7nZMT
Occasional Xs: Time to get the axioms of economics right (III)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 17, 2024
“You know what economists haven't thought enough about???” (Econlib)
“Thinking: Both Fundamental and Misunderstood” (Richard McKenzie)#Economics claims to be #Science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism,… pic.twitter.com/67OMMUCL9J
Related 'Clear thinking in economics: hahaha!'
Occasional Xs: Economics and math ― they just can't get it together (III)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 17, 2024
“Out of the people interested in economics, 95% clearly have a comparative advantage in economic intuition, because they can’t understand mathematical economics at all. Even professors in top undergraduate economics programs (MIT and Caltech aside)…
Occasional Xs: Clueless economists / Profit (LIX)
#Economics#FailedFakeScience#MacroFoundations
— E.K-H (@AXECorg) November 17, 2024
“It is the export surplus and the budget deficit which enable the capitalists to make profits over and above their own purchases of goods and services. The connection between 'external' profits and imperialism is obvious.” (Michał… pic.twitter.com/0Z0CyG2bsv
November 16, 2024
Occasional Xs: What economists really do (CCCLXXXIV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 16, 2024
“Why are their writings so banal? They are afraid ― afraid to say anything original because, of course, original is no good. They do not know how to write well. They do not know history and politics. They are boring people with boring lives.”… pic.twitter.com/UyPgxcv0IT
Occasional Xs: How it works (CCCVII)
#LearnRealEconomics
— E.K-H (@AXECorg) November 16, 2024
“The Treasury Department posted its latest revenue and spending totals this week, and deficits continue to mount at impressive speed. | ” (Mises Institute)
The U.S. economy runs on #Profit. Macroeconomic profit Qm is given by the axiomatically correct…
November 15, 2024
Occasional Xs: Clueless economists / Phillips Curve (XV)
#LearnRealEconomics
— E.K-H (@AXECorg) November 15, 2024
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/ag5ahiNb8W
#LearnRealEconomics#PhillipsCurve
— E.K-H (@AXECorg) November 16, 2024
The issue is NOT about the type of equation, the issue is about content.
The axiomatically correct macrofounded Phillips Curve 3.0 implies
(i) An increase in the avg wage rate W (in ρF≡W/PR) leads to a lower unemployment rate u.
(ii) An…
November 14, 2024
Occasional Xs: What economists really do (CCCLXXXIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 14, 2024
“He [Scholz] has been destroying Germany's credibility.” (Fabio Ghironi)
Economics claims to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory &… pic.twitter.com/95zNwSuol1
Occasional Xs: How it works (CCCVI)
#HowItWorks#SchuldenBremse
— E.K-H (@AXECorg) November 14, 2024
The #FreeMarketEconomy runs on #Profit. The Profit Law implies #PublicDeficitIsPrivateProfit. So, the #Oligarchy (& their mouthpieces in #Academia) should always argue FOR #DeficitSpendingMoneyCreation = increasing #PublicDebt.
Macroeconomic profit… pic.twitter.com/MjCmLf8o92
Also at Phillip Heimberger
November 13, 2024
Occasional Xs: Clueless economists / Profit (LVIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 13, 2024
“… one of Nozick’s great insights was that simply examining how much more the rich have than others is insufficient ― we also need to examine *how* they got rich.” (Chris Freiman)
Economics claims to be science but is NOT. The major approaches…
Occasional Xs: The futile attempt to recycle Austrianism (XLIX)
#Economics#FailedFakeScience#Austrianism
— E.K-H (@AXECorg) November 13, 2024
“Austrian economics today needs critics.” (Mises Institute)
Economics claims to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory &…
Occasional Xs: What economists really do (CCCLXXXII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 13, 2024
Economics claims to be science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit…
Occasional Xs: Clueless economists / Profit (LVII)
#Economics#FailedFakeScience#Profit
— E.K-H (@AXECorg) November 13, 2024
“Unless we understand what it is that leads to economic and financial instability, we cannot prescribe policy to modify or eliminate it.” (Hyman Minsky)
“What determines profits? is a key question for understanding how our economy works.”…
November 12, 2024
Occasional Xs: How it works (CCCV)
#LearnRealEconomics
— E.K-H (@AXECorg) November 12, 2024
The U.S. #Economy 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 decimal places).
The Profit Law… pic.twitter.com/pw6TrUp9H1
November 11, 2024
Occasional Xs: The futile attempt to recycle Marx (XXXVI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 11, 2024
“Got some serious reading to do! Teaching Marx next semester and can't wait to dig into these new arrivals.” (Gabe Gottlieb)
No need to read the pile of books. All you need to know is this:
Economics claims to be #Science but is NOT. The major…
Occasional Xs: Clueless economists / Profit (LVI)
#LearnRealEconomics#Profit
— E.K-H (@AXECorg) November 11, 2024
“There is in the social system of the market society no other means of acquiring wealth and of preserving it than successful service to the consumers.” (Ludwig von Mises)
“The common man, and the bulk of politicians relying on public opinion, are…
November 10, 2024
Occasional Xs: What economists really do (CCCLXXXI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 10, 2024
“I am really surprised that Nancy Pelosi, who is always so astute, can claim that the election was not a rebuke of Democrats. This is not good news for soul-searching and a course correction toward becoming a truly pro-worker party. ” (Daren… pic.twitter.com/k8LC2JzF4X
Occasional Xs: The futile attempt to recycle Keynesianism (LXIV)
#Economics#FailedFakeScience#Keynesianism
— E.K-H (@AXECorg) November 10, 2024
“My daughter’s early exposure to John Maynard Keynes’ General Theory.”
Not a good idea.#Keynes got macroeconomic #Profit wrong because he was too stupid for elementary #Algebra. So, he messed up the #ParadigmShift from… pic.twitter.com/MuXN5RZxmU
Occasional Xs: The history of economic thought is the history of scientific failure (XXXII)
#Economics#FailedFakeScience#PseudoMemories
— E.K-H (@AXECorg) November 10, 2024
The history of economic thought is the history of scientific failure. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false &… pic.twitter.com/lQEmRat68h
Occasional Xs: What economists really do (CCCLXXX)
#Economics#EconTwitter
— E.K-H (@AXECorg) November 10, 2024
Economics claims to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong.… pic.twitter.com/Q9q3MYCmph
November 8, 2024
Occasional Xs: How it works (CCCIV)
#LearnRealEconomics
— E.K-H (@AXECorg) November 8, 2024
“In the wake of this week’s presidential election, it’s more important than ever to ask: How much power should the executive branch really have?.” (Cato Institute)
The correct term for the U.S. polity is #Oligarchy.
The U.S. economy runs on #Profit.…
***
Twitter/X Nov 8, 2024, Recycling of profits/financial wealth ― detail of the big picture
Occasional Xs: Clueless economists / Inflation (XXXV)
#LearnRealEconomics
— E.K-H (@AXECorg) November 8, 2024
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/I1vh4l9ZBT
Occasional Xs: Clueless economists / Profit (LV)
#Economics#FailedFakeScience#Profit
— E.K-H (@AXECorg) November 8, 2024
“Entrepreneurial profit is the expression of the value of what the entrepreneur contributes to production.” (Schumpeter)
Even Schumpeter got profit wrong.
Economics claims to be science but is NOT. The major approaches (#Walrasianism,… pic.twitter.com/35nYyXIGQs
Related 'Schumpeter and the Essence of Profit'
Occasional Xs: How it works (CCCIII)
#HowItWorks
— E.K-H (@AXECorg) November 8, 2024
“Prediction. We will increase debt/GDP through many income tax cuts (not very well targeted to the middle or working class). And that will raise real GDP and reduce unemployment, surprising the commentariat worried about stimulative demand .” (Arin Dube)
No… pic.twitter.com/JPnWrRFn5P
Occasional Xs: Clueless economists / Science (CXXVIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 8, 2024
“Smith, Hayek, Marx, Ricardo, Keynes, Veblen, Ostrom, Lewis, Nash Jr, Robinson, Friedman, Marshall, Schumpeter, Khaldun, Malthus, Kahneman, de Soto, Sen, Yunus, Duflo, Kuznets, Schumacher, Buchanan, Pigou, Fawcett, Phillips, Gini, Fisher, Daly,…
Occasional Xs: Clueless economists / Science (CXXVII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 8, 2024
“These are things we know as a science that aren’t obvious to others and can be harnessed by anyone to achieve their policy goals.” (Brian Albrecht)
Economics claims to be science but is NOT. The major approaches (#Walrasianism, #Keynesianism,…
Occasional Xs: The foul spirit of political economics (C)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 8, 2024
“I feel anxious and saddened by Trump’s election. Years of turmoil and uncertainty await us.” (Daron Acemoglu)
Economics claims to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their… pic.twitter.com/FglVVZAbg0
Occasional Xs: Scrap the EconNobel (XXXII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 8, 2024
It turns out that Americans do NOT take the #EconNobel laureates' #AgendaPushing seriously anymore. ⇒
Scrap the EconNobelhttps://t.co/wZfS03Sciu
and linkshttps://t.co/ExJf3VErgZ
Occasional Xs: Clueless economists / Price Mechanism (III)
#LearnRealEconomics#PriceMechanism
— E.K-H (@AXECorg) November 8, 2024
“The ECONOMISTS: Kamala, don’t impose price controls! Then people will have to line up in front of stores if the prices can't clear the market. That won't make them happier.” (Hanno Lustig)
The #FreeMarketSystem is in the last instance a…
November 7, 2024
Occasional Xs: How it works (CCCII)
#HowItWorks#DebtBrake#SchuldenBremse
— E.K-H (@AXECorg) November 7, 2024
The #FreeMarketEconomy runs on #Profit. Macroeconomic profit Qm 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 decimal…
Occasional Xs: The role of narratives and storytelling in economics (V)
#Economics#FailedFakeScience#DisInfoTainment
— E.K-H (@AXECorg) November 7, 2024
“ … spricht unter anderem von neuen Narrativen, die man entwickeln müsse.” (FiscalFuture)
Economics claims to be science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their…
Occasional Xs: How it works (CCCI)
#LearnRealEconomics
— E.K-H (@AXECorg) November 7, 2024
“The macroeconomy is strong ― high growth, low unemployment, falling inflation ― the best of any advanced economy.” (Jason Furman)
This description has less reality content than a Hollywood production. The fact is, that the U.S. economy is in #BreakDown mode… pic.twitter.com/Jbfs50uPOV
November 5, 2024
Occasional Xs: What economists really do (CCCLXXIX)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 5, 2024
Never trust a moralizing economist.
Since the founding fathers, economists have not understood or intentionally obscured the difference between moralizing and doing science.
Adam Smith NEVER understood what #Profit is and how the economic #System… pic.twitter.com/Ity9ysxlmu
Occasional Xs: What economists really do (CCCLXXVIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 5, 2024
“What we call 'the economy' is so important to us that economists have become the high priests of our society.” (David Graeber)
Economics claims to be science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism,…
Occasional Xs: How it works (CCC)
#LearnRealEconomics
— E.K-H (@AXECorg) November 5, 2024
“Evidence of plutocratic developments in the US.” (Philipp Heimberger)
The correct term for the U.S. polity is NOT #Democracy but #Oligarchy
The U.S. economy runs on #Profit. Macroeconomic profit Qm is given by the axiomatically correct #ProfitLaw /…
Occasional Xs: How it works (CCXLXXXIX)
#HowItWorks
— E.K-H (@AXECorg) November 5, 2024
“Die Wall Street gewinne immer. Treffender kann man den Niedergang der Demokratie nicht fassen. / Wall Street always wins. The decline of democracy could not be more aptly summarized.” (Fabio De Masi)
The correct term for the U.S. polity is NOT #Democracy but… pic.twitter.com/L6lH8kr8P1
Occasional Xs: The foul spirit of political economics (XCIX)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 5, 2024
The history of economic thought is the history of scientific failure. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally… pic.twitter.com/UytUSxNXI8
Occasional Xs: Paradigm Shift (XL)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 5, 2024
“The purpose of studying economics is … to learn how to avoid being deceived by economists” (Joan Robinson)
No, the 'purpose of studying economics' is to figure out how the economic system works. For 200+ years #Economists have failed at their… pic.twitter.com/PjtTH9udpc
November 4, 2024
Occasional Xs: The futile attempt to recycle MMT (CXXIV)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) November 4, 2024
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/3t6xKPvrgl
Occasional Xs: What economists really do (CCCLXXVII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 4, 2024
“… the government's most renowned independent economic advisory team …”
Economics claims to be science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory &… pic.twitter.com/SujJreQTI4
Occasional Xs: The futile attempt to recycle Keynesianism (LXIII)
#Economics#FailedFakeScience#Keynesianism#Keynes got macroeconomic #Profit wrong because he was too stupid for elementary #Algebra. So, he messed up the #ParadigmShift from #MicroFoundations to #MacroFoundations. Because of this initial blunder, the whole of (#Micro & #Macro)… pic.twitter.com/H36mdPqhQV
— E.K-H (@AXECorg) November 4, 2024
Occasional Xs: The futile attempt to recycle Kalecki (VIII)
#Economics#FailedFakeScience#MacroFoundations
— E.K-H (@AXECorg) November 4, 2024
The history of economic thought is the history of scientific failure and it goes from #AdamSmith onward via Keynes/Kalecki to this day.
The representative #Economist NEVER understood what #Profit is and how the economic #System…
Occasional Xs: The futile attempt to recycle Ricardo (IX)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) November 4, 2024
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.…
November 3, 2024
Occasional Xs: Clueless economists / Profit (LIV)
#Economics#FailedFakeScience#PsySoc#Profit
— E.K-H (@AXECorg) November 3, 2024
“The disdain of profit is due to ignorance, and to an attitude […] which, when actualized in the form of restrictions on profits of others, is selfish to the extent that it imposes asceticism, and indeed deprivations of all sorts,… pic.twitter.com/4j7c46X2lR
For more about PsySoc see AXECquerry.
Occasional Xs: The foul spirit of political economics (XCVIII)
#Econ
— E.K-H (@AXECorg) November 3, 2024
There are still folks around who believe that Carl Menger's psychological diarrhea is #Economics. It is NOT, it is #DisInfoTainment.
The representative #Economist is NOT ― and never has been ― a competent #Scientist but an #AgendaPusher / #UsefulIdiot / #PhraseMonger /…
Occasional Xs: Clueless economists / Price Mechanism (II)
#LearnRealEconomics#PriceMechanism
— E.K-H (@AXECorg) November 3, 2024
“Prices are important not because money is considered paramount but because prices are a fast and effective conveyor of information through a vast society in which fragmented knowledge must be coordinated.”
The #FreeMarketSystem is in the…
Occasional Xs: The futile attempt to recycle MMT (CXXIII)
#LearnRealEconomics
— E.K-H (@AXECorg) November 3, 2024
“I want to learn more about #MMT Modern Monetary Theory, to debunk the lies over 'government borrowing' and the fake black hole ” (sussexblogger)
MMT's foundational #BalancesEquation is provably false, so their whole #Macroeconomics is scientifically…
November 2, 2024
Occasional Xs: What economists really do (CCCLXXVI)
#GeoEconomics
— E.K-H (@AXECorg) November 2, 2024
Thanks to the ongoing preparations of the incoming Trump/Musk administration, the Europan economies will be saved soon by a Milei-style chain-sawing of bureaucracy, massacring of public institutions, privatizing public wealth, and unleashing the Wall Street spirit…
Occasional Xs: How it works (CCXLXXXIII)
#LearnRealEconomics
— E.K-H (@AXECorg) November 2, 2024
“There is only one way to prosperity, hard work and higher productivity. ” (Michael Arouet)
The U.S. economy runs on #Profit. Macroeconomic profit Qm is given by the axiomatically correct #ProfitLaw / #BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The…
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