Occasional Xs: What economists really do (CDXXVI)

 

#Economics#AllYouNeedToKnow

For 200+ years, economists have been mainly employed with the production of proto-scientific garbage. ⇒

Cross-references: Failed/fake scientistshttps://t.co/3LwhbU0NOY pic.twitter.com/40upgPy6X0

— E.K-H (@AXECorg) February 3, 2025

Occasional Xs: Paradigm Shift (XLXVI)

 

#Economics#AllYouNeedToKnow

To finally become a Science, economics must move from false (behavioral) microfoundations to true (structural) macrofoundations. After 200+ years of proto-scientific garbage, this Paradigm Shift/Reset is overdue. pic.twitter.com/RAB6FPNN98

— E.K-H (@AXECorg) February 2, 2025

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

 

#Econ#AllYouNeedToKnow

The Nobelist Friedman NEVER understood profit and how the economy works. He was not a competent scientist but an agenda-pusher/phrasemonger/clown in the political Circus Maximus.

Friedman and the cluelessness of fake scientistshttps://t.co/b3edQjNEXv

— E.K-H (@AXECorg) February 2, 2025

Occasional Xs: What economists really do (CDXXV)

 

#Economics#AllYouNeedToKnow

Germany/Europe has to 'prepare for war'. This is why the Schuldenbremse must be abandoned ― not for more kindergartens or better infrastructure. Economists are fully on board with this agenda.

— E.K-H (@AXECorg) February 2, 2025

Occasional Xs: Clueless economists / Breakdown (VIII)

 

#EconBasics

Yes, “… capitalism is bound to die out.” The ProfitLaw/BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0 tells one how aggregate profit turns into loss, thus kicking off the breakdown. ⇒

Mathematical Proof of the Breakdown of Capitalismhttps://t.co/h62jkWLbVK

— E.K-H (@AXECorg) February 2, 2025

Occasional Xs: Clueless economists / Money (XIII)

 

#Economics#AllYouNeedToKnow

“Money is just a database for exchanging goods and services.” (Elon Musk)

Correct, money is information, not a thing.

Money: from silly stories to the true theoryhttps://t.co/bqwe2T4LiX

— E.K-H (@AXECorg) February 2, 2025

Occasional Xs: What economists really do (CDXXIV)

 

#Economics#AllYouNeedToKnow

The ruin of the German economy and the impoverishment of WeThePeople is the direct consequence of the Ampel's foreign/domestic Zeitenwende policy which has been supported from the beginning by the economic experts of the Sachverständigenrat.

— E.K-H (@AXECorg) February 1, 2025

Occasional X: Failed proof of Capitalism's superiority (IV)

 

#Economics#AllYouNeedToKnow

When Capitalism is defended by scientifically incompetent econ profs with brain-dead arguments one knows that it is at the end of the road.

No Future for Socialism and Capitalismhttps://t.co/7iSXXX3B5j

— E.K-H (@AXECorg) February 1, 2025

Occasional Xs: Clueless economists / Money (XII)

 

#Economics#AllYouNeedToKow

Time to relearn monetary theory. ⇒

Money and timehttps://t.co/Yaj3dKxlgR

How money emerges out of nothing ― the functional accounthttps://t.co/Vlfd6uBOHd

Money and debt in six elementary stepshttps://t.co/jConNaRInx

— E.K-H (@AXECorg) February 1, 2025

Occasional Xs: Clueless economists / Inflation (XLI)

 

#Economics#AllYouNeedToKnow

The macroeconomic Law Of Supply And Demand ⇓ tells one that (i) the Quantity of Money is NOT among the price determinants, and (ii) #Inflation is always and everywhere ENGINEERED. pic.twitter.com/lDKv8uiGEz

— E.K-H (@AXECorg) January 31, 2025

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

 

#Economics#AllYouNeedToKnow

The representative economist is not ― and never has been ― a competent scientist but an agenda pusher / useful idiot / phrasemonger / clown in the political Circus Maximus. This applies also to Karl Marx. ⇒

Marx todayhttps://t.co/GYsllSZfdn

— E.K-H (@AXECorg) January 30, 2025

Occasional Xs: Clueless economists / Profit (LXX)

 

#Economics#AllYouNeedToKnow

Macroeconomic #Profit does NOT depend on productivity. It is given by the ProfitLaw/BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. Economists have not understood this since Smith/Marx waffled about the tendency for the rate of profit to fall. pic.twitter.com/XY23C9gIZs

— E.K-H (@AXECorg) January 29, 2025

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

 

#Economics#AllYouNeedToKnow

Wynne Godley messed up the accounting approach. For details see

The Common Error of Common Sense: An Essential Rectification of the Accounting Approachhttps://t.co/p7UbnIne3O

— E.K-H (@AXECorg) January 27, 2025

Related 'Micro and macro inconsistency' 

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

 

#Economics#AllYouNeedToKnow

Macroeconomic profit is given by the #ProfitLaw / #BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0 which implies #PublicDeficitIsPrivateProfit Qm≡G−T>0 i.e. profit is produced by #DeficitSpendingMoneyCreation i.e. the growth of public debt. pic.twitter.com/Bz4GLtxRF4

— E.K-H (@AXECorg) January 27, 2025

Occasional Xs: Clueless economists / Science (CXLVII)

 

#Econ

The ancient Greeks introduced the distinction between doxa and episteme, opinion and knowledge. And then they drew the line of demarcation between non-science and science. Hayek has never understood what scientific knowledge is.

Politics vs Sciencehttps://t.co/wElr2cBmQ6 pic.twitter.com/YyADe3sLOb

— E.K-H (@AXECorg) January 27, 2025

For more about episteme see AXECquery 

Occasional Xs: Another example of economic storytelling/filibuster/blather (IV)

 

#Economics#AllYouNeedToKnow

For 200+ years, economists have claimed to do science, but it was only Cargo Cult science. The representative economist is NOT a competent scientist but an agenda-pusher / clown in the political Circus Maximus. Friedman is a relevant example. pic.twitter.com/QjQAAsTgTt

— E.K-H (@AXECorg) January 27, 2025

Occasional Xs: Clueless economists / Employment (XVII)

 

#Econ#AllYouNeedToKnow

The axiomatically correct macro Employment Law tells one that employment L increases if the avg wage rate W rises faster than the avg product price P & if the expenditure ratio ρE is > 1 i.e. with #DeficitSpendingMoneyCreation. ⇒https://t.co/fYComRrdMB pic.twitter.com/StGHgkR2GR

— E.K-H (@AXECorg) January 26, 2025

Occasional Xs: Clueless economists / Inflation (XL)

 

#Economics#AllYouNeedToKnow

The macroeconomic Law Of Supply And Demand ⇓ tells one that #Inflation is always and everywhere ENGINEERED. pic.twitter.com/wo6kdWVQQR

— E.K-H (@AXECorg) January 26, 2025

Occasional Xs: Another example of economic storytelling/filibuster/blather (III)

 

#Econ#AllYouNeedToKnow#HallOfShame

Economics claims to be Science but is NOT. The representative economist is NOT ―and NEVER has been― a competent scientist but an agenda-pusher/clown in the political Circus Maximus. P. Krugman is a relevant example ⇒https://t.co/RRYQuNSOJs

— E.K-H (@AXECorg) January 26, 2025

Occasional Xs: Paradigm Shift (XLXV)

 

#Economics#AllYouNeedToKnow

Economics must be based on macrofoundations. The “beautiful collection of econ graphs” is then shreddered and replaced by the axiomatically correct 4-Quadrant graph. ⇓ pic.twitter.com/Fk8ChcKJjK

— E.K-H (@AXECorg) January 26, 2025

Occasional Xs: Another example of economic storytelling/filibuster/blather (II)

 

#Econ#AllYouNeedToKnow

von Mises never understood #Profit and how the economy works. Austrianism has been scientifically worthless from the get-go. Science is about true/false and NOT about mustaches. Economists have finally arrived at the IQ distribution's zero lower bound. pic.twitter.com/RRd28FxKvE

— E.K-H (@AXECorg) January 23, 2025

Occasional Xs: Clueless economists / Profit (LXIX)

 

#Economics#AllYouNeedToKnow

Both Kelton and Murphy do NOT understand #Profit and how the economy works.

Kalecki, too, got it wrong, but he came closest to the correct macroeconomic Profit Law. ⇓ For details see cross-referenceshttps://t.co/IFclXX5Ak5 pic.twitter.com/QzWjSiJr6I

— E.K-H (@AXECorg) January 22, 2025

Related 'The Levy/Kalecki Profit Equation is false' 

Occasional Xs: Clueless economists / Money (XI)

 

#Economics#AllYouNeedToKnow

“The amount of money at any given time must be a given stock, …” (Lavoie. 1984)

No. For the axiomatically correct approach see ⇒

The creation and value of money and near-monieshttps://t.co/vZflD87n53

and queryhttps://t.co/DhLmOLYHh6

— E.K-H (@AXECorg) January 22, 2025

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

 

#Economics#AllYouNeedToKnow

Maybe Keynes had the “power of the narrative” but he never had the #PowerOfScience. He got macroeconomic #Profit wrong bc he was too stupid for elementary Algebra. To this day, Keynesianism has NO scientific truth-value only political use-value. pic.twitter.com/nDx9qdBMbZ

— E.K-H (@AXECorg) January 22, 2025

Occasional Xs: Economics • Communication • Disinfotainment (III)

 

Economics claims to be science but is NOT. The representative economist is NOT ― and never has been ― a competent scientist but an agenda-pusher / clown in the political Circus Maximus. To read contemporary economics/political psychology is a waste of time. pic.twitter.com/mnAr6cdm8w

— E.K-H (@AXECorg) January 22, 2025

Occasional Xs: Economics • Communication • Disinfotainment (II)

 

#Economics#AllYouNeedToKnow

Economics claims to be science but is NOT. The representative economist is NOT ― and never has been ― a competent scientist but an agenda-pusher / clown in the political Circus Maximus. To this day, economics is NOT science but #DisInfoTainment.

— E.K-H (@AXECorg) January 21, 2025

Occasional Xs: Another example of economic storytelling/filibuster/blather (I)

 

#Econ#AllYouNeedToKnow

The representative economist NEVER understood #Profit and how the economic #System works. But after 200+ years they still parade their water-is-wet/grass-is-green trivialities as profound insights. Kalecki is a relevant example. ⇒https://t.co/IFclXX5Ak5

— E.K-H (@AXECorg) January 20, 2025

Occasional Xs: Clueless economists / Inflation (XXXIX)

 

The macroeconomic Law Of Supply And Demand ⇓ tells one how the avg price P moves under the condition of market clearing as a function of avg wage rate W, inverse productivity R, and deficit-spending/money-creation i.e. the ρE>1. So, hyperinflation always has to be ENGINEERED. pic.twitter.com/mU3oSKodJC

— E.K-H (@AXECorg) January 20, 2025

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

 

#Economics#AllYouNeedToKnow

“A Public Sector DEFICIT is a Private Sector SURPLUS!” (Theresa Sanders)

No! The Profit Law implies #PublicDeficitIsPrivateProfit i.e. a free lunch for the Oligarchy. For details see ⇒https://t.co/9RldtrwAyz pic.twitter.com/ABnecWLDi5

— E.K-H (@AXECorg) January 18, 2025

Occasional X: Failed proof of Capitalism's superiority (III)

 

#Economics#AllYouNeedToKnow

Imagine Yeltsin going into a Chinese supermarket today.https://t.co/8zbzOwHcRc

— E.K-H (@AXECorg) January 18, 2025

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

 

#Econ#AllYouNeedToKnow

Economics is a Systems Science and NOT a Social Science. Hayek never understood #Profit and how the economy works. So, he occupies one of the top places in the league of failed/fake scientists. More ⇒https://t.co/3LwhbU1lEw

— E.K-H (@AXECorg) January 18, 2025

Occasional X: Failed proof of Capitalism's superiority (II)

 

Why would the US do this?

Bc scientifically incompetent economic professors desperately need an example that shows that Capitalism is superior to Socialism. pic.twitter.com/XnD21dUOcJ

— E.K-H (@AXECorg) January 18, 2025

Occasional Xs: Clueless economists / Science (CXLVI)

 

Economics claims to be Science but is NOT. The major approaches are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. So, economic policy guidance has NEVER had valid scientific foundations. pic.twitter.com/jxrNMgLT6s

— E.K-H (@AXECorg) January 18, 2025

Occasional Xs: Paradigm Shift (XLXIV)

 

Economics is about how the economy works. It is a Systems Science and NOT a Social Science. Bc of this, it is Hayek et al's fatal methodological blunder to base it on behavioral/subjective micro-foundations. For the inevitable reset see ⇓ pic.twitter.com/2BG1ACNk9g

— E.K-H (@AXECorg) January 17, 2025

Occasional Xs: Clueless economists / Science (CXLV)

 

Economics claims to be Science but is NOT. The major approaches are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. Bc of this, 'Economic Sciences' is an empty set. pic.twitter.com/W35qGk6vwf

— E.K-H (@AXECorg) January 17, 2025

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

 

Keynes got macroeconomic #Profit wrong because he was too stupid for elementary Algebra. So, he messed up the Paradigm Shift from microfoundations to macrofoundations. Bc of this initial blunder, the whole of economics (incl. Post-Keynesianism) is scientifically worthless. pic.twitter.com/AElVWOZ3tB

— E.K-H (@AXECorg) January 17, 2025

For details of the big picture see cross-references Keynesianism. 

 

Occasional Xs: Clueless economists / Profit (LXVIII)

 

The major approaches are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. Marx, too, never understood macro profit ⇓ and how the economy works. Btw macro started with Quesnay. pic.twitter.com/OazJcrb1a1

— E.K-H (@AXECorg) January 17, 2025

Occasional Xs: Clueless economists / Science (CXLIV)

 

Keynes got macroeconomic #Profit wrong because he was too stupid for elementary Algebra. So, he messed up the paradigm shift from microfoundations to macrofoundations. Bc of this initial blunder, the whole of (micro and macro) economics is scientifically worthless to this day.

— E.K-H (@AXECorg) January 16, 2025

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

 

#Economics#FailedFakeScience

“Starting next week, the Mises Institute will hold its next Mises Book Club, a program that promotes deep reading in Austrian economics.” (Mises Institute)

The history of economic thought is the history of scientific failure. The major approaches… pic.twitter.com/J9EdppOXED

— E.K-H (@AXECorg) January 16, 2025

Occasional Xs: What economists really do (CDXXIII)

 

#Economics#AllYouNeedToKnow

Economics is failed/fake science. For more on what economists do, see ⇒

Circus Maximus: Economics as entertainment, personality gossip, virtue signaling, and lifestyle promotionhttps://t.co/lfrdSbVC6v

— E.K-H (@AXECorg) January 15, 2025

Occasional Xs: Paradigm Shift (XLXIII)

 

#Economics#AllYouNeedToKnow

“… which element of an economic paradigm is the most important/most defining and why? 1. World view and values 2. Axioms 3. Preferred methods 4. Theories and Models 5. Recommended Policies 6. Proponents' behavioural standards.” (Shahin Ashkiani)… pic.twitter.com/hdpHbZO0Ca

— E.K-H (@AXECorg) January 15, 2025

Occasional Xs: Clueless economists / War (VI)

 

#Economics#AllYouNeedToKnow

“There’s Much to Say About Economics of War, But Most Economists Won’t Address It” (truthout)

Not quite correct, see ⇒
How to pay for the war and to be bamboozled by economistshttps://t.co/A9RP6CFRDi

— E.K-H (@AXECorg) January 15, 2025

Occasional Xs: Clueless economists / Profit (LXVII)

 

#Economics#AllYouNeedToKnow

“Profit is a price paid for efficiency” (Thomas Sowell)

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/ddgmDgLfGo

— E.K-H (@AXECorg) January 15, 2025

See also Profit on the AXEC homepage. 

Occasional Xs: How it works (CCCXXIII)

 

#Economics#AllYouNeedToKnow

“The [US] government…has spent more on interest payments than any other category but Social Security, defense and health care.” (Jeff Cox)

And no one saw this coming ― except AXEC ⇒
From the debt economy to the gift economy: how America is…

— E.K-H (@AXECorg) January 15, 2025

Occasional Xs: Scrap the EconNobel (XXXVI)

 

#Economics#AllYouNeedToKnow

To this day, economics does not satisfy the well-defined criteria of science i.e. material and formal consistency.

The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory &… pic.twitter.com/kKaikBaBXc

— E.K-H (@AXECorg) January 14, 2025

Related 'Links on the Economics Nobel' 

Occasional Xs: Clueless economists / Science (CXLIII)

 

#Economics#AllYouNeedToKnow

“Who was Joseph Schumpeter?” (Econlib)

Schumpeter was the guy who realized that economics was proto-scientific garbage. ⇓

Reminder: The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually… pic.twitter.com/yxFkW0s7eN

— E.K-H (@AXECorg) January 14, 2025

Occasional Xs: Paradigm Shift (XLXII)

 

#Economics#AllYouNeedToKnow

“An English prof recently declared that economics was 'fake' because economists don't read Marx.” (Noah Smith)

Economics is failed/fake Science, so it is a waste of time to read Marx or the rest of this proto-scientific stuff.

For 200+ years,… pic.twitter.com/Q1bBJ0AeqA

— E.K-H (@AXECorg) January 13, 2025

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

 

#Economics#AllYouNeedToKnow

“… that economists have not done a very good job over the past 25 years of advising policymakers,” (Oren Cass)

The history of economic thought is the history of scientific failure. The major approaches (Walrasianism, Keynesianism, Marxianism,… pic.twitter.com/P0L5S76MtH

— E.K-H (@AXECorg) January 11, 2025

Occasional Xs: What economists really do (CDXXII)

 

#Economics#AllYouNeedToKnow

“What happens when an economist reads Homer's epic tale of Odysseus???”

To this day, economists do not understand what profit is and how the economic system works. But they love to dabble in all non-economic fields and tell the folks there how…

— E.K-H (@AXECorg) January 11, 2025

Occasional Xs: Clueless economists / Science (CXLII)

 

#Economics#AllYouNeedToKnow

“Economics is:
― Not a science
― Grounded in assumptions, not all of which are testable
― More useful than whatever garbage you prefer over it.” (Matthew Leisten)

Not quite right.

The history of economic thought is the history of scientific… pic.twitter.com/0RA7BKx7a5

— E.K-H (@AXECorg) January 11, 2025

Occasional Xs: What economists really do (CDXXI)

 

#Economics#AllYouNeedToKnow

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

Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually…

— E.K-H (@AXECorg) January 11, 2025

Related 'The economist as stand-up comedian' 

Occasional Xs: Clueless economists / Science (CXLI)

 

#Economics#AllYouNeedToKnow

“This is an accurate description of economists. They meet annually at the coldest place in the coldest month, only warmer than their cold and evil hearts.” (Khoa Vu)

'Cold and evil hearts' is NOT the main character flaw of economists ― stupidity is.… pic.twitter.com/GbdXYd2fib

— E.K-H (@AXECorg) January 10, 2025

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

 

#Economics#AllYouNeedToKnow

“One thing I've always admired about the US education system is that it produces kids like young Ben who are confident enough to say: I've just read the first chapter of this Econ101 textbook and I'm ready to launch a devastating attack on the whole… pic.twitter.com/PCaPp3GF8D

— E.K-H (@AXECorg) January 10, 2025

For more about the economics curriculum see AXECquery. 

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

 

#Economics#AllYouNeedToKnow

“Lachmann believed that economic analysis must be grounded in the subjective interpretations and expectations of individuals.” (Hayek Program)

'Physics must be grounded in the subjective impression of how angels move the sun around the earth.'…

— E.K-H (@AXECorg) January 9, 2025

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

 

#Economics#AllYouNeedToKnow

Keynes got macroeconomic #Profit wrong because he was too stupid for elementary Algebra. So, he messed up the paradigm shift from microfoundations to macrofoundations. Because of this initial blunder, the whole of (micro and macro) economics is… pic.twitter.com/uaMXEBg7JM

— E.K-H (@AXECorg) January 9, 2025

Occasional Xs: What economists really do (CDXX)

 

#Economics#AllYouNeedToKnow

“Yeltsin’s trip to the Houston supermarket was absolutely a key moment in his turn away from communism.” (Chris Freiman)

It is a bad idea to use Mr. Yeltsin as a testimonial for the superiority of Capitalism over Communism.

“According to numerous…

— E.K-H (@AXECorg) January 9, 2025

Occasional Xs: Clueless economists / Science (CXL)

 

#Economics#AllYouNeedToKnow

“Knight lamented that there are many members of the economic profession who are 'mathematicians first and economists afterwards.' The situation since Knights time has become much worse. There are endeavors that now pass for the most desirable kind of… pic.twitter.com/uu8eolmWOg

— E.K-H (@AXECorg) January 9, 2025

Occasional Xs: Scrap the EconNobel (XXXV)

 

#Economics#AllYouWantToKnow

“Economics isn’t remotely rigorous enough to qualify as scientific.” (Chris Freiman)

If economics does not satisfy the well-defined criteria of science, then what is the EconNobel (Bank of Sweden Prize in Economic Sciences) really for?

— E.K-H (@AXECorg) January 8, 2025

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

 

#Economics#AllYouNeedToKnow

“… economics is the least ideological of the social sciences by a long shot.” (Vincent Geloso)

Definitely not!

For 200+ years, economics has claimed to be Science but still is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism,… pic.twitter.com/zcTP7RIppi

— E.K-H (@AXECorg) January 8, 2025

Occasional Xs: Paradigm Shift (XLXI)

 

#Economics#AllYouNeedToKnow

“Studying Smith and Marx in a modern Economics curriculum is like learning medical theory from leech enthusiasts.” (Alfredo Paloyo)

“To this day, economists have not mastered the foundational concepts of their subject matter, i.e., profit and… pic.twitter.com/J4PT0USsBW

— E.K-H (@AXECorg) January 8, 2025

Occasional X: Failed proof of Capitalism's superiority (I)

 

#Economics#AllYouNeedToKnow

“ … the US embargo against Cuba is 'the oldest and most comprehensive US economic sanctions regime against any country in the world …” (Wikipedia → Cuba).

“As a result of its nuclear and missile tests, North Korea has been sanctioned under… pic.twitter.com/Jtt3WnZN9H

— E.K-H (@AXECorg) January 8, 2025

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

 

#Economics#AllYouNeedToKnow

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.…

— E.K-H (@AXECorg) January 7, 2025

Occasional Xs: Clueless economists / Science (CXXXVIII)

 

#Economics#AllYouNeedToKnow

“… many have been asking me why economics is not a real discipline.” (Alex Moskowitz)

The history of economic thought is the history of scientific failure. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their…

— E.K-H (@AXECorg) January 7, 2025

Occasional Xs: Clueless economists / Science (CXXXVII)

 

#Economics#HallOfScientificShame

“Envy, once condemned as a mortal sin, has been rebranded as a 'virtue' in the name of 'social justice,' …” (Thomas Sowell)

The words mortal sin, virtue, and justice indicate that the economist Thomas Sowell is not a scientist but a preacher…

— E.K-H (@AXECorg) January 6, 2025

Occasional Xs: Clueless economists / Inflation (XXXVIII)

 

#AllYouNeedToKnow#Inflation

The axiomatically correct macroeconomic Law Of Supply And Demand ⇓ tells one how ― in the elementary case ― the avg price P moves under the condition of market clearing as a function of avg wage rate W, inverse productivity R, and… pic.twitter.com/uSg8Wqv5su

— E.K-H (@AXECorg) January 5, 2025

Occasional Xs: What economists really do (CDXIX)

 

#Economics#AllYouNeedToKnow

EconTalker has always been in the business of #DisInfoTainment. Therefore, a change of name is NOT sufficient. As I told you already in 2015, nothing less than a total shutdown is required.

Flight of ideas and the dead end of all econtalk…

— E.K-H (@AXECorg) January 5, 2025

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

 

#Economics#AllYouNeedToKnow

“On this day in 1910, Leon Walras died. A hugely influential economist and part of the marginal revolution, …” (EconomicsinTen)

The #MarginalRevolution is the result of the application of the behavioral hardcore proposition “HC2 agents individually…

— E.K-H (@AXECorg) January 5, 2025

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

 

#Economics#AllYouNeedToKnow

Austrianism boils down to this: What is positive in the universe is always due to #FreeMarkets and never to the #Government and what is negative is due to the government and never to free markets.

For details see ⇒
Austrian blather…

— E.K-H (@AXECorg) January 5, 2025

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

 

#Economics#FailedFakeScience

“No one knows how to make a pencil, as Friedman explains.” (Connor Boyack)

The history of economic thought is the history of scientific failure. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are…

— E.K-H (@AXECorg) January 5, 2025

Occasional Xs: How it works (CCCXXII)

 

#LearnRealEconomics

“The 1,000 PhDs at the Fed have no clue as to what they are doing” (Fred Krueger)

Wrong.

The Fed is the profit pump for the #FreeMarketEconomy and the 1,000 PhDs are just doing their job.

The U.S. economy runs on profit. Macroeconomic profit is given by…

— E.K-H (@AXECorg) January 3, 2025

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

 

#LearnRealEconomics#Distribution

“Most economic fallacies derive from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another.” (Milton Friedman)

“The fact is that the pie is not fixed but growing and one party continuously gets…

— E.K-H (@AXECorg) January 3, 2025

Occasional Xs: Clueless economists / Profit (LXVI)

 

#LearnRealEconomics

For the monetary economy holds: Macroeconomic profit Qm 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… pic.twitter.com/7pkzvcu1Mc

— E.K-H (@AXECorg) January 2, 2025

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

 

#Economics#FailedFakeScience

“Top Tips for Happiness and Well-Being.” (Economics in Ten)

Since the founding fathers, economists have claimed to be doing science, but they did not. They disguised political agenda-pushing as #Science, enlightened philosophy, progressive ethics,… pic.twitter.com/Cs1lYoVz1C

— E.K-H (@AXECorg) January 2, 2025

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

 

#Economics#FailedFakeScience

“We have to decide whether the government is as incompetent as is generally assumed to be in the market for ideas, in which case we would want to decrease government intervention in the market for goods.” (Ronald Coase)

The history of economic…

— E.K-H (@AXECorg) January 2, 2025

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

 

“Economists find extreme inequality is not driven by merit, but by wealth extraction and luck.” (Didier Jacobs)

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…

— E.K-H (@AXECorg) January 1, 2025