#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 12, 2025
MMT's foundational Balances Equation is provably false, so their whole macroeconomics is false. ⇒
The page where Stephanie Kelton gets macroeconomics wrong https://t.co/CNFDkXM1Ki
For the full-spectrum refutation see ⇒https://t.co/9Rldtrw2J1 pic.twitter.com/MG4Fm0WS1w
This blog connects to the AXEC Project which applies a superior method of economic analysis. The following comments have been posted on selected blogs as catalysts for the ongoing Paradigm Shift. The comments are brought together here for information. The full debates are directly accessible via the Blog-References. Scrap the lot and start again―that is what a Paradigm Shift is all about. Time to make economics a science.
February 12, 2025
Occasional Xs: The futile attempt to recycle MMT (CXXXV)
Occasional Xs: The futile attempt to recycle Adam Smith (LXXX)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 12, 2025
Adam Smith never understood profit and how the economy works. All he did was produce psycho-social platitudes. Thus he became the founder of what Feynman called Cargo Cult Science. ⇒
Cross-references: Scientific Incompetencehttps://t.co/Q7COegB99U pic.twitter.com/EGT4atpXYe
February 11, 2025
Occasional Xs: What economists really do (CDXXXI)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 11, 2025
Strange. 50 % of the authors on the title page of Surplus are #EconBlockers. pic.twitter.com/VYGVAWuDpp
Occasional Xs: Clueless economists / Profit (LXXIV)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 11, 2025
Hayek never understood profit and how the economy works. Plain scientific incompetence has been the hallmark of the profession for 200+ years. ⇒
Cross-references Profit/Distributionhttps://t.co/2jMouDhWzk pic.twitter.com/zCeDYOfU7n
Occasional Xs: The futile attempt to recycle Hayek (XXXI)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 11, 2025
Hayek never understood profit and how the economy works. But he reached the highest height of psycho-social insight with the discovery that the ultimate motive of social justice is envy. See ⇒
Hayek was not an economisthttps://t.co/vKqQUeyNq8
Occasional Xs: Clueless economists / Science (CXLX)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) February 11, 2025
Economics claims to be a Science but is NOT. Economists have gotten it axiomatically wrong since Adam Smith. ⇒
Cross-references: Failed/Fake Scientistshttps://t.co/3LwhbU0NOY
February 10, 2025
Occasional Xs: The futile attempt to recycle MMT (CXXXIV)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 10, 2025
Where Warren Mosler got it wrong. ⇒
MMT: The one deadly error/fraud of Warren Moslerhttps://t.co/tHrgb9pjnM
Occasional Xs: The futile attempt to recycle Adam Smith (LXXIX)
Adam Smith NEVER understood what #Profit is and how the economic system works. So, economic policy guidance has had no valid scientific foundations from the beginning. The representative economist is NOT ― and never has been ― more than a clown in the political Circus Maximus. pic.twitter.com/IW3p5ILYa8
— E.K-H (@AXECorg) February 10, 2025
Occasional Xs: The foul spirit of political economics (CXVI)
Mr. Reagan was a “politician and actor” (Wikipedia) whose only skill has been to read from a teleprompter. Bc of the principle of the separation of science and politics, politicans, actors, celebrities, journalists, etc. should be kept out of the disussion of monetary theory.
— E.K-H (@AXECorg) February 10, 2025
Occasional Xs: Paradigm Shift (XLXVII)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 10, 2025
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/m3A4WuNHiZ
Occasional Xs: Economics and math ― they just can't get it together (V)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 10, 2025
Since the founding fathers, economics has been failed/fake science. To this day, economists are too stupid for elementary algebra. For details see
Mathiness and the Ur-Blunderhttps://t.co/qx9mGmxmxv
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 10, 2025
Economics is a Systems Science and NOT a Social Science. Therefore, a “deductive axiom of human action” is a lethal methodological blunder. For details see ⇒
Austrian blatherhttps://t.co/HhLq09EC3I
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 10, 2025
“Economics is about people”. No! Economics is about the economy.
The Science-of-Man Fallacyhttps://t.co/0h4hGurwwZ
The Ur-Blunder of economics and its rectificationhttps://t.co/2OzxaQY9fO
Occasional Xs: What economists really do (CDXXX)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 10, 2025
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
February 9, 2025
Occasional Xs: Clueless economists / Science (CXLIX)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 9, 2025
Heterodox economics is scientifically worthless. For details see ⇛
Heterodoxy: promising or hopeless?https://t.co/RwvSGiTBUh
Heterodoxy ― an axiomatic failure just like Orthodoxyhttps://t.co/oDXO24XCUG pic.twitter.com/r8K33zB6iB
Occasional Xs: Clueless economists / Profit (LXXIII)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 9, 2025
'How anybody can think they can analyze the economy while leaving out a consistent concept of #Profit is a bit to me like an ornithologist trying to work out how a bird flies whilst ignoring that the bird has wings' (Steve Keen paraphrase) pic.twitter.com/xC4nYTrJlj
February 7, 2025
Occasional Xs: What economists really do (CDXXIX)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 7, 2025
Economics claims to be Science but is NOT. The representative economist is NOT ― and NEVER has been ― a competent scientist but a clown in the political Circus Maximus. ⇒
What economists really dohttps://t.co/waVwRswe43
Occasional Xs: What economists really do (CDXXVIII)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 7, 2025
Angesichts des Milei/Musk/Fuest-Kettensägen-Populismus erinnern wir uns gern an Max Weber: “Die bürokratische Verwaltung ist als das rationalste Herrschaftsmittel auch die charakteristische Verwaltungsform der legalen Herrschaft” (Wikipedia)
February 6, 2025
Occasional Xs: The futile attempt to recycle Heterodoxy (VII)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 6, 2025
Heterodox economics is scientifically worthless. For details see ⇛
Heterodoxy: promising or hopeless?https://t.co/RwvSGiU9JP
Heterodoxy ― an axiomatic failure just like Orthodoxyhttps://t.co/oDXO24YaKe
Occasional Xs: Clueless economists / Profit (LXXII)
#Econ#AllYouNeedToKnow
— E.K-H (@AXECorg) February 6, 2025
Macro profit Qm is given by the ProfitLaw/BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. Economists have messed up macroeconomics from Adam Smith onward to Keynes and Khoah Vu.
The GDP death blow for the economics professionhttps://t.co/QJycQUhyJR pic.twitter.com/PIJ5hJ4YNk
Occasional Xs: The foul spirit of political economics (CXV)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) February 6, 2025
Economics claims to be a Science but is NOT. The representative economist is NOT ― and NEVER has been ― a competent scientist but a disguised agenda-pusher for the Oligarchy. See ⇒https://t.co/3LwhbU1lEw pic.twitter.com/Qd4xf5gau9
Occasional Xs: Clueless economists / Science (CXLVIII)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 6, 2025
For 200+ years, economics has claimed to be science but is NOT. The major approaches are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. This holds for both Smith and Marx.
Occasional Xs: Clueless economists / Profit (LXXI)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 6, 2025
Ricardo NEVER understood #Profit and how the economic system works. When the foundational concepts of the subject matter are inconsistent, the whole analytical superstructure is scientifically worthless. For proof see ⇒https://t.co/hAbgvDcx17
February 4, 2025
Occasional Xs: What economists really do (CDXXVII)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 4, 2025
“The purpose of studying economics is …” to become a certified agenda-pusher/useful idiot for the Oligarchy. ⇒
Cross-references: Political Economics/Stupidity/Corruptionhttps://t.co/tcf7JJQr5o pic.twitter.com/3nEyCJEVcG
Occasional Xs: The futile attempt to recycle MMT (CXXXIII)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 4, 2025
Where the 'father of MMT', Warren Mosler got it wrong (together with the 'mother of MMT', Stephanie Kelton). ⇒
MMT: The one deadly error/fraud of Warren Moslerhttps://t.co/tHrgb9pjnM pic.twitter.com/BshlbvzFk3
Occasional Xs: The futile attempt to recycle MMT (CXXXII)
The point with fiat money is whether it is injected (i) at the supply side (financing the aggregate wage bill) or (ii) on the demand side (buying stuff). In case (ii) it is functionally equal to counterfeit money. ⇒
— E.K-H (@AXECorg) February 4, 2025
Criminals and the monetary orderhttps://t.co/Iq1lVxePy1 pic.twitter.com/d91uc2E2nS
February 3, 2025
Occasional Xs: The futile attempt to recycle Keynesianism (LXX)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 3, 2025
Economists's difficulty lies in the double incapacity of developing true ideas and escaping from false ones. Keynes is a relevant example.
Economics, methodology, morals ― a creepy freak-showhttps://t.co/hTxeye4mKK pic.twitter.com/j17H5gE3NQ
Occasional Xs: What economists really do (CDXXVI)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 3, 2025
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
February 2, 2025
Occasional Xs: Paradigm Shift (XLXVI)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 2, 2025
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
Occasional Xs: The futile attempt to recycle Milton Friedman (XXXII)
#Econ#AllYouNeedToKnow
— E.K-H (@AXECorg) February 2, 2025
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
Occasional Xs: What economists really do (CDXXV)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 2, 2025
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.
Occasional Xs: Clueless economists / Breakdown (VIII)
#EconBasics
— E.K-H (@AXECorg) February 2, 2025
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
Occasional Xs: Clueless economists / Money (XIII)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 2, 2025
“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
February 1, 2025
Occasional Xs: What economists really do (CDXXIV)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 1, 2025
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.
Occasional X: Failed proof of Capitalism's superiority (IV)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 1, 2025
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
Occasional Xs: Clueless economists / Money (XII)
#Economics#AllYouNeedToKow
— E.K-H (@AXECorg) February 1, 2025
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
January 31, 2025
Occasional Xs: Clueless economists / Inflation (XLI)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 31, 2025
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
January 30, 2025
Occasional Xs: The futile attempt to recycle Marx (XL)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 30, 2025
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
January 29, 2025
Occasional Xs: Clueless economists / Profit (LXX)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 29, 2025
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
January 28, 2025
Occasional Xs: The futile attempt to recycle MMT (CXXXI)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 27, 2025
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
January 27, 2025
Occasional Xs: The futile attempt to recycle MMT (CXXX)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 27, 2025
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
Occasional Xs: Clueless economists / Science (CXLVII)
#Econ
— E.K-H (@AXECorg) January 27, 2025
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
Occasional Xs: Another example of economic storytelling/filibuster/blather (IV)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 27, 2025
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
January 26, 2025
Occasional Xs: Clueless economists / Employment (XVII)
#Econ#AllYouNeedToKnow
— E.K-H (@AXECorg) January 26, 2025
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
Occasional Xs: Clueless economists / Inflation (XL)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 26, 2025
The macroeconomic Law Of Supply And Demand ⇓ tells one that #Inflation is always and everywhere ENGINEERED. pic.twitter.com/wo6kdWVQQR
Occasional Xs: Another example of economic storytelling/filibuster/blather (III)
#Econ#AllYouNeedToKnow#HallOfShame
— E.K-H (@AXECorg) January 26, 2025
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
Occasional Xs: Paradigm Shift (XLXV)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 26, 2025
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
January 23, 2025
Occasional Xs: Another example of economic storytelling/filibuster/blather (II)
#Econ#AllYouNeedToKnow
— E.K-H (@AXECorg) January 23, 2025
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
January 22, 2025
Occasional Xs: Clueless economists / Profit (LXIX)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 22, 2025
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
Occasional Xs: Clueless economists / Money (XI)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 22, 2025
“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
Occasional Xs: The futile attempt to recycle Keynesianism (LXIX)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 22, 2025
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
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
January 21, 2025
Occasional Xs: Economics • Communication • Disinfotainment (II)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 21, 2025
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.
January 20, 2025
Occasional Xs: Another example of economic storytelling/filibuster/blather (I)
#Econ#AllYouNeedToKnow
— E.K-H (@AXECorg) January 20, 2025
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
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
January 18, 2025
Occasional Xs: The futile attempt to recycle MMT (CXXIX)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 18, 2025
“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
Occasional X: Failed proof of Capitalism's superiority (III)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 18, 2025
Imagine Yeltsin going into a Chinese supermarket today.https://t.co/8zbzOwHcRc
Occasional Xs: The futile attempt to recycle Austrianism (XLIII)
#Econ#AllYouNeedToKnow
— E.K-H (@AXECorg) January 18, 2025
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
Occasional X: Failed proof of Capitalism's superiority (II)
Why would the US do this?
— E.K-H (@AXECorg) January 18, 2025
Bc scientifically incompetent economic professors desperately need an example that shows that Capitalism is superior to Socialism. pic.twitter.com/XnD21dUOcJ
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
January 17, 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
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
January 16, 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
— E.K-H (@AXECorg) January 16, 2025
“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
January 15, 2025
Occasional Xs: What economists really do (CDXXIII)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 15, 2025
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
Occasional Xs: Paradigm Shift (XLXIII)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 15, 2025
“… 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
Occasional Xs: Clueless economists / War (VI)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 15, 2025
“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
Occasional Xs: Clueless economists / Profit (LXVII)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 15, 2025
“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
Occasional Xs: How it works (CCCXXIII)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 15, 2025
“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…
January 14, 2025
Occasional Xs: Scrap the EconNobel (XXXVI)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 14, 2025
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
Occasional Xs: Clueless economists / Science (CXLIII)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 14, 2025
“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
January 13, 2025
Occasional Xs: Paradigm Shift (XLXII)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 13, 2025
“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
January 11, 2025
Occasional Xs: The foul spirit of political economics (CXIV)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 11, 2025
“… 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
Occasional Xs: What economists really do (CDXXII)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 11, 2025
“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…
Occasional Xs: Clueless economists / Science (CXLII)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 11, 2025
“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
Occasional Xs: What economists really do (CDXXI)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 11, 2025
“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…
January 10, 2025
Occasional Xs: Clueless economists / Science (CXLI)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 10, 2025
“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
Occasional Xs: Econ101― still proto-scientific garbage (VII)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 10, 2025
“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
January 9, 2025
Occasional Xs: The futile attempt to recycle Austrianism (XLI)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 9, 2025
“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.'…
Occasional Xs: The futile attempt to recycle Keynesianism (LXVII)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 9, 2025
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
Occasional Xs: What economists really do (CDXX)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 9, 2025
“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…
Occasional Xs: Clueless economists / Science (CXL)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 9, 2025
“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
January 8, 2025
Occasional Xs: Scrap the EconNobel (XXXV)
#Economics#AllYouWantToKnow
— E.K-H (@AXECorg) January 8, 2025
“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?
Occasional Xs: The foul spirit of political economics (CXIII)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 8, 2025
“… 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
Occasional Xs: Paradigm Shift (XLXI)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 8, 2025
“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
Occasional X: Failed proof of Capitalism's superiority (I)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 8, 2025
“ … 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
January 7, 2025
Occasional Xs: The futile attempt to recycle Marx (XXXIX)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 7, 2025
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.…
Occasional Xs: Clueless economists / Science (CXXXVIII)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 7, 2025
“… 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…
January 6, 2025
Occasional Xs: Clueless economists / Science (CXXXVII)
#Economics#HallOfScientificShame
— E.K-H (@AXECorg) January 6, 2025
“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…
January 5, 2025
Occasional Xs: Clueless economists / Inflation (XXXVIII)
#AllYouNeedToKnow#Inflation
— E.K-H (@AXECorg) January 5, 2025
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
Occasional Xs: What economists really do (CDXIX)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 5, 2025
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…
Occasional Xs: The futile attempt to recycle behavioral economics (VII)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 5, 2025
“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…
Occasional Xs: The foul spirit of political economics (CXII)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) January 5, 2025
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…
Occasional Xs: The futile attempt to recycle Milton Friedman (XXXI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) January 5, 2025
“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…
January 3, 2025
Occasional Xs: How it works (CCCXXII)
#LearnRealEconomics
— E.K-H (@AXECorg) January 3, 2025
“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…
Occasional Xs: Clueless economists / Distribution, Inequality (XI)
#LearnRealEconomics#Distribution
— E.K-H (@AXECorg) January 3, 2025
“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…
January 2, 2025
Occasional Xs: Clueless economists / Profit (LXVI)
#LearnRealEconomics
— E.K-H (@AXECorg) January 2, 2025
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
Occasional Xs: The foul spirit of political economics (CXI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) January 2, 2025
“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
Occasional Xs: The foul spirit of political economics (CX)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) January 2, 2025
“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…
January 1, 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)
— E.K-H (@AXECorg) January 1, 2025
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…