Top Tweets for #failedfakescience

over 1 year ago

#Economics #FailedFakeScience #HallOfShame 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. When the foundational concepts of the subject matter are inconsistent, the whole analytical superstructure is scientifically worthless. ⇒ Ricardo, too, got profit theory wrong https://t.co/8dvwFfuNH8 So, Ricardo's #EconomicPolicyGuidance has NEVER had valid scientific foundations. Like his peers, he was NOT a competent #Scientist but an #AgendaPusher / #Clown in the political #CircusMaximus.

E.K-H @AXECorg

almost 2 years ago

#Economics #FailedFakeScience #Austrianism Hayek never understood what #Profit is and how the economic #System works. That's rather bad for an #Economist. For 200+ years, economics has claimed to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory, axiomatically false, materially/formally inconsistent, and ALL got #Profit wrong. When the foundational concepts of the subject matter are inconsistent, the whole analytical superstructure is scientifically worthless. The representative #Economist is NOT, and NEVER has been, a competent #Scientist but an #AgendaPusher / #PhraseMonger / #UsefulIdiot / #Clown in the political #CircusMaximus. Hayek is a relevant example. For details see ⇒ Hayek was not an economist https://t.co/tlwcYz3oKz

E.K-H @AXECorg

about 2 years ago

#Economics #FailedFakeScience #Economists #StudidOrCorruptorBoth “And I think in economics, those of us who love economics, we fell in love and we actually had this emotional attraction to economics, but it was in a way that was probably different than most other people. Actually, I think we're wired a little bit differently, but we tend to assume, I agree, that everybody is going to fall in love with a supply and demand graph or elasticity formula. And so we lead with logic because we find the beauty in that logic. We lean with the logic, but there's no emotion unless you have a story attached to it.” “Well, business wants higher profits. They're going to be happy. Individuals want more freedom, more liberty and ability to climb the economic ladder. If that's working, they're going to be happy.” “So if you frame things that way, you're going to have people instead of shouting at each other, they're going to be gladly coming together.” Since the founding fathers, #Economists have claimed to be doing science but they did NOT. What they did was to disguise political #AgendaPushing as #Science or #EnlightenedPhilosophy or #ProgressiveEthics or #EducationOfTheMasses or #WorldImprovement. Economics has always been #FailedFakeScience. To this day, #Economists do not understand what #Profit is and how the economic #System works. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. When the foundational concepts of the subject matter are inconsistent the whole analytical superstructure is scientifically worthless. The representative #Economist is not, and NEVER been, a #Scientist but an #AgendaPusher / #UsefulIdiot / #Clown in the political #CircusMaximus. #AcademicEconomics has finally become a #Hollywod production i.e. #Fiction / #Emotion / #StoryTelling / supply-demand-equilibrium #Hallucination with #Prosperity / #Liberty / #Democracy as happy end for #WeThePeople and a Nobel-Oscar for the best follower-generating #Economist.

E.K-H @AXECorg

about 2 years ago

#Economics #FailedFakeScience “There are no 'economic laws'. Every honest thinker knows this. There are only decisions made by humans.” This is the scientifically incompetent #Economist's methodological confusion in a nutshell. To begin with, economics is NOT a #SocialScience i.e. NOT about Human Nature / Motives / Behavior / Preferences / Choice / Decisions / Incentives / Expectations, etc. #PsychoSocialEcon has always been #CargoCultScience. Economics is about how the #Economy works. No way leads from the understanding of individual behavior to the understanding of the behavior of the economy as a whole. Behavioral #MicroFoundations explain why economics never rose above psycho-social blather and political propaganda. Of course, there is no such thing as a #BehavioralLaw in economics, but there are #SystemicLaws, e.g. the all-important macroeconomic #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd. For more details see ⇒ The existence of economic laws and the nonexistence of behavioral laws https://t.co/pBNQyNMg2Z After 200+ years of proto-scientific garbage, the #ParadigmShift is overdue. It consists of the move from false behavioral axioms to true structural #Axioms.

AXECorg's tweet photo. #Economics
#FailedFakeScience

“There are no 'economic laws'. Every honest thinker knows this. There are only decisions made by humans.”

This is the scientifically incompetent #Economist's methodological confusion in a nutshell.

To begin with, economics is NOT a #SocialScience i.e. NOT about Human Nature / Motives / Behavior / Preferences / Choice / Decisions / Incentives / Expectations, etc. #PsychoSocialEcon has always been #CargoCultScience.

Economics is about how the #Economy works. No way leads from the understanding of individual behavior to the understanding of the behavior of the economy as a whole.

Behavioral #MicroFoundations explain why economics never rose above psycho-social blather and political propaganda.

Of course, there is no such thing as a #BehavioralLaw in economics, but there are #SystemicLaws, e.g. the all-important macroeconomic #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd.

For more details see ⇒
The existence of economic laws and the nonexistence of behavioral laws
https://t.co/pBNQyNMg2Z

After 200+ years of proto-scientific garbage, the #ParadigmShift is overdue. It consists of the move from false behavioral axioms to true structural #Axioms.

E.K-H @AXECorg

over 2 years ago

#Economics #FailedFakeScience “Whenever heterodox folks criticize neoclassical theory most economists will say 'That's not where cutting edge research is now'”. For 200+ years, economics claims to be #Science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. When the foundational concepts of the subject matter are inconsistent, the whole analytical superstructure is scientifically worthless. To this day, economists still do not understand how the profit and price mechanisms work. As a consequence, economic #PolicyGuidance has NEVER had valid scientific foundations. The representative #Economist is NOT a #Scientist but an #AgendaPusher / #Clown in the political #CircusMaximus. This goes from #Econ101 to #CuttingEdgeResearch and from #Orthodoxy to #Heterodoxy and #Pluralism.

104

E.K-H @AXECorg

over 2 years ago

@JamesBroughel #Econ #FailedFakeScience #NoFalseHeroMemorials #Hayek NEVER understood what #Profit is and how the economic #System works. He was NOT a #Scientist but an #AgendaPusher / #Clown in the political #CircusMaximus. Austrian idiocy ― the case of Hayek https://t.co/qa0Sk31hUT

E.K-H @AXECorg

over 2 years ago

@c_cantore @MITEcon #FailedFakeScience #NoFalseHeroMemorials The history of economic thought is the history of scientific failure. The major approaches are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. #Solow was no exception. ⇒ https://t.co/UDqmsPlWxf

E.K-H @AXECorg

over 2 years ago

@MonikaSchnitzer @simon_jaeger #FailedFakeScience #Walrasianism, #Keynesianism, #Marxianism, #Austrianism etc. are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. Economic #PolicyGuidance has NOT had any sound scientific foundations since #AdamSmith. ⇒ https://t.co/QJycQUh0Uj

AXECorg's tweet photo. @MonikaSchnitzer @simon_jaeger #FailedFakeScience

#Walrasianism, #Keynesianism, #Marxianism, #Austrianism etc. are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. Economic #PolicyGuidance has NOT had any sound scientific foundations since #AdamSmith. ⇒

https://t.co/QJycQUh0Uj https://t.co/qNOVnAeFWC

104

E.K-H @AXECorg

almost 3 years ago

@Econlib #Economics #FailedFakeScience #Walrasianism, #Keynesianism, #Marxianism, #Austrianism, et al. are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. #Marginalism is the hard core of methodological idiocy. ⇒ https://t.co/e8WmHvNz3O

E.K-H @AXECorg

about 3 years ago

@Econlib #Economics #FailedFakeScience #Walrasianism, #Keynesianism, #Marxianism, #Austrianism et al. are axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. #Economics is scientifically worthless. The economist as storyteller https://t.co/Lroo52Puto

E.K-H @AXECorg

over 3 years ago

@ProfDavidFields #Economics #FailedFakeScience #MicroFoundations #Reset #MacroFoundations There is NO such thing as supply-demand-equilibrium https://t.co/187XlJsNrO

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