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Onblog Archive_5

Blog-References 21

MNE Link to The Magic Money Tree is real. Plus It holds Public Debt = Deferred Taxes. Plus It is NOT impolite but a statement of fact to summarize that MMTers are stupid or corrupt or both. Plus Just answer one simple/real/practical/concrete/relevant economic question. Plus Let your ‘Yes’ be ‘Yes,’ and your ‘No,’ ‘No.’ Plus All MMTers are either stupid or corrupt or both. Plus The whole of MMT is scientifically unacceptable. Plus The actual task is NOT to convince any MMTer of anything but to throw these fake scientists out of science. Plus The Mike Norman Economics blog is a beacon of free speech. Plus MMT is NOT a scientifically valid economy theory but a political bluff package. Plus The correct way for the central bank to inject fiat money into the economy is by financing a growing wage bill.

MNE Lying for money: a generalization. Comment on Chris Dillow on ‘LYING FOR MONEY: A REVIEW’.

SaM Lying for money: a generalization. Comment on Chris Dillow on ‘LYING FOR MONEY: A REVIEW’. See * below.

RWER Link to cross-references Axiomatization. See * below.

RWER For a SUMMARY of ‘Radical paradigm shifts’ see Real-World Economics: The sanctuary of stupidity and corruption. See * below.

RWER Real-World Economics: The sanctuary of stupidity and corruption. Comment on Asad Zaman on ‘Quotes critical of economics’.

RWER Links #DeleteEconomics #ParadigmShift

#NewParadigm. See * below.

MNE The Magic Money Tree is real ― too bad that the magic is fraud. Comment on Tom Hickey/Ben Wray on ‘The magic money tree is real: Treasury confirms taxes are not needed to fund government spending’.

MR Economics is NOT about Happiness but about Profit. Comment on Barkley Rosser/Tyler Cowen on ‘Unresolved Issues In Happiness Economics'. See * below. Plus Link original post.

MNE Economics is NOT about Happiness but about Profit. Comment on Barkley Rosser/Tyler Cowen on ‘Unresolved Issues In Happiness Economics'. Plus

A good life in a good society presupposes, first of all, that philosophers, economists, and all other cargo cult scientists and agenda pushers are thrown out of science.

ES Whatever this is, it is NOT economics. Comment on Barkley Rosser on ‘Screenwriter Dies at Age 100, Of “Rashomon,” 1950, Greatest Film of Japan Ever’.

MNE MMT is gangsta economics. Comment on Tom Hickey/Tony Wikrent on ‘How are you going to pay for it? Why Understanding Monetary Theory and Policy Is Critical For the Left’.

RWER What’s the use of economists? Comment on Lars Syll on ‘What’s the use of economics?’ See * below.

LPS The present non-existence of economics.

Comment on Lars Syll/Kingsley Lewis on ‘The present state of economics’. See * below.

MNE What’s the use of economists? Comment on Lars Syll on ‘What’s the use of economics?’ Plus

For 200+ years, economists do not understand what science is all about and what the subject matter of economics is. Plus While economists are useless for science, even the dumbest moron is useful as a sand sack in political warfare. Plus How could it happen that academics propagate a provably false balances equation in their seminars and in public? Plus

Economics is the true theory about how the economic system works, with truth well-defined as material/ formal consistency.

LPS What’s the use of economists? Comment on Lars Syll on ‘What’s the use of economics?’ See * below.

RWER The inexorable paradigm shift in economics.

Comment on Asad Zaman on ‘Radical paradigm shifts’. See * below. Plus Walrasianism, Keynesianism, Marxianism, Austrianism have to be buried at the Flat-Earth-Cemetery. See * below. Plus

Get out of economics and focus on feeling the farts in your brain. See * below. Plus Vagueness/ inconclusiveness/ filibuster keeps the stupid and corrupt agenda-pusher in his proto-scientific business. See * below. Plus The mission of economics as a science is to produce the true theory ― not more, not less. Plus In order to make progress in economics, politics and science have to be strictly separated. Plus The correct equation reads Q=I−S.

MNE MMTers make capitalism work. Comment on John Atcheson on ‘Let’s Just Admit It: Capitalism Doesn’t Work’. Plus Objectively MMTers secure the self-financing of the oligarchy.

MNE More suggested LINKS. All models are false because all economists are stupid.

RWER Suggested LINKS: All models are false because all economists are stupid. See * below.

MNE Suggested LINKS: Orthodox and heterodox economists are unfit for science.

LPS There is no soft science only soft brains.

Comment on Lars Syll on ‘Hard and soft science — a flawed dichotomy’. See * below.

RWER There is no soft science only soft brains.

Comment on Lars Syll on ‘Hard and soft science — a flawed dichotomy’. See * below.

RWER And the answer is NCND ― economics after 200+ years of Glomarization. Comment on Lars Syll on ‘What are axiomatizations good for?’

Plus Economics needs a paradigm shift and the expulsion of the scientifically incompetent. Plus For every opinion, there is an equally plausible counter-opinion and that is perfect Glomarization. See * below. Plus The point of axiomatization is to clearly state the premises. Plus The elementary production-consumption economy is for a start defined by three macroeconomic axioms: Yw=WL, O=RL, C=PX. See * below. Plus The elementary production-consumption economy is for a start defined by three macroeconomic axioms: Yw=WL, O=RL, C=PX. See * below.

BE and MNE ICYMI The Kalecki Profit Equation is provably false.

MNE a and b Truth by definition? The Profit Theory is axiomatically false for 200+ years. Comment on Brian Romanchuk on ‘Primer: The Kalecki Profit Equation (Part I, II)’.

BE a and b Truth by definition? The Profit Theory is axiomatically false for 200+ years. Comment on Brian Romanchuk on ‘Primer: The Kalecki Profit Equation (Part I, II)’. [See * below. Restored]

ES The Theory of Value and the worthlessness of economics. Comment on Peter Dorman on ‘The Value of Life and the Metaphor of Choice’. Plus Studying optimization, just like studying epicycles, is a thing of the proto-scientific past. Plus The microfoundations approach in ALL conceivable variants is bound to fail. Plus The ridiculous behavioral Paradox of Value has been rectified long ago. Plus The axiomatically correct objective-systemic Law of Value.

BE MMT: How mathematical incompetence helps the Kelton-Fraud. Comment on Brian Romanchuk on ‘Primer: The Kalecki Profit Equation (Part I, II)’. [See * below. Restored] Plus To this day, economists do not get the foundational concept of their subject matter straight. Plus To claim that there is no truth is an immunizing stratagem of failed/fake/stupid/corrupt proto-scientific blatherers. Plus Kalecki’s profit equation is formally defective. Plus Capitalists know as much about capitalism as fishes know about water ― nothing. Plus The posts about the “Kalecki Profit Equation” go down the scientific drain.

MNE MMT: How mathematical incompetence helps the Kelton-Fraud. Comment on Brian Romanchuk on ‘Primer: The Kalecki Profit Equation (Part I, II)’. See * below. Plus Capitalists know as much about capitalism as fishes know about water ― nothing. Plus The posts about the “Kalecki Profit Equation” go down the scientific drain.

BE The first to leave the sinking MMT ship?

Comment on Brian Romanchuk on ‘Primer: The Kalecki Profit Equation (Part II)’

MNE The first to leave the sinking MMT ship?

Comment on Brian Romanchuk on ‘Primer: The Kalecki Profit Equation (Part II)’

MNE The Kelton-Fraud. Comment on Tom Hickey/ Ben Judah on ‘The Right’s Straw Left’.

EV The miracle cure of economists’ micro-macro schizo. Comment on Nick Rowe on ‘Micro Profs teaching Intro Macro’.

ES Employment and distribution theory are false for 200+ years. Economists are proto-scientific losers. See links.

WCI The miracle cure of economists’ micro-macro schizo. Comment on Nick Rowe on ‘Micro Profs teaching Intro Macro’. See * below. Plus Loop-Link Plus Economics is for 200+ years now what Feynman called a cargo cult science. Plus Not only constrained optimization has to be dismissed but the whole set of behavioral axioms. Plus Teaching/ studying Walrasian Micro and Keynesian Macro is a thing of the proto-scientific past. Plus Time to end the shrunken heads perversity called economics.

RWER Hooray! The formalization issue is finally settled. Comment on Lars Syll on ‘Paul Krugman — a math-is-the-message-modeler’ and ‘Krugman’s formalization schizophrenia’. See * below. Plus

Keynesianism is dead for 80+ years but After-Keynesians have not realized it. Plus Keynes never came to grips with profit. Plus Fortunately for Keynes and After-Keynesian swampies, economics is only a titular science. Plus Orthodoxy, Heterodoxy, and Pluralism are provably false. Plus First rule of science: Do NOT apply religious/spiritual concepts in an economic argument. Plus Walrasianism, Keynesianism, Marxianism, Austrianism, is buried at the Flat-Earth Cemetery. Plus Luckily for economists, scientific failure does not prevent a career as useful political idiot. Plus The problem with economics is NOT that a true theory is misapplied in a crisis but that there is no true theory, to begin with. See * below. Plus Show first your economic axioms or get out of the discussion. Plus The Prime Cosmic Directive says: If it isn’t macro-axiomatized it isn’t economics. Plus The only question of interest is the paradigm shift from false Walrasian microfoundations and false Keynesian macrofoundations to the true macrofoundations. See * below. Plus “You can’t get any more empirical and grounded in the temporal universe than accounting."

EV Hooray! The formalization issue is finally settled

Comment on Paul Krugman on ‘Uses and Abuses of Economic Formalism’.

EV Hooray! The formalization issue is finally settled.

Comment on Lars Syll on ‘Paul Krugman — a math-is-the-message-modeler’ and ‘Krugman’s formalization schizophrenia’. See * below.

LPS Hooray! The formalization issue is finally settled.

Comment on Lars Syll on ‘Paul Krugman — a math-is-the-message-modeler’ and ‘Krugman’s formalization schizophrenia’. See * below.

EV Beware of the moralizing economist. Comment on David Glasner on ‘The Monumental Dishonesty and Appalling Bad Faith of Chief Justice Roberts’s Decision’.

UE Beware of the moralizing economist. Comment on David Glasner on ‘The Monumental Dishonesty and Appalling Bad Faith of Chief Justice Roberts’s Decision’. Plus It is the first duty of the scientist to look after the scientific and moral rot of his own discipline. Plus This is the ultimate “Monumental Dishonesty and Appalling Bad Faith” that catapults economists forever out of the scientific community. Plus Economists lack the true theory.

MNE Profit: after 200+ years, economists are still in the woods. Comment on Brian Romanchuk on ‘Primer: The Kalecki Profit Equation ’. Plus Michal Kalecki’s and Brian Romanchuk’s profit theory is false.

BE Profit: after 200+ years, economists are still in the woods. Comment on Brian Romanchuk on ‘Primer: The Kalecki Profit Equation’. See * below.

EV It has been said before but economists still don’t get it. Comment on Nick Rowe’s ‘Hydraulic Monetarism’.

MNE Link from Lars P. Syll's Nonsense is nonsense to Keynes, Lerner, MMT, Trump and exploding profit.

WCI It has been said before but economists still don’t get it. Comment on Nick Rowe’s ‘Hydraulic Monetarism’. Plus Economists never got the relationship between macroeconomic flows, differences of flows, change of stocks, and stocks straight. Plus The theory of money has to be built upon macrofoundations and not upon silly microeconomic barter or casino stories. Plus The most simplistic stripped down model in economics has to be a macro model. See * below. Plus The subject matter of economics is how the actual monetary economy works and NOT historical storytelling.

ES Political economists ― the village idiots of science. Comment on Anonymous on ‘Goebbels or Gompers Addendum’. See * below. Plus Completely 'impressed, surprised and dismayed' at the utter idiocy and corruption of economists.

ES Right troll left troll pack your bag and get out of economics. Comment on Sandwichman’s ‘War is Peace, Freedom is Slavery, Ignorance is Strength’. See * below. Plus Economists have not produced one small piece of science but one giant heap of propaganda material. See * below. Plus Science is about true/false and NOT about like/dislike. See * below.

LPS Shut up! Do first your macroeconomic homework! Comment on Lars Syll on ‘The microfoundations crusade’. See * below.

RWER Shut up! Do first your macroeconomic homework! Comment on Lars Syll on ‘The microfoundations crusade’. See * below.

ES Link from War is Peace, Freedom is Slavery, Ignorance is Strength to Nietzsche, Entropy, Full Employment, and NO Class War. See * below.

RWER Nietzsche, entropy, full employment, and NO class war. Comment on David Ruccio on ‘Utopia and work’.

UE The Fisher Effect ― another piece of nincompoop-economics. Comment on David Glasner on ‘Keynes and the Fisher Equation’. See * below.

MNE Wrapping up the MMT narrative. Comment on Tom Hickey on ‘The Wage[s]-Lump Doctrine ― still dogma after all these years’.

WCI Nick Rowe’s soapbubbling about money.

Comment on Nick Rowe on ‘The Parable of the Fruit Trees’. Plus Money starts as a medium of transaction and it supports ANY level of economic activity. See * below. Plus Barter models have always been false and will always be false. Plus The lethal flaw of The Parable of the Fruit Trees is the obsolete concept of direct barter. In the monetary economy, barter is indirect. Plus Economic analysis starts at zero. And this holds also for the theory of money. Plus Nick Rowe and Matthew Young have not gotten the point that in the monetary economy barter is indirect. Plus Supply-demand-equilibrium has always been nincompoop-economics. Plus Vagueness and inconclusiveness protect the scientifically incompetent and secure the status quo.

TRU Link to the refutation of Richard Murphy's ‘MMT: economics for an economy focussed on meeting the needs of most people’.

MNE Richard Murphy: the MMT fraudster dressed up as realist. Comment on Richard Murphy on ‘MMT: economics for an economy focussed on meeting the needs of most people’. Plus The point at issue is NOT thrashing MMT but to answer the question: What is wrong with MMT? Plus “You got to know the system if you want to change it.” Plus Keynes, Post-Keynesians, and all MMTers flunked the test. Plus A sketch of the monetary economy after the demise of communism and capitalism. Plus Ideologies are for the retarded soapbubblers of the so-called social sciences. Plus Macroeconomic profit does not come into existence because some humans are greedy but because Q=−S.

MNE Employment theory as an example of proto-scientific soapbubbling. Comment on Sandwichman on ‘The Wage[s]-Lump Doctrine ― still dogma after all these years’. Plus The Legitimate Sovereign can realize any employment level by applying the Employment Law. Plus Make science great again! Throw all economists out! Start with MMTers! Take Tom Hickey first! Plus The foundational MMT balances equation is provably false. This is sufficient for the refutation of MMT. Plus Economics has never been more than story-telling. Plus The political realm and the scientific realm run on fundamentally different principles. And this is why they have to be kept strictly apart. Plus Economic policy guidance has NO sound scientific foundations for 200+ years. Plus Politics has to be determined in the political sphere by the Legitimate Sovereign. Plus You cannot achieve full employment if you don’t know the Employment Law. Plus The mixing of politics and science always corrupts science. Plus It is pretty obvious that economists from Smith/Ricardo via Keynes to MMT never understood what macroeconomic profit is.

ES Employment theory as an example of proto-scientific soapbubbling. Comment on Sandwichman on ‘The Wage[s]-Lump Doctrine ― still dogma after all these years’. Plus The employment theory is false for 200+ years. Plus The Employment Law defines the set screws for policymakers. Plus The auctioneer has been a construct of breathtaking idiocy. Plus It is never too late to do serious scientific work. Plus

Since the Employment Law consists exclusively of measurable variables, every econometrician can test it. Plus Testing the Employment Law is in principle not different from testing the Phillips Curve.

TRU Link from Tax Research UK blog to 'MMT: Richard Murphy’s battle-for-money hoax' on Mike Norman Economics blog. Plus Politically, MMT is a fraud and scientifically it is garbage.

MNE MMT: Richard Murphy’s battle-for-money hoax.

Comment on Richard Murphy on ‘The battle for money has begun’. Plus Politically, MMT is a fraud and scientifically it is garbage. Plus Money is not a thing, money is not a fixed stock, money is information. Plus MMT is scientific junk and political fraud. That’s what is wrong with MMT!

MNE The Third Way: Towards the happy zero-tax economy. Comment on Tom Hickey on ‘From Wicksell to Le Bourva and MMT’. Plus Fact is that MMT is NOT the true theory but just another political fraud. Plus

The Bible never ever contradicts the axiomatically correct macroeconomic theory. Plus The stupidity and fraud of economists are destructive to society.

RWER Neoclassics and MMT ― much like pest and cholera. Comment on Lars Syll on ‘From Wicksell to Le Bourva and MMT’.

LPS Neoclassics and MMT ― much like pest and cholera. Comment on Lars Syll on ‘From Wicksell to Le Bourva and MMT’. See * below.

MNE Neoclassics and MMT ― much like pest and cholera. Comment on Lars Syll on ‘From Wicksell to Le Bourva and MMT’. Plus MMT is a political fraud. Plus All relationships between deficit-spending, employment, distribution are well-understood albeit NOT by MMT academics.

WCI How economists missed out on the essential relationship of economics. Comment on Nick Rowe on ‘Public Debt: A Global Perspective’. Plus The point at issue is the relationship between deficits and distribution. Plus The foundational concepts of economics have to be consistently defined. This is done by axiomatization. Plus Economics is the worst embarrassment in the history of modern science. See * below.

LPS Is Lars Syll’s stupidity really infinite? Comment on Lars Syll on ‘Is 0.999… = 1?’. See * below.

MNE Austerity and the political games Progressives play. Comment on Peter S. Goodman’s ‘Britain’s Big Squeeze: In Britain, Austerity Is Changing Everything’. MNE All these political movements amount ultimately to the self-financing of the one-percenters via the state.

ES Austerity and the political games Progressives play. Comment on Peter Dorman on ‘Some Say the Earth Is Flat, British Austerity Edition’. Plus MMTers are either stupid or corrupt or both. In any case, they are NO scientists. Plus Whatever economists are doing, it is NOT economics and NOT science.

EV Does economics matter more for bread or for circuses? Comment on Chris Dillow on ‘Does economics matter?’. See * below.

SaM Does economics matter more for bread or for circuses? Comment on Chris Dillow on ‘Does economics matter?’. See * below.

MNE Links from Lars P. Syll — Mainstream economics – peddling fake knowledge.

MNE Link from 'Steve Keen — Some Preliminary Questions for MMT' to 'Bill Mitchell — A surplus of trade discussions.'

BB Additional proof of MMT’s inconsistency.

Comment on Bill Mitchell on ‘A surplus of trade discussions’. See * below.

MNE Additional proof of MMT's inconsistency. Comment on Tom Hickey’s ‘Bill Mitchell — A surplus of trade discussions’. Plus MMTers neither get the real nor the nominal nor the monetary side of the whole process right.

ES Link from 'Is the Job Guarantee a Ponzi Scheme?' to 'How MMT enlightens Washington'.

LPS Both orthodox and heterodox economists are cargo cult scientists. Comment on Lars Syll on ‘People having bad luck when trying to think’. See * below.

MNE How MMT enlightens Washington. Comment on Zach Carter’s ‘Stephanie Kelton Has The Biggest Idea In Washington’. Plus Poor Bernie Sanders, his supposedly left-wing economic platform has been written by Wall Street operatives. Plus The whole UBI-JG discussion is pointless because economists in general and MMTers, in particular, lack the true Employment Theory. Plus Since Adam Smith/Karl Marx, economics is a scientific fraud and MMT is an integral part of it. Plus It is an unassailable scientific fact that Public Deficit = Private Profit. Plus MMT is storytelling cross-dressed as science. Plus The MMT elites are either stupid or corrupt. In any case, they are NO scientists.

ES Progressive shell games. Comment on Sandwichman’s ‘Jobs, Jobs, Jobs ― GUARANTEED!’. See * below.

MNE Progressive shell games. Comment on Sandwichman’s ‘Jobs, Jobs, Jobs ― GUARANTEED!’. Plus Nothing has enriched the rich more in the last decades than public deficit spending.

ES Link from 'The So-called Labour Fund' to 'Marx’s bicentennial ― nothing to discuss, nothing to celebrate. ' See * below.

MNE Remark on 'Household Debt Service Payments as a Percent of Disposable Personal Income'

MNE Marx’s bicentennial ― nothing to discuss, nothing to celebrate. Comment on Tom Hickey’s ‘Steve Keen — Karl Marx sacrificed logic on the altar of his desire for revolution’. Plus Marx is known as a lousy economist and political agenda pusher.

MNE Remark on Tom Hickey on ‘Jason Smith — Recessions and special snowflakes’.

BRU Did economics fail? No! Yes, and everybody knows it! Comment on Silvia Merler’s ‘Did Economics Fail?’ See * below.

ES 200 years in the dark ― how Marx got it wrong.

Comment on Sandwichman’s ‘200 Years, 200 Dollars!’. Plus Both, Smith’s and Marx’s employment theories were false.

MNE Did economics fail? No! Yes, and everybody knows it! Comment on Silvia Merler’s ‘Did Economics Fail?’.

MNE Links at 'Lars P. Syll — Busting the NAIRU myth'

MNE Poor Schumpeter — abused as a testimonial for MMT. Comment on Lars Syll on ‘Schumpeter — an early champion of MMT’. Plus Debt-does-not-matter MMTers are agenda pushers of the one-percenters. Plus MMT is NOT a scientifically valid theory but soapbox economics.

LPS Poor Schumpeter — abused as a testimonial for MMT. Comment on Lars Syll on ‘Schumpeter — an early champion of MMT’. See * below.

MNE Addition to 'Some Recent Links for Karl Marx 200'.

MM Why is economics a total scientific failure?.

Comment on Simon Wren-Lewis on ‘Why was economics so insular?’.

MNE Profit and the Private-Property-Irrelevance Theorem. Comment on Barkley Rosser on ‘Duncan Foley On Socialist Alternatives to Capitalism’. Plus

Keynes did NOT get profit right and every economist with more than two brain cells knows this.

Plus Keynes dealt with a zero profit economy. Plus

Marx got profit and exploitation and classes wrong.

ES Profit and the Private-Property-Irrelevance Theorem. Comment on Barkley Rosser on ‘Duncan Foley On Socialist Alternatives to Capitalism’.

Plus Keynes did NOT get profit right and every economist with more than two brain cells knows this. Plus Keynes dealt with a zero profit economy. Plus

Marx got profit and exploitation and classes wrong. Plus Economists are too stupid for elementary mathematics and got macro accounting wrong.

MNE Note on Barkley Rosser — Duncan Foley On Socialist Alternatives to Capitalism. Plus Marx’s Capital is NOT a piece of materially/formally consistent science but what Feynman called cargo cult science.

ES Note on'Duncan Foley On Socialist Alternatives to Capitalism'.

MNE Note on Richard Wolff 'How Marxism and Modern Monetary Theory Go Hand-In-Hand.' Plus

The philosopher/agenda pusher/fake scientist Marx had no idea what profit is.

MNE The set screws of overall and individual employment. Comment on Sandwichman on ‘Job Guarantee versus Work Time Regulation’. Plus Lost in the supply-demand-equilibrium woods.

ES The set screws of overall and individual employment. Comment on Sandwichman on ‘Job Guarantee versus Work Time Regulation’.

MNE The brouhaha about prediction: which Feynman is right?. Comment on David Orrell on ‘The Economics Debate: The Problem isn’t Bad Economics, It’s Bad Science’. Plus The crisis prediction brouhaha is just another distraction from the fact that economics is a failed/fake science. Plus You confound theory and hypothesis.

MNE Profit: after 200+ years still elusive. Comment on Tom Hickey on ‘Lessons from Nick Hanauer and Dee Hock’.

MNE Poor Wicksell — abused as a testimonial for MMT. Comment on Lars Syll on ‘MMT — the Wicksell connection’.

LPS Poor Wicksell — abused as a testimonial for MMT. Comment on Lars Syll on ‘MMT — the Wicksell connection’. See * below.

LPS Neoclassical growth theory: modeling gone nuts

Comment on Lars Syll on ‘Solow’s Nobel Prize lecture’. See * below.

BLO Economics between misguided and lethal critique. Comment on Noah Smith on ‘Econ Critics Are Stuck in the Past’.

MM Macroeconomics: self-delusion and empty promises. Comment on Simon Wren-Lewis on ‘Did macroeconomics give up on explaining recent economic history?’

BE Infantile model bricolage, or, How many economists can dance on a non-existing pinpoint?

Comment on Brian Romanchuk on ‘Forecastability And Economic Modelling’.

MNE Infantile model bricolage, or, How many economists can dance on a non-existing pinpoint?

Comment on Brian Romanchuk on ‘Forecastability And Economic Modelling’.

MNE Note on Marx Today.

Blog-References 20

MNE Note on ‘Brian Romanchuk — Why We Should Be Concerned About The Forecastability Of Economic Models’.

MNE Note on ‘Lars P. Syll — A new paradigm for teaching economics’.

ES Overreach: economists have their fingers in every pie except in real economics. Comment on Barkley Rosser on ‘Can Nudging Become A New Road To Serfdom?’. Plus ALL human-centered/behavioral approaches invariably crash against the methodological wall of the Fallacy of Composition. Plus After 140+ years of methodological blunder, it is time for the paradigm shift from bottom-up to top-down. Plus Akerlof’s AEA address is a fine summary of the multiple idiocies of microfounded macroeconomics.

RWER Knowledge is attainable ― even in economics.

Comment on Lars Syll on ‘Sometimes we do not know because we cannot know’. See * below.

MNE Stop beating mainstream economics ― it is long dead. Comment on Lars Syll on ‘The tractability hoax in modern economics’.

LPS Stop beating mainstream economics ― it is long dead. Comment on Lars Syll on ‘The tractability hoax in modern economics’. See * below.

MNE Equilirium. Comment on David Glasner’s ‘On Equilibrium in Economic Theory’.

UE Equilirium. Comment on David Glasner’s ‘On Equilibrium in Economic Theory’. See * below.

ES Knowledge is attainable ― even in economics.

Comment on Lars Syll on ‘Sometimes we do not know because we cannot know’.

MNE Knowledge is attainable ― even in economics.

Comment on Lars Syll on ‘Sometimes we do not know because we cannot know’.

LPS Knowledge is attainable ― even in economics.

Comment on Lars Syll on ‘Sometimes we do not know because we cannot know’. See * below.

BB MMT: Just another political fraud. Comment on Bill Mitchell on ‘On the path to MMT becoming mainstream’. See * below.

MNE MMT: Just another political fraud. Comment on Bill Mitchell on ‘On the path to MMT becoming mainstream’. Plus The Disney version of monetary economics.

MNE Economists: Standing on the Shoulders of Gnomes. Comment on Roger Farmer on ‘Standing on the Shoulders of Giants’.

ES New insight from Meta-Learning: delete economics. Comment on Peter Dorman on ‘A Teachable Moment: The Importance of Meta-Learning’.

RFEW Economists: Standing on the Shoulders of Gnomes. Comment on Roger Farmer on ‘Standing on the Shoulders of Giants’. See * below.

BB MMT: So-called progressives as trailblazers for Trumponomics. Comment on Bill Mitchell on ‘The distinguished economists just embarrass themselves’. See * below.

MNE MMT: So-called progressives as trailblazers for Trumponomics. Comment on Bill Mitchell on ‘The distinguished economists just embarrass themselves’. Plus The self-stylisation of MMT academics, Wall Street sponsors, and blogosphere sales-trolls as progressives is a plain political fraud.

EV Full employment, the Phillips Curve, and the end of Gaganomics. Comment on Tony Yates on ‘Phillips Curve bashing and immaculate inflation’. See * below.

MNE MMT and the inflation-red-herring. Comment on Richard Murphy on ‘Modern monetary theory provides the best mechanism for controlling inflation we now have’. Plus Marx was a soapbox economist and this excludes him forever from science.

TRU MMT and the inflation-red-herring. Comment on Richard Murphy on ‘Modern monetary theory provides the best mechanism for controlling inflation we now have’. See * below.

MNE MMT vs Keynesianism: nothing to chose.

Comment on Thomas Palley on ‘Modern Money Theory (MMT) vs. Structural Keynesianism’.

EV MMT vs Keynesianism: nothing to chose.

Comment on Thomas Palley on ‘Modern Money Theory (MMT) vs. Structural Keynesianism’. See * below.

RWER MMT vs Keynesianism: nothing to chose.

Comment on Thomas Palley on ‘Modern Money Theory (MMT) vs. Structural Keynesianism’. See * below.

ES Economics is NOT about Happiness but about Profit. Comment on Barkley Rosser on ‘Unresolved Issues In Happiness Economics From The Conference Honoring The Retirement Of The Field’s Founder’. Plus Economists have now happily arrived at the bottom of the proto-scientific shithole. Plus Economics never rose above the level of poor philosophy and proto-scientific rubbish. Plus

Happiness economics is the botoxed version of the foundational creed of Political Economy: Better a healthy, happy, long-lived exploiter than a sick, unhappy, short-lived exploitee.

LAV Full employment, the Phillips Curve, and the end of Gaganomics. Comment on Tony Yates on ‘Phillips Curve bashing and immaculate inflation’.

See * below.

RWER Capitalism, poverty, exploitation, and cross-over exploitation. Comment on David Ruccio on ‘“Capitalism was built on the exploitation and suffering of black slaves and continues to thrive on the exploitation of the poor”’.

EV Full employment, the Phillips Curve, and the end of Gaganomics. Comment on David Glasner on ‘The Phillips Curve and the Lucas Critique’. See * below.

MM Economics has arrived at the bottom of the proto-scientific shithole. Comment on Simon Wren-Lewis on ‘Brexit and Corbyn: how our media fails the people’.

UE Full employment, the Phillips Curve, and the end of Gaganomics. Comment on David Glasner on ‘The Phillips Curve and the Lucas Critique’. See * below.

MNE Forget Keynes. Link on 'Oleg Komlik — What is Economics? Read Keynes’ definition.'

BB MMT vs Neoliberalism: just another clown show fight. Comment on Bill Mitchell on ‘My response to a German critic of MMT ― Part 3’. See * below.

MNE MMT vs Neoliberalism: just another clown show fight. Comment on Bill Mitchell on ‘My response to a German critic of MMT ― Part 3’. Plus MMTers get the relationship of macroeconomic profit/saving since 25 years wrong. Plus How long are Bill Mitchell, Stephanie Kelton, Warren Mosler and the rest of MMTers presenting a provably false balances equation to the public?

ES The Supreme Being spoke out of the clouds and handed over these Twelve Economics Commandments. Plus Economics is one of the worst cases of failure/fraud in the history of modern science. Plus Economics is NOT a social science. Plus It is always a grand spectacle to observe a goldfish brain starting to work and getting into high gear. Plus SURGEON GENERAL'S GAGANOMICS WARNING.

BB MMT is dead: An unfriendly critique of Bill Mitchell. Comment on Bill Mitchell on ‘My response to a German critic of MMT ― Part 2’. See * below.

MNE MMT is dead: An unfriendly critique of Bill Mitchell. Comment on Bill Mitchell on ‘My response to a German critic of MMT ― Part 2’

MNE The Lord spoke out of the bush and handed over these Twelve Economics Commandments.

MNE Note on Brian Romanchuk's 'The Curious Notation Of DSGE Models'.

BE Note on Brian Romanchuk's 'The Curious Notation Of DSGE Models'.

MNE The curious non-existence of profit in economics. Comment on Brian Romanchuk on “The Curious Household Accounting Of DSGE Models”.

BE The curious non-existence of profit in economics.

Comment on Brian Romanchuk on “The Curious Household Accounting Of DSGE Models”.

BB Non-lethal and lethal critique of MMT.

Comment on Bill Mitchell on ‘My response to a German critic of MMT’. See * below.

MNE Non-lethal and lethal critique of MMT.

Comment on Bill Mitchell on ‘My response to a German critic of MMT’. Plus All that is needed at this point is an experimentum crucis. Plus In their bottomless stupidity MMTers are a danger to their fellow citizens. Plus The MMT balances equation is provably false. Plus The monetary economy is inherently unstable, this explodes the idea of equilibrium

MNE Note on “Era of Austerity coming to an end...”

ES End of the Lump of Labor sitcom. Comment on Sandwichman on ‘LOLFF on TED’.

ES Futile beatification and canonization of an economics Flat-Earther. Comment on Barkley Rosser on ‘The Father Of “Market Failure” Analysis Dies’. Plus Standard economics is one of the worst cases of theory failure of all times.

RWER Note on RWER’s top 10 books. See * below.

ES Note on ProGrowthLiberal’s ‘Cochrane Fails to Make His Case for the Trump Tax Cut Again’

MNE Note on Lars P. Syll's 'Scientific realism and inference to the best explanation.'

MNE Bill Mitchell, MMT’s fake scientist. Comment on Bill Mitchell on ‘Where do we get the funds from to pay our taxes and buy government debt?’ Plus Bill Mitchell is not a scientist who tries to figure out how the economic system works and what the underlying economic laws are.

BE DSGE and profit ― forget it! MMT and profit ― forget it! Comment on Brian Romanchuk on ‘The Curious Profit Accounting Of DSGE Models’. Plus

To argue that the “normal economist” treats profit since 200+ years without any qualms as “income” is to confirm that the “normal economist” is an incurable idiot. Plus Economics has a wild variety of inconsistent profit definitions, and this is why economists never get above the level of confused blather. Plus Whoever discusses in our days a DSGE model proves that he has no grasp whatsoever of science/mathematics. Plus A mind-boggling dialogue of imbeciles. Plus There is NO such thing as a “real” profit. Profit is a nominal variable and the counterpart of dissaving. Plus Nobody in his right mind applies a Cobb-Douglas production function to determine profit. Plus The mathematical solution of Marx’s problem of the very existence of macroeconomic profit reads Q=−S. Plus The life-and-death formula of the monetary economy. Plus Economists are lost in vacuous proto-scientific space already for centuries. Plus The microfoundations approach is dead. Standard economics is dead. DSGE is dead.

MNE DSGE and profit ― forget it! MMT and profit ― forget it! Comment on Brian Romanchuk on ‘The Curious Profit Accounting of DSGE Models’. Plus To argue that the “normal economist” treats profit since 200+ years without any qualms as “income” is to confirm that the “normal economist” is an incurable idiot. Plus Economics has a wild variety of inconsistent profit definitions, and this is why economists never get above the level of confused blather. Plus Whoever discusses in our days a DSGE model proves that he has no grasp whatsoever of science/mathematics. Plus What follows from Jonathan Barzilai’s proof that economists never understood the mathematics they applied? Plus

Nobody in his right mind applies a Cobb-Douglas production function to determine profit. Plus The mathematical solution of Marx’s problem of the very existence of macroeconomic profit reads Q=−S. Plus

The life-and-death formula of the monetary economy. Plus Economists are lost in vacuous proto-scientific space already for centuries. Plus The microfoundations approach is dead. Standard economics is dead. DSGE is dead.

LPS Forget Keynes. Note on Lars Syll's 'Keynes and econometrics'.

UE The objective value of money. Comment on David Glasner on ‘Is “a Stable Cryptocurrency” an Oxymoron?’. See * below.

MNE Behavioral economics ― forever stuck at the proto-scientific level. Comment on Tom Hickey on ‘Nicolas Geeraert ― How knowledge about different cultures is shaking the foundations of psychology’.

MNE MMT is idiocy and fraud. Comment on Asymptosis on ‘Wealth and the National Accounts: Response to Matthew Klein’.

ASY MMT is idiocy and fraud. Comment on Steve Roth on ‘Wealth and the National Accounts: Response to Matthew Klein’. See * below.

MNE How MMT fools the ninety-nine-percenters. Third comment on Simon Wren-Lewis on ‘The dangers of pluralism in economics: the case of MMT’.

ES Unsolicited proposal for the foreword of the next edition of the Palgrave Dictionary.

MNE Forget Keynes. Comment on Dirk Ehnts on ‘A short comment on Temin and Vines on Keynes’.

ES Snapshot from the current New Keynesianism vs MMT debate.

MNE Political economics: Who hijacks British Labour?. Comment on Simon Wren-Lewis on ‘The dangers of pluralism in economics: the case of MMT’. Plus MMT is NOT scientifically superior to New Keynesianism. Plus MMT policy OBJECTIVELY benefits the one-percenters. Plus The government sector is instrumentalized for boosting overall profit of the business sector. Plus The MMT balances equation is provably FALSE. Plus MMTers are caught in a methodological delirium. Plus The problem with economics is how can society get rid of incompetent/ stupid/corrupt fake scientists and political clowns. Plus New Keynesianism is based on false microfoundations and MMT is based on false macrofoundations.

MM Political economics: Who hijacks British Labour?

Comment on Simon Wren-Lewis on ‘The dangers of pluralism in economics: the case of MMT’. Plus MMT is NOT scientifically superior to New Keynesianism. Plus How MMT fools the ninety-nine-percenters.

MNE Economies are culturally different but economic laws are universal. Comment on Tom Hickey on ‘Ellen Brown ― Funding Infrastructure: Why China Is Running Circles Around America’.

ES Paul Krugman and economic poultry entrails reading. Comment on Brad DeLong on ‘Paul Krugman Looks Back at The Last Twenty Years of the Macroeconomic Policy Debate’.

ES Forget Keynes. Comment on Asad Zaman on ‘Understanding Macro: The Great Depression’

EV Paul Krugman and economic poultry entrails reading. Comment on Brad DeLong on ‘Paul Krugman Looks Back at The Last Twenty Years of the Macroeconomic Policy Debate’. See * below.

BDL Paul Krugman and economic poultry entrails reading. Comment on Brad DeLong on ‘Paul Krugman Looks Back At The Last Twenty Years Of The Macroeconomic Policy Debate’. See * below.

MNE Economics: When the scientifically unfit blather about science. Comment on Alan Y. Wang on ‘No, Economics Is Not a Science’. Plus The premise of macro is false and the whole bunch of intellectually challenged economists from Keynes onward did not spot the blunder until this day.

THC Economics: When the scientifically unfit blather about science. Comment on Alan Y. Wang on ‘No, Economics Is Not a Science’. See * below.

MNE Economists: political trolls since 200+ years. Comment on Kalvey on ‘Steve Keen ― Debunking Mainstream economics: equilibrium barter models for a far-from-equilibrium monetary economy’.

RWER Forget Keynes. Comment on Asad Zaman on ‘Understanding Macro: The Great Depression’. See * below.

MNE Note on Steve Keen - Debunking Mainstream economics: equilibrium barter models for a far-from-equilibrium monetary economy. Plus Steve Keen’s profit theory is false. Plus Economics needs NO repetitive debunking, the point is to move on. Plus

Science does NOT predict the future.

RWER Economics: communication without content

Comment on Lars Syll on ‘Science and the quest for truth’. See * below.

ES Fiscal policy and the Humpty Dumpty Fallacy.

Comment on ProGrowthLiberal on ‘A Kennedy-Reagan-Trump Fiscal Policy?’.

EV The perennial conundrum: profit and distribution. Comment on Chris Dillow on ‘Stable Exploitation’. See * below.

SaM The perennial conundrum: profit and distribution. Comment on Chris Dillow on ‘Stable Exploitation’. See * below.

BB MMT: academic snake oil for the people. Comment on Bill Mitchell on ‘The ‘tax the rich’ call bestows unwarranted importance on them’. See * below.

MNE MMT: academic snake oil for the people. Comment on Bill Mitchell on ‘The ‘tax the rich’ call bestows unwarranted importance on them’.

ES Note on the end- and pointless lump-of-labor rhetoric.

MNE Note on Lars P. Syll's 'Marx and Keynes on the contradictions of capitalism.'

MM Deficits matter for distribution. Comment on Simon Wren-Lewis on ‘Do Trump’s deficits matter?’ Plus MMT policy guidance has no sound scientific foundations.

MNE Heterodoxy ― an axiomatic failure just like Orthodoxy. Comment on Christian Arnsperger/Yanis Varoufakis on ‘The first axiom of neoclassical economics: methodological individualism’.

RWER Heterodoxy ― an axiomatic failure just like Orthodoxy. Comment on Christian Arnsperger/Yanis Varoufakis on ‘The first axiom of neoclassical economics: methodological individualism’. See * below.

MNE Ricardo and the invention of class war.

Comment on Sandwichman on ‘No Other Way of Keeping Profits Up’

ES Ricardo and the invention of class war. Comment on Sandwichman on ‘No Other Way of Keeping Profits Up’ Plus Economics is a failed science because economists are incompetent scientists who suffer from the social science delusion. Plus The lump-of-labor hypothesis has already been refuted. Plus A theory must satisfy TWO criteria ― material AND formal consistency. Plus Solving the Starting Problem with macrofoundations. Plus More clues for the clueless. Plus Economics has to be based on objective axioms. Plus The Humpty Dumpty Fallacy ― one of the worst idiocies of economics. Plus The scientists’ certain knowledge of reality is incorporated in a theory.

ES Note on Sandwichman’s ‘Rumble on Wall St. ― No Other Way of Keeping Profits Up!'

MNE Ricardo, too, got profit theory wrong. Sad!

Comment on Sandwichman on ‘No Other Way of Keeping Profits Up’. Note Kalecki, too, got profit theory wrong. Plus Summary of ‘No Other Way of Keeping Profits Up’.

ES Ricardo, too, got profit theory wrong. Sad!

Comment on Sandwichman on ‘No Other Way of Keeping Profits Up’. Plus The Profit Law can be tested for every country around the globe. Plus Theoretical economics provides the formula, and the econometricians do the testing. Plus Ricardo got profit theory wrong and neither Walrasianism, Keynesianism, Marxianism, nor Austrianism has realized it until this day. Plus Ricardo’s theory of profit and rent is provably false. Plus Both the Labour Theory of Value and the Utility Theory of Value are dead and buried just like the Flat Earth Theory. Plus The muddleheads of economics sit squarely in the swamp where “nothing is clear and everything is possible”. Plus Rent is profit as it appears in the agricultural industry. Plus The blather of the bigots of common sense is until this day called economics. Plus The fundamental question of economics. Plus Questionnaire back to Sandwichman. Plus The Law of Distribution.

MNE Economics: a comedy of errors full of intrigue and aberration. Comment on Paul Krugman on ‘Fraudulence of the Fiscal Hawks’. Plus Right policy depends on true theory. MMT is NOT the true theory but is refuted on all counts. Plus Make no mistake, to propagate a false and definitively refuted theory is scientific fraud.

EV Economics: a comedy of errors full of intrigue and aberration. Comment on Paul Krugman on ‘Fraudulence of the Fiscal Hawks’. See * below.

MNE MMT: miscommunication, mistakes, misdirection. Comment on T Sabri Öncü’s ‘Miscommunicated Monetary Theory’. Plus MMTers have not realized that Keynes is the poster boy for the Fallacy of Insufficient Abstraction. Plus Lost in irrelevant operational details. Plus The whole of MMT is genuine proto-scientific garbage. Plus MMT is a marketing relaunch of the age-old policy of stealth taxation/profit-boosting. Plus The dull MMT folks are 40+ years behind the curve.

MNE Profit, income, and the Humpty Dumpty Fallacy. Comment on Timothy Taylor/Conversable Economist on ‘Behind the Declining Labor Share of Income’.

EV From false microfoundations to true macrofoundations. Comment on Simon Wren-Lewis on ‘Large models, small models and Brexit’. See * below.

MM From false microfoundations to true macrofoundations. Comment on Simon Wren-Lewis on ‘Large models, small models and Brexit’.

ES Econoblogosphere: The flawed Top 101. Comment on Barkley Rosser on ‘EconoSpeak Again A Top 101 Economics-Finance Blog’.

BB Note on Bill Mitchell’s ‘Oh poor Britain – overrun by chlorinated chickens, hapless without the EU’. See * below.

RWER Note on Lars Syll's 'It’s high time to bury Milton Friedman’s natural rate hypothesis.' See * below.

LPS Cryptoeconomics ― the best of Lars Syll’s spam folder. Comment on Lars Syll on ‘Truth and knowledge’. See * below.

MNE Cryptoeconomics ― the best of Bill Mitchell’s spam folder. Comment on Bill Mitchell’s ‘Planning public works ― history has a lot to say if we listen properly’. See * below.

MNE Note on Peter Cooper’s ‘Disequilibrium Dynamics of Output and Demand’.

EV Cryptoeconomics ― the best of Mark Thoma’s spam folder. See * below.

RWER Cryptoeconomics ― the best of Real-World Economics Review’s spam folder. Comment on Michel Zouboulaki on ‘The crisis in economics education’. Sequel to ‘Cryptoeconomics ― the best of Mark Thoma’s spam folder’ and ‘Cryptoeconomics ― the best of Nick Rowe’s spam folder’. See * below.

ES Cryptoeconomics ― the best of Mark Thoma’s spam folder. NOTE on Barkley Rosser’s ‘Parsing the Poland Problem Paradox: Local Versus National Outcomes’ and sequel to ‘Cryptoeconomics ― the best of Nick Rowe’s spam folder’.

MNE Cryptoeconomics ― the best of Nick Rowe’s spam folder. Comment on Nick Rowe on ‘”Profits = Investment − Saving”’.

WCI Cryptoeconomics ― the best of Nick Rowe’s spam folder. Comment on Nick Rowe on ‘”Profits = Investment − Saving”’.

EV Is Nick Rowe stupid or corrupt or both?

Comment on Nick Rowe on ‘”Profits = Investment − Saving”’ See * below.

MNE Is Nick Rowe stupid or corrupt or both?

Comment on Nick Rowe on ‘”Profits = Investment − Saving”’ Plus Nick Rowe’s model is wackadoodle. Plus Inconsistency is the air that economists breathe from their student days to the grave. Plus Those who still parrot saving-equals-investment have to go. Plus A little clear thinking can solve almost any problem.

WCI Is Nick Rowe stupid or corrupt or both?

Comment on Nick Rowe on ‘”Profits = Investment − Saving”’. Plus Nick Rowe’s model is wackadoodle. Plus Inconsistency is the air that economists breathe from their student days to the grave. Plus Those who still parrot saving-equals-investment have to go. Plus

A little clear thinking can solve almost any problem.

EV Rethinking macro. See * below.

EV I is never equal S and even Nick Rowe will eventually grasp it. Comment on Nick Rowe on ‘”Monetary Policy Accommodation” and Upward-sloping IS curves’. See * below.

WCI I is never equal S and even Nick Rowe will eventually grasp it. Comment on Nick Rowe on ‘”Monetary Policy Accommodation” and Upward-sloping IS curves’. See * below.

MNE Rethinking macro. Comment on Michael Roberts on ‘The macro: what’s the big idea?’.

MRB Rethinking macro. Comment on Michael Roberts on ‘The macro: what’s the big idea?’ See * below.

MNE NOTE on 'Brad DeLong — Should-Read: Peter Hall: IDEAS AND INTERESTS'

MM Time to retire political economists. Comment on Simon Wren-Lewis on ‘Microfoundations and the values of policymakers’.

EV Economists never understood how the price mechanism works. Comment on David Glasner on ‘Milton Friedman and the Phillips Curve’. See * below.

MNE Economists, stupid or corrupt or both?

Comment on Robert Skidelsky on ‘How [Conventional] Economics Survived the Economic Crisis’ Plus Public Deficit = Private Profit, is Keynesianism/MMT a social hoax? Plus Deficit spending ALWAYS benefits the one-percenters because Public Deficit = Private Profit. Plus

The MMT headline government deficit = private sector surplus is crappy soapbox economics or worse.

Plus MMT’s claim to rectify capitalism is laughable.

UE Economists never understood how the price mechanism works. Comment on David Glasner on ‘Milton Friedman and the Phillips Curve’. See * below.

RWER Macro for retarded economists. Comment on Merijnt Knibbe on ‘What Martin Sandbu gets wrong about neoclassical macro-economics’.

ES NOTE on Barkley Rosser’s ‘Are Voters In Nations With A Poland Problem Especially Sophisticated?’. Plus The mission of economics is to figure out how the economy works.

LPS NOTE on Lars Syll’s ‘Neoclassical economics is great — if it wasn’t for all the caveats!’ See * below.

MNE NOTE on Lars Syll’s ‘Neoclassical economics is great — if it wasn’t for all the caveats!’ Plus The political economist is one of the most disgusting creeps in the Circus Maximus.

MNE Macro for retarded economists. Comment on Simon Wren-Lewis' 'Why the microfoundations hegemony holds back macroeconomic progress.'

MM Macro for retarded economists. Comment on Simon Wren-Lewis' 'Why the microfoundations hegemony holds back macroeconomic progress.'

BE Macro for retarded economists. Comment on Brian Romanchuk on ‘The Death of Mainstream Macro’ Plus Macro is dead since Keynes. Plus What is your simple macro model? If you cannot answer this question you are out of economics. Plus The explanation of the price mechanism has to start from macrofoundations and NOT from microfoundations.

Blog-References 19

MNE Lars Syll, fake scientist. Comment on Lars Syll’s ‘Is economics ― really ― a science?’

LPS Lars Syll, fake scientist. Comment on Lars Syll’s ‘Is economics ― really ― a science?’ See * below.

MNE NOTE on Lars Syll’s Is economics ― really ― a science?

LPS NOTE on Lars Syll’s Is economics ― really ― a science? See * below.

MNE NOTE on Steve Keen — Why economics is too important to be left to the (academic) economists.

MNE Are MMTers stupid or corrupt or both?

Comment on Stephanie Kelton and Randall Wray on ‘Answers from the MMTers’.

MNE Note on David Goldman's 'There ain’t-a no Phillips Curve, once again.'

MNE Note on Tom Hickey on 'Geoffrey M. Hodgson — Education is not a public good'.

MNE MMT = proto-scientific junk + deception of the 99-percenters. Comment on Stephanie Kelton and Randall Wray on ‘Answers from the MMTers’. Plus

MMTers cannot be taken seriously as economists but at best as useful idiots for Warren Mosler. Plus

Why do MMT academics violate scientific standards and promote money-making of the Bunga-Bunga one-percenters?

OTE MMT = proto-scientific junk + deception of the 99-percenters. Comment on Jared Bernstein on ‘Questions for the MMTers’. See * below.

NEP MMT = proto-scientific junk + deception of the 99-percenters. Comment on Stephanie Kelton and Randall Wray on ‘Answers from the MMTers’. See * below.

OTE Note on Jared Bernstein's 'Questions for the MMTers'

MNE Note on Stephanie Kelton and Randall Wray on 'Answers from the MMTers'.

NEP Note on Stephanie Kelton and Randall Wray on 'Answers from the MMTers'. See * below.

LPS Note on Lars Syll's 'Where modern macroeconomics went wrong.' See * below.

MNE Note on Lars Syll's 'Where modern macroeconomics went wrong.'

MNE Economics for believers. Comment on Andrew Anderson on Daniel José Camacho on ‘The deficit doesn’t matter: thinking morally about the economy with Stephanie Kelton’.

MNE Microfoundations R.I.P. Comment on Simon Wren-Lewis on ‘Why the microfoundations hegemony holds back macroeconomic progress’.

MM Microfoundations R.I.P. Comment on Simon Wren-Lewis on ‘Why the microfoundations hegemony holds back macroeconomic progress’.

MNE JFTR Brian Romanchuk: MMT is refuted on all counts. Plus MMT is proto-scientific garbage. Plus

Show your axioms and your definition of macroeconomic profit or get out of the scientific discussion. Plus MMTers are too stupid for the elementary mathematics that underlies accounting. Plus MMT is scientifically dead, admit it and then get out of the way. Plus MMT policy guidance lacks sound scientific foundations. Plus Because the foundational assumptions, aka axioms, are false the whole analytical superstructure of MMT is false. Plus

MMT is no valid theory because it lacks logical consistency and MMTer cannot even tell what profit is. Plus A MMTer is either stupid because he does not know what profit is, or corrupt because he deceives the ninety-nine-percenters. Plus MMTers have not realized until this day that the most important real-world economic magnitude ― profit ― is absent in their “theory”. Plus The difference between macro and micro accounting principles. Plus MMT policy proposals have NO sound scientific foundations. Plus

One has to distinguish clearly between truth or reality on the one hand, and convention or conventional opinion (hearsay, plausible myth) on the other.

BE JFTR Brian Romanchuk: MMT is refuted on all counts. Plus MMT is proto-scientific garbage. Plus

MNE Dani Rodrik, fake scientist. Comment on Lars Syll on ‘Dani Rodrik’s Ten Commandments’.

CC MMT is a social bluff package for the benefit of the one-percenters. NOTE on Daniel José Camacho's 'The deficit doesn't matter: thinking morally about the economy with Stephanie Kelton.' See * below.

MNE MMT is a social bluff package for the benefit of the one-percenters. NOTE on Daniel José Camacho's 'The deficit doesn't matter: thinking morally about the economy with Stephanie Kelton.' Plus The Ten Economics Commandments. Plus With deficit spending and the permanent increase of public debt, MMT promotes the agenda of the one-percenters. Plus There are TWO ways to bring money into circulation.

MNE Heterodoxy, too, is scientific junk. Comment on Lars Syll on ‘Modern economics – an intellectual game without practical relevance’. Plus The problem with traditional Heterodoxy is that it has failed since 140+ years to develop a suitable alternative.

UE Economists, stupid or corrupt or both? Comment on David Glasner on ‘Does Economic Theory Entail or Support Free-Market Ideology?’ See * below.

MNE MMT and grassroots movements. Comment on Sean Keith/Alexander Kolokotronis/Truthout on ‘“But How Will We Pay for It?”: Modern Monetary Theory and Democratic Socialism’. Plus MMTer do not understand the foundational concepts income and profit. Plus Because Public Deficit = Private Profit MMT is a wellness-program for the one-percenters. Plus The grassroots movements need MMT like a hole in the head.

MNE Down with idiocy. Comments on DownWithTyranny! on ‘The Smartest Economist In America Explains What Deficits Really Mean’. Plus

From macroeconomic analysis follows Public Deficit = Private Profit. Plus MMTer, including Stephanie Kelton, are either stupid or corrupt or both.

DWT Down with idiocy. Comments on DownWithTyranny! on ‘The Smartest Economist In America Explains What Deficits Really Mean’. Plus

From macroeconomic analysis follows Public Deficit = Private Profit. Plus MMTer, including Stephanie Kelton, are either stupid or corrupt or both.

MNE The creation and value of money and near-monies. Comment on Clint Ballinger on ‘Of Bitcoins and balance sheets: the real lesson from Bitcoin’. Plus Humpty Dumpty and Aristotle.

MNE ICYMI Fixing the loanable funds blunder.

MNE Silly critique of economics: 11 signs that you are the imbecile. Comment on Chris Auld on ‘18 signs you’re reading bad criticism of economics’.

MNE Again and again: economists are incompetent scientists. Comment on Dani Rodrik on ‘The Economics Debate, again and again’.

DR Again and again: economists are incompetent scientists. Comment on Dani Rodrik on ‘The Economics Debate, again and again’. See * below.

MNE False models and true incompetence. Comment on Chris Auld on ‘Derek Zoolander, spherical cows, the Guardian, and econophysics’.

CA False models and true incompetence. Comment on Chris Auld on ‘Derek Zoolander, spherical cows, the Guardian, and econophysics’.

RWER Throw them out! Orthodox and heterodox economists are unfit for science. Comment on Lars Syll on ‘Economists — nothing but a bunch of idiots savants’. See * below.

MNE Keynes’ intellectual nonexistence. Comment on 'Brad DeLong — John Maynard Keynes: Essays In Biography'. Plus Either economics gets rid of its scientifically incompetent economists or science gets rid of economics. Plus Austrian idiocy ― the case of Hayek.

MNE Keynes, Lerner, MMT, Trump and exploding profit. Comment on Lars Syll’s ‘If only Trump had read Abba Lerner!’ Plus Public Deficit = Private Profit. This is what the axiomatically correct Profit Law tells us. Plus How the 99 percent can bring overall profit legally down to zero. Plus MMTers are not scientists but political agenda pushers.

MM Mr. Corbyn and the perils of political economics.

Comment on Simon Wren-Lewis on ‘Voting Labour isn’t going to turn the UK into Venezuela’.

LPS Keynes, Lerner, MMT, Trump and exploding profit. Comment on Lars Syll’s ‘If only Trump had read Abba Lerner!’. See * below.

RWER Keynes’ intellectual nonexistence. Comment on Lars Syll on ‘Keynes’ intellectual revolution’. See * below.

LPS Economics: Defending the indefensible. Comment on Paul Johnson on ‘Dismal ignorance of the “dismal science” ― a response to Larry Elliot’. See * below.

MNE Keynes’ scientific nonexistence. Comment on Yanis Varoufakis on ‘Debtors’ Prison, John Maynard Keynes & the Double Standards of the EU’.

LPS Keynes’ intellectual nonexistence. Comment on Lars Syll on ‘Keynes’ intellectual revolution’. See * below.

MNE Demand-led and wage-led growth. Comment on Peter Cooper on ‘A Notion of Demand-Led Growth’.

RWER Robots, exploitation, and the reproducible economy. Comment on David Ruccio on ‘Don’t worry?!’ See * below.

UE Austrian idiocy ― the case of Hayek. Comment on David Glasner on ‘Hayek’s Rapid Rise to Stardom’.

MNE Throw them out! Orthodox and heterodox economists are unfit for science. Comment on Rethink Economics on ‘33 Theses for an economics reformation’. Plus Heterodoxy is not a real alternative to long falsified Orthodoxy. Plus Economics is the biggest blunder/fraud in the history of the sciences.

MNE The end of the representative economist. Note on Barkley Rosser's 'The End Of The “Islamic State”'

MM Selling public debt with Ricardo’s tear gland rhetoric. Comment on Simon Wren-Lewis’ ‘Government debt phobias, and possible cures’. Plus

The MMT debt-does-not-matter argumentation appeals to the corrupt part of the population.

EV Settling the Phillips Curve for good. Comment on Josh Hendricks’ ‘The Phillips Curve, Again’.

TEE Settling the Phillips Curve for good. Comment on Josh Hendricks’ ‘The Phillips Curve, Again’. See * below.

MNE Economists’ rude awakening. Comment on Peter Dorman’s ‘The Great Awokening’. Plus MMT is a proto-scientific sitcom and a pseudo-social spoof.

ES Economists’ rude awakening. Comment on Peter Dorman’s ‘The Great Awokening’. See * below.

MNE MMT is ALWAYS a bad deal for the 99-percenters. Comment on Noah Smith/Bloomberg View* on ‘Bigger Deficits for Bad Tax Cuts Is a Bad Deal’. Plus The disastrous effect of MMT is NOT on inflation but on DISTRIBUTION. Plus That academics and people with an economics diploma join Warren Mosler’s sales force is strange. Plus Public deficit spending has always been a profit machine for the one-percenters.

BLO MMT is ALWAYS a bad deal for the 99-percenters. Comment on Noah Smith on ‘Bigger Deficits for Bad Tax Cuts Is a Bad Deal’. See * below.

ES Freedom for fake scientists? Comment on Barkley Rosser’s ‘A Race To Suppress Academic Freedom?’. Plus Academic economics is, to begin with, NOT about scientific excellence. Plus Economists have not gotten the Profit Law right in the last 200+ years. Plus The scientific content of AER and the rest of economic journals has been zero for generations. Plus Economics never rose above the proto-scientific level. Plus The representative orthodox/heterodox economist is either stupid or corrupt or both.

LPS Dear philosophers, economics is a system science. Comment on Lars Syll’s ‘La discipline économique et le mirage de la ‘vraie science’’. See * below.

RWER Note on Lars Syll’s ‘DSGE models are missing the point’. See * below.

MIN Note on Brad Voracek's 'USA 2017 Q1 Sectoral Balances Update'.

NOP Dilettantes at the end of the coal-pit. Comment on Noah Smith’s ‘The “cackling cartoon villain” defense of DSGE’.

RWER Brief history of soapbox economics.

Comment on Peter Radford’s ‘Doomed to repeat?’.

MNE Some fatal flaws of MMT. Comment on Simon Wren-Lewis on ‘Some thoughts about the Job Guarantee’.

MM Some fatal flaws of MMT. Comment on Simon Wren-Lewis on ‘Some thoughts about the Job Guarantee’. Plus Deficits of the government sector end up one-to-one as profit in the cash box of the business sector.

LPS Dilettantes at the end of the coal-pit. Comment on Lars Syll’s ‘DSGE models are missing the point’.

See * below.

CMF Dilettantes at the end of the coal-pit. Comment on Jo Mitchell’s ‘Dilettantes shouldn’t get excited’.

See * below.

LPS Why Heterodoxy is no real alternative to mainstream economics. Comment on Lars Syll on ‘Why Krugman and Stiglitz are no real alternatives to mainstream economics’. See * below.

RWER Why Heterodoxy is no real alternative to mainstream economics. Comment on Lars Syll on ‘Why Krugman and Stiglitz are no real alternatives to mainstream economics’. See * below.

LAT Yes, economics is a bogus science. Comment on John Ioannidis/Los Angeles Times on ‘Economics isn’t a bogus science ― we just don’t use it correctly’.

EV Yes, economics is a bogus science. Comment on John Ioannidis/Los Angeles Times on ‘Economics isn’t a bogus science ― we just don’t use it correctly’.

See * below.

BB Full employment through the price mechanism.

Comment on Bill Mitchell on ‘Automation and full employment ― back to the 1960s’. See * below.

MNE Full employment through the price mechanism.

Comment on Bill Mitchell on ‘Automation and full employment ― back to the 1960s’. Plus MMT is proto-scientific garbage. Plus It is only a question of time until MMT is empirically refuted.

MNE MMT: The one deadly error/fraud of Warren Mosler. Comment on Warren Mosler on ‘Seven Deadly Innocent Frauds of Economic Policy’. Plus In order to become a science, economics has to get rid of ALL political agenda pushers. Plus Compared to taxation, public deficit spending is a BAD deal for the ninety-nine-percenters. Plus MMT is proto-scientific garbage, politically biased in favor of the one-percenters, and sold as beneficial for the ninety-nine percenters. Plus MMT is refuted on all counts.

MNE From false microfoundations to true macrofoundations. Comment on Lars Syll on ‘Big — and not so big — ideas in macroeconomics’.

LPS From false microfoundations to true macrofoundations. Comment on Lars Syll on ‘Big — and not so big — ideas in macroeconomics’. See * below.

EV Dani Rodrik, fake scientist. Comment on Dani Rodrik/Boston Review on ‘Rescuing Economics from Neoliberalism’. See * below.

NOTE on Lars Syll's 'Economics textbooks transmogrifying truth — wages and unemployment.'

See * below.

RWER The profit theory is false since Adam Smith.

Comment on David Ruccio on ‘Global rentier capitalism’. See * below.

BB Note on Bill Mitchell's 'British mainstream media spreading dangerous MMT ideas.' See * below.

MNE MMT and the promotion of Wall Street socialism. Comment on Peter Cooper on ‘If it’s Doable, it’s Affordable’.

RWER Heterodoxy and Pluralism, too, is proto-scientific junk. Note on Edward Fullbrook on ‘This intellectual cult threatening us all’.

OWN On the saying “We owe the debt to ourselves”.

MM The economist as amateur journalist. Comment on Simon Wren-Lewis on ‘The journalist as amateur scientist’.

EV Rethinking the Phillips curve. Comment on Edmund S. Phelps on ‘Nothing Natural About the Natural Rate of Unemployment’. See * below.

MNE Rethinking the Phillips curve. Comment on Edmund S. Phelps on ‘Nothing Natural About the Natural Rate of Unemployment’.

PS Rethinking the Phillips curve. Comment on Edmund S. Phelps on ‘Nothing Natural About the Natural Rate of Unemployment’.

WCI The Law of Interdependent Budgets. Comment on Nick Rowe on ‘So, what ARE the differences between a Government’s Budget and a Household’s Budget?’. See * below.

MNE Basics of monetary theory: the two monies. Comment on Zoe Williams on ‘How the actual magic money tree works’. Plus Economics is a scientific failure/fraud, and MMT is part of it. Plus MMT profit theory is false and, by consequence, the whole theoretical superstructure is false.

EVO How to make economics a science. Comment on Dániel Oláh on ‘If You Look Behind Neoliberal Economists, You’ll Discover the Rich: How Economic Theories Serve Big Business’. See * below.

MNE How to make economics a science. Comment on Dániel Oláh on ‘If You Look Behind Neoliberal Economists, You’ll Discover the Rich: How Economic Theories Serve Big Business’.

MNE Lethal criticism of economics? Here it is!

Comment on Cameron Murray on ‘Decent criticisms of economics? Here are 111 of them.’

FET Lethal criticism of economics? Here it is!

Comment on Cameron Murray on ‘Decent criticisms of economics? Here are 111 of them.’

RWE This is New Economic Thinking? Give me a break! Comment on Lars Syll on ‘Twenty years ago’. See * below.

RWER Note on Edward Fullbrook’s My evening with Joan Robinson and the Tractatus. See * below.

MNE Note on Edward Fullbrook’s 'My evening with Joan Robinson and the Tractatus'.

LPS Basics of monetary theory: the two monies.

Comment on Lars Syll on ‘INET conferencing beyond disappointment’. See * below.

MNE Economics: stories, narratives, and disinformation. Comment on David Glasner on ‘The Standard Narrative on the History of Macroeconomics: An Exercise in Self-Serving Apologetics’.

UE Economics: stories, narratives, and disinformation. Comment on David Glasner on ‘The Standard Narrative on the History of Macroeconomics: An Exercise in Self-Serving Apologetics’. See * below.

SEU Everything you know about MMT is wrong. Comment on Bill Mitchell and Thomas Fazi on ‘Everything You Know About Neoliberalism Is Wrong’. See * below.

MNE Everything you know about MMT is wrong.

Comment on Bill Mitchell and Thomas Fazi on ‘Everything You Know About Neoliberalism Is Wrong’.

RWER Joan Robinson and the early death of Behavioral Economics. Comment on Lars Syll on ‘Joan Robinson and the inadequacies of revealed preference theory’. See * below.

ES How the representative economist gets it wrong big time. Comment on Barkley Rosser on ‘Remembering Black Monday’. Plus Soapbox economists vomit their political agenda directly into the econoblogosphere. Plus Who takes the public for a ride? Plus The representative economist blathers his lifetime about economics without understanding the pivotal concept of the subject matter. Plus INET conferencing beyond disappointment.

MNE Economists understand neither Capitalism nor Socialism. Comment on Michael Hudson on ‘Socialism, Land and Banking: 2017 Compared to 1917’.

NAK Economists understand neither Capitalism nor Socialism. Comment on Michael Hudson on ‘Socialism, Land and Banking: 2017 Compared to 1917’. See * below.

LPS This is New Economic Thinking? Give me a break!

Comment on Lars Syll on ‘Twenty years ago’. See * below. Plus Orthodox ‘New Economic Thinking’ is bad, but heterodox ‘New Economic Thinking’ is even worse.

LPS Joan Robinson and the early death of Behavioral Economics. Comment on Lars Syll on ‘Joan Robinson and the inadequacies of revealed preference theory’. See * below.

EV When non-thinkers rethink. Comment on Carola Binder on ‘Rethinking Macroeconomic Policy’. See * below.

RWER Note on Asad Zaman’s ‘Supply & Demand’.

EV When non-thinkers rethink. Comment on Carola Binder on ‘Rethinking Macroeconomic Policy’. See * below.

QE When non-thinkers rethink. Comment on Carola Binder on ‘Rethinking Macroeconomic Policy’.

EV Proof of the inherent instability of the market economy, Comment on Simon Wren-Lewis on ‘How Neoliberals weaponise the concept of an ideal market’. See * below.

MNE Proof of the inherent instability of the market economy, Comment on Simon Wren-Lewis on ‘How Neoliberals weaponise the concept of an ideal market’.

MM Proof of the inherent instability of the market economy. Comment on Simon Wren-Lewis on ‘How Neoliberals weaponise the concept of an ideal market’.

RWER Why does Heterodoxy not abolish the fake Nobel. Comment on Lars Syll on ‘Thaler and behavioural economics — some critical perspectives’. See * below.

LPS Why does Heterodoxy not abolish the fake Nobel. Comment on Lars Syll on ‘Thaler and behavioural economics — some critical perspectives’. See * below.

MNE The economics Cargo Cult Prize. Comment on David Ruccio on ‘Nobel economics: the behaviorism of economic decisions and its secret’.

EV The economics Cargo Cult Prize. Comment on Barkley Rosser on ‘On Richard Thaler Receiving The Nobel Prize’. See * below.

RWER The economics Cargo Cult Prize. Comment on David Ruccio on ‘Nobel economics: the behaviorism of economic decisions and its secret’. See * below.

ES The economics Cargo Cult Prize. Comment on Barkley Rosser on ‘On Richard Thaler Receiving The Nobel Prize’. Plus Economics is NOT a science of behavior. Plus What has economists contributed to the trash heap of the so-called social sciences?

MNE A social science is NOT a science but a sitcom.

Comment on David B. Feldman on ‘Is Psychology Really a Science?’. Plus Political economics attracts people that are stupid or corrupt or both. Plus

In order NOT to mislead the general public, the word ‘sciences’ has to be deleted from the “Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel”. Plus There is certain truth in economics but after 200+ years economists still have no idea what it looks like.

LPS Note on Lars Syll's 'The law of demand — nothing but a useless tautology. See * below.

MNE MMT: Redistribution as wellness program.

Comment on Stephanie Kelton/Op-Ed* on ‘How We Think About the Deficit Is Mostly Wrong’. Plus The math always adds up. Plus Business sector' stock of bonds. Plus Keynes NEVER grasped what macroeconomic profit is. REPLY to a retarded blogosphere blatherer. Plus How Stephanie Kelton and the rest of MMT thinks about the deficit is mostly wrong. Plus That the foundational MMT equations are false is not a claim but a mathematical proof. Plus

MMTers are scientifically incompetent. Plus Inflation is a pseudo-issue.

MNE MMT was right all along: Gov-Deficits do NOT cause inflation. Comment on Simon Wren-Lewis on ‘Why is MMT so popular?’. Plus Inflation fear is unfounded under the prevailing conditions.

LPS Why is MMT so false? Comment on Simon Wren-Lewis on ‘Why is MMT so popular?’ See * below.

RWER John Hicks, fake scientist. Comment on Lars Syll on ‘Hicks on neoclassical ‘uncertainty laundering’’. See * below.

EV Why is MMT so false? Comment on Simon Wren-Lewis on ‘Why is MMT so popular?’ See * below.

MNE Why is MMT so false? Comment on Simon Wren-Lewis on ‘Why is MMT so popular?’ ADDENDUM

MM Why is MMT so false? Comment on Simon Wren-Lewis on ‘Why is MMT so popular?’ ADDENDUM

Public Deficit = Private Profit. Plus Saving NEVER equals investment.

MNE MMT: Just political heat, no scientific light

Comment on Stephanie Kelton/Op-Ed on ‘Congress can give every American a pony (if it breeds enough ponies)’. Plus Time for MMTers to stop blathering and advancing the cause of the one-percenters under a social pretext. Plus MMT is refuted on all counts.

MNE MMT: Money-making for the one-percenters.

Comment on Stephanie Kelton/Op-Ed on ‘Congress can give every American a pony (if it breeds enough ponies)’. Plus Stephanie Kelton is a scientifically incompetent economist and MMT is Trump University economics. Plus Stephanie Kelton confounds the two cases of short-term cash deficits and long-term budget deficits. Plus MMT is just another example of the scientifically degenerate state of economics. Plus

Basics of National Accounting. Plus The only thing MMTers can do for human progress is to get out of the way.

MNE John Hicks, fake scientist. Comment on Lars Syll on ‘Hicks on neoclassical ‘uncertainty laundering’’.

LPS John Hicks, fake scientist. Comment on Lars Syll on ‘Hicks on neoclassical ‘uncertainty laundering’’. See * below.

To be continued at Onblog Archive_4

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