AXEC: New Foundations of Economics

"In order to tell the politicians and practitioners something about causes and best means, the economist needs the true theory or else he has not much more to offer than educated common sense or his personal opinion."  (B. Stigum)

"There cannot be both opinion and knowledge of the same thing at the same time." (Aristotle)

"We are not yet out of the wood; in fact, we are not yet in it."  (J. Schumpeter)

"The time has come to speak of fundamental things."   (J. Åkerman)

"Scrap the lot and start again."  (Joan Robinson)

"Knowledge only – no opinion." (AXEC)

In economics, almost everything and the exact opposite have already been said sometime, somewhere, by somebody. There is an abundance of opinion and a dearth of knowledge. Making sense of the history of economic thought and figuring out how the economy works requires selecting the true propositions and putting them in the right order. True and right refer to the Set of Axioms and their material and logical implications. "A look at the history of economic thought may help to identify what went wrong in the beginning." (F. Ackerman). The key fact is: The profit theory has been false since Adam Smith.

When the foundational concepts of the subject matter are inconsistent, the whole analytical superstructure is scientifically worthless. To this day, economics has had no scientific truth-value only political use-value. To become a science, economics needs a Paradigm Shift. Sticking to legacy economics  (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) means sticking to failed/fake science.