AXECwiki
Onblog Archive_6
Blog-References 24
MNE Economics: The greatest scientific hoax in modern times. Comment on Ikonoclast on ‘Mathematics and the constructions and emergent outcomes of socioeconomic phenomena’.
RWER Economics: The greatest scientific hoax in modern times. Comment on Ikonoclast on ‘Mathematics and the constructions and emergent outcomes of socioeconomic phenomena’.
MNE The not so funny MMT vs Neoliberalism slapstick. Comment on Edward Harrison/Tom Hickey on ‘Hippie punching the MMT crowd’.
ES Mad but true: 200+ years after Adam Smith economists still have no idea what profit is.
Comment on Bill Mitchell on ‘Marxists getting all tied up’.
BB Mad but true: 200+ years after Adam Smith economists still have no idea what profit is.
Comment on Bill Mitchell on ‘Marxists getting all tied up’. See * below.
MNE Mad but true: 200+ years after Adam Smith economists still have no idea what profit is.
Comment on Bill Mitchell on ‘Marxists getting all tied up’.
ES Links on ProGrowthLiberal’s ‘Who are You Calling Chumps?’.
E101 Econ 101: supply-demand-equilibrium is dead for 140+ years. Comment on Dirk Ehnts on ‘The problem with the supply curve’.
MNE Econ 101: supply-demand-equilibrium is dead for 140+ years. Comment on Dirk Ehnts on ‘The problem with the supply curve’.
MRB Economics: failure, fake, fraud. Comment on Michael Roberts on ‘Progressive capitalism ― an oxymoron’. See * below.
MNE Economics: failure, fake, fraud. Comment on Michael Roberts on ‘Progressive capitalism ― an oxymoron’. Plus The indelible moral disgrace of economists consists of producing nothing but political BS. Plus The macroeconomic laws are the same for Capitalism and Socialism and anything in between.
RWER Links on Rob Reno’s ‘Mathematics is to science what a hammer is to a carpenter’. See * below.
MNE Links on Sam Fleming/Chris Giles’ ‘Why America is learning to love budget deficits’. See * below.
LPS Link on Noah Smith's ‘Beware of Economic Theories Claiming to Explain Everything’. See * below.
BLO Link on Noah Smith's ‘Beware of Economic Theories Claiming to Explain Everything’.
MNE Macroeconomics: Economists are too stupid for science. Comment on Noah Smith on ‘Beware of Economic Theories Claiming to Explain Everything’.
MNE Safe assets ― how the State pampers the Oligarchy. Comment on Dmitrieva/Liz McCormick on ‘America’s Big Deficits Are Solving a Big Problem for Markets’ and on Paul Jay (host) on ‘Modern Monetary Theory ― A Debate Between Randall Wray and Gerald Epstein’. Plus Marx had no idea how the economy works and what profit is.
RWER Heterodox economics ― stupidity, masochism, or disinformation? Comment on Merijn Knibbe on ‘Putting the baby in the tub: unemployment in a neoclassical (?) macro model’. See * below.
MNE Poor Schumpeter — abused as a testimonial for MMT. Comment on Lars Syll on ‘Schumpeter — an early champion of MMT’. Plus Austrians failed badly at the scientific task. Plus Happiness is an issue for psychologists, NOT economists. Plus Austrianism does not sound like a “piano concert performance” but more like a fart on a mouth organ.
EV Links on Roger Farmer’s ‘Replacing the Phillips Curve: I showed you my macro model. Now show me your macro model’.
RFEW Links on Roger Farmer’s ‘Replacing the Phillips Curve: I showed you my macro model. Now show me your macro model’.
TOE The CCC ― a monument of economists’ utter scientific incompetence. Comment on Robert Vienneau on ‘Some Experts On The Cambridge Capital Controversy’.
MNE The CCC ― a monument of economists’ utter scientific incompetence. Comment on Robert Vienneau on ‘Some Experts On The Cambridge Capital Controversy’.
MNE MMT: economics for suckers. Comment on Dylan Matthews on ‘Modern Monetary Theory, explained’.
BB Economics, MMT, and the capture of science by the political mob. Comment on Bill Mitchell on ‘When the MMT critics jump the shark’. See * below.
MNE Economics, MMT, and the capture of science by the political mob. Comment on Bill Mitchell on ‘When the MMT critics jump the shark’.
MNE Yes, economists are really that stupid. Comment on Alan Longbon on ‘U.S. Private Domestic Sector Balance Books A $147 Billion Surplus Through March 2019’.
MNE No future for Socialism and Capitalism. Comment on Robert Wolff/Tom Hickey on ‘The Future of Socialism’.
MNE Links on Lars Syll’s ‘Functional finance — how to cope with inflation’.
RWER Scientific ignorance is political strength. Comment on Lars Syll on ‘Radical uncertainty ― a question of economic methodology’. See * below.
LPS Post-Keynesianism vs MMT: a Zombie debate.
Comment on Lars Syll on ‘Thomas Palley claims MMT fails to provide plausible macroeconomics’.
EV Post-Keynesianism vs MMT: a Zombie debate.
Comment on Lars Syll on ‘Thomas Palley claims MMT fails to provide plausible macroeconomics’.
MNE Post-Keynesianism vs MMT: a zombie debate. Comment on Lars Syll on ‘Thomas Palley claims MMT fails to provide plausible macroeconomics’.
LPS Links on Lars Syll's ‘John Maynard Keynes — an introduction’. See * below.
RWER How a Swedish professor cares about the Oligarchy’s financial well-being. Comment on Lars Syll on ‘Sweden as a case of MMT’. See * below.
LPS Scientific ignorance is political strength
Comment on Lars Syll on ‘Radical uncertainty ― a question of economic methodology’. See * below.
MNE Scientific ignorance is political strength
Comment on Lars Syll on ‘Radical uncertainty ― a question of economic methodology’. See * below.
MNE How a Swedish professor cares about the Oligarchy’s financial well-being. Comment on Lars Syll on ‘Sweden as a case of MMT’. Plus I am advocating to expel all political agenda pushers and fraudsters from the scientific community.
LPS How a Swedish professor cares about the Oligarchy’s financial well-being. Comment on Lars Syll on ‘Sweden as a case of MMT’. See * below.
EV MMT vs Mainstream: examining proto-scientific garbage in detail. Comment on Noah Smith on ‘Examining an MMT model in detail’.
MNE Links on ‘Felix Salmon — The upside of printing money’.
MNE Link on ‘Warren Mosler — Central Banks buying gold’.
MNE Link on ‘Bloomberg — Wall Street Economists Wade Into the MMT Debate in a Big Way’.
MNE Links on Pavlina Tcherneva’s ‘MMT, Models, Multidisciplinarity’. Plus 'Taxes drive money' is false and has been refuted.
NEP Links on Pavlina Tcherneva’s ‘MMT, Models, Multidisciplinarity’.
RWER Dear idiots, it is deficit spending that creates the distribution people complain about. Comment on Lars Syll/Tom Hickey on ‘Mainstream theories of income distribution’. See * below.
LPS Dear idiots, it is deficit spending that creates the distribution people complain about. Comment on Lars Syll/Tom Hickey on ‘Mainstream theories of income distribution’. See * below.
MNE Dear idiots, it is deficit spending that creates the distribution people complain about. Comment on Lars Syll/Tom Hickey on ‘Mainstream theories of income distribution’.
RWER From Keynes’ fatal blunder to the true economic model. Comment on merijntknibbe on ‘What’s in a model … (an economic one, that is)’.
MNE Dear idiots, MMTers are Wall Street’s agenda pushers. Links on Patricia Cohen’s ‘Modern Monetary Theory Finds an Embrace in an Unexpected Place: Wall Street’. See * below.
BB MMTers: too much mind-reading, too little thinking. Comment on Bill Mitchell/Tom Hickey on ‘ECB denial is just embarrassing’.
MNE MMTers: too much mind-reading, too little thinking. Comment on Bill Mitchell/Tom Hickey on ‘ECB denial is just embarrassing’.
MNE MMT and the canonical macroeconomic model.
Comment on Noah Smith on ‘Examining an MMT model in detail’.
NOP MMT and the canonical macroeconomic model.
Comment on Noah Smith on ‘Examining an MMT model in detail’.
LPS MMT is an economic policy fraud. Comment on Lars Syll on ‘Job Guarantee and inflation control’. See * below.
MNE MMT is an economic policy fraud. Comment on Lars Syll on ‘Job Guarantee and inflation control’.
ES One wonders what EconoSpeak is really good for and what is going on in academe. Note on Sandwichman. Plus No further demonstrations of scientific incompetence are needed.
MNE MMT vs Mainstream: examining proto-scientific garbage in detail. Comment on Noah Smith on ‘Examining an MMT model in detail’.
NOP MMT vs Mainstream: examining proto-scientific garbage in detail. Comment on Noah Smith on ‘Examining an MMT model in detail’. See * below.
EV Economists: “a bevy of camp-following whores”.
Comment on David Glasner on ‘James Buchanan Calling the Kettle Black’.
TOC Link to 'Dear idiots, government deficits do NOT fund private savings.' Plus The macroeconomic Profit Law implies Public Deficit = Private Profit and NOT Public Deficit = Private Saving. See * below. Plus Clearly, MMT is a scientific/social/political fraud. Plus This is the false MMT sectoral balances equation: (I−S)+(G−T)+(X−M)=0. And this is the true equation (I−S)+(G−T)+(X−M)−(Q−Yd)=0.
MNE Dear idiots, government deficits do NOT fund private savings. Comment on D.T. Cochrane on ‘How government deficits fund private savings’.
BDL Mainstream economics is even worse than MMT's proto-scientific garbage. Comment on Brad DeLong.
MNE MMT: fundamentally false. Comment on Warren Mosler's ‘MMT White Paper’. Plus Mainstream economics is even worse than MMT's proto-scientific garbage. Comment on Brad DeLong —James Montier will soon have an answer to his question why people hate MMT. MMT is about to hate James Montier too.
MNE Love and hate in economics: the PsySoc shell game. Comment on Randy Wray on ‘A Must Read: Why does everyone hate MMT?’.
BB MMT vs WSJ: Another futile exercise in moron bashing. Comment on Bill Mitchell on ‘The mainstream old guard tell it as it is ― and how different that is to MMT’.
MNE MMT vs WSJ: Another futile exercise in moron bashing. Comment on Bill Mitchell on ‘The mainstream old guard tell it as it is ― and how different that is to MMT’.
UE Economists: “a bevy of camp-following whores”.
Comment on David Glasner on ‘James Buchanan Calling the Kettle Black’.
MNE Meet the MMT smart arses. Comment on Kaivey on ‘Richard Murphy ― Steve Keen on MMT’. Plus
The mirror image of growing public debt is growing financial wealth of the Oligarchy. Plus Not so smart, the MMT smart arses. Plus The Kalecki profit equation is provably false.
RWER To this day, economists have produced NOT ONE textbook that satisfies scientific standards.
Comment on Peter Dorman on ‘Introductory Econ Textbooks: A Different Take on the Issues’.
MMT MMT is better than mainstream economics but still not good enough. Comment on James Galbraith on ‘Is there a better model to explain economics in the Trump era?’.
MNE The public-debt and private-profit pushers.
Comment on Lars Syll/Dirk Ehnts on ‘Public debt — a macroeconomic necessity’.
LPS The public-debt and private-profit pushers.
Comment on Lars Syll/Dirk Ehnts on ‘Public debt — a macroeconomic necessity’. See * below.
MNE To this day, economists have produced NOT ONE textbook that satisfies scientific standards.
Comment on Peter Dorman on ‘Introductory Econ Textbooks: A Different Take on the Issues’.
EV To this day, economists have produced NOT ONE textbook that satisfies scientific standards.
Comment on Peter Dorman on ‘Introductory Econ Textbooks: A Different Take on the Issues’.
ES To this day, economists have produced NOT ONE textbook that satisfies scientific standards.
Comment on Peter Dorman on ‘Introductory Econ Textbooks: A Different Take on the Issues’. Plus It is a plain fact that economics textbooks are the main medium for the faithful reproduction of nutters.
LPS Economics: The proto-scientific mob embroiled in just another gang war. Comment on William Black on ‘The Day Orthodox Economists Lost Their Minds and Integrity’. See * below.
NEP Economics: The proto-scientific mob embroiled in just another gang war. Comment on William Black on ‘The Day Orthodox Economists Lost Their Minds and Integrity’. See * below.
MNE Where MMT goes off the rails. Comment on James Galbraith on ‘MMT — modern monetary realism’. Plus Austrianism and MMT are scientifically worthless. Plus Public Deficit = Private Profit is easy to understand if one has more than two brain cells. Plus Economists are supposed to know how the economy works.
LPS Where MMT goes off the rails. Comment on Lars Syll on ‘MMT — modern monetary realism’. See * below.
ES Note on Barkley Rosser’s ‘Is Russia Becoming A Neo-Socialist NEP Economy?’. Plus In sum, the wealth-creation of the so-called free market economy depends on the joint operations of Treasury/Central Bank. Plus The negative gov vector can be overcompensated by the other vectors, such that the vector sum is positive. Plus The macroeconomic Profit Law is testable with the precision of two decimal places. Plus For the record: you are wrong, I am right.
MNE Links on Mario Seccareccia/Marc Lavoie’s ‘Sir John and Maynard Would Have Rejected the IS-LM Framework for Conducting Macroeconomic Analysis’.
MNE Refuting MMT’s new Macroeconomics Textbook.
Comment on William Mitchell on ‘Macroeconomics ― MMT Textbook’
ES Links on capital-T Truth, stupidity, corruption. See * below.
BE Refuting MMT’s new Macroeconomics Textbook.
Comment on Brian Romanchuk on ‘Big MMT Textbook Incoming’. Plus Nobody has any ambition to convince methodologically undereducated Flat-Earthers. Refutation is sufficient. Plus The time it takes economists to realize that they are refuted on all counts is a simple metric of their scientific incompetence. Plus Here is the final evaluation of William Mitchell, L. Randall Wray, and Martin Watts’s Macroeconomics: proto-scientific garbage. See * below.
OWN Refuting MMT’s new Macroeconomics Textbook.
Comment on William Mitchell on ‘Macroeconomics ― MMT Textbook’.
MNE2 Hype does not help: MMT is toast. Comment on Bill Mitchell on ‘The conga line of MMT critics ― marching into oblivion’.
MNE Hype does not help: MMT is toast. Comment on Bill Mitchell on ‘The conga line of MMT critics ― marching into oblivion’.
MNE Links on Brian Chappatta’ ‘How to Trade MMT Is Wall Street’s Great Unknown’.
BB Hype does not help: MMT is finished. Comment on Bill Mitchell on ‘The conga line of MMT critics ― marching into oblivion’. See * below.
INET Links on Mario Seccareccia/Marc Lavoie’s ‘Sir John and Maynard Would Have Rejected the IS-LM Framework for Conducting Macroeconomic Analysis’.
ES Links on Peter Dorman’s ‘What’s New About Fake News?’.
EV Too much ado about deficit spending. Comment on Kenneth Rogoff on ‘Modern Monetary Nonsense’.
NYT (short version) The clock runs down on economics. Comment on Paul Krugman's 'Running on MMT'. See * below.
MNE The clock runs down on economics. Comment on Stephanie Kelton on ‘The Clock Runs Down on Mainstream Keynesianism’.
MNE Austrians, too, are either stupid or corrupt or both. Comment on Bob Roddis on ‘Albert Edwards ― Abba Lerner ― Functional Finance’.
LPS Link on Lars Syll’s ‘Economic ideas you should forget — the axioms of revealed preference’. See * below.
RWER Link on Lars Syll’s ‘Economic ideas you should forget — the axioms of revealed preference’. See * below.
PSY Too much ado about deficit spending. Comment on Kenneth Rogoff on ‘Modern Monetary Nonsense’.
MNE Too much ado about deficit spending. Comment on Kenneth Rogoff on ‘Modern Monetary Nonsense’.
EV Paul’s and Stephanie’s economic delirium talk.
Stephanie Kelton: “Paul Krugman asked me about Modern Monetary Theory. Here are 4 answers.”.
RWER Link on David Ruccio’s ‘Promises, promises.' There is NO such thing as a ‘labor share of income’. See * below.
MNE Comment on 'Stephanie Kelton explains Modern Monetary Theory'.
BE Economics: How to stop mental pollution and global dumbing. Comment on Brian Romanchuk on ‘DSGE Macro “Proves” There Are No Financial Constraints On Government’.
MNE MMT-Refutation for Dummies. Comment on Albert Edwards on ‘MMT for Dummies’.
MNE Links on Stephanie Kelton’s ‘Paul Krugman Asked Me About Modern Monetary Theory. Here Are 4 Answers.’ Plus Genuine scientists settle matters by material/formal refutation and then move on to a superior approach. Plus The problem of MMTers is that they do not even understand what their own balances equation actually says. Plus Society is cursed with the fact that economic policy has to this day NO sound scientific foundations.
MNE Economists: Either stupid or corrupt or both.
Comment on Noah Way on ‘Fed Chair Powell gets it wrong, just as did Bill Dudley’.
LPS Dear idiots, time to get saving and investment straight (II). Comment on Lars Syll on ‘Krugman vs Kelton on the fiscal-monetary tradeoff'.
RWER Dear idiots, time to get saving and investment straight (II). Comment on Lars Syll on ‘Krugman vs Kelton on the fiscal-monetary tradeoff’. See * below.
MNE A battle for hearts and minds ― economics redefined. Comment on Tom Hickey on ‘Fed Chair Powell gets it wrong, just as did Bill Dudley’. Plus
Trump is the most MMT-like-President ever elected. Plus The “value of money” depends on productivity and not on taxation or on the quantity of money.
LPS Links on Lars Syll’s ‘What’s wrong with MMT? Nothing!’ Everything! (i) #MMTisBadTheory (ii) #MMTisBadPolicy (iii) #MMTersAreBadPeople.
MED What’s wrong with MMT? Everything!
MNE Links on Lars Syll’s ‘What’s wrong with MMT? Nothing!’.
MNE How counterfeiters save America with an extra profit and make WeThePeople pay for it. Comment on Bruce Currie on ‘How can America pay for things the people want? With ease’. Plus MMT Money Theory is just as crappy as Employment Theory.
RWER MMT for beginners. The 10 essential points.
See * below.
MNE Links on Lars Syll’s ‘The limits of probabilistic reasoning’.
MNE Economists: Trolls with a mortarboard. Comment on Tom Hickey on ‘Jeffrey Sachs ― Green New Deal is feasible and affordable’.
MM Economics as a cover for agenda pushing.
Comment on Simon Wren-Lewis on ‘The new party: lessons the Labour leadership and its supporters failed to learn’. See * below, 190307.
LPS MMT for beginners. Comment on Bradford DeLong on ‘I would not have called MMT “nonsense economics”.’ See * below.
MNE MMT for beginners. Comment on Bradford DeLong on ‘I would not have called MMT “nonsense economics”’.
BDL MMT for beginners. Comment on Bradford DeLong on ‘I would not have called MMT “nonsense economics”.’ See * below.
RWER What it takes to become a great economist. Links on Lars Syll’s ‘What it takes to become a great economist’
PP Dear idiots, Marx got profit and exploitation wrong. Comment on Peter May on ‘A communist manifesto for money?’. See * below.
MNE Dear idiots, Marx got profit and exploitation wrong. Comment on Peter May on ‘A communist manifesto for money?’.
E101 Misrepresenting MMT. Comment on Dirk Ehnts on ‘The Economist misrepresents MMT’.
MNE Misrepresenting MMT. Comment on Dirk Ehnts on ‘The Economist misrepresents MMT’.
EV Krugman vs MMT ― like the blind talking about colors.
NEP Some nasty MMT surprises behind the time horizon. Comment on Eric Tymoigne on ‘“What You Need To Know About The $22 Trillion National Debt”: The Alternative Interview’. See * below.
MNE Some nasty MMT surprises behind the time horizon. Comment on Eric Tymoigne on ‘“What You Need To Know About The $22 Trillion National Debt”: The Alternative Interview’.
LPS Still beyond the reach of economists: The Holy Grail of Science. Comment on Lars Syll on ‘The vain search for The Holy Grail of Science’. See * below.
RWER Still beyond the reach of economists: The Holy Grail of Science. Comment on Lars Syll on ‘The vain search for The Holy Grail of Science’. Plus Short proof that economists are too stupid to put 2 and 2 together. See * below.
BDL Krugman vs MMT ― like the blind talking about colors.
ES Who is really a scientist? Comment on Barkley Rosser on ‘Who Is Really A Socialist?’. Plus Since Smith/Marx, the whole Capitalism/Socialism debate has NOTHING to do with science. Plus Economics, on the other hand, is a system science and deals with how the actual economy works. Plus Cross-posting: Dear idiots, Marx got profit and exploitation wrong. Plus No matter in what garb deficit-spending/money-creation appears it is NEVER for the benefit of WeThePeople as a whole. Plus From the full-length equation follows that a government budget surplus is perfectly compatible with a high macroeconomic profit. Plus An updated classification of socio-economic systems should at least include Capitalism, Gangsterism, Socialism. Plus My idiosyncratic macroeconomic profit Law Q=Yd+(X−M)+(G−T)+(I−S) holds for Capitalism, Gangsterism, Socialism just like Newton’s idiosyncratic Law of Gravity.
SIM Dear idiots, government deficits do NOT cause inflation. Comment on Michael Lebowitz on ‘Modern Monetary Theory and its Fictional Discipline’. See * below.
MNE Dear idiots, government deficits do NOT cause inflation. Comment on Michael Lebowitz on ‘Modern Monetary Theory and its Fictional Discipline’. Plus The balance of the business sector Q and the balance of the household sector S always add up to zero.
BE Krugman vs MMT ― like the blind talking about colors. Comment on Brian Romanchuk on ‘Functional Finance Versus New Keynesian Economics, Krugman Edition’. Plus Just write down your profit definition. Plus Just write down YOUR profit definition. Plus
From the AXEC sticker follows that the MMT sectoral balances equation is provably false. Plus Q=−S is sufficient to disprove Keynes and MMT and you.
MNE Cross-posting: Socialism and scientific incompetence. Comment on David Ruccio on ‘Socialism and exploitation’. Plus Profit and rent is, in the final analysis, the same thing. Plus Cross-posting: The macroeconomic Laws apply to all monetary economies no matter what stupid/corrupt economists blather about Capitalism/Socialism.
MNE Krugman vs MMT ― like the blind talking about colors. Comment on Brian Romanchuk on ‘Functional Finance Versus New Keynesian Economics, Krugman Edition’. Plus Cross-posting: From the AXEC sticker follows that the MMT sectoral balances equation is provably false.
MNE The half-truths and half-falsehoods of MMT.
Comment on Tom Hickey on ‘Paul Mason ― Alexandria Ocasio-Cortez’s Green New Deal is radical but it needs to be credible too’.
HET Basics of Value Theory. Comment on Peter Cooper on ‘Developments in Value Theory’.
MNE Basics of Value Theory. Comment on Peter Cooper on ‘Developments in Value Theory’.
MNE Links on Peter Cooper’s ‘MMT and Capitalism from a Marxist Standpoint’.
LPS Understanding public deficits, money, and profit. Comment on Lars Syll on ‘Understanding government debts and deficits’. See * below.
RWER Understanding public deficits, money, and profit. Comment on Lars Syll on ‘Understanding government debts and deficits’. See * below.
MNE Economists/MMTers: agenda pushers, distractors, blockers, muters, censors. Comment-Link on Noah Way on Inês Goncalves Raposo’s ‘On Modern Monetary Theory’.
Blog-References 23
MNE Links on Brian Romanchuk’s ‘A MMT View On The Theory Of Hyperinflations’.
BRU Opinion, conversation, interpretation, blather: the economist’s major immunizing stratagems.
Comment on Inês Goncalves Raposo on ‘On Modern Monetary Theory’. See * below.
MNE Opinion, conversation, interpretation, blather: the economist’s major immunizing stratagems.
Comment on Inês Goncalves Raposo on ‘On Modern Monetary Theory’.
SaM Marxism is one of four instances of Derponomics. Comment on Chris Dillow on ‘In defence of conservative Marxism’.
MNE Marxism is one of four instances of Derponomics. Comment on Chris Dillow on ‘In defence of conservative Marxism’.
HET Links on Peter Cooper’s ‘MMT is Politically Open and Applicable to Both Capitalism and Socialism’.
MNE Links on Peter Cooper’s ‘MMT is Politically Open and Applicable to Both Capitalism and Socialism’.
MNE Links on Michael Roberts’ ‘The Green New Deal and changing America’.
MNE Fraud comes always in the garb of charity, salvation, or imminent doom. Comment on Jacob Weindling on ‘What Is Modern Monetary Theory and Why Is It So Important to the Green New Deal?’.
RWER Socialism and scientific incompetence. Comment on David Ruccio on ‘Socialism and exploitation’.
LPS Links on Lars Syll’s ‘Paul Samuelson ― an economist in “the business of dishonesty”’.
MNE Links on Lars Syll’s ‘Paul Samuelson ― an economist in “the business of dishonesty”’.
PSY The day when WeThePeople sends debt-deranged economists to hell. Comment on Bradford DeLong on ‘Debt Derangement Syndrome’.
MNE The day when WeThePeople sends debt-deranged economists to hell. Comment on Bradford DeLong on ‘Debt Derangement Syndrome’.
MNE Thinking about economic policy for future PM Corbyn. Comment on Richard Murphy’s ‘The political economy of Labour’s fiscal rule’.
MNE What and where is profit? Comment on Clint Ballinger’s ‘1000 CASTAWAYS: Fundamentals of Economics’.
LPS Link on Lars Syll's 'Fallacies of financial fundamentalism'. See * below.
CMF From MMT misunderstandings to the true Theory of Money. Comment on Jo Michell on ‘Misunderstanding MMT’ See * below.
MNE From MMT misunderstandings to the true Theory of Money. Comment on Jo Michell on ‘Misunderstanding MMT’. Plus Richard Murphy, as a hardcore MMT foot soldier of the Oligarchy, is not at all enthusiastic about taxing the rich.
MNE Link on ‘Ellis Winningham ― Understanding Money, Federal Spending, and Federal Tax Liabilities’.
MNE A clueless MMTer explains macroeconomics to clueless beginners. Comment on Ellis Winningham on ‘The Budget Deficit and The National Debt: Not the Same Thing’.
MRB MMT ― backstop or advanced life support for the Oligarchy? See * below. Plus How MMT rescues capitalism in its current form.
MNE MMT ― backstop or advanced life support for the Oligarchy? Comment on Tom Hickey on ‘Michael Roberts ― MMT 3 ― a backstop to capitalism’.
MNE Link on ‘Bruce Wilds — Deficit Spending Main Driver Of American Economy!’
MRB MMT and Marxism ― blather as immunizing stratagem. Comment on The tricks of circulation’. Plus Because both Marxianism and MMT are false, any discussion about and between these two goofy approaches is not more than a sitcom. Plus The ‘multiplicity of interpretations’ is the mark of idiocy.
Plus Marx got profit, exploitation and class wrong 200 years ago and After-Marxians are still behind the curve. Plus Economists are incompetent scientists and this is “always true by definition”. See * below.
MNE MMT and Marxism ― blather as immunizing stratagem. Comment on Tom Hickey on ‘Michael Roberts Blog MMT 2 ― the tricks of circulation’.
MNE MMT: If you’ve got a problem, I don’t care what it is, let me help. Comment on Stephanie Kelton/Andres Bernal/Greg Carlock on ‘We Can Pay For A Green New Deal’.
BE MMT vs The Rest of Economics ― a Punch and Judy show. Comment on Brian Romanchuk on ‘Why Are MMT Critiques Generally Terrible?’.
MNE MMT vs The Rest of Economics ― a Punch and Judy show. Comment on Brian Romanchuk on ‘Why Are MMT Critiques Generally Terrible?’.
RWER “But economics is not pure mathematics or logic” No, it is pure blather. Comment on Lars Syll on ‘Economics and reality’. See * below.
BLO Stephanie Kelton and the self-destructive stupidity of the super-rich. Comment on Stephanie Kelton on ‘The Wealthy Are Victims of Their Own Propaganda ― To escape higher taxes, they must embrace deficits’. Plus Basic macro says Public Deficit = Private Profit. Plus MMT: A free lunch for the Oligarchy. Plus MMT is refuted on all counts. Plus Because the foundational sectoral balances equation is logically/mathematically defective, the whole of MMT is scientifically worthless. Plus The point is NOT who says what but whether is it provably true. Plus Which of the two macroeconomic sectoral balances equations is true? Plus MMTers are either stupid or corrupt or both. Plus MMT is bad theory, MMT is bad policy, MMTers are bad people. See * below.
MNE Stephanie Kelton and the self-destructive stupidity of the super-rich. Comment on Stephanie Kelton on ‘The Wealthy Are Victims of Their Own Propaganda ― To escape higher taxes, they must embrace deficits’.
MNE MMT: Distribution is the drawback NOT Inflation. Reminder on ‘Jonathan Portes — Nonsense economics: the rise of modern monetary theory’.
Plus Deficit spending creates first business sector deposits (= money) and government sector overdrafts. Plus Schizo is the very logic of the political agenda pusher. Plus Source of MMT's "Don’t tax the rich". Plus Make deficits―don’t tax. Plus
The thing is that billionaire folks like Pete Peterson are really that daft that they complain about deficit-spending/money-creation. Plus MMT is a wellness program for the Oligarchy. Plus Taxing the rich is contrary to the MMT agenda.
ES If religion is opium of the people, economics is crack of the people. Comment on Barkley Rosser on ‘Robert H. Nelson Dies: Religion And Economics’. Plus Every economics textbook is an instance of glaring inconsistency. Plus Some news about the AEA.
LPS “But economics is not pure mathematics or logic” No, it is pure blather. Comment on Lars Syll on ‘Economics and reality’. See * below.
MNE Economics as storytelling and entertainment for the masses. John T. Harvey — Does Modern Monetary Theory Have Any Scholarly Validity?' See * below.
MNE Link on Jennifer Morgan and Sharan Burrow's 'Tackling The Twin Challenges Of Climate Change And Inequality’.
MNE Answer to ‘John T. Harvey ― Does Modern Monetary Theory Have Any Scholarly Validity?’ No.
MRB Here is the long overdue scientific death certificate for Marx and Marxists. Comment on Michael Roberts on ‘Modern monetary theory ― part 1: Chartalism and Marx’.
MNE Here is the long overdue scientific death certificate for Marx and Marxists. Comment on Michael Roberts on ‘Modern monetary theory ― part 1: Chartalism and Marx’.
BDL There is NO such thing as “smart, honest, honorable economists”. Comment on Brad DeLong on ‘Yes, There Are Individual Economists Worth Paying Respect to. But Is Economics Worth Paying Respect to?’.
MNE Stephanie Kelton on how to become fabulously wealthy. Comment on Tom Hickey on ‘Stephanie Kelton on “makers and takers”’.
MI Both Austrianism and MMT is proto-scientific garbage. Comment on Robert Murphy on ‘The Upside-Down World of MMT’. See * below.
MNE Both Austrianism and MMT is proto-scientific garbage. Comment on Robert Murphy on ‘The Upside-Down World of MMT’. Plus The foundational tenet ― markets never fail if left alone ― has no empirical content. Plus In a fiat money system, saving S and investment I are independent. Plus The counterpart of household sector’s saving is business sector’s loss AND NOT INVESTMENT.
MNE MMT and the clash of old and new agenda pushers. Comment on Mark Jeftovic on ‘The Disturbing Rise Of Modern Monetary Theory (MMT)’. Plus Austrianism is NOT a well-articulated theory but confused blather. Plus So Austrians, now pack your bag and get out of economics.
MNE The misleading nitty-gritty defense of MMT principles. Comment on Bill Mitchell on ‘Operationalising core MMT principles’.
MNE Profit and macrofoundations. Comment on James Galbraith on ‘A global macroeconomics ― yes, macroeconomics, dammit ― of inequality and income distribution’.
MNE What is wrong with MMT? and What is wrong with Brad DeLong? Comment on Brad DeLong on ‘By Popular Demand: What Is “Modern Monetary Theory”?’ Plus Scientific incompetence is the reason why economics is after 200+ years still at the proto-scientific level. Plus The political sphere and the scientific sphere have to be kept apart because politics always and everywhere corrupts science.
BDL What is wrong with MMT? and What is wrong with Brad DeLong? Comment on Brad DeLong on ‘By Popular Demand: What Is “Modern Monetary Theory”?’. Plus Scientific incompetence is the reason why economics is after 200+ years still at the proto-scientific level. Plus MMTers like Stephanie Kelton let profit disappear before your very eyes. Plus
Politically speaking, MMT policy is a suicide program for US democracy. Plus The political sphere and the scientific sphere have to be kept apart because politics always and everywhere corrupts science.
MNE MMT’s virtue-signaling distracts from failure/fraud. Comment on Bill Mitchell on ‘Why progressive values align more closely with our basic needs’.
BE MMT: How to get out of the infinite meta-communications loop. Comment on Brian Romanchuk on ‘MMT In The Newsflow Again’
MNE MMT: How to get out of the infinite meta-communications loop. Comment on Brian Romanchuk on ‘MMT In The Newsflow Again’
LPS Ontological uncertainty is NOT the problem but economists’ ontological stupidity. Comment on Lars Syll on ‘Paul Krugman ― a methodological critique’. See * below.
MNE MMT: From science to agenda-pushing to story-telling to fraud. Comment on Ben Hunt on ‘Modern Monetary Theory (Or, How I Learned To Stop Worrying & Love The National Debt)’ Plus In a fiat money economy, growth is not hampered by a lack of the transaction medium.
MNE Reminder on ‘One climate change scientist takes on a roomful of sceptics’. Plus von Mises: a vacuous blatherer and his followers are even worse.
BLO MMT: Not a joke but a fraud. Comment on Michael R. Strain on ‘Modern Monetary Theory’ Is a Joke That’s Not Funny’. See * below.
MNE MMT: Not a joke but a fraud. Comment on Michael R. Strain on ‘Modern Monetary Theory Is a Joke That’s Not Funny'. Plus Bad Austrian karma.
MNE Links on Richard Murphy's 'FT Alphaville on modern monetary theory – just ‘a different way of looking at fiscal policy’.
MNE Links on John T. Harvey's 'But Can The Government Afford It?'
MNE Warren Mosler: scientific dilettante and political fraudster. Comment on Tom Hickey on ‘Brendan Greeley ― America has never worried about financing its priorities’.
MT False economic theory makes bad economic policy. Comment on Mish Shedlock on ‘Yet Another Fed Study Concludes Phillip’s Curve is Nonsense’. Plus The problem does NOT lie in the subject matter but in the fact that economics is a science without scientists. Plus A fiat money system with perfect price stability is possible. Plus Macroeconomic profit is an objectively given and well-defined magnitude. Plus The very premise of Austrian economics is false and because of this, the whole verbal superstructure is false. Plus Economics has been hijacked early on by political agenda pushers.
MNE False economic theory makes bad economic policy. Comment on Mish Shedlock on ‘Yet Another Fed Study Concludes Phillip’s Curve is Nonsense’.
MNE Link on Lars Syll's 'Keynes on the limits of econometric methods.'
MNE Stephanie Kelton’s legendary Plain-Sight-Ink-Trick. Comment on Z. Byron Wolf on ‘Debt? What debt? At $22 trillion, here’s the argument the national debt doesn’t matter’. Plus MMT is three things: theory, policy, activism.
MNE MMT is NOT bold policy but spineless fraud.
Comment on Pavlina Tcherneva on ‘Tcherneva, Sawicky and Kaboub on MMT and policy’.
MNE Debunking idiots does not prove that MMT is valid. Comment on Chris Beck on ‘Modern Monetary Theory Renders a Critic Incoherent’.
MNE Links on Lars Syll's 'What is missing in Keynes’ General Theory.'
RWER Links on Lars Syll's 'Is ‘modern’ macro-economics for real?' See * below.
MM Deficit-spending, public debt, and macroeconomic profit/loss. Comment on Simon Wren-Lewis on ‘Should we worry about temporarily raising government debt?’ Plus The overlooked distributional effect of public deficit spending is the last nail in the coffin of the soapbox economist Paul Krugman.
MNE MMT: The art of shooting oneself in the head.
Comment on Kaivey on ‘Michael Hudson: Oligarchy will never cancel the debt’. Plus The Oligarchy does not invest in business but in political power. Plus
Macroeconomic profit does not come from the exploitation of workers or the value creation of entrepreneurs but from deficit-spending of the household and government sector.
ES Econogenics in action. Comment on Barkley Rosser on ‘How Shocking Was Shock Therapy?’ Plus
The fact of the matter, economists do not know anything about how the economy works. It’s all wish-wash. Plus Economists are a hazard to humanity. Economic crises are econogenic. Plus The Employment Law is a macroeconomic relationship. What indeed has been tested ad nauseam is microeconomic relationships. Plus The actual scientific embarrassment is that After-Keynesians have not spotted Keynes’ inexcusable blunder to this day. Plus False economic theory makes bad economic policy. Plus What about a “Kelton Must Go” from Barkley Rosser?
BDL Economics: A failed/fake science for 200+ years.
Comment on Brad DeLong’s post of Jan 8.
MNE The end of political economics (II). Comment on BarakalypseNow on ‘This Is Neoliberalism’. Plus Give me the Austrian profit law and I will refute it. Plus
Austrianism is scientifically as dead as a doornail. Plus The first who gets the posthumous dishonorable discharge from the sciences is Hayek.
ES Link on Barkley Rosser's 'Can We Minimize Econogenic Outcomes?' Plus How to minimize econogenic outcomes. Comments on Barkley Rosser on ‘Can We Minimize Econogenic Outcomes?’.
OWN MMT: An overdose of public-debt tranquilizers for WeThePeople.
LPS Why is 0! =1? And why is I≠S? And why economics teaching is rotten. Comment on Lars Syll on ‘Why is 0! =1?’ See * below.
RWER Links on Lars Syll’s ‘How to re-establish trust in economics as a science’. See * below.
RWER Heterodoxy’s trouble with macro. Comment on Asad Zaman on ‘Romer’s Trouble With Macro’. See * below.
MNE Links on Lars Syll’s ‘How to re-establish trust in economics as a science’. Plus Does no-one at Mike Norman Economics care about scientific standards? Plus MMT is dead and buried like the Flat-Earth theory. Plus Science is NOT about trust but about proof.
BDL Wage rate and employment: the basics. Comment on Brad DeLong on ‘Would Small Minimum Wage Increases Raise or Have No Effect on Employment?’ Plus Economists bear for 140+ years the political responsibility for the social devastation of mass unemployment.
MNE The failure of Post-Keynesianism. Comment on V. Ramanan on ‘Michal Kalecki On The Effect Of Wages On Employment’.
TCF The failure of Post-Keynesianism. Comment on V. Ramanan on ‘Michal Kalecki On The Effect Of Wages On Employment’. See * below.
BB Link on Bill Mitchell's 'When two original MMT developers get together to discuss their work'. See * below.
MNE Link on Ben Holland's 'The Secret Behind Growth in Trump’s America Is Deficit Spending'.
CT Link on Tim Worstall’s 'The Problem With Modern Monetary Theory – Explained For Children So MMT Enthusiasts Can Understand'.
MNE MMT sucks. Comment on the Principles of MMT.
Plus Fact is that MMT is refuted on all counts. Plus
Many people fail already at the first step and fall into the Fallacy of Insufficient Abstraction. Plus Differentiation is the inverse operation to aggregation. Differentiation is methodologically superior. Plus MMT is another falsified economic theory. Plus The logical evolution of money. Plus
MMT has to be praised for debunking mainstream monetary theory but bashed for messing up macrofoundations. Plus Problems with fiat money arise only with abuse/corruption, that is, with MMT’s deficit-spending/money-creation. Plus MMT’s social policy is just another political fraud. Plus Economic theory deals with the logical origin of the abstract entity firm. Plus Money (= central bank deposits) is created and destroyed by the autonomous transactions between business and household sector. Plus MMT is refuted. MMT is a political fraud. MMT is scientifically indefensible. Plus MMTers are NOT the Legitimate Sovereign but creatures from the proto-scientific gutter. Plus In economics, psychobabble does not help. Plus The Profit Law tells one in no uncertain terms that the market economy will eventually break down BECAUSE of macroeconomic losses. Plus Microfoundations is a failed approach and this requires a paradigm shift from microfoundations to macrofoundations. Plus
Roughly speaking, if growth ends the market economy will break down. Plus Economics has to be built upon clearly stated premises, i.e. upon a set of axioms. Plus Newton’s Principia starts with the famous 'Axioms or the Laws of motion'. Plus Even the Austrians apply axiomatization. Plus Let's put methodology aside and have an experimentum crucis. Plus MMT is materially and formally inconsistent.
WCI #DrainTheScientificSwamp. Links on Nick Rowe’s ‘Explaining S=I: Inventories vs Adding up Individuals’. Plus Simple algebra tells everyone that saving is NEVER equal to investment. Plus The fact that economists still claim ― 80+ years after Keynes committed the lethal blunder ― that I equals S is due to their utter scientific incompetence. Plus “S=I is an accounting identity, and accounting identities are true by definition.” will forever stand out as one of the most idiotic statements in the history of so-called economic thought. Plus There is NO economics that satisfies the criteria of science, only senseless blather.
ES Urgent: Taking politics out of economics. Comment on Barkley Rosser on ‘100 Percent Of US Senate Against MBS’. Plus Your foreign policy competence is even worse than your economics competence. Plus Wouldn’t it be much more rewarding for all to do some scientific homework and to figure out what profit is? Plus Barkley Rosser is neither qualified as economist nor as foreign policy analyst/journalist.
MNE MMT Progressives: The knife in the back of WeThePeople. Comment on Kaivey on ‘Warren Mosler Tweet ― Lessons for Corbyn in “Lerner’s Law”’. Plus Strictly speaking, MMTers do not qualify for a discussion of monetary theory that satisfies scientific standards. Plus The MMT scam consists of propagating deficit-spending/money-creation as a social benefit for WeThePeople. Plus From the scientific standpoint, both MMT and Austrianism is worthless garbage. Plus Austrianism is refuted, MMT is refuted, end of discussion. Plus The ultimate purpose of the MMT policy of deficit-spending/ money-creation is to keep the Oligarchy on life-support. See * below. Plus Post lost? Plus Post lost 2?
Plus De-block post. Plus Stop corrupting. Plus
References are indispensable. Plus A testable proposition. Plus MMT is materially/formally inconsistent and MMT policy is a political fraud. Plus
If you cannot read a simple equation you are out of economics. Plus There is no such thing as a common language of morons and scientists. Plus In science, all reasoning starts with clearly stated axioms. Plus
MMTers are failed/fake scientists and have to be expelled from the sciences. Plus Stupidity is NOT a disadvantage for political agenda pushing where only useful idiots are needed. Plus MMT is NOT science but political agenda-pushing.
BB MMT: The fusion of Wall Street and Academia.
Comment on Bill Mitchell on ‘When two original MMT developers get together to discuss their work’. See * below.
MNE MMT: The fusion of Wall Street and Academia.
Comment on Bill Mitchell on ‘When two original MMT developers get together to discuss their work’. Plus
MMTers got the math wrong. Plus Deficit spending per se does NOT cause inflation. Plus WeThePeople can effortlessly prevent “the rich” from “capturing” profit by setting the sectoral balances right.
MNE You are fighting for life? On all fronts? MMT can save you! Or maybe not? Comment on Richard Murphy on ‘The Reality Is Everything Must Change’.
MNE MMT: Time to say goodbye. Comment on Clint Ballinger on ‘Tim Worstall ― The End Game Of Modern Monetary Theory’.
MNE Economists: Time to say goodbye. Comment on Tom Hickey on ‘Tim Worstall ― The End Game Of Modern Monetary Theory.
ES “We have sunk very low”. Comment on Barkley Rosser on ‘Trump More Seriously Kowtows To MBS’
MNE Economics: A pointless left-right wrestling show. Comment on Tom Hickey on ‘Tim Worstall ― The End Game Of Modern Monetary Theory’. Plus
What the US government does in fact since many years is to artificially prolong the lifetime of an imploding economic system. Plus All the marvelous things of a civilization come from scientists/ engineers. Plus To argue against MMT amounts to the self-exclusion from the worldwide community of good people. Plus Adam Smith's final resting place in the history of scientific thought is a hole in the darkest corner of the Flat-Earth-Cemetery. Plus The lethal consequence of MMT policy is NOT on inflation but on distribution. Plus Keynes and Friedman are scientifically dead and only ignoramuses still quote them. Plus The identity proof of a scientist is that he has something to say that helps to understand how the universe or a subdomain of it works. Plus
Anything is superior to mainstream economics because, in scientific terms, mainstream economics is the absolute zero. You just cannot go deeper. Plus
The first thing to do for the salvation of humanity is to flush failed economics and blathering economists down the scientific toilet. Plus The axiomatically correct macrofoundations approach is NOT for low life political economists. They are beyond hope. Plus
Prove that you are not one of this sorry bunch of useful political idiots. Plus Try to refute the macroeconomic Profit Law and if you cannot you are out of economics. Plus Time for MMTer to say goodbye. Plus Neither Walrasians, nor Keynesians, nor Marxians, nor Austrians, nor MMTers have the true theory. Plus The REAL criticism of MMT. Plus In the political sphere, the Legitimate Sovereign makes the ultimate decision. Plus The task of economists as scientists is to figure out how the actual economy works. Plus Right policy depends on true theory. Plus
We should be talking about that MMTers are stupid and corrupt agenda pushers who sell a free-lunch policy for the Oligarchy in the bluff package of social policy. Plus Fact is that Cambridge UK’s distribution theory has already been thoroughly disproved. Plus
Pasinetti’s idiocy consists of not having realized Keynes’ foundational blunder. Plus The point at issue is MMT and the unassailable proof of the stupidity/ corruption of MMTers. Plus The Cambridge School of Loose Verbal Reasoning has NOT produced one piece of sound science. Plus MMT is provably false and that is the end of MMT. Plus Supply-demand-equilibrium, what an idiocy for 200+ years! Plus Photographic evidence of MMT's self-debunking. Plus MMT’s fight for the cause of WeThePeople was never meant to be taken literally.
RWER Links on Lars Syll's 'P-values are no substitute for thinking.' See * below.
MNE MMT = Trumponomics. Comment on Bill Mitchell on ‘Japan still to slip in the sea under its central bank debt burden’. Plus Compared to microfounded mainstream economics, macrofounded MMT is a real improvement. Plus Underneath their butoxed social populism MMTers are agenda pushers for the Oligarchy. Plus Economists, including MMTers, are scientifically incompetent. Plus
Academic MMTers are either stupid or corrupt or both. They have to be expelled from academia.
RWER Kalecki and Keynes: The double macro- economic false start. Comment on Lars Syll on ‘Kalecki and Keynes on the loanable funds fallacy’.
See * below.
ES Fake religion, fake science, fake news, and false complaints. Comment on Peter Dorman on ‘The Death of Shame’.
TRM MMT and Marxism: A debate between proto-scientific zombies. Comment on Jehu on ‘MMT is right … which (paradoxically) is why it is wrong’. Plus Economics from Smith/Marx up to MMT is proto-scientific garbage. Plus You have studied economics and do not know what profit is? You are beyond help. Plus Ultimately, profit does NOT originate from exploitation but from growing public/private debt. See * below.
MNE Macroeconomics: Drain the scientific swamp. Comment on Matt Franko/Nick Rowe on 'Why is macroeconomics so hard to teach?' Plus Economics is a failed/fake science and MMTers are part of it. Plus Economists in their utter scientific corruption simply sweep clear-cut refutation under the carpet. Plus After 200+ years there is still no such thing as macroeconomics. And microeconomics is known to be a bad joke. Plus Science is about true/false and nothing else. Plus After having flunked the intelligence test at the entry level, the MMT promotion team is out.
RWER Links to Asad Zaman's 'Micro-foundations for Keynesian Economics.'
RWER Causality in economics. Comment on Lars Syll on ‘In search of causality’.
MNE The Longbon fake news. Comment on Alan Longbon on ‘Good News: The U.S. Government Runs A $100B Deficit In October 2018, The Private Sector Runs A $100B Surplus’.
CB How MMT makes everybody happy. Comment on Clint Ballinger on ‘MMT & the Fourth Spark Plug: Descriptive vs. Prescriptive revisited’.
MNE How MMT makes everybody happy. Comment on Clint Ballinger on ‘MMT & the Fourth Spark Plug: Descriptive vs. Prescriptive revisited’.
CB MT: A free lunch for the Oligarchy. Comment on Clint Ballinger on ‘MMT & the Fourth Spark Plug: Descriptive vs. Prescriptive revisited’
Blog-References 22
MNE MMT: A free lunch for the Oligarchy. Comment on Clint Ballinger on ‘MMT & the Fourth Spark Plug: Descriptive vs. Prescriptive revisited’.
MNE Links on Jason Smith's 'Unions, inequality, and labor share'.
MNE Kalecki and Keynes: The double macroeconomic false start. Comment on Lars Syll on ‘Kalecki and Keynes on the loanable funds fallacy’.
LPS Kalecki and Keynes: The double macroeconomic false start. Comment on Lars Syll on ‘Kalecki and Keynes on the loanable funds fallacy’. See * below.
MNE Causality in economics. Comment on Lars Syll on ‘In search of causality’. Plus Political, religious, psychological, sociological, and philosophical blather has produced nothing positive throughout human history. Plus Behind the idealistic kitsch, Lars Syll has always been a scientifically incompetent political agenda pusher. See * below. Plus Economists' contribution to the welfare of humanity is less than zero.
LPS Causality in economics. Comment on Lars Syll on ‘In search of causality’. See * below.
CB The MMT defenders of interest on public debt: stupid or corrupt or both? Comment on Clint Ballinger on ‘Decouple Spending From Bond Sales’. Plus MMTers are too stupid for the elementary mathematics that underlies macroeconomics.
MNE The MMT defenders of interest on public debt: stupid or corrupt or both? Comment on Clint Ballinger on ‘Decouple Spending From Bond Sales’.
MNE Keynes, Kalecki, MMT and the invention of the perpetual profit machine. Comment on Lars Syll on ‘Kalecki on wage-led growth’.
MNE MMT in a nutshell. Comment on Tim Worstall on ‘The Problem With Modern Monetary Theory’.
CT MMT in a nutshell. Comment on Tim Worstall on ‘The Problem With Modern Monetary Theory’.
MNE #PublicDeficitIsPrivateProfit #MMT #JustAnotherFraud. Comment on Richard Murphy on 'Why governments need to issue bonds despite modern monetary theory.' Plus Who buys and holds Gov-Bonds? NOT the little man. Plus MMTers are stupid or corrupt or both.
MNE Links on Lars Syll’s ‘Take a hard look at the skeletons in the mainstream closet!’.
MNE Link on Brian Romanchuk's 'Breakeven Inflation Analysis'.
LPS Economics should never be a substitute for thinking. Comment on Lars Syll on ‘Econometrics: The Keynes―Tinbergen controversy’. See * below.
MNE Economics should never be a substitute for thinking. Comment on Lars Syll on ‘Econometrics: The Keynes―Tinbergen controversy’.
MNE Links on 'Mosler Governor Ad'.
MNE Links on Ann Pettifor's 'The indefatigable efforts of J. M. Keynes.' Plus After 80+ years neither Post-Keynesians nor Anti-Keynesians nor New Keynesians nor MMTers have figured out where macroeconomics went wrong.
MNE Links on Asad Zaman's 'Modern Monetary Theory'.
RWER Links on Asad Zaman's 'Modern Monetary Theory'. See * below.
MNE Quote on 'The Conservatives have been the biggest borrowers over the last 70 years'.
EV More on economists’ sticky brains. Comment on David Glasner on ‘More on Sticky Wages’. See * below. See * below.
ES What comes first: eco-self-destruction or oeco-self-destruction? Comment on Sandwichman on ‘Business As Usual: Running on Empty’. See * below. Plus The destructive power of stupidity. See * below. Plus Squaring the Investment Cycle. See * below. Plus The US economy runs already on life-support. See * below. Plus Economists advertise their stuff as science, well knowing that their theories/models are built upon NONENTITIES. See * below. Plus Keynes got macroeconomic profit wrong. See * below.
UE More on economists’ sticky brains. Comment on David Glasner on ‘More on Sticky Wages’.
MM Oxford economics — still at the proto-scientific level. Comment on Simon Wren-Lewis on ‘Why should someone who is anti-austerity care about debt’.
MNE Links on James Petras’ ‘Big Business Strikes Back: The Class Struggle from Above’.
MNE Link on ‘Bill Mitchell — Progressive political leadership is absent but required’.
BB MMT and the overall political corruption of economics. Comment on Bill Mitchell on ‘Progressive political leadership is absent but required’. See * below.
MNE MMT and the overall political corruption of economics. Comment on Bill Mitchell on ‘Progressive political leadership is absent but required’.
MNE Links on Lars P. Syll’s ‘Wren-Lewis insults medical science’. Plus There is NO such thing as “laws” of behavior.
MNE Links on Liza N. Burby‘s ‘Cutting-Edge Economist Stephanie Kelton Delivers Presidential Lecture’. See * below.
MNE Link on Simon Wren-Lewis' 'MMT and Labour’s fiscal rule'. Plus Bill Mitchell and Stephanie Kelton are attempting to hijack the genuine grassroots movements in the UK and US. Plus Explanation of Public Deficit = Private Profit.
MNE Links on Lars Syll's 'Why so-called deficits are economic necessities.' Plus If the deficit is increased and the price increases unemployment stays put. Plus
Employment theory as an example of proto-scientific soapbubbling.
MNE Very busy these days: Wall Street’s agents. Comment on Kaivey on ‘Presidential Lecture Series: Stephanie Kelton’. Plus MMTers are ― intentionally or unintentionally doesn’t matter ― complicit in political fraud.
ES Reverse Alchemy: from scientific gold to political shit. Comment on Barkley Rosser on ‘MBS Must Go’. Plus Historical fact is that economists are too stupid for the elementary mathematics that underlies macroeconomic accounting. Plus No one ignorant of elementary mathematics and true macrofoundations can be admitted to economics. Plus Both orthodox and heterodox economists are too stupid for elementary mathematics. Plus Whatever Barkley Rosser is doing, it is NOT economics and NOT science. Plus Which of the two macroeconomic balances equations is true: (X−M)+(G−T)+(I−Sm)−(Qm−Yd)=0 or (X−M)+(G−T)+(I−S)=0? Plus NO advice to random imbeciles.
MNE MMT, Warren Mosler, and the little helpers from Wall Street and Academia. Comment on Katia Dmitrieva/Bloomberg/Businessweek on ‘A Hedge Fund Guy Lefties Can Love’. Plus The humanitarian mission of Warren Mosler is to end the poverty of the one-percenters by deficit-spending/money-creation. Plus Warren Mosler is a political fraud and MMT academics are his useful idiots. Plus The worst thing of all is the scientific corruption of economics in all its variants from Walrasianism, Keynesianism, Marxianism, Austrianism, Pluralism, to MMT. Plus
The social policy of MMT is a fraud.
ES The science that never was. Comment on Lars Syll on ‘Paul Romer on math masquerading as science’. Plus Economics is a cargo cult science.
RWER Links on Lars Syll's 'At last – Paul Romer got his ‘Nobel prize’'. See * below.
ES Where economics went wrong. Comment on Simon Wren-Lewis on ‘Talk on where macroeconomics went wrong’. Plus William Nordhaus cannot by any stretch of the imagination be taken seriously as a scientist – except in a cargo cult science.
MM Where economics went wrong. Comment on Simon Wren-Lewis on ‘Talk on where macroeconomics went wrong’.
MNE Links on Steve Keen’s ‘The Many Problems of Economics’.
MNE Links on John T. Harvey's 'The Nobel Prize And Keeping Economics Real.'
ES LINKS on Peter Dorman's 'Nobel Prizes in Economics, Awarded and Withheld'.
MNE LINKS on Lars P. Syll’s 'At last–Paul Romer got his ‘Nobel prize’'
MNE LINKS on David Norman Smith's 'Sharing, not selling: Marx against value'.
RWER If we only had classes. Comment on David Ruccio/Jamie Morgan on “Capital and class’. See * below.
MNE If we only had classes. Comment on David Ruccio/Jamie Morgan on “Capital and class’.
BE Brian Romanchuk’s Post-Keynesian idiocy.
Comment on Brian Romanchuk on ‘Primer: Post-Keynesian Inflation Theory Basics’
MNE Brian Romanchuk’s Post-Keynesian idiocy.
Comment on Brian Romanchuk on ‘Primer: Post-Keynesian Inflation Theory Basics’
ME MMT: agenda pushing and money-making for the Oligarchy. Comment on Randall Wray on ‘Modern Money Theory: How I Came to MMT and What I Include in MMT’. See * below.
MNE MMT: agenda pushing and money-making for the Oligarchy. Comment on Tom Hickey on ‘Randall Wray — Modern Money Theory: How I Came to MMT and What I Include in MMT’.
MNE LINKS on Kaivey's 'Steve Keen ― How Economics Became a Cult'.
MNE Mission impossible: economists join WeThePeople. Comment on Kaivey on ‘David Dayen: Nancy Pelosi Promises That Democrats Will Handcuff The Democrat Agenda If They Take The House’. Plus
Because of the macroeconomic Profit Law, the MMT policy of deficit-spending/money-creation enriches WeTheOligarchy.
MNE Dean Baker: progressive agenda pusher for the Oligarchy. Comment on Dean Baker on ‘Getting serious about debt and deficits: the deficit hawks did enormous harm to our kids’.
ES Legitimacy lost. Comment on Barkley Rosser on ‘Trump Destroys His Favored SCOTUS Nominee’. Plus
Academia, too, is a failed institution. Plus EconoSpeak and Barkley Rosser provide an indicator of how deep the social shithole has become by now. Plus Every economist knows from the Palgrave Dictionary that Walrasian, Keynesian, Marxian, Austrian profit theories are false. Plus The fundamental concepts of economics are inconsistent for 200+ years. Economics has NO scientific legitimacy.
MNE The profit theory is provably false. Therefore, the distribution and inflation theory are false, too.
RWER Dean Baker: progressive agenda pusher for the Oligarchy. Comment on Dean Baker on ‘Getting serious about debt and deficits: the deficit hawks did enormous harm to our kids’. See * below.
RWER Heterodox economics: When stupidity becomes a public danger. Comment on Asad Zaman on ‘The subtleties of effective demand’. See * below.
ES #FakeScientistAcademicKickOut. Comment on Peter Dorman on ‘A Few Thoughts on “Sorry to Bother You”’
BLO Stephanie and Noah ― economics at the intellectual zero lower bound. Comment on Stephanie Kelton/Noah Smith on ‘Just When Should We Start Worrying About Deficits?’
MNE Stephanie and Noah ― economics at the intellectual zero lower bound. Comment on Stephanie Kelton/Noah Smith on ‘Just When Should We Start Worrying About Deficits?’ Plus Academia, too, has become a failed institution.
ES Economics as tireless production of proto-scientific toilet paper: inflation theory as an example. Comment on Brian Romanchuk on ‘Primer: Understanding The Post-Keynesian Rejection Of Mainstream Inflation Theory’. See * below.
MNE Economics as tireless production of proto-scientific toilet paper: inflation theory as an example. Comment on Brian Romanchuk on ‘Primer: Understanding The Post-Keynesian Rejection Of Mainstream Inflation Theory’. Plus A genuine mathematician cares alone about objective proof.
BE Economics as tireless production of proto-scientific toilet paper: inflation theory as an example. Comment on Brian Romanchuk on ‘Primer: Understanding The Post-Keynesian Rejection Of Mainstream Inflation Theory’. Plus It would be a good thing if economists could get economic theory right before they pester the world with their brain-dead policy proposals. Plus Post-Keynesianism has been refuted long ago. Plus Orthodoxy is dead and traditional Heterodoxy is dead this means to leave this heap of proto-scientific garbage behind and to move on to Constructive Heterodoxy. Plus The representative economists is a failed/fake scientist and has to be expelled from the sciences as fast as possible. Plus Profit distribution/spending causes a one-off price hike but NO inflation. Plus A genuine mathematician does not care at all about “reliability” or “credibility” or other subjective social criteria but alone about objective proof. Plus Keynesianism and I=S/IS-LM are dead for 80+ years but the representative economist still doesn’t get it. See * below.
NC Why the MMT benefactors of humanity never talk about profit. Comment on John Weeks on ‘Why the public debt should be treated as an asset’. See * below.
ES Why the MMT benefactors of humanity never talk about profit. Comment on John Weeks on ‘Why the public debt should be treated as an asset’.
OD Why the MMT benefactors of humanity never talk about profit. Comment on John Weeks on ‘Why the public debt should be treated as an asset’. See * below.
MNE Why the MMT benefactors of humanity never talk about profit. Comment on John Weeks on ‘Why the public debt should be treated as an asset’. Plus
It always holds Public Deficit = Private Profit and MMT is fake science and corrupt politics.
ES MMT = Modern Monetary Trash. Comment on Bill Mitchell on ‘Understanding what the T in MMT involves’.
MNE MMT = Modern Monetary Trash. Comment on Bill Mitchell on ‘Understanding what the T in MMT involves’.
BB MMT = Modern Monetary Trash. Comment on Bill Mitchell on ‘Understanding what the T in MMT involves’. See * below.
WCI There is NO such thing as a “labor share of income”. Comment on Stephen Gordon on ‘Why do we care about the labour share of income?’. See * below.
MNE MMT Trader Dinner LINKS to good MMT news.
ES Smart! How to make people fund their brain-washing. Comment on Down with Tyranny on ‘Want To Sound Really Smart About Economic Issues? Read This’.
DWT Smart! How to make people fund their brain-washing. Comment on Down with Tyranny on ‘Want To Sound Really Smart About Economic Issues? Read This’.
MNE Smart! How to make people fund their brain-washing. Comment on Down with Tyranny on ‘Want To Sound Really Smart About Economic Issues? Read This’.
ES Good news for the one-percenters. Comment on Alan Longbon ‘Good News: U.S. Government Posts A $214 Billion Deficit For August 2018, The U.S. Private Sector Posts A $214 Billion Surplus’.
MNE Good news for the one-percenters. Comment on Alan Longbon ‘Good News: U.S. Government Posts A $214 Billion Deficit For August 2018, The U.S. Private Sector Posts A $214 Billion Surplus’. Plus The MMT fraud in a nutshell. Plus MMT is long dead because of material/formal inconsistency.
ES Both Mainstreamer and MMTer are either stupid or corrupt or both. Comment on Bill Mitchell on ‘The divide between mainstream macro and MMT is irreconcilable ― Part 3’.
BB Both Mainstreamer and MMTer are either stupid or corrupt or both. Comment on Bill Mitchell on ‘The divide between mainstream macro and MMT is irreconcilable ― Part 3’. See * below.
MNE Both Mainstreamer and MMTer are either stupid or corrupt or both. Comment on Bill Mitchell on ‘The divide between mainstream macro and MMT is irreconcilable ― Part 3’.
ES Forget mainstream economics, scrap MMT, move on to the new paradigm.
BB Forget mainstream economics, scrap MMT, move on to the new paradigm. Comment on Bill Mitchell on ‘The divide between mainstream macro and MMT is irreconcilable ― Part 2’. See * below.
MNE Forget mainstream economics, scrap MMT, move on to the new paradigm. Comment on Bill Mitchell on ‘The divide between mainstream macro and MMT is irreconcilable ― Part 2’.
EV No doubts about wage-led growth. Comment on Chris Dillow on ‘Doubts About Wage-led Growth’. See * below.
MNE Both, mainstream economics and MMT are axiomatically false. Comment on Arjun Jayadev/J. W. Mason on ‘Mainstream Macroeconomics and Modern Monetary Theory: What Really Divides Them?’.
SaM No doubts about wage-led growth. Comment on Chris Dillow on ‘Doubts About Wage-led Growth’. See * below.
MNE MMT and the single most stupid physicist.
Comment on Charles Adams on ‘The single most important piece of economics that everyone should know.’ Plus Another bigot of common sense. Plus
The axiomatically correct accounting identity reads in the most elementary case Qm+Sm=0. Plus MMTers got the macroeconomic accounting identity wrong. This is a mathematical fact. Plus The MMT fraud consists of lumping “their” profit and “our” saving together to “our” black ink. Plus It obviously holds Qm+Sm=0, i.e. the sum of all sectors is zero. Plus Both, mainstream economics and MMT are axiomatically false and materially/formally inconsistent.
INET Both, mainstream economics and MMT are axiomatically false. Comment on Arjun Jayadev/J. W. Mason on ‘Mainstream Macroeconomics and Modern Monetary Theory: What Really Divides Them?’ Plus
MMT is refuted on all counts. Plus Full-spectrum refutation of MMT Links. Plus MMT is brain-dead propaganda and agenda-pushing for the one-percenters. Plus MMTers are clowns and useful idiots in the political Circus Maximus. Plus MMT is proto-scientific garbage and “one of the greatest cons ever perpetrated on the American people".
ES Kalecki, too, got profit theory badly wrong, see Links. See * below.
ES MMT and the single most stupid physicist. Comment on Charles Adams on ‘The single most important piece of economics that everyone should know.’
PP MMT and the single most stupid physicist
Comment on Charles Adams on ‘The single most important piece of economics that everyone should know.’ See * below.
BB MMT: How WeTheOligarchy communicates with WeThePeople. Comment on Bill Mitchell on ‘Exploring the effectiveness of social media’. See * below.
MNE MMT: How WeTheOligarchy communicates with WeThePeople. Comment on Bill Mitchell on ‘Exploring the effectiveness of social media’.
ES Go! ― test the Profit and Employment Law. Comment on Lars Syll on ‘When did you last hear an economist say something like this?’ Plus
Economists simply don’t get it. Plus “They’re doing everything right. The form is perfect. But it doesn’t work." Plus There is NO greater embarrassment in the history of modern science than economics.
RWER Go! ― test the Profit and Employment Law. Comment on Lars Syll on ‘When did you last hear an economist say something like this?’ See * below.
MNE Economists simply don’t get it. Comment on Chris Dillow on ‘What’s behind the rising US profit share?’
SaM Economists simply don’t get it. Comment on Chris Dillow on ‘What’s behind the rising US profit share?’ See * below.
MNE Secret Champagne for the MMT gods.
Comment on Michael Norman on ‘Deficit is the highest in 6 years. Where are all the MMT gods??’ Plus No conspiracy, merely the peaceful pluralism of scientific incompetence and political corruption.
MNE China does NOT need Keynesianism. Comment on Frank Li on ‘John Maynard Keynes: The Best Economist Since 1899?’
BB Why the British Labor Party should NOT adopt. MMT. Comment on Bill Mitchell on ‘The conservative polity is fracturing ― an opportunity for the Left’. See * below.
ES Why the British Labor Party should NOT adopt MMT. Comment on Bill Mitchell on ‘The conservative polity is fracturing ― an opportunity for the Left’. Plus Mathematically, a real or nominal economic stock is the discrete numerical integral of flow differences.
MNE Why the British Labor Party should NOT adopt MMT. Comment on Bill Mitchell on ‘The conservative polity is fracturing – an opportunity for the Left’.
MNE MMT-Progressives: stupid or corrupt or both?
Comment on Bill Mitchell on ‘The conservative polity is fracturing ― an opportunity for the Left’.
ES Lock them up. Comment on Barkley Rosser on ‘Hannity as Goebbels’. Plus The representative economist in his utter scientific incompetence has NOT realized anything to this day.
MNE You don’t see what you don’t see: censorship in the econoblogosphere. Comment on Barkley Rosser on ‘Kevin Hassett In Lie Lie Land’ and Tom Hickey on ‘Censorship’.
ES The biggest scientific mistake of the last centuries, and it has much to do with academic economists. Comment on Simon Wren-Lewis on ‘The biggest economic policy mistake of the last decade, and it had nothing to do with academic economists’.
MNE The biggest scientific mistake of the last centuries, and it has much to do with academic economists. Comment on Simon Wren-Lewis on ‘The biggest economic policy mistake of the last decade, and it had nothing to do with academic economists’. Plus A worldview is qualitatively not different from a bacillus fart. Plus The anything-goes philosopher Tom Hickey is a sad example of the political sellout of philosophy.
MM The biggest scientific mistake of the last centuries, and it has much to do with academic economists. Comment on Simon Wren-Lewis on ‘The biggest economic policy mistake of the last decade, and it had nothing to do with academic economists’.
RWER Comment on Lars Syll on “I never learned maths, so I had to think.” See * below.
ES You don’t see what you don’t see: censorship in the econoblogosphere. Comment on Barkley Rosser on ‘Kevin Hassett In Lie Lie Land’. Plus Holding up the claim that economists are doing science is foolish or worse. Plus The key to understanding economics is that there are TWO economixes. Plus “Pretty much everybody was some combination of corrupt, incompetent, or just plain insane.”
MNE The economist as useful political idiot. Comment on Simon Wren-Lewis on ‘Interest rate vs fiscal policy stabilisation’.
MM The economist as useful political idiot. Comment on Simon Wren-Lewis on ‘Interest rate vs fiscal policy stabilisation’.
MNE How to get rid of inflation and deflation. Comment on Brian Romanchuk on ‘Why Is A Positive Inflation Rate A Good Thing?’ Plus Economics has to define itself as a system science.
BE How to get rid of inflation and deflation. Comment on Brian Romanchuk on ‘Why Is A Positive Inflation Rate A Good Thing?’ Plus Economics is a failed science and economists do not know how the monetary economy works.
EV Links #NoFalseHeroMemorials. See * below.
MNE MMT, Bill Mitchell, and the lack of basic scientific integrity. Comment on Bill Mitchell on ‘MMT is just plain old bad economics ― Part 3’.
MNE How Bill Mitchell stalks Jeremy Corbyn.
Comment on Bill Mitchell on ‘MMT is just plain old bad economics ― Part 2’. Plus MMTers are scientifically incompetent and politically corrupt.
MNE Links #DeleteEconomics.
MM Are MMTers Friends-of-the-People?
Comment on Simon Wren-Lewis on ‘Labour’s fiscal rule is progressive’.
WCI Links #NoFalseHeroMemorials. See * below.
BB Hope you get it: MMTers = Friends-of-the-People.
Comment on Bill Mitchell on ‘MMT is just plain old bad economics’.
MNE Hope you get it: MMTers = Friends-of-the-People. Comment on Bill Mitchell on ‘MMT is just plain old bad economics’.
MNE #DeleteKeynes #ExpellAllKeynesians.
Comment on Asad Zaman on ‘Methodology of Modern Economics’.
RWER How Keynesians, Lernerians, MMTers, and Lars Syll make the oligarchy great. Comment on Lars Syll on ‘Rethinking public budget’.
RWER Economics, too, is pre-truth. Comment on David Ruccio on ‘Socialism or truth’.
MNE Economics, too, is pre-truth. Comment on David Ruccio on ‘Socialism or truth’.
MNE Links to the REFUTATION of Asad Zaman’s ‘Methodology of Modern Economics’.
MNE How Keynesians, Lernerians, MMTers, and Lars Syll make the oligarchy great. Comment on Lars Syll on ‘Rethinking public budget’. See * below.
LPS How Keynesians, Lernerians, MMTers, and Lars Syll make the oligarchy great. Comment on Lars Syll on ‘Rethinking public budget’.
MNE Debunking MMT in one Counter-Tweet. Comment on Brad DeLong on ‘SUNDAY MORNING TWITTER: FUNCTIONAL FINANCE/A BETTER WORLD IS POSSIBLE TWEETING...’.
BDL Debunking MMT in one Counter-Tweet. Comment on Brad DeLong on ‘SUNDAY MORNING TWITTER: FUNCTIONAL FINANCE/A BETTER WORLD IS POSSIBLE TWEETING...’.
RWER Economics: Math is NOT the problem, scientific incompetence is. Comment on David Ruccio on ‘Utopia and mathematics’. See * below.
MNE The MMT-Yawner: Government is not a household. Comment on Bill Mitchell on ‘The government is not a household and imports are still a benefit’. Plus Employment theory has been settled.
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.
To be continued at Onblog_5
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