November 30, 2015

The tragedy of Heterodoxy

Comment on Lars Syll on ‘Confusing statistics and research’

Blog-Reference

“Science is a process that does lead to a broadly shared consensus. It is arguably the only social process that does. Consensus forms around theoretical and empirical statements that are true.” (Romer, 2015, p. 89)

This does not happen in economics because the representative economist is an incompetent scientist. Incompetence, though, comes in two forms. This is due to the fact, that scientific research consists of two essential and inseparably linked elements.

“Research is in fact a continuous discussion of the consistency of theories: formal consistency insofar as the discussion relates to the logical cohesion of what is asserted in joint theories; material consistency insofar as the agreement of observations with theories is concerned.” (Klant, 1994, p. 31)

Formal consistency is established by the axiomatic-deductive method. Material consistency is established by empirical testing, i.e. by correctly applying well-defined statistical methods.

Accordingly, the incompetence of economists consists of two blunders, that is, (i) of one-sided vacuous formalism, and (ii) of one-sided blind application of statistical tools to poorly defined data sets.

From the undeniable fact that economists have messed up both sides cannot be concluded that scientific methodology does not apply to economics or, as J. S. Mill put it, that economics is a “separate” science. There is no such thing. There is only science and non-science.

To this day economics belongs to the category of what Feynman called cargo cult science, that is, the outer appearance is perfect but somehow it simply does not work.* Theory is vacuous without empirical content, data analysis is blind without guidance from theory.

Despite all the political sound and fury, there is no real difference between Walrasians, Keynesians, Marxians, or Austrians (2013). All these approaches fail to satisfy the two criteria of science. The tragedy of Heterodoxy is that it is well aware of all blunders but that it has no idea of how to get out of the proto-scientific cul-de-sac.

Debunking is good, yet a paradigm shift is better: “The moral of the story is simply this: it takes a new theory, and not just the destructive exposure of assumptions or the collection of new facts, to beat an old theory.” (Blaug, 1998, p. 703)**

There is nothing to choose between obsolete Orthodoxy and clueless Heterodoxy.

Egmont Kakarot-Handtke


References
Blaug, M. (1998). Economic Theory in Retrospect. Cambridge: Cambridge University Press, 5th edition.
Kakarot-Handtke, E. (2013). Confused Confusers: How to Stop Thinking Like an Economist and Start Thinking Like a Scientist. SSRN Working Paper Series, 2207598: 1–16. URL
Klant, J. J. (1994). The Nature of Economic Thought. Aldershot, Brookfield, VT: Edward Elgar.
Romer, P. (2015). Mathiness in the Theory of Economic Growth. American Economic Review: Papers & Proceedings, 105(5): 89–93. DOI

* See Wikipedia
** For a start see cross-references Paradigm shift

Paradigm shift: cross-references

Foundations
  • Essentials of Constructive Heterodoxy: profit    paper at SSRN
  • Essentials of Constructive Heterodoxy: the market    SSRN
  • Essentials of Constructive Heterodoxy: employment    SSRN
  • Essentials of Constructive Heterodoxy: money, credit, interest    SSRN
  • Essentials of Constructive Heterodoxy: financial markets    SSRN
  • Essentials of Constructive Heterodoxy: aggregate demand    SSRN
  • Essentials of Constructive Heterodoxy: Say's Law    SSRN
  • Essentials of Constructive Heterodoxy: institutions    SSRN
  • Essentials of Constructive Heterodoxy: behavior    SSRN
For the complete and consistent set of foundational equations — systemic axioms and behavioral propensity function — see here

Related posts
  • From false micro to true macro: the new economic paradigm   here
  • How economists murdered the economy and got away with it   here
  • The final implosion of MMT   here
  • The truth about truth in economics   here
  • Economics: a science without scientists   here
  • Economics between science and magic   here
  • Go, Heterodoxy, move on!   here
  • Great souls’ methodology   here
  • A brief rectification of employment theory   here
  • The real problem with the economics Nobel   here
  • How Keynes got macro wrong and Allais got it right   here
  • All models are false because all economists are stupid   here
  • Economists’ three-layered scientific incompetence   here
  • How to restart economics   here
  • Coming soon: the canonical economics textbook   here
  • Economists’ slapstick methodology   here
  • Why the Naked-Emperor-Zombie cannot die   here
Related to market
  • The structural price mechanism    SSRN
  • The Law of Supply and Demand: here it is finally   SSRN
  • How to get rid of supply-demand-equilibrium   SSRN
  • Primary and secondary markets   SSRN
  • The logic of value and the value of logic   SSRN
  • The value of water and diamonds: back to square one   SSRN
  • The wine maker's business and the logical origin of interest in the monetary economy   SSRN
Related to Say's Law/Walras's Law/Exchange
  • Say's Law: a rigorous restatement   SSRN
  • Walras's Law of Markets as Special Case of the General Period Core Theorem  SSRN
  • Exchange in the monetary economy   SSRN
  • The calculating auctioneer, enlightened wage setters, and the fingers of the Invisible Hand   SSRN
Related to employment
  • The three fatal mistakes of yesterday economics: profit, I=S, employment   SSRN
  • Towards full employment through applied algebra and counter-intuitive behavior  SSRN
  • The truly General Theory of Employment: how Keynes could have succeeded   SSRN
  • Keynes’ employment function and the gratuitous Phillips Curve disaster   SSRN
  • Increasing returns and stability   SSRN
  • Unemployment out of nowhere   SSRN
Related to money
  • Reconstructing the Quantity Theory (I)   SSRN
  • Reconstructing the Quantity Theory (II)  SSRN
Related to behavior
  • The Propensity Function as general formalization of Economic Man/Woman  SSRN
Related to resources
  • When Ricardo saw profit, he called it rent: on the vice of parochial realism  SSRN
  • Matter matters: productivity, profit, and non-marginal factor prices  SSRN
  • Squaring the investment cycle   SSRN
Related to distribution
  • Income distribution, profit, and real shares   SSRN
  • The profit theory is false since Adam Smith. What about the true distribution theory?  SSRN
  • The coherency of money, profit, price, and distribution   SSRN
Related to value
  • The logic of value and the value of logic   SSRN
  • The pure logic of value, profit, interest   SSRN
  • Exchange in the monetary economy   SSRN
  • The value of water and diamonds: back to square one   SSRN
  • Properties of an economy without human beings   SSRN
Related to business cycle, debt, breakdown
  • Intertwined real and monetary stochastic business cycles   SSRN
  • Redemption and depression   SSRN
  • Make a bubble, take a free lunch, break a bank   SSRN
  • General formal foundations of the virtuous deficit–profit symmetry and the vicious debt deflation   SSRN
  • Mathematical proof of the breakdown of Capitalism   SSRN
  • Beginning, crises, and end of the money economy   SSRN
Related to institution, government, etcetera
  • Taxes, profits, and employment:  a structural axiomatic analysis   SSRN
Related to profit

New paradigm
  • Economics for economists   SSRN
  • Objective principles of economics   SSRN
  • The synthesis of economic law, evolution, and history   SSRN
  • Understanding profit and the markets: the canonical model   SSRN
  • The ideal economy: a prototype   SSRN
  • Settling the theory of saving   SSRN
  • Schumpeter and the essence of profit   SSRN
  • Geometrical exposition of structural axiomatic economics (I): fundamentals   SSRN
  • Geometrical exposition of structural axiomatic economics (II): qualitative and temporal aggregation   SSRN
Refutations
  • Major defects of the market economy   SSRN
  • The three fatal mistakes of yesterday economics: profit, I=S, employment   SSRN
  • Confused confusers: how to stop thinking like an economist and start thinking like a scientist   SSRN
  • Keynes’s missing axioms   SSRN
  • Why Post Keynesianism is not yet a science   SSRN
  • Mr. Keynes, Prof. Krugman, IS-LM, and the end of economics as we know it   SSRN
  • Loanable funds vs. endogenous money: Krugman is wrong, Keen is right   SSRN
  • Exploitation and its unintended outcomes: an axiomatic view of Marx's surplus value   SSRN
  • The common error of common sense: an essential rectification of the accounting approach   SSRN
  • What is wrong with heterodox economics? Kalecki’s profit theory as an example   SSRN
  • Toolism! A critique of EconoPhysics   SSRN

New curriculum: cross-references

1 Core
Complete formal foundations (economic structure and behavior) overview

2 Application
Essentials of Constructive Heterodoxy: profit    paper at SSRN
Essentials of Constructive Heterodoxy: the market    SSRN
Essentials of Constructive Heterodoxy: employment    SSRN
Essentials of Constructive Heterodoxy: money, credit, interest    SSRN
Essentials of Constructive Heterodoxy: financial markets    SSRN
Essentials of Constructive Heterodoxy: aggregate demand    SSRN
Essentials of Constructive Heterodoxy: Say's Law    SSRN
Essentials of Constructive Heterodoxy: institutions    SSRN
Essentials of Constructive Heterodoxy: behavior    SSRN

3 Outlook
Paradigm shift

4 For details see also posts with the label Curriculum

Axiomatization: cross-references

Posts
  • The methodological blunders of fake scientists   here
  • Walras, Keynes, Samuelson, DSGE, IS-LM ― R.I.P.   here
  • Why you should NEVER use supply-demand-equilibrium   here
  • If it isn’t macro-axiomatized, it isn’t economics   here
  • Economics is a science? You must be joking!   here
  • The key to macro and Keen's debt-employment model   here
  • Why not simply throw all economists under the bus?   here
  • Rectification and generalization of MMT   here
  • Macro poultry entrails reading   here
  • Ideology? Incompetence? Fake? Or all this together?   here
  • Strange noise in the graveyard of economics   here
  • How to finally hammer down the nails in the coffin of Monty Python economics   here
  • The futile attempt to recycle Sraffa   here
  • Economics: The pathetic story of two failures   here
  • The IS-LM macro imbeciles   here
  • Heterodoxy and the re-invention of science   here
  • The magic circuit and how economists got it wrong   here
  • Methodology 101, economic filibuster, and the mother of all excuses   here
  • The false foundations of economics   here
  • Economics for philosophers   here
  • How to end the futile economics zombie ping-pong   here
  • The father of modern economics and his imbecile kids   here
  • From false micro to true macro: the new economic paradigm   here
  • How the mainstream vanished in the gutter   here
  • New economic thinking ― false promises and hopes   here
  • The road that turned out to be a blind alley   here
  • It’s in the hard core, stupid   here
  • When proto-scientific Heterodoxy calls Orthodoxy pseudo-scientific   here
  • A brief rectification of employment theory   here
  • All models are false because all economists are stupid   here
  • Kick out the king and don’t forget the jesters   here
  • Out of science   here
  • No future for axiomatically false economics   here
  • From subjective weighing of motives to objective systemic properties   here
  • The trouble with economics prizes   here
  • Micro and macro inconsistency   here
  • The end of traditional Heterodoxy in the Malmö coal pit   here
  • Economists and the economy ― a nonstarter since 200 years   here
  • Post Keynesianism, science, and universal idiocy   here
  • Feeble minds, shaky assumptions, and the inevitable failure of economics   here
  • Enough! Economists, retire now!   here
  • How to get rid of the silly Queen   here
  • What’s wrong with Econ 101? Economists, of course!   here
  • Fatal defects of profit and market theory   here
  • Forget Chicago, and also Cambridge   here
  • Getting out of IS-LM = Getting out of despair   here
  • Keynes, the methodologist   here
  • The scientific self-elimination of Heterodoxy   here
  • End of confusion   here
  • The tiny little problem with economics   here
  • Methodological wrong-way drivers   here
  • Cranks? What cranks? That’s economics!   here
  • The real trouble with Econ 101   here
  • Neo-Paleo-Stupidicism   here
  • The market economy is inherently unstable and economists never grasped it   here
  • The problem with macro in two words   here
  • The solemn burial of marginalism   here
  • Where advanced Heterodoxy — represented by Steve Keen — took the wrong turn   here
  • From microfoundations to macrofoundations   here
  • Show first your economic axioms or get out of the discussion   here
  • How to get out of the morass of ignorance   here
  • Vain hopes in the ruins of economics   here
  • Economists’ three-layered scientific incompetence   here
  • How to restart economics   here
  • Axiomatics — the heterodox bugbear   here
  • Addendum to ‘Musings on Whether We Consciously Know More or Less than What Is in Our Models’   here
  • Axiomatized nonentities and the failure of methodologists   here
  • Switching into constructive gear   here
  • The future of economics: why you will probably not be admitted to it, and why this is a good thing   here
  • The existence of economic laws and the nonexistence of behavioral laws   here
  • Towards the true economic theory   here
  • The ur-blunder of economics and its rectification   here
  • How Orthodoxy buffaloed Heterodoxy   here
  • How to start off at the right foot   here
  • Schumpeter's two axioms of discourse   here
  • Warning: Einstein can be hazardous to heterodox methodology  here
  • At the Robinson Line  here
  • The intelligent layperson's guide through vacuonomics  here
  • No license for drivel  here
  • Yes, Orthodoxy is incoherent but, unfortunately, Heterodoxy also  here
  • Replacing sand by granite  here
  • United in the social science delusion  here
  • From obscurity to enligthenment  here
  • Total scientific Dadaism  here
  • The prophets of wish-wash, ignoramus et ignorabimus, and preemptive vanitization  here
  • Beauty or horseshit?  here
  • Uncertain causes  here
  • Axiomatic economics  total horseshit  here
  • "The failure of economics is due to the use of the axiomatic method"  here
  • Proper use of math in economics  here
  • The axiomatic method is impeccable  here
Related
  • Modern macroeconomics  obscurantist axiomatics  here
  • Is Economics a Science? Dogmatic Economics vs. Reflective Economics here
  • Rethinking Keynes' non-Euclidean theory of the economy  here and here
  • What is neoclassical economics – a rejoinder  here
Cross-references
  • Mathiness   here
  • Marshall's "Burn the mathematics"   here
  • Methodology   here
New Foundations
For the complete and consistent set of foundational equations — structural axioms and behavioral propensity function — see here


Refutation of I=S: cross-references

Posts
  • Just revealed: IS-LM is dead since 80 years   here
  • First Lecture in New Economic Thinking   here
  • IS-LM ― a crash course for EconoPhysicists   here
  • Review of the economics troops   here
  • The fundamental problem of economics: scientific incompetence aka stupidity   here
  • Economics ― from attention and reputation management to science   here
  • Walras, Keynes, Samuelson, DSGE, IS-LM ― R.I.P.   here
  • New IS-LM macro ― just another fake revolution   here
  • Macroeconomics without Keynes   here
  • Say hello to Lars Syll, Keynes’s last parrot   here
  • The IS-LM macro imbeciles   here
  • Tobin, the tragedy of After-Keynesians, and the indelible mark of incompetence   here
  • The final implosion of MMT   here
  • A new episode of one of the worst blunders of economics   here
  • Macrofoundations, too, are defective   here
  • Loanable funds, lack of scientific firepower and abundance of political fartpower   here
  • Note on saving and investment   here
  • The general theory of scientific incompetence   here
  • How Keynes got macro wrong and Allais got it right   here
  • Keynesianism: The triumph of blathering over thinking   here
  • Causa finita: the end of I=S/IS-LM   here
  • The unfinished Keynes   here
  • There is no thrift paradox, or, How economists fell over their own feet   here
  • Getting out of IS-LM = Getting out of despair   here
  • The tiny little problem with economics   here
  • The worst economic equation   here
  • Joan Robinson and the ‘throng of superfluous economists’   here
  • The economic Sisyphus: Forever kicking the can down the wrong road   here
  • How Keynes messed macro up   here
  • Econ 101 or How to train morons   here
  • Economics: ‘a tale told by an idiot ... signifying nothing’   here
  • No ground to lose   here
  • As Napoleon said: don’t listen to economists   here
  • Stanley Fischer: Rewarding scientific incompetence   here
  • Macro of and for the scientifically blind and deaf   here
  • Toward the true economic axioms   here
  • Finalizing the Keynesian Revolution   here
  • IS-LM is dead and waiting to be buried   here
  • Another X-mas fantasy about IS curves   here
  • Down and out   here
  • Accounting basics   here
  • Fundamentally flawed   here
  • I=S: Mark of the Incompetent   here
  • End of confusion   here
  • Stupid or duplicitous? Both!   here
  • Either stupid or duplicitous   here
  • The Humpty Dumpty methodology   here
  • Unaccountable   here
  • Modern moronomic theory   here
  • Oh no! How could this happen?   here
  • Mental messies and loose losers  here
  • The trouble with counting to 3  here
  • More than two centuries of waffling in the dark  here
  • Keenonomics, aggregate demand/change of debt, and some misleading critique  here
  • Tricky business  here
  • Economists — sloppy, stupid, or scientifically incompetent?  here
  • Economists for all seasons or just confused confusers?  here
  • The Profit Law  here
Refutation 1: Saving=Investment fallacy  here
  • Confused confusers  here
  • No more critique of economics, please!  here
  • Testing is better than critique  here
  • Axiomatization and test  here
  • All problems settled — free way ahead  here
Refutation 2: Saving Equals Investment?  here
  • The subtle distinction between storytelling and science  here
  • Keeping the focus on the basic issue  here
Related
  • IS-LM is bad economics no matter what Krugman says  here and here
Working papers — formal proof
  • Keynes’s missing axioms  here
  • Why Post Keynesianism is not yet a science  here
  • The common error of common sense: an essential rectification of the accounting approach  here
New paradigm
  • See the cross-references here

Profit: cross references

Posts and abstracts
  • Profit and stupidity   here
  • Just revealed: IS-LM is dead since 80 years   here
  • Profit and distribution: a primer   here
  • Where MMT got macro wrong   here
  • Austerity and the idiocy of political economists   here
  • Rethinking the Distribution   here
  • Where economics went wrong   here
  • A vacuous analysis of profits and productivity   here
  • Windmill economics   here
  • Profit and price ― solving the mystery   here
  • How the 99 percent can bring overall profit of the 1 percent legally down to zero in 2017   here
  • Inequality: Market failure or theory failure?   here
  • Income distribution: No market failure but theory failure   here
  • The economic machine is broken? Don’t call the heterodox repairman!   here
  • The distribution theory is false because the profit theory is false   here
  • Macro for dummies   here
  • The magic circuit and how economists got it wrong   here
  • Why economists know nothing   here
  • Economists still don’t get Econ 101 right   here
  • Rethinking the Profit Law   here
  • Rethinking deficit spending   here
  • How to end the Punch and Judy show about profit   here
  • The thing with profit and exploitation   here
  • Wikipedia and the promotion of economists’ idiotism   here
  • The final implosion of MMT   here
  • Economics between science and magic   here
  • A new episode of one of the worst blunders of economics   here
  • Macrofoundations, too, are defective   here
  • The general theory of scientific incompetence   here
  • How Keynes got macro wrong and Allais got it right   here
  • Keynesianism: The triumph of blathering over thinking   here
  • Clueless about money and profit   here
  • Demystifying employment theory and policy   here
  • The unfinished Keynes   here
  • Making the economy the focus of the economists’ dialogue   here
  • Stock prices, profit, and other self-fulfilling idiocies   here
  • History and future of the monetary economy   here
  • There is no thrift paradox, or, How economists fell over their own feet   here
  • Enough! Economists, retire now!   here
  • The actual distribution is unacceptable? Do NOT seek economic advice!   here
  • Fatal defects of profit and market theory   here
  • The scientific self-elimination of Heterodoxy   here
  • The tiny little problem with economics   here
  • The great economic equations   here
  • Hayek or how economists miss their subject matter since more than 200 years   here
  • The unintended consequences of deficit spending   here
  • Economic policy has gone wrong because economic theory has gone wrong   here
  • High profits and low economics   here
  • The solemn burial of marginalism   here
  • How Keynes messed macro up   here
  • As Napoleon said: don’t listen to economists   here
  • How the American working class can bring overall profits down to zero without bloody revolution   here
  • Profit, marginalism, and other anomalies   here
  • Your profit theory is false   here
  • “As goes GM, so goes America” — A rather ordinary fallacy of composition here
  • How the intelligent non-economist can refute every economist hands down   here
  • Wages and profits are NOT the components of income   here
  • Heterodoxy, too, is scientific junk   here
  • Confounding sociology and economics   here
  • The very real problem of zero scientific utility   here
  • No culpa, only stultitia   here
  • Who said what to whom — and does it matter?  here
  • Essentials of Constructive Heterodoxy: profit  here
  • Income, profit, distributed profit: a radical simplification  here
  • Refocusing the debt/profit issue  here
  • The Profit Law  here
  • Inequality, wage and profit  here
  • Kalecki's wrong definition of profit and income  here
  • The universal Profit Law and the multitude of unique historical circumstances  here
  • The profit theory is false since Adam Smith. What about the true distribution theory?  here
  • What the Top 20 heterodox economists say  here
  • Profit for Marxists  here
  • Where is profit?  here
  • Profit is the key  here
  • Flawed logic  here
ICYMI: Profit is the pivotal concept for the analysis of how the economy works. Without a correct profit theory economics is vacuous. Conventional profit theory is logically indefensible. Economists have no true conception of the most important phenomenon in their universe.

Working papers
  • How the intelligent non-economist can refute every economist hands down   SSRN
  • The profit theory is false since Adam Smith. What about the true distribution theory?  SSRN
  • The emergence of profit and interest in the monetary circuit   SSRN
  • Profit for Marxists   SSRN
  • Debunking squared   SSRN
  • Understanding profit and the markets: the Canonical Model   SSRN
  • Income distribution, profit, and real shares   SSRN
  • When Ricardo saw profit, he called it rent: on the vice of parochial realism  SSRN
  • Schumpeter and the essence of profit   SSRN
  • Uniform profit ratios   SSRN
  • Keynes's missing axioms   SSRN

Debt: cross-references

Posts
  • Debt and other unsolved economic problems   here
  • Demystifying employment theory and policy   here
  • History and future of the monetary economy   here
  • The unintended consequences of deficit spending   here
  • It’s the price and profit mechanism, stupid!   here
  • Economists’ perennial trouble with accounting   here
  • Which breakdown?   here
  • Deficit spending, helicopter money, and profit   here
  • Money and debt in six elementary steps   here
  • Money, cranks, and morons   here
  • It is shrinking debt which eventually explodes the market economy   here
  • The Fisher Effect — a specimen of scientific incompetence   here
  • The Coppola method: Adam Smith reincarnated?   here
  • Buridan’s ass economics   here
  • How to solve almost any problem  here
  • Multiplying confusion  here
  • Nobody understands debt — including the shrinks  here
  • The true nature of economists' confusion  here
  • Better precisely right than roughly wrong  here
  • Who rides the debt-tiger cannot dismount  here
  • Growing debt is bad, but shrinking debt is worse  here
  • Who takes Orthodoxy or Heterodoxy seriously?  here

Political economics: cross-references

Posts
  • Needed: The Worst of the Worst of economics blogs   here
  • Just another wreck   here
  • Soap box economics   here
  • Banana economics   here
  • Hijackers, agenda pushers, PsySocs and other morons   here
  • Consensus, buddy consensus, scientific consensus, or what?   here
  • Economics is NOT about Human Nature but the economic system   here
  • Getting out of the economics swamp   here
  • Economists ― blinded by political balloons   here
  • Austerity and the total disconnect between economic policy and science   here
  • Does Asad Zaman fly with POL or SCI Airlines?   here
  • Feynman Integrity, fake science and the econoblogosphere   here
  • Note on Barkley Rosser on political/scientific failure   here
  • Hayek and other informationally retarded proto-economists   here
  • Economics and encephalomalacia   here
  • Ditch scientific incompetence!   here
  • Media-fake-farce-fraud-storytelling-macro   here
  • How Heterodoxy became the venue for science’s scum   here
  • Toward the New Academy   here
  • Economic policy guidance NEVER had sound scientific foundations   here
  • The economist as moralist   here
  • Austerity and the idiocy of political economists   here
  • The non-existence of economics   here
  • Economics and truth   here
  • Pre-truth and post-truth in economics   here
  • New economic thinking = old political fake   here
  • Endtime for soap box economists   here
  • Where economics went wrong   here
  • NAIRU ― letting one more nonentity go   here
  • Schizonomics   here
  • Economics, Plato’s Cave and the Silver Blaze Case   here
  • Economics is a science? You must be joking!   here
  • Economics, methodology, morals ― a creepy freak-show   here
  • New economic thinking, or, let’s put lipstick on the dead pig   here
  • Paul the Menace   here
  • Why Bernie Sanders is unintentionally a godsend for the one-percenters   here
  • Friedman and the cluelessness of fake scientists   here
  • Economism, vulgar economics, and the curse of goofy critics   here
  • Economists: Incompetent? Stupid? Corrupt?   here
  • Gossip economics   here
  • Delusions of useful idiots   here
  • Mass unemployment: The joint failure of orthodox and heterodox economics   here
  • How the 99 percent can bring overall profit of the 1 percent legally down to zero in 2017   here
  • Economics: Poor philosophy, poor psychology, poor science   here
  • Economics is indefensible   here
  • Inequality: Market failure or theory failure?   here
  • Economics as poultry entrails reading   here
  • When fake scientists call out on fake politicians   here
  • Economics: The pluralism of false theories is over   here
  • Will economics ever become a science?   here
  • A political stench is in the air   here
  • Americans believe crazy things, yet they are outdone by economists   here
  • Why Hayek was not a scientist   here
  • Economics: Two ages of scientific incompetence   here
  • Economists and politics: Will you kindly shut up!   here
  • Economics is not post-truth but pre-truth   here
  • The economist’s pick: liar, moron or what?   here
  • Economics and corruption   here
  • FakeNews, FakeScience: economics in the information age   here
  • Keynes’s message for contemporaries   here
  • Economists: The Trumps of science   here
  • The economist as standup comedian   here
  • Economists: Jacks of all trades ― except economics   here
  • Political economics: a deadhead sitcom   here
  • There is NO such thing as an economic expert   here
  • Scientific suicide in the revolving door   here
  • Not big news: political economics is a failure   here
  • Economics pedagogy: an un- and anti-scientific exercise   here
  • Economics: a science without scientists   here
  • Heterodoxy ― a new paradigm or just another political sect?   here
  • The bigots of common sense   here
  • Go, Heterodoxy, move on!   here
  • A basket of scientific deplorables   here
  • All models are false because all economists are stupid   here
  • Scientists and science actors   here
  • The trouble with economics prizes   here
  • Economists: No legitimacy whatever   here
  • False and true economic laws   here
  • Krugman is not an economist   here
  • Unemployment is the outcome of political economics   here
  • Economists and the economy ― a nonstarter since 200 years   here
  • Turning the bananatization of economics around   here
  • Demystifying employment theory and policy   here
  • Nothing to choose between Orthodoxy and traditional Heterodoxy   here
  • Failed institutions   here
  • Economics and Project Augean Stable   here
  • A heap of scientific rubbish   here
  • Economics is NOT a social science   here
  • Economics: The chief demerit is inconsistency   here
  • Economic policy guidance out of the scientific kindergarten   here
  • Economics: Deadlocked between politics and science   here
  • Economics: The Battle of Frogs and Mice is over   here
  • Enough! Economists, retire now!   here
  • Politics, storytelling, and science   here
  • Political economics: as worthless as ever   here
  • Hayek ― agenda pusher or scientist?   here
  • Economics: A cargo cult science from the very beginning   here
  • Politics is national, science is not   here
  • Politics or Science? Decide and act accordingly   here
  • The mad flip-floppers   here
  • Hayek or how economists miss their subject matter since more than 200 years   here
  • Economics: From proto-science to freak show   here
  • Society, you have a problem   here
  • Economic policy has gone wrong because economic theory has gone wrong   here
  • Economic recommendations out of the swamp between true and false   here
  • Heterodox schizo   here
  • Why don’t economists simply shut up for a while?   here
  • High profits and low economics   here
  • It’s the price and profit mechanism, stupid!   here
  • There is no truth in political economics   here
  • Economics: neither craft nor science   here
  • Helicopter money — a free lunch for the one-percenters   here
  • Hayek was not an economist   here
  • Trump and the weaponizing of economics   here
  • Economics and the weapons of mass distraction   here
  • Low-IQ economics: the beginner’s guide   here
  • Sick or false?   here
  • Economics and the social science delusion   here
  • Krugman and the scientific implosion of economics   here
  • What heterodox economists are embarrassed to admit   here
  • Political economics: a playground for scientific deadbeats   here
  • The still unfinished Keynes   here
  • On economists’ stupidity   here
  • What comes next?   here
  • End of a storyteller   here
  • Every thinking economist is heterodox by default, but how do we proceed from here?   here
  • Agenda pushing or science?   here
  • It’s not the ideology, it’s the methodology, stupid!   here
  • Confused Orthodoxy vs. confused Heterodoxy   here
  • Is Paul Krugman necessary?   here
  • Are economists natural born scientific failures?   here
  • Economics: of the stupid by the stupid for the stupid   here
  • Scientific dabbler and peddler   here
  • Soap-opera economics   here
  • Which breakdown?   here
  • How economists became the scientific laughing stock   here
  • Swedish muddle   here
  • Economics is a scientific zombie waiting to be put down   here
  • The tragedy of Heterodoxy   here
  • Political economics and intellectual corruption   here
  • The utter senselessness of political economics   here
  • Pseudo-voodoo-moron-proto-mumbonomics   here
  • Profit and the poverty of economics   here
  • The x-th reinvention of evolutionary economics   here
  • Hayek: mad, bad, or just another incompetent economist?   here
  • Free the academy from economics   here
  • Keynes and the logical brilliance of Bedlam   here
  • How to be a good scientist   here
  • Exponentially growing junk   here
  • Doomed and damned   here
  • PsySoc — the scourge of economics   here
  • Economics: ‘a tale Told by an idiot, full of sound and fury’?   here
  • Confounding sociology and economics   here
  • How to minimize political confusion   here
  • Confounding Is and Ought: the economist as moralist   here
  • Time to get rid of political economics   here
  • The philosophy of know-nothingers   here
  • Whatever it is, let's call it conservatism   here
  • Buridan’s ass economics   here
  • Heterodoxy: important decisions ahead   here
  • Economics: the honeypot for know-nothings   here
  • Here it comes: the sexit   here
  • Knowledge vs. Belief   here
  • The case for pure economics   here
  • Mental messies and loose losers   here
  • Separation of politics and economics   here
  • In science, NO is the answer   here
  • True/false is different from good/bad   here
  • An exercise in futility    here
  • It's about institution-building, stupid   here
  • From economics to politics to idiotism   here
  • Keynesianism as ultimate profit machine   here
  • It's all over — but for whom?   here
  • Ditto and the hazards of diprosopus   here
  • Value — the Bermuda triangle for economic theories   here
  • More than two centuries of waffling in the dark   here
  • Flight of ideas and the dead end of all econtalk   here
  • From true/false to garbage-wrestling and back   here
  • Keenonomics, aggregate demand/change of debt, and some misleading critique   here
  • Lost between pure fiction and parochial realism   here
  • The art of start   here
  • A farewell to PsySoc economics   here
  • Wake up: economics is not a science of behavior   here
  • Sloppiness as economic methodology   here
  • The guessing game   here
  • Tricky business   here
  • Objective Principles   here

Related working papers on SSRN
  • Major defects of the market economy   here
  • Objective principles of economics   here

For the new foundations of economics see cross-references Paradigm shift