Saturday, October 28, 2017

Cameron K. Murray — Decent criticisms of economics? Here are 111 of them.

Just about any one of them is fatal.

Fresh Economic Thinking
Decent criticisms of economics? Here are 111 of them.
Cameron K. Murray


NeilW said...

Data is tainted by the policy conditions that created it.

Pre-1971 and Post-1971 for example.

AXEC / E.K-H said...

Lethal criticism of economics? Here it is!
Comment on Cameron Murray on ‘Decent criticisms of economics? Here are 111 of them.’

Economists are scientifically incompetent. In colloquial terms, both orthodox and heterodox economists are stupid or corrupt or both.

Economics is a failed science since 200+ years. The four main approaches ― Walrasianism, Keynesianism, Marxianism, Austrianism ― are mutually contradictory, axiomatically false, materially/formally inconsistent, and all got the pivotal concept of the subject matter ― profit ― wrong. With the pluralism of provably false theories, economics is what Feynman called a cargo cult science.#1

What the representative economist does not understand until this day is that economics is NOT a science of behavior and that both Walrasian microfoundations and Keynesian macrofoundations are false.#2 Methodologically it holds: if it isn’t properly macro-axiomatized, it isn’t economics at all.#3

The decent criticism of economics is insufficient and counterproductive: “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)#4

Economics is a failed science and incompetent critics like fresh-thinker Murray are an essential ingredient of the mess.

Egmont Kakarot-Handtke

#1 Economics: 200+ years of scientific incompetence and fraud

#2 For details of the big picture see cross-references Failed/Fake scientists

#3 Ten steps to leave cargo cult economics behind for good

#4 The stupidity of Heterodoxy is the life insurance of Orthodoxy

Tom Hickey said...

Right. There are many more than mentioned in the 111.

To paraphrase Joan Robinson, forget about clean up. Start over.