An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
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Thursday, September 19, 2019
Laurie Mcfarlane Tweet - The FT
A few weeks ago the FT came out in favour of state planning and moving towards a worker-led economy. Then, a few weeks later, it backed a caretaker Corbyn government. Now this.
State planning? That's a joke. When they had state planning in Russia and Eastern Europe (prior to the collapses of communism) not one in a thousand of the lefties who advocated state planning in the UK chose to migrate to Eastern Europe to enjoy to amazing benefits of state planning.
It's a bit like the Muslims who advocate Sharia law, while doing everything they can to quit Muslim countries, or stay in the West.
Links on “Capitalism. Time for a reset.” Comment on the new FT campaign*
Right policy depends on true theory. The reset of economic policy presupposes the reset of economic theory because the major approaches ― Walrasianism, Keynesianism, Marxianism, Austrianism, MMT ― are mutually contradictory, axiomatically false, materially/formally inconsistent and all got the foundational economic concept of profit wrong. Economics is failed/fake/cargo-cult science to this day. The reset of economics requires a new set of axioms, i.e. the replacement of false Walrasian microfoundations and false Keynesian macrofoundations by true macrofoundations. Methodologically, this reset is called a Paradigm Shift. The FT is a bit late. The reset has already happened some time ago. See
True macrofoundations: the reset of economics http://axecorg.blogspot.de/2017/05/true-macrofoundations-reset-of-economics.html
For more details see
The real trouble with Capitalism: stupid/corrupt economists https://axecorg.blogspot.com/2019/09/the-real-trouble-with-capitalism.html
The dirty secret of Capitalism: Capitalists have NO idea how the economy works https://axecorg.blogspot.com/2019/09/the-dirty-secret-of-capitalism.html
Economics: The greatest scientific hoax in modern times http://axecorg.blogspot.com/2019/05/economics-greatest-scientific-hoax-in.html
The only thing we can learn from economic models is what proto-scientific garbage looks like https://axecorg.blogspot.com/2019/07/the-only-thing-we-can-learn-from.html
Macroeconomics: Economists are too stupid for science http://axecorg.blogspot.com/2019/04/macroeconomics-economists-are-too.html
After 200+ years even economics becomes a science ― or does it? https://axecorg.blogspot.com/2019/07/after-200-years-even-economics-becomes.html
From false micro to true macro: the new economic paradigm http://axecorg.blogspot.com/2016/11/from-false-micro-to-true-macro-new.html
The new macroeconomic paradigm https://axecorg.blogspot.de/2017/09/the-new-macroeconomic-paradigm.html
The canonical macroeconomic model https://axecorg.blogspot.com/2019/04/mmt-and-canonical-macroeconomic-model.html
If it isn’t macro-axiomatized, it isn’t economics http://axecorg.blogspot.com/2017/02/if-it-isnt-macro-axiomatized-it-isnt.html
Egmont Kakarot-Handtke
* Laurie Mcfarlane Tweet, FT, The times they are a changin’ https://twitter.com/L__Macfarlane/status/1174328294281535494
and campaign The Financial Times “The new agenda” by The Brooklyn Brothers https://www.campaignlive.co.uk/article/financial-times-the-new-agenda-brooklyn-brothers/1660007
State planning? That's a joke. When they had state planning in Russia and Eastern Europe (prior to the collapses of communism) not one in a thousand of the lefties who advocated state planning in the UK chose to migrate to Eastern Europe to enjoy to amazing benefits of state planning.
ReplyDeleteIt's a bit like the Muslims who advocate Sharia law, while doing everything they can to quit Muslim countries, or stay in the West.
State planning was a reality in western countries too. It’s just a matter of recognizing what is state planning.
ReplyDeleteLinks on “Capitalism. Time for a reset.”
ReplyDeleteComment on the new FT campaign*
Right policy depends on true theory. The reset of economic policy presupposes the reset of economic theory because the major approaches ― Walrasianism, Keynesianism, Marxianism, Austrianism, MMT ― are mutually contradictory, axiomatically false, materially/formally inconsistent and all got the foundational economic concept of profit wrong. Economics is failed/fake/cargo-cult science to this day. The reset of economics requires a new set of axioms, i.e. the replacement of false Walrasian microfoundations and false Keynesian macrofoundations by true macrofoundations. Methodologically, this reset is called a Paradigm Shift. The FT is a bit late. The reset has already happened some time ago. See
True macrofoundations: the reset of economics
http://axecorg.blogspot.de/2017/05/true-macrofoundations-reset-of-economics.html
For more details see
The real trouble with Capitalism: stupid/corrupt economists
https://axecorg.blogspot.com/2019/09/the-real-trouble-with-capitalism.html
The dirty secret of Capitalism: Capitalists have NO idea how the economy works
https://axecorg.blogspot.com/2019/09/the-dirty-secret-of-capitalism.html
Economics: The greatest scientific hoax in modern times
http://axecorg.blogspot.com/2019/05/economics-greatest-scientific-hoax-in.html
The only thing we can learn from economic models is what proto-scientific garbage looks like
https://axecorg.blogspot.com/2019/07/the-only-thing-we-can-learn-from.html
Macroeconomics: Economists are too stupid for science
http://axecorg.blogspot.com/2019/04/macroeconomics-economists-are-too.html
After 200+ years even economics becomes a science ― or does it?
https://axecorg.blogspot.com/2019/07/after-200-years-even-economics-becomes.html
From false micro to true macro: the new economic paradigm
http://axecorg.blogspot.com/2016/11/from-false-micro-to-true-macro-new.html
The new macroeconomic paradigm
https://axecorg.blogspot.de/2017/09/the-new-macroeconomic-paradigm.html
The canonical macroeconomic model
https://axecorg.blogspot.com/2019/04/mmt-and-canonical-macroeconomic-model.html
If it isn’t macro-axiomatized, it isn’t economics
http://axecorg.blogspot.com/2017/02/if-it-isnt-macro-axiomatized-it-isnt.html
Egmont Kakarot-Handtke
* Laurie Mcfarlane Tweet, FT, The times they are a changin’
https://twitter.com/L__Macfarlane/status/1174328294281535494
and campaign The Financial Times “The new agenda” by The Brooklyn Brothers
https://www.campaignlive.co.uk/article/financial-times-the-new-agenda-brooklyn-brothers/1660007
Yeah but they were all drunk on vodka Ralph....
ReplyDeleteState planning in China. Seem to work much better than the USAs planning. Compare GDP.
ReplyDeleteS400
ReplyDeleteYou say: “State planning in China. Seem to work much better than the USAs planning.”
The USA needs no planning because MMTers keep Capitalism going with deficit-spending/money-creation.
MMTers make Capitalism work
https://axecorg.blogspot.com/2018/07/mmters-make-capitalism-work.html
Egmont Kakarot-Handtke