Saturday, July 24, 2021

J. W. Mason — At Age of Economics: How Should an Economist Be?

The website Age of Economics has been carrying out a series of interviews with economists about what the purpose of the discipline it is, and what its relationship is to capitalism as a historical social system. I believe there will be 52 of these interviews, one each week over the course of 2021. Earlier this spring, they interviewed Arjun Jayadev and myself. You can watch video of the interview here. I’ve pasted the transcript below....
J. W. Mason's Blog
At Age of Economics: How Should an Economist Be?
JW Mason | Assistant Professor of Economics, John Jay College, City University of New York


Footsoldier said...

What the Monetarists look at in detail.

Why the say what the say. Why they have been describing FED operations during the virus the way they do.

It is an 8 part series from 2015 but the year doesn't matter. This is what they look at at all times and why they come up with their predictions. The comments section on each part goes further.

The Fed's Ultimate Balancing Act - Part 1

Contractions In Money Flows And Market Liquidity - Parts 1 to 7

Why they say MMT is a false doctrine.

They never use context. They never ask how would Warren's reforms of the FED and the banks change the above ?

How would full employment via the JG change the above ?

How would not issuing debt at all change the above ?

I could go on and on.

They just see permanent ZIRP and are repulsed by it.

Anybody who reads the 8 part series and disagrees with what the Monetarists are saying. Simply list why what they are looking at is the wrong way to look at things and explain why below.

AXEC / E.K-H said...

Debunking economists' favorite hallucinations
Comment on JW Mason on ‘At Age of Economics: How Should an Economist Be?’*

1. “The most obvious way that economics matters is that it has an enormous prestige in our society. Economists have a level of respect and authority that no other social scientist, arguably no other academic discipline possesses.”Economics is failed/fake science.#1 The prestige it has in society is a result of massive political promotion and not of any genuine scientific merits.#2

2. “It’s also important to realize that economics has come up with some very useful concepts, to make sense of this world around us: concepts like GDP or employment.”In 200+ years economists did not get the foundational concept of macroeconomic profit right. Because of this, the concept of GDP is provably false.#3

3. “… you’ll find a lot of useful tools within economics.”The main tools are constrained optimization and supply-demand-equilibrium and both are methodological garbage, i.e. based on untenable axioms.#4 Because the foundations of economics are false the whole analytical superstructure is scientifically worthless.

4. “And to be fair, there are plenty of prominent mainstream macroeconomists who have a lot of interesting and insightful things to say about real economies. The thing is that when they’re talking about the real world, they ignore what they doing their scholarly work.”That is a euphemism for collective schizophrenia, i.e. of the fact that economists are either stupid or corrupt or both.#5

5. “But it’s almost impossible to imagine a non-ideological economics. … So as long as we live under capitalism, we are never going to have an established scientific study of capitalism.”From JW Mason's and other scientifically incompetent economists' lack of imagination does NOT logically follow that economics cannot move above the level of proto-scientific garbage and political corruption.#6

6. “If you want to think about capitalism as a system, you need to go back to Karl Marx.”No! Marx was just another scientifically incompetent clown/useful idiot in the political Circus Maximus.#7 If you want to think about the economy you have to move from false microfoundations and false macrofoundations to true macrofoundations.

Egmont Kakarot-Handtke

* Blog

#1 Wikipedia, economics, scientific knowledge, or political agenda pushing?

#2 The real problem with the economics Nobel

#3 The GDP-death-blow for the economics profession

#4 Get it econ suckers: behavioral microfoundations ⇒ false, systemic macrofoundations ⇒ true

#5 Schizonomics

#6 The Paradigm Shift is an accomplished fact

#7 Dear idiots, Marx got profit and exploitation wrong