Category Archives: Econoclasm

Critiques of economic sacred cows and religious gurus

Pluralism of Cognitive Dissonance

Pluralism is the enemy of science. At any given time, science deals only with a single most correct theory in any particular domain, not with multiple incorrect theories. There is a huge difference between evaluating many new ideas and the … Continue reading

Posted in Econoclasm, Economics, Science | 7 Comments

Keynesian Fallacy and Collapse

One of the first posts of this blog describes the potential for a Keynesian economic collapse due to persistent policy application, over decades, of the Keynesian fallacy. The fallacy originated from simple mathematical errors in Keynes’ General Theory which have … Continue reading

Posted in Econoclasm, Economics | 8 Comments

Optimal Aggregate Consumption

Over-consumption is not in the Keynesian lexicon. More consumption is assumed always to be better for economic growth (with few exceptions) in a Keynesian prescription of perpetual demand-stimulation policy of quasi-boom (Keynes, 1936, p. 322): Thus the remedy for the … Continue reading

Posted in Econoclasm, Economics | 2 Comments

Saving=Investment Fallacy

“Saving=Investment” is axiomatic in macroeconomics as it is taught in basic textbooks, found in advanced research and assumed in national statistics. Yet it is a fallacy which can be traced to Keynes (1936, p.63) where he defined saving as “the … Continue reading

Posted in Econoclasm, Economics | 12 Comments

Keynesian Economic Collapse

Nearly 80 years of Keynesian fallacy has brought the global economy to the edge of collapse. Governments everywhere love Keynesian economics which axiomatically requires governments to spend to maintain aggregate consumption in their economies. What is there not to like … Continue reading

Posted in Econoclasm, Economics | 3 Comments