Tuesday, April 25, 2017

AXEC Economics

I've discovered another econoblogger whose blog goes by the name AXEC.

I like the way he pokes fun at other economists, for example in the sidebar is a permanent quip:

Economics is a failed science.  Economists are Incompetent scientists.
In matters like this, we might agree.

However I haven't been able to understand his fundamental point.  It's about profit.  In effect he says all economists since Adam Smith have misunderstood Profit, and that's why they are WRONG he says.

He only seems to have given minimal explanation of this in the back pages.  I haven't been able to understand it at all.  In fact, going further, I can't even understand why it's particularly important.  Although we live in a world in which profit is pretty important (it's a key part of Capitalism, and in my understanding, it was Marx who understood profit as the motivator of big Capitalists, and Marx spelled it out far more clearly than Adam Smith, however big Capitalists are only a small part of the human population, whose motivations are usually far more complex) it's not everything, or even the key thing, which in my view is the satisfaction of needs and wants, also known as Utility.

Meanwhile, the regular postings merely throw more barbs, without fundamentally showing how this relates to his fundamental critique.

So, while I like many of the things he says, the constant negativity toward all others, combined with tremendous obscurity in making his own points, leads me to believe that basically this guy is little more than a crank.

I could be wrong, which is why I'm noting it here so I can find it later, but I will not be adding this website to my sidebar.

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