AynCrap

Marxian economics defies epistemology and ontology, and so is unfalsifiable, making it not even wrong. Next month I will post several posts taking to task the labour theory of value, exploitation of labour theory, capital accumulation as formulated by Marx and the theory of the declining rate of profit. Each of these will get a separate post. Also forthcoming will be posts about historical attempts to apply Marxian theory (or subsequent bastardisations of it) in building total state and democratic socialism with a view to attaining communism. This discounts places like Argentina, Somalia and India. I'll be covering the Soviet Union, China, Ethiopia, Angola, Venezuela and Zimbabwe, one post each. March against Marx, people!

Watch this from 1:05:40 to about 1:10:00ish. Enjoy, beaches!

A Youtuber calling himself axe863 has published a few funky videos. This one makes me happy as it neatly sums up the content and consequences of capitalism over time versus what a lot of people say about it. Stay non-trivially non-stationary, folks!

Daron Acemoglu is an economist in the New Institutional(ist) tradition, a twist on the anti-epistemology called Institutional Economics that sit somewhere between the old-school Institutionalists and Neoclassical / New Classical economics. Alongside Behavioural economics most of the really funky new knowledge is coming from New Institutionalists like Acemoglu. In a book that is online for free  (pdf) he explains basically all of modern macroeconomics. So during March I will need to post an overview of this book as well as Friedman's price theory one (which I originally said I'd offer this month, but I have been delayed by life). Love ya!

The Lolberts podcast might actually be the greatest, most significant thing to ever happen. Really. Go to there. Listen to the v a p o r of Jim Jesus and whoever is co-hosting a given episode. Go to the bottom of the page and start listening. Work your way up. Realise that Jim Jesus understands, where you do not. Enjoy!

So apparently the advert below is making me buy Ribena by hijacking my mind. I've included it here for its adorable humour, Enjoy! Yet I haven't bought any, and this advert wouldn't persuade me.

I previously blogged that there is one economic activity and I called it exchange. I still hold to that, but when I talked about the forms it takes I only mentioned distribution and production... What about consumption? Whoops. So, yeah, three forms of exchange through action, not two. Sorry! Love ya, I need to learn econ.