User:EKHandtke
The AXEC® Paradigm Shift
Time to make economics a science.
Science is a trial-and-error process: ignorance is the starting point, and great insights are few and far between. Economics is a failed science. The awkward mixture of theoretical and political economics has not produced satisfactory results with regard to material and logical consistency. Hence theoretical economics has to be extricated from political economics and reconstructed upon objective foundations. Advanced theory, i.e. assertions beyond the informative description of various subfields, is largely vacuous. Description, unsubstantiated modeling, psychologism, biologism, physicalism, sheer toolism, plain observationism, myopic empiricism, historicism, exegesis, rhetoric, or metaphor do not make a consistent and empirically valid theory. Orthodoxy cannot give a theoretical account of how the actual economy works, neither can Heterodoxy. Practitioners and down-to-earth empiricists cannot see beyond their noses. Within the accustomed conceptual frameworks, real progress is impossible. The situation calls for a new Paradigm. The new Paradigm calls for objective formal foundations. In the most general terms, the economics Paradigm Shift consists of switching from the behavior-centric bottom-up approach to the structure-centric top-down approach. The move from microfoundations to macrofoundations is comparable to the Copernican turn from geocentrism to heliocentrism.
AXEC's mission is
- to explain how the monetary economy works,
- to elaborate on the logical and material implications of the structural-systemic axiom set,
- to identify the errors/mistakes/inconsistencies in orthodox and heterodox approaches,
- to communicate research results in the form of working papers that are freely accessible on SSRN,
- to provide an AXECwiki knowledge platform,
- to encourage independent testing of AXEC theorems,
- to integrate viable pieces of existing theories into the overarching macro-axiomatic Paradigm,
- to sharpen the demarcation between science/nonscience in economics and to bring forward science,
- to protect the intellectual property rights of all contributors to the AXEC Project.
Wikimedia is used as an open-access depository of charts produced for posts, papers, and books.
Special thanks to all at Wikimedia who created it and keep this platform on a high technical level.
EKH
Summary
