More self-criticism
from Peter Radford
And while I am on the subject I see Krugman makes the case that “real economics”, aka supreme belief in market magic, may well not be that real after all. Then he throws this in:
“Yes, much of micro can be derived rigorously from individual maximization plus equilibrium; but why, exactly, does that make it right?”
Well.
In fact it makes it wrong.
Individual maximization is a pipe dream that only exists in the heads of utopian economists. And equilibrium. Have you ever seen one? Seriously? Neither have I.
Add the two together and you have a wonderfully coherent, internally consistent, beautiful system that portrays nothing. It looks good. It is vacuous nonetheless.
To think that good macro has to be built on this vaporware is just awesomely foolish.
Yet, apparently, according to luminaries like Robert Lucas, “good” economics is built precisely on such vapor.
No wonder “real economics” is of little to no value.
Maybe we should try real world economics.
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Real-World Economics Review Blog 
“Add the two together and you have a wonderfully coherent, internally consistent, beautiful system that portrays nothing…. ” I am not so sure of that.
Economics is claimed to be a mathematical (hence logical) system composed of axioms and rules for deducing statements. Consider the following statement:”The economy has a stable equilibrium.” To say that the economic system is consistent it must be possible to prove that the equilibrium is stable or unstable (I use proof as we are in mathematics).
However, the Sonnenschein-Mantel-Debreu Theorem (SMD) asserts that the equilibrium may be ‘stable’, ‘multiple or even strange’, and ‘unstable’.
Since economists can prove neither stability nor instability, by Kurt Godel criteria, SMD, Steve Keen and C- R. D) the economic system is both inconsistent and incomplete.