#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 31, 2025
“AXEC does not show that Godley's stock-flow consistent (SFC) identities are internally inconsistent.” (James Young)
James Young cannot read, see the paper ⇒
The common error of common sense: an essential rectification of the accounting approach…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 31, 2025
2. “AXEC confuses 'axioms I dislike' with 'false'.”
Axioms have nothing to do with like or dislike. This is moronic methodological nonsense.
Joan Robinson clearly recognized that economics was proto-scientific garbage. So, she proposed a Paradigm… pic.twitter.com/p5zDTiDgGX
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 31, 2025
1 Godley's equations
The representative economist NEVER understood profit/income and, by consequence, how the economic system works. Godley's system of equations is provably false.
For details, see the paper ⇒
The common error of common sense: an… pic.twitter.com/RUkixOdWeJ
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 31, 2025
3. Equilibrium has been put into the premises of legacy economics. ⇓ Methodologically, this is a petitio principii, but economists have never had any scientific instincts. Equilibrium goes down the scientific drain with the Paradigm Shift.
For… pic.twitter.com/Oz2a8gnIUp
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 31, 2025
“Why do you pay taxes if the government can print all the money?” (Bukele explains the U.S. Dollar; Lord Bebo)
Mr. Bukele never understood profit and, by consequence, how the economic system works.
The free-market economy, a.k.a. Capitalism, runs…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 31, 2025
“Marxism has an explanatory power that is superior to mainstream bourgeois social science because it deals with the imperative of class power and political economy, the motor forces of society and history.” (Michael Parenti quoted by Andre2000)…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 30, 2025
“Adam Smith was a genius.” (Elon Musk)
No, he was not a genius, not a scientist, not an economist; he was a populist moralizer.
“If I were rich, I would have a plaque made up, and sent to every judge in America, bearing a statement made by Adam… pic.twitter.com/HywRQvxqwq
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 30, 2025
“It's time to take a bold stand in defense of America's oft-maligned billionaire class.” (Matthew Yglesias)
Matthew Yglesias never understood profit and, by consequence, how the economic system works. This is disqualifying for an… pic.twitter.com/JXhXL8kBvD
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 30, 2025
“American economists convincing themselves that they are what causes growth while China overtakes the US by actually building stuff is one of the funniest things about the Age of Stupid.” (Joseph Francis)
Economics is NOT about left or right, good… pic.twitter.com/DOeAeiC3C1
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 30, 2025
“The reason stuff like this is so important (and very funny) is it exposes that Marxists will defend everything Marx ever said.” (Roman Helmet Guy)
This holds for followers of all colours. Economics is failed/fake science, and the representative…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 29, 2025
“Godley showed that capitalism has a syntax; balance-sheet — and once you see it, equilibrium cannot even be conjugated.” (Beyan.D)
The representative economist NEVER understood profit/income and, by consequence, how the economic system works.…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 29, 2025
“Kalecki showed that capitalism runs on class power, pricing, and finance — not frictionless vessels seeking rest.” (Beyan.D)
The representative economist NEVER understood profit/income and, by consequence, how the economic system works. Kalecki's…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 29, 2025
The EconNobel has become one of the biggest PR disasters of all time. It has nothing to do with science.
Although it claims to be a science, economics is not one. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism and their…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 29, 2025
“Keynesianism has conquered the hearts and minds of politicians and ordinary people alike because it provides a theoretical justification for irresponsible behavior.” (Zingales)
Obviously, this is not economics but psycho-social-moral blather. It's… pic.twitter.com/vmbcnZmXHu
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 29, 2025
“The US government has '14 magic money computers' that make 'money out of thin air.' This is why we Bitcoin.” (Elon Musk)
That money is created out of nothing and backed by nothing is NOT the critical point of a fiat money system. The point is…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 29, 2025
“In this study, Rau & Stokes conclude that 'income inequality is a strong & highly robust predictor of democratic erosion'.” (Gerardo Munk quoted by John Holbein)
The relationship between the economic system and the political system has always been…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 29, 2025
“The government doesn’t have any money. Only people have money. The government only gets money by putting its hand in your pocket and taking it out.” (Milton Friedman)
Taxes as such are not theft. Of course, they can become a kind of theft, if, for… pic.twitter.com/GQd9S0jqcl
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 29, 2025
“Those are the fifteen minutes that I teach growth accounting to undergraduate students in my macroeconomics course. I write down a production function, explain how Robert Solow taught us to compute his famous residual, and then show some…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 28, 2025
The history of economic thought is the history of scientific failure. The major approaches are mutually contradictory & axiomatically false & materially/formally inconsistent. They ALL got profit wrong. Marx was NO exception.
When a foundational…
For more about exploitation, see AXECquery.
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 27, 2025
“The Great Deflation occurred at the beginning of the period sometimes called the Second Industrial Revolution. It was characterized by dramatic increases in productivity made possible by the transition from agriculture to industrialization in the… pic.twitter.com/uLSputPCYe
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 25, 2025
“… there is no 'economic law' that says it has to be like this.” (?whispers? quotes Dirk Ehnts)
There are objective/systemic laws, but there are no behavioral laws. History is the combination of laws and contingent decisions.
The free-market…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 25, 2025
“President Trump says the current financial system is outdated and will soon be replaced with a state-of-the-art cryptocurrency framework …” (Bitcoin Teddy)
The current monetary system is bad, but crypto is even worse.
For the axiomatically…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 25, 2025
“What economists call laws, I call subjective hypotheses.” (Relearning Economics)
There are systemic laws in economics, but not behavioral laws. Economists constantly confute the two. This is why economics has been failed/fake science since the… pic.twitter.com/lzcgTiqYm6
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 24, 2025
“Modern civilization which enables us to maintain 4 billion people was made possible by the institution of private property.” (Friedrich Hayek)
This is one of the worst examples of stolen valour. Modern civilization was made possible by science.…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 24, 2025
“It is absurd to assume that, for any long period of time, the variables in the economic organization, or any part of them, will stay put in perfect equilibrium, as to assume that the Atlantic Ocean can ever be without a wave.” (Irving Fisher ‡)…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 23, 2025
The question is whether economics is a science or a means of pushing a political agenda. In the grand scheme of things, only science matters. The rest is noise.
Economics claims to be a science, but it still is NOT. The major approaches…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 23, 2025
“Macroeconomics is in a state of chronic disarray. As its mathematical sophistication has intensified, its contribution to our understanding of the real world has diminished.” (Basil Moore quoted by ?whispers?)
Complaining won't help.
The… pic.twitter.com/I07gimZBqS
#Economics#FailedFakeScience
— AXEC (@EgmontHandtke) December 23, 2025
“Wow, just in case someone was wondering why elite US academia became such left-wing indoctrination machine. How is this even possible?” (Michael Arouet)
Economics is NOT about left or right, but about true or false. Economics is not politics, but… pic.twitter.com/yorEsxOrji
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 23, 2025
“The macroeconomic literature repeatedly encounters credit as an empirical anomaly.... ... but systematically reframes it as a secondary mechanism in order to preserve marginalist equilibrium foundations, …” (James Young)
Marginalist equilibrium… pic.twitter.com/D56wXgGUA3
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 23, 2025
“Capitalism, for Graziani, begins not with exchange but with banks creating purchasing power ex nihilo. Profits are realized ex post through monetary validation, not marginal productivity.” (Beyan.D)
Augusto Graziani, too, got economics wrong.… pic.twitter.com/tN1Bj4mks8
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 22, 2025
“This isn’t just about the U.S. anymore. Every major economy in the world is borrowing faster than it’s growing.” (NoLimit)
It looks like this is the beginning of the endgame.
The free-market economy a.k.a. Capitalism, runs on profit. Macroeconomic…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 22, 2025
“What if we have got things backward? What if fiscal policy were instead set to the needs of the private sector rather than expecting the private sector to adjust to the 'needs' of fiscal austerity?” (Matthew Klein)
Matthew Klein has no idea how the…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 22, 2025
“Fun fact, the entire GDP growth in the UK since 2019 has been driven by government, not the private sector. Similar entertaining picture in Germany. How did this happen?” (Michael Arouet)
Michael Arouet has no idea how the economy works. This is…
Ha, educate yourself.
— AXEC (@EgmontHandtke) December 22, 2025
“Oligarchy (from Ancient Greek ὀλιγαρχία (oligarkhía) 'rule by few'; from ὀλίγος (olígos) 'few' and ἄρχω (árkhō) 'to rule, command') is a form of government in which power rests with a small number of people. Leaders of such regimes are often referred to…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 22, 2025
“… prices are tightly linked to credit growth …” (James Young)
The axiomatically correct macroeconomic Law of Supply and Demand ⇓ tells one how ― in the elementary case ― the avg price P moves under the condition of market clearing as a function… pic.twitter.com/BXTyA8RZhU
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 21, 2025
“Logical inconsistency: your model assumes real wage = productivity via market-clearing prices, then concludes no surplus exists.” (Dohaciel Ygzgzot)
The appendix shows the relationship between real wages W/P and productivity R under the condition… pic.twitter.com/5nl4qIYM2b
There are two logical cases: (i) market-clearing, and (ii) not market-clearing. In case (i), the price is the dependent variable. The different conditions imply different causalities. Case (ii) has been analyzed elsewhere and is not relevant at this point. Here is the paper for… pic.twitter.com/Aa5B6pIuAY
— AXEC (@EgmontHandtke) December 21, 2025
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 20, 2025
“Taxes aren’t a funding mechanism. Taxes don’t fund a currency issuing government.” (Malcolm Reavell)
The simplified national accounts below ⇓ show two economies, one (0) without tax, and one (1) with tax.
In (0), the workers spend their entire…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 20, 2025
Economics has defined itself as a social science and accordingly has been based on subjective/behavioral axioms. This has been the fatal methodological error/mistake/blunder.
For details of the big picture, see
Cross-references, Not a Science of… pic.twitter.com/XI8UJ9Px1a
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 20, 2025
“It is impossible for the whole private sector to be in surplus unless there is a government deficit to match it. This isn’t MMT, it’s just how the money system works.” (Malcolm Reavell)
“It’s fact, not a matter of opinion.” (?whispers?)
Exactly…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 20, 2025
“The public debt is the creation and addition of new assets from the government sector to the non government sector. Are the private sector recipients of the new money just going to politely decline it?” (Douglas)
Exactly here, the MMT swindle comes…
“Every line is a tautology following from definitions.” Wrong. Every line follows consistently from the axioms. You do not know the difference between axioms and definitions. Formal consistency is one-half of science. Aristotle understood this; Marx did not. After all, he was an…
— AXEC (@EgmontHandtke) December 20, 2025
In section 4.4, it is formally demonstrated that from real surplus follows the total surplus value, which is equal to monetary profit, which stems from an expenditure ratio >1, which is the ultimate cause of real and nominal surplus.
— AXEC (@EgmontHandtke) December 20, 2025
“… your baseline model is a pure consumption…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 19, 2025
“Monetary theory is less abstract than most economic theory, it cannot avoid a relation to reality .... It belongs to monetary history in a way that economic theory does not always belong to economic history.” (John Hicks)
John Hicks, too, got…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 19, 2025
“Like it or not, MMT is here to stay. As it's not a scholarly field and makes no claims to explain anything about the economy, it's not threatened by economics.” (Per Bylund)
MMT is a stillbirth. Right policy depends on true theory. ⇓ MMT is… pic.twitter.com/YKsBXEljrJ
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 19, 2025
“Why are we seeing instead, a rapidly growing economy, inflation coming in way lower than expected and real wages quickly rising? How is that even possible?” (Joe Lange)
Joe Lange has no idea how the US economy works. President Trump is just…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 19, 2025
The axiomatically correct Phillips Curve is given below ⇓. It contains the original curve. pic.twitter.com/tPsyG0L5jv
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 18, 2025
Monetary Theory has been proto-scientific garbage since the time of the Founding Fathers. Economics is not a science but political blahblah.
For the axiomatically correct monetary theory, see
The Dark-Matter Theory of Fiat Money {78a}…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 18, 2025
“Capital Vol. I asks how can profit arise if commodities exchange at their values? Marx’s answer is that exploitation happens in production, not exchange.” (Dohaciel Ygzgzot)
Marx never understood profit, and, by consequence, how the economic system…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 18, 2025
“he government doesn’t have any money. Only people have money. The government only gets money by putting its hand in your pocket and taking it out.” (Milton Friedman)
Taxes as such are not theft. Of course, they can become a kind of theft, if, for… pic.twitter.com/dgC1wjMHcM
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 18, 2025
“Unlike my friend glenweyl I have a high opinion of economic theory …” (Itai Sher)
“Unlike the nincompoops of legacy economics, I have a low opinion of economic theory …” (AXEC)
For over 200 years, economics has claimed to be a science, but it…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 18, 2025
“Taxation must be theft. I cannot see how, morally, anyone consents to being taxed. … Am I an anarchist?” (Reem Ibrahim)
Taxes as such are not theft. Of course, they can become a kind of theft, if, for example, the State taxes WeThePeople for… pic.twitter.com/3o15YdSd1A
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 18, 2025
“Fractional reserve banking = your money isn’t really there.” (Rand Paul)
It goes without saying that neither the Senate nor Mr Rand Paul understands how the economy, or the monetary system in particular, works. However, this doesn't matter because…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 17, 2025
Paul Samuelson never understood how the economic system works. Together with Solow, he messed up the original Phillips Curve back in 1960. ⇒
NAIRU, wage-led growth, and Samuelson's Dyscalculiahttps://t.co/dlXM0eZXwc
and
Cross-references:…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 17, 2025
MMT's foundational balances equation is provably false, so their whole macroeconomics is false. ⇒
The page where Stephanie Kelton gets macroeconomics wrong https://t.co/fSdHhHXvl3
For the full-spectrum refutation, see cross-references ⇒… pic.twitter.com/GoZsN0EH3c
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 17, 2025
The axiomatically correct macroeconomic profit formula is as follows: Qm≡Yd+(I−Sm)+(G−T)+(X−M). Therefore, Michał Kalecki's statement
“In a sense the budget deficit [(G−T)>0] can be considered as an artificial export surplus [(X−M)>0].”
is…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 17, 2025
Monetary Theory has been proto-scientific garbage since the time of the Founding Fathers. Neither the establishment, nor the representative economist, nor the average person knows how the economic system works. Therefore, strictly speaking, they…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 17, 2025
“The Non-Existence of Equilibrium as an Optimization Solution in Monetary Production Economies.” (James Young)
In economics, there is no such thing as equilibrium/ disequilibrium. Methodologically, this concept has always been a NONENTITY.
For…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 17, 2025
“Representative agent (RA) models remain a foundational device in New Keynesian macroeconomics, enabling aggregation and equilibrium analysis via a single optimizing household.” (James Young)
Representative agent (RA) models are still scientifically… pic.twitter.com/Q7MtRZTXWG
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 17, 2025
“The most important macro driver is faltering: Gov't Spending. Deficits add financial assets to the private sector.” (Douglas)
No. There is no such thing as the private sector. There are the business sector and the household sector. The balance of… pic.twitter.com/2pqw7Ycyeb
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 16, 2025
“The philosophers have only interpreted the world, in various ways. The point, however, is to change it.” (Karl Marx, quoted by Don Watkins)
'The economists have only changed the world. The point, however, is to improve it.' (AXEC)
Marx never…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 16, 2025
“Keep your eye on one thing and one thing only: how much government is spending, because that’s the true tax.” (Milton Friedman)
Pay particular attention to the interest payments, which essentially mean that WeTheOligarchy taxes WeThePeople.
The…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 16, 2025
“The natural state of any economy is DEFLATION.” (Darth Powell)
The axiomatically correct macroeconomic Law of Supply and Demand ⇓ tells one how ― in the elementary case ― the avg price P moves under the condition of market clearing as a function… pic.twitter.com/EgiXi7o2SK
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 16, 2025
Monetary Theory has been proto-scientific garbage since the time of the Founding Fathers, but some people still parrot it.
For the axiomatically correct reset, see
The Dark-Matter Theory of Fiat Money {78a}https://t.co/x4NOcsCBMS
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 15, 2025
“Modern day capitalism has the government supplying billions of £ of fiat currency to the wealthy, without obligation.” (Tony Weston)
The free-market economy runs on profit. Macroeconomic profit is given by the axiomatically correct Profit Law /…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 15, 2025
Whether Marx was a saint or an asshole is irrelevant. Whether Marx was poor or rich is irrelevant. The question is whether he was a scientist or a political agenda-pusher. In the grand scheme of things, only scientists matter.
Marx never understood…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 15, 2025
“Profit is a signal which tells us what we must do in order to serve people whom we don’t know.” (F. A. Hayek Quotes)
Hayek never understood profit and how the economic system works. That is the unassailable scientific disqualification.
The… pic.twitter.com/v1mYYfnVJ8
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 15, 2025
“Understanding the monetary system as it exists …” (Stephanie Kelton)
The Dark-Matter Theory of Fiat Money {78a}https://t.co/x4NOcsD9Cq
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 15, 2025
MMT promotes socialism? Economists' stupidity knows no lower bound.
For details, see
MMT, Warren Mosler, and the little helpers from Wall Street and Academiahttps://t.co/3HTR2oUC7S
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 14, 2025
“MMT should not be politely debated or academically indulged.” (Peter McCormack)
Peter McCormack has no idea about profit and how the economic system works. MMT is not a Marxist theory. It is bad science, like the rest of legacy economics. Academic… pic.twitter.com/kKBvhu16d6
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 14, 2025
Ricardo NEVER understood profit and how the economic system works. When the foundational concepts of the subject matter are inconsistent, the whole analytical superstructure is scientifically worthless. The same applies to Marx.
For proof, see ⇒…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 14, 2025
“Many people on the left consider MMT a way of funding public services.” (Tony Weston)
What “many people on the left” think is irrelevant. Same with “many people on the right.” Science is not about left/right, but about true/false. MMT is… pic.twitter.com/N0WvRQxOLD
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 13, 2025
“academia has failed because of peer review.” (vittorio)
The first thing to know for an academic is: economics ― understood as science ― is about knowledge (episteme) and NOT about opinion (doxa).
“In order to tell the politicians and… pic.twitter.com/OJYMrRzucr
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 13, 2025
“Being 'heterodox' has become a sedative for academic underperformance: soothing, self-exculpatory, and ultimately empty.” (Piotr Żoch)
Heterodox economics is scientifically worthless, just like Orthodoxy. There is nothing to choose. For details,…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 13, 2025
“Could you give me an example of where MMT has been successfully implemented before.” (Billy Davies)
In practice, MMT has been implemented everywhere for a long time. In essence, it means persistent deficit-spending/money-creation. Economists are… pic.twitter.com/8jESbz1WHl
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) December 13, 2025
J.S. Mill was the only scientist among brain-dead economists. He understood the difference between science and politics.
Why J.S. Mill had no friendly word for the bigots and votaries of common sensehttps://t.co/tunyuW5tbZ pic.twitter.com/DfiWzuXHBi
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 12, 2025
Hayek never understood profit and how the economic system works. The same holds for Keynes. This is why the Hayek-Keynes discussion has always been disinfotainment for retarded economists.
The free-market economy runs on profit. Macroeconomic profit…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 11, 2025
The axiomatically correct macroeconomic Law of Supply and Demand ⇓ tells one how ― in the elementary case ― the avg price P moves under the condition of market clearing as a function of avg wage rate W, inverse avg productivity R, and… pic.twitter.com/DonR9yPd9P
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 11, 2025
“Neo-liberalism, Thatcherism, Trickle-down economics or whatever you call it … is based on myths/lies as without them, the whole thing would crumble.” (David Graeber Institute)
The free-market economy runs on profit. Macroeconomic profit Qm is…
#Economics#FailedFakeScience
— AXEC (@EgmontHandtke) December 11, 2025
“At the Old Parkland campus in Dallas, TX. Property & Prices; Exchange & Production; Calculation & Coordination.” (Peter Boettke)
The wooden mosaic at the Old Parkland campus in Dallas reveals who is responsible for the complete failure of…
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) December 11, 2025
“There is nothing underneath, as it were, holding it [money] up.” (Perry Mehrling)
Nothing underneath money is needed to hold it up.
The Dark-Matter Theory of Fiat Money {78a}https://t.co/SvOZ93oiOT
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 11, 2025
“Yeah… that’s trillions in U.S. debt that expires in 2026. … And all of it has to be refinanced at much higher interest rates than the near-zero environment it was originally issued in.” (NoLimit)
The free-market economy runs on profit.…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 10, 2025
“The Federal Reserve System is one of the great communities of economists in the world.” (Steven Durlauf)
Yes, but economics is known to be failed/fake science.
Economics claims to be a science, but it still is NOT. The major approaches…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 10, 2025
“2/the debt are the private sector net savings.” (Patricia Pino)
No.
There is no such thing as the private sector. There are the business sector and the household sector. The balance of the household sector is saving/dissaving, and the balance of…
#Economics#Distribution
— AXEC (@EgmontHandtke) December 10, 2025
“The Bayesian posterior probability that income distribution is driven by credit acceleration rather than New Keynesian mechanisms exceeds 99.999%. This level of confidence simultaneously falsifies all six structural pillars of the NK model …” (James…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 10, 2025
“A reliable way to make people believe in falsehoods is frequent repetition, because familiarity is not easily distinguished from truth.” (Daniel Kahneman)
Over the last 250+ years, we have made little progress in economics. Daniel Kahneman's quotes…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 10, 2025
“No one is claiming that I ≠ S.” (Shahin Ashkiani)
It is NOT the case that saving governs investment or that investment governs saving or that both are equal by definition, as Keynes said. ⇓ Both are independent, and they together determine… pic.twitter.com/Ldq0QKLyUE
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 10, 2025
“The Lucas Critique was not about the number of parameters in econometric models, but the nature of parameters (structural vs reduced form); and his advice was not to simplify models, but to build them from assumptions on economic primitives like… pic.twitter.com/XBGSWnVU5i
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 10, 2025
“Without Marx's theory of value there's no way to *quantitatively* link profit to unpaid labor time.” (Ian Wright)
Marx's lethal mistake has not been the Labour Theory of Value, but the Theory of Profit.
Marx never understood profit and, by…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 9, 2025
“He [the economist] must understand mathematics and speak in mathematics.” (J. M. Keynes)
For 200+ years, economics has claimed to be a science. But it still is not. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and… pic.twitter.com/LMU2H5vE5w
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 9, 2025
“The US National Debt has now increased by $2.2 trillion since the Debt Ceiling was raised back in July. The Federal Government continues to borrow from our future to spend money like drunken sailors today.” (Charlie Bilello)
Charlie Bilello does…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 9, 2025
“Economic questions haven’t suddenly become irrelevant and I don’t see any other field that replaces economics.” (Itai Sher)
Another field will not replace economics. However, legacy economics will be replaced by a new approach. This change is known… pic.twitter.com/gbRW4jEz61
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 9, 2025
“I don't care whether we call it economics or not, but the stable preferences point is important and also not that restrictive.” (Brian Albrecht)
Stable preferences are not the starting point of economic analysis. Economics has defined itself as a… pic.twitter.com/9jMXES63bG
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 9, 2025
“America just crossed a threshold from which empires do not return.” (Shanaka Anslem Perera)
No panic, this is old stuff. Wake up and read the 2020 post.
From the debt economy to the gift economy: how America is brainwashed to love budget deficits…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 8, 2025
There is no such thing as 'economic sciences'. ⇓ pic.twitter.com/ZTW2ZkCDaI
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 8, 2025
Thomas Sowell's quotes are psycho-sociology, not economics. As a matter of fact, he never understood profit and how the economic system works.
Economics has defined itself as a social science and accordingly has been based on subjective/behavioral…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 8, 2025
Roger Farmer has long been known to be a failed/fake scientist. ‡ This applies also to monetary theory.
For the consistent macroeconomic Axiom Set, see the working paper
The Dark-Matter Theory of Fiat Money {78a}https://t.co/x4NOcsCBMS
‡ For…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 8, 2025
“'1. Die Arbeit ist die Quelle alles Reichtums und aller Kultur, und da nutzbringende Arbeit nur in der Gesellschaft und durch die Gesellschaft möglich ist, gehört der Ertrag der Arbeit unverkürzt, nach gleichem Rechte, allen Gesellschaftsgliedern.'…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 7, 2025
“You have to be wildly optimistic to believe that corporate profits as a percent of GDP can, for any sustained period, hold much above 6%.” (Warren Buffett)
Clearly, Warren Buffett does not understand profit, and therefore, how Capitalism works.…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 7, 2025
For 200+ years, economics has claimed to be a science. But it still is not. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally… pic.twitter.com/Gen5hVaqUx
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 7, 2025
Modern economics is, what Feynman called, a cargo cult science. Real economists are not interested in how individuals behave; only PsySocs are. Economists are interested in how economic systems behave.
Economics has defined itself as a social… pic.twitter.com/rf1ZtqYZQs
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 7, 2025
“Something not talked about enough is how the year 1971 broke the US economy forever.” (Boring Business)
The graphic in the appendix shows the relationship between real wages and productivity under the condition of market clearing. It is based on… pic.twitter.com/ldp74tr8c4
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 6, 2025
“As an accounting identity the 'debt' is a record of government-issued financial wealth held by the non-government sector.” (?whispers?)
The MMT error/fraud lies in the word non-government sector. There is NO such thing as the “non-government… pic.twitter.com/ll10GIQjUu
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 6, 2025
“I'm not an economist. I'm a Marxist.” (Grace Blakeley)
Marx never understood profit and, by consequence, how the economic system works.
Economics claims to be a science, but it still is NOT. The major approaches (Walrasianism, Keynesianism,…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 6, 2025
The world is now $324t in debt, … Who do we owe this much fucking money to?” (Noah’s Ark)
How do you think the economy works? Hard work, innovation, entrepreneurs, risk takers, or the Invisible Hand of free markets?
The free-market economy runs on…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 6, 2025
“In a dynamic general equilibrium model, …” (d'Avernas et al.)
This half-sentence says all about hopeless legacy economics.
For the basics of the consistent monetary theory, see
The Dark-Matter Theory of Fiat Money {78a}https://t.co/x4NOcsD9Cq
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 5, 2025
“Bro read the fucking book.” (reddington)
Marx never understood profit and, by consequence, how the economic system works.
Economics claims to be a science, but it still is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism,… pic.twitter.com/mthvq4LLdA
#Economics#FailedFakeScience
— AXEC (@EgmontHandtke) December 5, 2025
“As an undergraduate student, I left the traditional economics track for one simple reason: I wasn’t learning much about how the economy actually works in the real world.” (Jostein Hauge)
That's the first step. The decisive second step is the…
#WisdomOfLife
— AXEC (@EgmontHandtke) December 5, 2025
Learn reading. ⇓ pic.twitter.com/5yloB3zcjq
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 5, 2025
Neither Steven Hail nor the IMF's Rodrigo Valdés “do understand monetary system mechanics.”
For details, see ⇒
The Dark-Matter Theory of Fiat Money {78a}https://t.co/x4NOcsD9Cq
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 5, 2025
“Keynes and Euclidean economists in a non-Euclidean world.” (Shahin Ashkiani)
The prime task of theoretical economics is axiomatisation.
For 200+ years, economics has claimed to be a science. But it still is not. The major approaches (Walrasianism,…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 4, 2025
You say you are 63 years old. It's about time you studied real economics! For a start, see ⇒
The Dark-Matter Theory of Fiat Money {78a}https://t.co/x4NOcsCBMS
Listening to prominent economists ('Bernanke, Gertler, Kirzner, Boetke, no less')… pic.twitter.com/EYGWn7RRla
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 4, 2025
“Even at $30 trillion, America has the wealth to pay off its debt. The real question is whether Americans are willing to be taxed more or have their government spend less.” (Tabarrok & Cowen)
Tabarrok & Cowen do not understand profit and, by…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 4, 2025
“THE BANK OF JAPAN JUST BECAME THE WORLD’S LARGEST HEDGE FUND” (Shanaka Anslem Perera)
Shanaka Anslem Perera does not understand profit and, by consequence, how the monetary economy works.
The free-market economy runs on profit. Macroeconomic…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 4, 2025
“… this is the same guy who claimed to be the greatest lover in vienna, …” (Robert Murphy)
'Who was the greatest lover in Vienna?' is a disinfotainment question; it leads to nothing.
“Economics is the study of the economy, not the study of… pic.twitter.com/42tVKQgwXf
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 4, 2025
“'Will AI Improve Undergraduate Economics Education?” (Matthew Kahn)
Will AI figure out that economics has always been materially/formally inconsistent and help to make economics a science?
For 200+ years, economics has claimed to be science, but… pic.twitter.com/4j3IFN7TuE
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 3, 2025
For 200+ years, economics has claimed to be a science. But it still is not. The major approaches are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got profit wrong.
When the foundational concepts of the… pic.twitter.com/xi0gZMevuS
#Economics#AllYouNeedToKnow#AI
— AXEC (@EgmontHandtke) December 3, 2025
“this is big... 50 AI researchers from Bytedance, Alibaba, Tencent, and other labs/universities just published a 300-page paper with surprising lessons about coding models and agents (data, pre and post-training, etc). key highlights: > small…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 3, 2025
“In undergrad, I took a course called 'critical analysis of market economies'. 1st lecture, prof arrives & writes Y=C+I+G+XN on the blackboard. Then says: 'You won't see GDP equations here, because no human relations can be reduced to numbers.'”…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 3, 2025
“Macro without microfoundations needs to be expelled from the field.” (Sid Gundapaneni)
Actually, legacy microfoundations need to be expelled from the field.
Modern economics is, what Feynman called, a cargo cult science. Real economists are not… pic.twitter.com/PUd97myYLo
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 2, 2025
“By making paper money legal tender, the government shut the door on sound money. Repealing legal tender laws is the first step back to liberty.” (Michael Milano)
The question is: How does money really work? Economists don't know. To answer this…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 2, 2025
“We want to change economics, and in changing economics, to change the world.” (Steven Hail, MMT)
Every idiot can change the world. The most important thing is to improve it. This goes beyond MMT because their understanding of economics is flawed.… pic.twitter.com/kpErKHcNAf