#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) June 20, 2025
“When the banker has a deficit, the players have the identical SURPLUS”
MMTers have never understood profit and as a consequence how the economy works.
Macroeconomic profit Qm is given by the Profit Law/Balances Equation… pic.twitter.com/S8hY3hWt7f
June 20, 2025
Occasional Xs: The futile attempt to recycle MMT (CLXXIX)
June 15, 2025
Occasional Xs: The futile attempt to recycle MMT (CLXXVIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) June 15, 2025
“Focusing on inflation (price stability) and productive spending are the core tenets of MMT.” (Richard Phillips)
Macroeconomic profit Qm is given by the Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0 which implies… pic.twitter.com/kT2HJL3IoV
June 14, 2025
Occasional Xs: The futile attempt to recycle MMT (CLXXVII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) June 14, 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
When the foundational concepts of the subject matter are…
Occasional Xs: The foul spirit of political economics (CXXXV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) June 14, 2025
The history of economic thought is the history of scientific failure, and it goes from David Ricardo via Karl Marx onward to Branko Milanovic (“An economist who thinks,” according to his self-description)
Ricardo has never understood #Profit and how…
June 13, 2025
Occasional Xs: Clueless economists / Science (CLXXIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) June 13, 2025
“But these simplistic models are just for educational purposes. We also have complex, realistic models.” (quoted by Shahin Ashkiani)
The key criterion of Science is true/false and not realistic/unrealistic. Truth is well-defined by material and… pic.twitter.com/vpHcqeOOdB
June 11, 2025
Occasional Xs: The futile attempt to recycle Milton Friedman (XXXVIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) June 11, 2025
“Milton Friedman believed there’s only one way out of the debt spiral: A constitutional amendment that limits government spending.” (Students for Liberty)
Milton Friedman has never understood profit and how the economic system works. That's rather…
Occasional Xs: Economics is not science but disinfotainment (XLIX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) June 11, 2025
“Prof. Acemoglu compares unrealistic neoclassical models to flat-earth maps and claims that such maps are sometimes 'useful'.” (Shahin Ashkiani)
Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism,… pic.twitter.com/Sam5WSPKQ8
June 10, 2025
Occasional Xs: Paradigm Shift (LXVIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) June 10, 2025
“Economics is the study of people's choices. … . The first principle of economics is that people try to optimize … The second principle … is that economic systems tend to be in equilibrium, …” (Key Ideas quoted by Shahin Ashkiani)
Economics has… pic.twitter.com/foSNKEI9Nu
Occasional Xs: Paradigm Shift (LXVII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) June 10, 2025
“Macroeconomics is the subject of many criticisms.” (Oliver Blanchard)
For 200+ years, economics has claimed to be a Science but still is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are… pic.twitter.com/WmSwfFZMT6
Related 'Economics: 200+ years of scientific incompetence and fraud'.
June 7, 2025
Occasional Xs: Clueless economists / Profit (LXXXVI)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) June 7, 2025
“When you understand where profits come from, you understand why govt surpluses lead to recessions.” (Douglas)
True, but ⇒
The Levy/Kalecki Profit Equation is falsehttps://t.co/cTbCmCsiI7 pic.twitter.com/VayvGeq7TQ
Occasional X: There is an absolute limit to the growth of public debt (I)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) June 7, 2025
“If the country goes insolvent, if all the money is just spent on paying interest on debt, there's no money left for anything.” (Elon Musk)
After having been told for years that debt does not matter and is even good for “us” (remember the brain-dead…
June 6, 2025
Occasional Xs: Economics is not science but disinfotainment (XLVIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) June 6, 2025
“… who was Malthus' Godfather?” (EconomicsInTen)
That's not economics, that's perhaps good to know for crossword enthusiasts.
Economics is about how the economic system works. But that is something, economists do not understand to this day.…
Occasional Xs: Clueless economists / Real Wage (II)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) June 6, 2025
According to the axiomatically correct macroeconomic Law of Supply and Demand, the real wage W/P in the elementary production-consumption economy ⇓ moves with the productivity R and declines with deficit-spending/money-creation i.e. ρE>1. The… pic.twitter.com/6P97KQY0BH
June 5, 2025
Occasional Xs: Clueless economists / Power (I)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) June 5, 2025
“Let’s talk about the real emperors.” (William Huo)
“It took over 200 years for the U.S. debt to reach $12 trillion. $12 trillion is how much we added in 4 years between 2020 and 2024.” (The Rabbit Hole)
Very busy, the emperors.
The free-market…
Occasional Xs: The futile attempt to recycle MMT (CLXXVI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) June 5, 2025
“... because the money doesn’t even exist until the government spends it.” (MMT)
MMTers get macroeconomics badly wrong, i.e. have no idea how the economy works.
There are two ways to put money into circulation ― the wrong way and the right way.… pic.twitter.com/cZNHMsIrbD
June 2, 2025
Occasional Xs: Economics still lacks correct macrofoundations (XXXI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) June 2, 2025
“I often wonder whether other subjects suffer as much from textbook writers. (Hahn, 1980)”
Keynes got macroeconomic profit wrong because he was too stupid for elementary Algebra. So, he messed up the long overdue Paradigm Shift from microfoundations… pic.twitter.com/tI5b3xKRyh
Related 'Key Issues: Axiomatization is still stuck at Keynes' juncture' and 'How to start off on the right foot'.
June 1, 2025
Occasional Xs: Clueless economists / Science (CLXXII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) June 1, 2025
“Unlike the position that exists in the physical sciences, in economics and other disciplines that deal with essentially complex phenomena, the aspects of the events to be accounted for about which we can get quantitative data are necessarily limited… pic.twitter.com/YsvFgHIJ2d
May 31, 2025
Occasional Xs: Clueless economists / Science (CLXXI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 31, 2025
Since Adam Smith, economists have claimed to do science but have NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally… pic.twitter.com/A0b3GBsmnv
Occasional X: The growth of public debt is the life elixir of Capitalism (VII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 31, 2025
“Pres. Trump is spending like a drunken sailor.” (Steve Hanke)
Pres. Trump is just following the Prime Directive (also known as “POTUS' General Order 1”) of WeTheOligarchy.
The free-market economy runs on profit. Macroeconomic #Profit Qm is given…
May 30, 2025
Occasional Xs: The futile attempt to recycle MMT (CLXXV)
#MMT#BadScienceBadPolicyBadPeople
— AXEC (@EgmontHandtke) May 30, 2025
There goes the non-straw man refutation of MMT ⇓ pic.twitter.com/WWVv7q79GU
Occasional Xs: Clueless economists / Breakdown (X)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 30, 2025
“Adam Smith, when he wrote his Wealth of Nations, and Burke, when he produced his famous speech on economic reform, understood by political economy a branch of the science of the statesman or legislator, a theory of practice, the science of the…
May 29, 2025
Occasional Xs: Clueless economists / Science (CLXX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 29, 2025
“The 'is economics a science?' discussion is so tedious.” (John Horton quoted by Vincent Geloso)
Since Adam Smith, economists have claimed to do science but have NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and… pic.twitter.com/wsZXxfRwC4
For details of the big picture, see Cross-references Proto-Science/Cargo Cult Science/Fake Science.
Also at Chris Freiman.
May 28, 2025
Occasional Xs: The futile attempt to recycle Ricardo (X)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 28, 2025
The history of economic thought is the history of scientific failure and it goes from David Ricardo onward to the clueless folks at the economics departments around the world.
Ricardo NEVER understood #Profit and how the economic system works. When…
Occasional Xs: How it works (CCCLXIX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 28, 2025
“Elon Musk says he's disappointed with Donald Trump's Big Beautiful Bill: 'Undermines work DOGE team is doing' and 'increases budget deficit'” (Vladcoin)
Elon Musk apparently does not understand how the monetary economy works.
The free-market…
Occasional Xs: The futile attempt to recycle Keynesianism (LXXV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 28, 2025
“Barro said that he doesn’t think HANK models (NK, ofc) are the right way to better understand macro!!” (Badr Elhamzaoui)
Neither Keynes nor After-Keynesians ever understood macro.
Keynes got macroeconomic #Profit wrong because he was too stupid… pic.twitter.com/KUOcDnlXdH
May 27, 2025
Occasional Xs: The futile attempt to recycle MMT (CLXXIV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 27, 2025
“The Fed's positive interest rate policy has been super 'costly' at multiple levels and obscenely regressive as it's paid only to those with money and in proportion to how much they already have: …” (Warren Mosler)
MMTers never realize that they…
Occasional Xs: Clueless economists / Science (CLXIX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 27, 2025
The history of economic thought is the history of scientific failure and it goes from David Ricardo onward to the clueless folks at the economics departments at the U.S. universities.
Ricardo NEVER understood what #Profit is and how the economic… pic.twitter.com/0ePx6agAt3
Occasional Xs: The futile attempt to recycle MMT (CLXXIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 27, 2025
“Republicans understand what Democrats still don’t .. the question about deficits isn’t so much 'how big?' but 'who benefits?' That’s the language Democrats need. Not budget sermons.” (Stephanie Kelton)
It is WeTheOligarchy who ultimately benefits…
May 26, 2025
Occasional Xs: Economists are too stupid for macro accounting (VIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 26, 2025
“But without the government deficit the businesses and households would not enjoy the surplus to save and spend. Thus “national debt” is really the “national savings”. (Quarterly Balances quoted by Malcolm Reavell)
There is no such thing as the… pic.twitter.com/ovgRFA1I5l
Related 'Down with idiocy!'
May 25, 2025
Occasional Xs: How it works (CCCLXVIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 25, 2025
“Basic accounting happened: if you have no debt you have no money in your economy.” (Monetary Sausage)
There are two ways of bringing money into circulation, i.e. the wrong way and the right way. To this day, economists do not understand the…
May 21, 2025
Occasional Xs: How it works (CCCLXVII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 21, 2025
“I am pleased to have made the Time magazine 100 most influential people in philanthropy list.” (Tyler Cowen)
In the free-market economies, the U.S.A. in particular, philanthropy has traditionally been an integral communicative tool for the positive…
Occasional Xs: Clueless economists / Science (CLXVIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 21, 2025
“At most, the numbers and maths are proxies for underlying emotions and power relations that both transcend and precede human numbers systems.” (Brett Scott)
No, the “numbers and maths” are proxies for underlying objective/structural/systemic…
Related 'Mathematical Proof of the Breakdown of Capitalism'.
May 20, 2025
Occasional Xs: How it works (CCCLXVI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 20, 2025
“Fact: U.S. depression tend to come on the heels of federal surpluses” (Mark Fabian quoted by Paul Gambles)
This does not come as a surprise if one understands profit and how the economic system works. Fact is, however, that since Adam Smith,…
May 18, 2025
Occasional Xs: The foul spirit of political economics (CXXXIV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 18, 2025
“Economics is shaped by ideologies, human values, competing interests, social norms, and political priorities.” (Jostein Hauge)
Yeah, that's why economics never rose above the level of proto-scientific garbage. The principle of the separation of… pic.twitter.com/WPuSYZdIxh
Occasional Xs: The futile attempt to recycle Keynesianism (LXXIV)
#Economics#FailedFakeScience
— AXEC (@EgmontHandtke) May 18, 2025
“I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas …” (Keynes)
Keynes got macroeconomic #Profit wrong because he was too stupid for elementary Algebra. So, he messed up the long… pic.twitter.com/3dgvvIGWZ6
May 17, 2025
Occasional Xs: How it works (CCCLXV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 17, 2025
“Moody's wrote, 'Successive U.S. administrations & Congress have failed to... reverse the trend of large annual fiscal deficits.'” (Steve Hanke)
U.S. administrations & Congress cannot “reverse the trend of large annual fiscal deficits” because…
May 15, 2025
Occasional Xs: Teaching failed/fake science (III)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 15, 2025
“One school year ends, another begins. Economic teachers recharge your intellectual batteries and work on your craft, as the Fall term is only a few months away and our task as educators is critical.” (Peter Boettke)
To this day, economists do not…
May 14, 2025
Occasional Xs: The foul spirit of political economics (CXXXIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 14, 2025
“Any treaty with Russia is not worth the paper and ink used for it. Peace will come only from Russian defeat in Ukraine, followed by serious deterrence through military strength and the will to use it. Si vis pacem, para bellum.” (Fabio Ghironi, Paul… pic.twitter.com/7Sq2ONMlf9
May 13, 2025
Occasional Xs: The role of narratives and storytelling in economics (VI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 13, 2025
Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong.…
Occasional Xs: The futile attempt to recycle Adam Smith (LXXXIV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 13, 2025
“What Adam Smith really said …”
… is a matter of indifference.
Adam Smith never understood profit and how the economy works. All he did was produce sociological/psychological/moral platitudes. What he uttered about trade is an exemplary… pic.twitter.com/jjDHFf6Qct
Occasional Xs: Clueless economists / Science (CLXVII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 13, 2025
“Karl Marx was never an important economic thinker.” (Phil Magness)
Marx never understood profit and how the economic system works. That's fatal for an economist. For his scientific standing it is irrelevant whether other economists regarded him as…
May 12, 2025
Occasional Xs: Paradigm Shift (LXVI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 12, 2025
“Year after year economic theorists continue to produce scores of mathematical models and to explore in great detail their formal properties; and the econometricians fit algebraic functions of all possible shapes to essentially the same sets of data… pic.twitter.com/b2OmKJFq8Z
Occasional Xs: Econ 101― still proto-scientific garbage (X)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 12, 2025
“Good luck to all the A-Level economists taking their exam this morning.” (EconomicsInTen)
If you have not realized until now that economics is not much more than silly political blather you have wasted your time/money. So, you messed up the real IQ…
Related 'Economists still don’t get Econ 101 right'.
Occasional Xs: The futile attempt to recycle Hayek (XXXVII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 12, 2025
“Friedrich Hayek explains a fundamental difference between capitalism and socialism: 'Profit is a signal which tells us what we must do to serve people whom we don’t know.'” (Hayek Quotes)
Hayek never understood profit and how the economic system… pic.twitter.com/DHwT8vqz3f
May 11, 2025
Occasional Xs: Clueless economists / Distribution, Inequality (XIV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 11, 2025
“The political class is failing American workers, creating trillions for the rich.” (Dirk Ehnts)
The longstanding MMT propagandist, Dirk Ehnts, apparently does not understand, that creating trillions for the rich is exactly what the MMT policy of…
May 10, 2025
Occasional Xs: Clueless economists / Profit (LXXXV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 10, 2025
“You’ve been taught to hate profit. But profit isn’t greed. It’s the most honest feedback system ever created.” (Students for Liberty)
The scientific fact is that economists do not understand #Profit ― the foundational concept of the subject matter.… pic.twitter.com/26sXPwn6Nz
May 9, 2025
Occasional Xs: How it works (CCCLXIV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 9, 2025
“Billionaire philanthropy is great, but we shouldn’t forget that market-made billionaires have made the world a better place by selling people goods and services that they want at prices they can afford. They’ve gotten rich precisely *because*…
May 8, 2025
Occasional Xs: Paradigm Shift (LXV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 8, 2025
“I even venture (and I can already see the scathing comments; please refrain if you are in insulting mode) that macroeconomics has become a mature science.” (Olivier Blanchard)
Keynes got macroeconomic #Profit wrong because he was too stupid for… pic.twitter.com/U6jemnyrYH
Occasional Xs: Clueless economists / Science (CLXVI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 8, 2025
“It is a good opportunity to read or reread his [Hayek's] essay 'The Use of Knowledge in Society', which @tylercowen called 'the single greatest economics article ever written.'” (Ephie Bernstein)
Hayek never understood the profit mechanism, which…
Occasional Xs: Economics debates ― a never-ending moronic delirium (I)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 8, 2025
MMT vs. Austrianism ― a never-ending moronic delirium. Both MMTers and Austrians do not understand profit and money and by consequence how the economic system works. Let's flush them both down the scientific drain.
The free-market economy runs on…
For more about economics as hardcore wrestling, see AXECquery.
Occasional Xs: How it works (CCCLXIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 8, 2025
“Apparently Trump officials have indeed discussed extending maturities and lowering yields on USTs. In essence that is a default …” (The Sirius Report)
No, in essence, this is the attempt to transform the debt into a gift. For details see ⇒
From…
May 7, 2025
Occasional Xs: Clueless economists / Science (CLXV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 7, 2025
“Blaming imports for GDP drops? Not so fast.” (EconLib)
“OY! ECON REPORTERS!! STOP SAYING IMPORTS SUBTRACT FROM GDP!!” (Noahpinion)
“The correct way to write GDP if you care about living standards and without running the risk of being confused… pic.twitter.com/JIRi56K0qt
For details of the big picture, see cross-references Accounting.
May 6, 2025
Occasional Xs: The futile attempt to recycle Hayek (XXXVI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 6, 2025
“Socialism is based on demonstrably false premises and endangers the standard of living and the life itself of a large proportion of our existing population” (Hayek Quotes)
The free-market economy runs on profit. Macroeconomic #Profit Qm is given…
Occasional Xs: The futile attempt to recycle MMT (CLXXII)
#MMT#BadScienceBadPolicyBadPeople
— AXEC (@EgmontHandtke) May 6, 2025
“I gather from said comment that you haven’t watched the video yet have heard that MMT doesn’t work.” (whispers)
The decisive argument against MMT is NOT that “MMT doesn’t work”. The decisive argument against MMT is that it works just fine for…
Related 'MMTers are NOT Friends-of-the-People'.
Occasional Xs: The futile attempt to recycle Marx (XLV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 6, 2025
“Karl Marx was born on this day in 1818. His work helps us not only understand capitalism, but fight for a world free of exploitation and domination.” (Jacobin)
Marx never understood profit and how the economic system works. That's fatal for an…
Related 'Profit for Marxists'.
Occasional Xs: What economists really do (CDXLII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 6, 2025
“Let's talk Alcatraz economics. It's not just a potential prison, it's also a tourist trap generating $60m per year.” (Justin Wolfers)
Economists apparently do not understand the history of their profession and realize that the founding father of…
Occasional Xs: The futile attempt to recycle Paul Samuelson (IV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 6, 2025
“This episode is all about the man who brought Keynesianism to America, wrote the textbook for Economics & developed more ideas than you can possibly imagine.” (EconomicsinTen)
Paul Samuelson NEVER understood profit and how the economic system…
May 5, 2025
Occasional Xs: The futile attempt to recycle MMT (CLXXI)
#MMT#BadScienceBadPolicyBadPeople
— AXEC (@EgmontHandtke) May 5, 2025
“Governments normally run deficits. That is where the rest of us get our surpluses.” (Steven Hail)
The MMT deception is in the words 'rest of us' and in 'Private Sector Balance' which obscure the fact of Public Deficit = Private Profit, i.e.… pic.twitter.com/jZwNvlyn8x
Related 'MMT and the magical profit disappearance'.
Occasional Xs: The futile attempt to recycle Paul Samuelson (III)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 5, 2025
“This episode is all about the man who brought Keynesianism to America, wrote the textbook for Economics & developed more ideas than you can possibly imagine.” (EconomicsinTen)
Paul Samuelson NEVER understood profit and how the economic system…
Related 'Naive arithmetic'.
Occasional Xs: The futile attempt to recycle MMT (CLXX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 5, 2025
“High-income country governments nearly always deficit spend, as this sectoral balances chart shows. NZD must be spent into the system first before they can be taxed out of it. What you leave in is the deficit for govt/surplus for everyone else.”…
Related 'Down with idiocy!'.
Occasional Xs: The futile attempt to recycle Marx (XLIV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 5, 2025
“Marx was a journalist, revolutionary socialist, philosopher and economist, …” (Working Class History)
Marx never understood profit and how the economic system works. That's fatal for an economist. So, his work does not help anybody to understand…
May 4, 2025
Occasional Xs: The futile attempt to recycle MMT (CLXIX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 4, 2025
“Listen and Understand what exactly people get wrong about #MMT.” (Ashish Barua)
MMT is #BadScienceBadPolicyBadPeople. That's easy to understand.
Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism,… pic.twitter.com/rgoNv2DoSf
Occasional Xs: How MMTers serve the Oligarchy (VI)
#MMT#BadScienceBadPolicyBadPeople
— AXEC (@EgmontHandtke) May 4, 2025
“A deficit on one side means means a surplus on the other side.” (Mark Flowerchild)
True. This is the Fundamental Law of Macroeconomic Accounting. For details see ⇒
The sectoral balances obfuscation: stupidity or corruption?… pic.twitter.com/YKO5QB1vXE
Occasional Xs: Clueless economists / Science (CLXIV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 4, 2025
“Let’s just say it straight: most of what’s written in mainstream macroeconomics textbooks is flat-out wrong …” (Ashis Barua)
Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and… pic.twitter.com/tSVzNnqbd8
May 3, 2025
Occasional Xs: Clueless economists / Science (CLXIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 3, 2025
“OY! ECON REPORTERS!! STOP SAYING IMPORTS SUBTRACT FROM GDP!!” (@Noahpinion)
“The correct way to write GDP if you care about living standards and without running the risk of being confused about the role of international trade is to write it this… pic.twitter.com/XT7xo0nWZX
May 2, 2025
Occasional Xs: Clueless economists / Science (CLXII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 2, 2025
“Economics is not a (hard) science, it's not free of ideology, and it's not free of moral judgements. There is no such thing as 'objective' economics.” (Jostein Haug)
Economics claims to be science but is NOT. The major approaches (Walrasianism,… pic.twitter.com/bTRP0igVxk
Occasional Tweets: Can anyone take Paul Krugman seriously? (II)
#Economics#AllYouNeedToKnow#HallOfShame
— AXEC (@EgmontHandtke) May 2, 2025
Economics claims to be a science but is NOT. The representative economist is NOT ― and NEVER has been ― a competent scientist but an agenda-pusher/clown in the political Circus Maximus. Paul Krugman is a relevant example. See links ⇒…
For more about Paul Krugman, see AXECquery.
Occasional Xs: Economics and math ― they just can't get it together (VI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 2, 2025
Since the founding fathers, economics has been failed/fake science. To this day, economists have been unable to apply the proper mathematical tool to their subject matter. Unfortunately, they are even too stupid for the elementary algebra that… pic.twitter.com/TjD1cVkfkG
Occasional Xs: Econ 101― still proto-scientific garbage (IX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 2, 2025
The history of economic thought is the history of scientific failure. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally…
Occasional Xs: Time to get the axioms of economics right (V)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 2, 2025
“True, from an accounting perspective. Not necessarily true from a theoretical perspective.” (David Andolfatto)
Fact: Neither true from the accounting nor the theoretical perspective.
Reminder: Economics claims to be science but is NOT. The major…
May 1, 2025
Occasional Xs: How MMTers serve the Oligarchy (V)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 1, 2025
“Watch. Trump is gonna get them to embrace MMT before this is over.” (@mark_dow)
Actually, the affinity between Trump and MMT goes back a long way. For details see ⇒
MMT: So-called Progressives as trailblazers for Trumponomics…
Occasional Xs: Economists are too stupid for macro accounting (VII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) May 1, 2025
“BTW, this confusion is partly due to the misleading representation of national income accounting identity in textbooks (and elsewhere). It is more clear if the identity is presented as: GDP + Im = C + I + G +Ex.” (Roozbeh Hosseini)
“Why are we… pic.twitter.com/TTIs0iguuk
Related 'The Law of Interdependent Balances' and 'On the saying “We owe the debt to ourselves”' and 'Rectification of MMT macro accounting' and 'MMT Progressives: The knife in the back of WeThePeople' and 'MIT dilettantes (I)' and 'Wikipedia and the promotion of economists’ idiotism (II)'
Occasional Xs: The futile attempt to recycle MMT (CLXVIII)
#MMT#BadScienceBadPolicyBadPeople
— AXEC (@EgmontHandtke) May 1, 2025
“Government could quite easily fund all public sector pay awards. There is no shortage of £, …” (Andrea Dudding)
Sure.
But what MMTers are always mute about is the effect of deficit-spending/money-creation on macroeconomic profit Qm, which… pic.twitter.com/71P7590p0W
April 30, 2025
Occasional Xs: The futile attempt to recycle MMT (CLXVII)
#MMT#BadScienceBadTheoryBadPeople
— AXEC (@EgmontHandtke) April 30, 2025
“Listen to one of the smartest economists and a key founder of Modern Monetary Theory (#MMT) explain how left-wing politics lost the global economic debate.” (Asish Barua)
William Mitchell plays the economists' favorite game 'Mistakes Were… pic.twitter.com/P7fL1QNOb9
Occasional Xs: The futile attempt to recycle MMT (CLXVI)
#MMT#BadScienceBadPolicyBadPeople
— AXEC (@EgmontHandtke) April 30, 2025
“I have considered the arguments, and … most of the objections amount to a straw man, plain misunderstandings, or are not arguments of any substance.” (Wesley Corbett)
In other words, you still understand nothing. But there is now hope for…
#MMT#BadScienceBadPolicyBadPeople
— AXEC (@EgmontHandtke) April 30, 2025
“The usage of aggregation in macroeconomic accounting is standard practice and is not idiosyncratic, e.g. aggregations like "non-governmental sector", are valid. Why is this valid? Because MMT uses sectoral balances to show net financial…
“Numerous straw-mans and bad faith readings are made against MMT: It is not true that government deficits entirely transfer into business profits. However, government deficits can add net financial assets to the entire non-government sector, …” (Wesley Corbett)
— AXEC (@EgmontHandtke) April 30, 2025
Macroeconomic… pic.twitter.com/A6vlzk6Ksu
#MMT#BadScienceBadPolicyBadPeople
— AXEC (@EgmontHandtke) April 30, 2025
“However, all of these variables are already embedded within the framework that MMT uses.” (Wesley Corbett)
No.
The MMT framework does NOT contain the most important balance of Capitalism, i.e. profit, the balance of the business sector. See… pic.twitter.com/7SAcATvQ9e
#MMT#BadScienceBadPolicyBadPeople
— AXEC (@EgmontHandtke) April 30, 2025
Summary of the discussion: MMTers hide the profit effect of the policy of deficit-spending/money-creation by defining a non-existent “private sector” because they are agenda pushers for WeTheOligarchy who try to screw WeThePeople.
MMT, Warren…
MMTers are agenda pushers for the Oligarchy but, of course, they do not tattoo this on their forehead. Instead, they wear a cap with 'Solidarity with WeThePeople' or a T-shirt with 'Progressives for Future' or 'There is no such thing as taxpayer money' written on it. Nobody with…
— AXEC (@EgmontHandtke) April 30, 2025
Occasional Xs: Paradigm Shift (LXIV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 30, 2025
The purpose of economics is to understand profit and to figure out how the economic system works. It is not the purpose to play silly academic games of deception and gotcha.
Reminder: Economics claims to be science but is NOT. The major approaches… pic.twitter.com/gigeJwsd70
April 29, 2025
Occasional Xs: The futile attempt to recycle MMT (CLXV)
#MMT#BadScienceBadPolicyBadPeople
— AXEC (@EgmontHandtke) April 29, 2025
“The aggregation of business and households is not a piece of trickery, it is part of sectoral balance analysis.”
No.
Actually, it is either stupidity or fraud or both. For details see ⇒
The sectoral balances obfuscation: stupidity or…
#MMT#BadScienceBadPolicyBadPeople
— AXEC (@EgmontHandtke) April 29, 2025
It is not the case that increasing public debt causes inflation. The lethal effect of the MMT policy of deficit-spending/money-creation is on distribution not inflation. For details see ⇒
Gov-Deficits do NOT cause inflation…
#MMT#BadScienceBadPolicyBadPeople
— AXEC (@EgmontHandtke) April 29, 2025
“So when taxes are paid what happens to bank deposits and reserves and what happens at the CF??” (Phil Waller)
As the simplified national stock-flow accounts ⇓ show, the government spends G into the economy and this increases its overdrafts… pic.twitter.com/eVFCDcCWl1
Occasional Xs: Clueless economists / Trade (III)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 29, 2025
“Lessons from JS Mill — please share this wisdom about trade and peace and prosperity.” (Peter Boettke)
But don't forget to add that J. S. Mill “… followed his father to work for the East India Company, … Mill's career as a colonial administrator…
April 28, 2025
Occasional Xs: Economists are too stupid for macro accounting (VI)
#MMT#BadScienceBadPolicyBadPeople
— AXEC (@EgmontHandtke) April 28, 2025
“if the federal government has lots of red ink, somebody must have lots of black ink. It's called accounting” (whispers)
Yes, the government sector's red ink is the business sector's black ink. It's called macroeconomic profit. For details see… pic.twitter.com/BKqd4pRr1Z
Occasional Xs: Clueless economists / Distribution, Inequality (XIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 28, 2025
“In 2020, billionaires' share of GDP was 14.1%. Now, it's 21.1%. The Fed increased the money supply, asset prices went up, & guess who owns the assets? Billionaires.” (Steve Hanke)
To this day, economists do not understand what determines… pic.twitter.com/a63uW6Kn4d
Occasional Xs: How it works (CCCLXII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 28, 2025
“Taxes remove money in an economy.” (Phil Waller)
MMTers simply do not understand macroeconomics.
Macroeconomic #Profit Qm is given by the axiomatically correct Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The Law implies… pic.twitter.com/4Gi6dZ8zZY
#MMT#BadScienceBadPolicyBadPeople
— AXEC (@EgmontHandtke) April 28, 2025
“Taxes remove money from the private sector. Happy now.” (Phil Waller)
No.
Correction: The surplus of taxes T over government spending G i.e. T−G>0 removes money from the business sector.
There is no such thing as the private sector. There…
Related 'MMT sucks' and 'MMT and the magical profit disappearance'.
April 27, 2025
Occasional Xs: The futile attempt to recycle Adam Smith (LXXXIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 27, 2025
“Adam Smith is more than the "father of economics"— he’s a guide to understanding freedom, virtue, and society itself.” (Econlib)
Adam Smith never understood profit and how the economy works. All he did was produce sociological/psychological/moral… pic.twitter.com/rFKQSgTeUw
Occasional X: Economics is failed/fake science (IV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 27, 2025
“What is the biggest lie society believes” (Science girl)
The biggest lie is that economics is a science and that economists are scientists. pic.twitter.com/pdVcrG4naa
Occasional Xs: The futile attempt to recycle MMT (CLXIV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 27, 2025
“In fact, labor and everyone else would have no money without the Government SPENDING it into the economy” (whispers)
This is one of the dumbest tenets of MMT. The fact is that MMTers get macroeconomics wrong because they are too stupid for the… pic.twitter.com/yrrR16hIjn
April 26, 2025
Occasional Xs: The foul spirit of political economics (CXXXII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 26, 2025
“Corruption always reemerges wherever governments have a major impact on economic conditions.” (Gary Becker & Guity Nashat Becker)
Corruption is the defining characteristic of the free-market system and of economics as a discipline.
The free-market… pic.twitter.com/NtCcNaMpyW
Occasional Xs: The history of economic thought is the history of scientific failure (XXXIX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 26, 2025
For 200+ years, economics has claimed to be Science but still is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally… pic.twitter.com/nFHjtEGHsy
April 25, 2025
Occasional Xs: The futile attempt to recycle Marx (XLIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 25, 2025
“If the labourer consumes his disposable time for himself, he robs the capitalist.” (Karl Marx)
Marx never understood profit and how the economic system works. That's fatal for an economist. So, his work does not help anybody to understand…
Related 'Profit for Marxists'
Occasional Xs: The futile attempt to recycle Austrianism (XLIV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 25, 2025
“The main characteristic of collectivism is that it does not take notice of the individual’s will and moral self-determination.” (Ludwig von Mises)
'The main characteristic of economics in general and of Austrianism in particular is that they do not… pic.twitter.com/s2bLE36VB1
Occasional Xs: Clueless economists / Distribution, Inequality (XII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 25, 2025
“10% of the world population own 75% of all wealth, get 50% of all income and are responsible for nearly half of all CO2 emissions.” (Philipp Heimberger)
And what about the distribution of public debt?
The free-market economy runs on profit.… pic.twitter.com/5jc1g56wEY
Occasional Xs: How it works (CCCLXI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 25, 2025
“America's $36 trillion debt … is because billionaires and corporations refuse to pay their fair share.” (@ProudSocialist)
There is indeed a causal relationship between public debt and the financial wealth of billionaires but it has more to do with… pic.twitter.com/b2dvU0VOqr
April 24, 2025
Occasional X: Economics is failed/fake science (III)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 24, 2025
“This is why the Mises Institute will inevitably fail at convincing others that Austrian Econ is the ONLY path. Bohm Bawerk, Rothbard, Hayek, and Mises all made errors. Why hold it against just non Austrians?” (Michael Hoffman)
The problem with… pic.twitter.com/teGFbBQOxH
Occasional Xs: Clueless economists / Money (XXVII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 24, 2025
“The fundamental flaw in Bob's video is he's conflating hard money with credit money. Wray is using the word money to mean the thing that gets created when one party goes into debt to another party to facilitate economic activity. ” (@MMTmacrotrader)… pic.twitter.com/b0ISjhaef8
April 23, 2025
Occasional Xs: Clueless economists / Profit (LXXXIV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 23, 2025
In his article “Is the deficit threat being overhyped?” ‡, Joe Seydl presents Exibit 1 “Three macro financial balances make up the economy and allow it to grow” that is reproduced below. ⇓
The balances graph is based on the macroeconomic balances… pic.twitter.com/h2W1kfab1u
Occasional X: Economics is failed/fake science (II)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 23, 2025
“Treasury Secretary Scott Bessent launches an all-out push for financial literacy among Americans.” (Eric Daugherty)
Economists lack scientific literacy, so there is no point in pushing “financial literacy among Americans.”
Since Adam Smith,… pic.twitter.com/h1HjmOlW8M
Occasional X: Economics is failed/fake science (I)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 23, 2025
“Name a villain who was 100% right.” (Max Ab)
Name a science that is 100 % false.
Economics.
Since Adam Smith, economists have claimed to do science but have NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their… pic.twitter.com/nLZJvTvY9F
Occasional Xs: How it works (CCCLX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 23, 2025
“The U.S. fiscal deficit has been essential for economic growth, a concept we explain using a fundamental macroeconomic accounting framework” (Clint Ballinger)
The free-market economy runs on profit. Macroeconomic #Profit Qm is given by the… pic.twitter.com/etWyp8hzBP
April 22, 2025
Occasional Xs: The futile attempt to recycle Milton Friedman (XXXVII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 22, 2025
Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong.…
April 21, 2025
Occasional Xs: Clueless economists / Money (XXVI)
#Economics#AllYouNeedToKow
— AXEC (@EgmontHandtke) April 21, 2025
'As the sole manufacturer of dollars, whose debt is denominated in dollars, the U.S. government can never become insolvent, i.e., unable to pay it's bills.'” (quoted by whispers)
The point is whether fiat money is injected on the left side of the… pic.twitter.com/robZmP45Fj
April 20, 2025
Occasional Xs: The futile attempt to recycle MMT (CLXIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 20, 2025
“What if people actually figured out how the US government’s monetary system really works?” (Ashish Barua)
Here it is!
The free-market economy a.k.a. Capitalism runs on profit. Macroeconomic #Profit Qm is given by the axiomatically correct Profit… pic.twitter.com/p5TWxrM4IT
Occasional Xs: Clueless economists / Money (XXV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 20, 2025
“It is not that the Government *can* create money for spending. It is that the Government *always* creates money when it spends. ” (cal_MMT)
Yeah, the counterfeiter always creates money for spending. And he never stops stealing from the rest of… pic.twitter.com/NDgIHfWkt7
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