Occasional Xs: The futile attempt to recycle Milton Friedman (XXXIII)

 

#Economics#AllYouNeedToKnow

“Economics is the study of the economy, not the study of economists.” (Ricardo Reis)

Whether Milton Friedman was the Last Conservative or a Classical Liberal is a senseless labelling exercise for a senseless political propaganda show.

Friedman…

— AXEC (@EgmontHandtke) February 28, 2025

Occasional Xs: Paradigm Shift (XLXX)

 

#Economics#AllYouNeedToKnow

“Identifying a phenomenon is not enough; we need a theory that makes instability a normal result in our economy and gives us handles to control it.” (H. Minsky)

Yes, because mainstream economics failed at this task, a Paradigm Shift is inevitable. pic.twitter.com/qMTJ47nm2Q

— E.K-H (@AXECorg) February 28, 2025

Occasional Xs: How it works (CCCXXVIX)

 

#Economics#AllYouNeedToKnow

The free-market economy runs on #Profit. Macroeconomic profit is given by the axiomatically correct Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The Law implies Public Deficit = Private Profit, i.e. Qm≡G−T>0.‡ So,…

— AXEC (@EgmontHandtke) February 27, 2025

Occasional Xs: The futile attempt to recycle Marx (XLI)

 

#Economics#AllYouNeedToKnow

As a scientist, Marx had been a total failure. He never understood #Profit and how the economic system works. ⇒

Karl Marx, fake scientisthttps://t.co/Ov4MWOqZNV

This is sufficient to flush him ― without further ado ― down the memory hole because…

— AXEC (@EgmontHandtke) February 27, 2025

Occasional Xs: How it works (CCCXXVIII)

 

Macroeconomic profit Qm is given by the Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0 which implies #PublicDeficitIsPrivateProfit Qm≡G−T>0. So, budget balancing means that the State vanishes as a source of macro profit. Details ⇒ https://t.co/hqVhuAXz8l

— E.K-H (@AXECorg) February 27, 2025

Occasional Xs: The futile attempt to recycle Hayek (XXXIII)

 

#Economics#AllYouNeedToKnow

Economics is about how the economy works. It is a Systems Science and NOT a Social Science. Economists have messed it up since the founding fathers.

The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives)…

— AXEC (@EgmontHandtke) February 26, 2025

Occasional Xs: How it works (CCCXXVII)

 

“The highest loss in the central bank's history … so far!” (Rudy Havenstein)

The free-market economy runs on #Profit. Macroeconomic profit is given by the axiomatically correct Profit Law/BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The Profit Law implies…

— AXEC (@EgmontHandtke) February 26, 2025

Occasional Xs: Clueless economists / Inflation (XLIII)

 

#Economics#AllYouNeedToKnow

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/m78iuOXovE

— AXEC (@EgmontHandtke) February 26, 2025

For more about inflation see AXECquery. 

Occasional Xs: The futile attempt to recycle Keynesianism (LXXI)

 

#Economics#AllYouNeedToKnow

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.… pic.twitter.com/iYuG2XkWjd

— AXEC (@EgmontHandtke) February 26, 2025

Occasional Xs: How it works (CCCXXVI)

 

“OUCH! The Bundesbank reports a €19.2 billion loss for 2024—the first loss since 1979 and the largest in its history.” (Holger Zschaepitz )

The free-market economy economy runs on #Profit. Macroeconomic profit is given by the axiomatically correct Profit Law/Balances Equation…

— AXEC (@EgmontHandtke) February 25, 2025

Occasional Xs: What economists really do (CDXLI)

 

#Economics#AllYouNeedToKnow

Academia is not an institution funded by the taxpayer but by the Oligarchy. Rockefeller called the University of Chicago ‘the best investment’ he ever made. Academia ― as far as economics is concerned ― is expected to deliver free-market propaganda,…

— AXEC (@EgmontHandtke) February 25, 2025

Occasional Xs: What economists really do (CDXL)

 

#Economics#AllYouNeedToKnow

Hayek, Rand, Friedman, and Mises never understood #Profit and how the economic system works. They were neither scientists nor philosophers but pamphleteers / agenda-pushers / useful idiots / phrasemongers / clowns in the political Circus Maximus.…

— AXEC (@EgmontHandtke) February 25, 2025

Occasional Xs: Clueless economists / Science (CXLXIV)

 

#Economics#AllYouNeedToKnow

“Economics is an abhorrent field that, if any scientific scrutiny were applied to it, would not exist.” (Richard Field)

Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their… pic.twitter.com/W6cnlQZWKb

— AXEC (@EgmontHandtke) February 24, 2025

Occasional Xs: Clueless economists / Science (CXLXIII)

 

#Econ#HallOfShame

Keynes got macroeconomic #Profit wrong bc he was too stupid for elementary Algebra. Hayek, too, got the foundational concepts of economics wrong. Scientifically, both have been losers.⇒

Keynes, Hayek, Kanthttps://t.co/2zKozjSSiS pic.twitter.com/zFl2rqEXqz

— E.K-H (@AXECorg) February 23, 2025

Occasional Xs: Stephanie Kelton (II)

 

#Economics#AllYouNeedToKnow

Macroeconomic profit Qm is given by the Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0 which implies #PublicDeficitIsPrivateProfit Qm≡G−T>0. A government deficit is a free lunch for the Oligarchy. Economically, Elon Musk's policy…

— AXEC (@EgmontHandtke) February 23, 2025

For more about Stephanie Kelton see AXECquery. 

Occasional Xs: Clueless economists / Inflation (XLII)

 

The 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 productivity R, and deficit-spending/money-creation i.e. the expenditure ratio ρE>1. pic.twitter.com/pltPfJOf2P

— E.K-H (@AXECorg) February 23, 2025

Occasional Xs: How it works (CCCXXV)

 

#Economics#AllYouNeedToKnow

The US economy is not 50% larger. The GDP numbers show that it is a hot-air ballon filled by relentless deficit-spending/money-creation over the past years. ⇓ pic.twitter.com/QyquKb4wyb

— AXEC (@EgmontHandtke) February 23, 2025

#Economics#AllYouNeedToKnow

America's business is NOT business but show-business. The GDP contribution of apparently innovative companies (Meta, Google, Netflix etc) consists mainly of DisInfoTainment, data collection for the Three Letter Agencies, and algorithmic perception…

— AXEC (@EgmontHandtke) February 24, 2025

Europe's stagnation over the past years is a fact, but the growth of the USA's GDP is a nominal fiction. Both, Europe and the USA together have lost out to China/Russia ― economically, militarily, scientifically, and culturally. Not even Hollywood can make a success story out of…

— AXEC (@EgmontHandtke) February 24, 2025

Occasional Xs: Clueless economists / Breakdown (IX)

 

#Econ#AllYouNeedToKnow

“… what disaster awaits us if we 'do nothing' about the debt?” (Douglas)

There is an absolute upper limit for the growth of debt. ⇒
From the debt economy to the gift economy: how America is brainwashed to love budget deficitshttps://t.co/gtHNBANDrN

— E.K-H (@AXECorg) February 22, 2025

Occasional Xs: What economists really do (CDXXXIX)

 

#Economics#AllYouNeedToKnow

Since the founding fathers, economists have claimed to be doing science, but they did not. Instead, they dabbled in politics and very often in war-mongering. pic.twitter.com/cQxhU3CIUI

— E.K-H (@AXECorg) February 22, 2025

Occasional Xs: What economists really do (CDXXXIII)

 

#Economics#AllYouNeedToKnow

The history of economic thought is the history of scientific failure. The representative economist is NOT a competent scientist. As a rule of thumb, what economists propose as a solution only worsens the problem. pic.twitter.com/rpDHxPZCvk

— E.K-H (@AXECorg) February 22, 2025

Occasional Xs: The futile attempt to recycle MMT (CXXXVII)

 

#Econ#AllYouNeedToKnow

Macro profit Qm is given by the Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0 which implies #PublicDeficitIsPrivateProfit Qm≡G−T>0. A government deficit is a free lunch for the Oligarchy.

Down with idiocy!https://t.co/hqVhuAXz8l pic.twitter.com/JO9TYtMFPm

— E.K-H (@AXECorg) February 21, 2025

Occasional Xs: The futile attempt to recycle Adam Smith (LXXXI)

 

#Economics#AllYouNeedToKnow

Adam Smith never understood profit and how the economy works. All he did was produce psycho-social platitudes. Today, economics is still proto-scientific garbage. ⇒

Cross-references: Scientific Incompetencehttps://t.co/Q7COegB99U pic.twitter.com/vFyXUIFkFU

— E.K-H (@AXECorg) February 20, 2025

Occasional Xs: The futile attempt to recycle MMT (CXXXVI)

 

#Economics#AllYouNeedToKnow

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/CNFDkXM1Ki

For the full-spectrum refutation see ⇒https://t.co/9Rldtrw2J1

— E.K-H (@AXECorg) February 20, 2025

Occasional Xs: Paradigm Shift (XLXIX)

 

#Economics#AllYouNeedToKnow

Joan Robinson recognized that economics was proto-scientific garbage. So, she proposed a Paradigm Shift: “Scrap the lot and start again”. The representative economist still does not get the message. pic.twitter.com/n39ELOJYpL

— E.K-H (@AXECorg) February 20, 2025

Occasional Xs: Clueless economists / Profit (LXXVII)

 

#Economics#AllYouNeedToKow

The representative economist is NOT a competent scientist but an agenda pusher / useful idiot / phrasemonger / clown in the political Circus Maximus.

The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives)… pic.twitter.com/gsHWNep6bN

— AXEC (@EgmontHandtke) February 19, 2025

Occasional Xs: How it works (CCCXXIV)

 

“Germany needs [i] a public investment boost, and this can [ii] only happen with a reform of the debt brake.” (Philipp Heimberger)

From [i] does not logically follow [ii]. Mr. Heimberger's statement has NO scientific truth-value but only political use-value. It is another proof… pic.twitter.com/TO1yaRCACS

— AXEC (@EgmontHandtke) February 19, 2025

Occasional Xs: Clueless economists / Money (XIV)

 

#Economics#AllYouNeedToKnow

The crucial point with fiat money is whether it is injected (i) at the supply side (financing the aggregate wage bill) or (ii) on the demand side (buying stuff). In case (ii) it is functionally equal to counterfeit money. (iii) Part of (ii) is made…

— AXEC (@EgmontHandtke) February 19, 2025

Occasional Xs: The futile attempt to recycle Hayek (XXXII)

 

“The only true wisdom is in knowing you know nothing. The unexamined life is not worth living. There is only one good, knowledge, and one evil, ignorance.” (Google) Hayek never understood the distinction between doxa (opinion) and episteme (knowledge) and never got beyond opinion

— E.K-H (@AXECorg) February 18, 2025

Occasional Xs: The history of economic thought is the history of scientific failure (XXXVI)

 

#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. ⇒https://t.co/3LwhbU0NOY pic.twitter.com/ggn7mIzqHe

— E.K-H (@AXECorg) February 18, 2025

Occasional Xs: The history of economic thought is the history of scientific failure (XXXV)

 

The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. So, you should believe nothing that comes out of an economist’s mouth. pic.twitter.com/nkd2yRu6a3

— E.K-H (@AXECorg) February 17, 2025

Occasional Xs: Clueless economists / Science (CXLXII)

 

#Economics#AllYouNeedToKnow

Adam Smith never understood profit and how the economy works. All he did was produce psycho-social platitudes. Today, economics is still proto-scientific garbage. ⇒

Cross-references: Scientific Incompetencehttps://t.co/Q7COegB99U pic.twitter.com/ZqnGlRHe9a

— E.K-H (@AXECorg) February 17, 2025

Occasional Xs: How cargo cult science works (II)

 

#Economics#AllYouNeedToKnow

For 200+ years, economists have claimed to do science, but it was only Cargo Cult science. The representative economist is NOT a competent scientist but an agenda-pusher / clown in the political Circus Maximus. Friedman is a relevant example. pic.twitter.com/pJfUO6er8K

— E.K-H (@AXECorg) February 17, 2025

Related 'Links on the Economics Nobel' 

Occasional Xs: Clueless economists / Science (CXLXI)

 

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 inconsistent & ALL got #Profit wrong. pic.twitter.com/AQSAuBdiz5

— E.K-H (@AXECorg) February 16, 2025

Occasional Xs: Clueless economists / Profit (LXXVI)

 

#Economics

Macroeconomic profit Qm is given by the Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0 which implies #PublicDeficitIsPrivateProfit Qm≡G−T>0. Slashing deficit spending turns macro profit into loss. So, with Trump/Musk, the Oligarchy self-destructs.

— E.K-H (@AXECorg) February 16, 2025

Related 'Down with idiocy!' and 'Links on Austerity'.

Occasional X: Failed proof of Capitalism's superiority (V)

 

#Economics#AllYouNeedToKnow

Next level of the Capitalism vs. Communism superiority contest.⇓ pic.twitter.com/kcdh6XxOu0

— E.K-H (@AXECorg) February 16, 2025

Occasional Xs: Keynes and Keynesianism are scientifically worthless (II)

 

Keynes got macroeconomic #Profit wrong bc he was too stupid for elementary Algebra. So, to call oneself a Keynesian is synonymous with exposing oneself as scientifically incompetent. For details see cross-references Keynesianism ⇒https://t.co/TGTkAwX778 pic.twitter.com/mu6fCAh2VO

— E.K-H (@AXECorg) February 16, 2025

Occasional Xs: Clueless economists / Profit (LXXV)

 

“… best earnings growth for American companies …”

Macro profit Qm is given by the Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0 which implies #PublicDeficitIsPrivateProfit Qm≡G−T>0. Profit explosion comes from debt explosion. Give Mr Biden a last THX.

— E.K-H (@AXECorg) February 16, 2025

Occasional Xs: The foul spirit of political economics (CXVII)

 

#Economics#AllYouNeedToKnow

The real meaning of ZeitenWende turns out to be that GER/EUR is down and out economically, politically, and militarily. Consequences for economists and other political agenda-pushers? ⇒

Time to retire political economistshttps://t.co/gvn4NRlNgt pic.twitter.com/RTktL5JETg

— E.K-H (@AXECorg) February 15, 2025

Occasional Xs: J. S. Mill was a champion of science (II)

 

#Economics#AllYouNeedToKnow

J. S. Mill was the first to clearly state that economics had been based on a behavioral absurdity. But the representative economist still doesn't get it. For details see ⇒

Einstein, Mill, and the Starting Problemhttps://t.co/On1LiD3hq3 pic.twitter.com/KcEhZDlDoU

— E.K-H (@AXECorg) February 14, 2025

Occasional Xs: What economists really do (CDXXXII)

 

#Economics#AllYouNeedToKnow

The history of economic thought is the history of scientific failure. The representative economist is NOT a competent scientist.

“There is no more dangerous menace to civilization” than a Science captured by “incompetent, corrupt, or vile men”. pic.twitter.com/GALUHNrYxX

— E.K-H (@AXECorg) February 12, 2025

Occasional Xs: Paradigm Shift (XLXVIII)

 

#Economics

The major approaches are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got profit wrong. Bc of inconsistent foundations, the whole of economics is scientifically worthless. To do real economics requires a Paradigm Shift. ⇓ pic.twitter.com/L4P0Wy4XlP

— E.K-H (@AXECorg) February 12, 2025

Occasional Xs: The futile attempt to recycle MMT (CXXXV)

 

#Economics#AllYouNeedToKnow

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/CNFDkXM1Ki

For the full-spectrum refutation see ⇒https://t.co/9Rldtrw2J1 pic.twitter.com/MG4Fm0WS1w

— E.K-H (@AXECorg) February 12, 2025

Occasional Xs: The futile attempt to recycle Adam Smith (LXXX)

 

#Economics#AllYouNeedToKnow

Adam Smith never understood profit and how the economy works. All he did was produce psycho-social platitudes. Thus he became the founder of what Feynman called Cargo Cult Science. ⇒

Cross-references: Scientific Incompetencehttps://t.co/Q7COegB99U pic.twitter.com/EGT4atpXYe

— E.K-H (@AXECorg) February 12, 2025

Related 'Economics: A cargo cult science from the very beginning'. 

Occasional Xs: What economists really do (CDXXXI)

 

#Economics#AllYouNeedToKnow

Strange. 50 % of the authors on the title page of Surplus are #EconBlockers. pic.twitter.com/VYGVAWuDpp

— E.K-H (@AXECorg) February 11, 2025

Occasional Xs: Clueless economists / Profit (LXXIV)

 

#Economics#AllYouNeedToKnow

Hayek never understood profit and how the economy works. Plain scientific incompetence has been the hallmark of the profession for 200+ years. ⇒

Cross-references Profit/Distributionhttps://t.co/2jMouDhWzk pic.twitter.com/zCeDYOfU7n

— E.K-H (@AXECorg) February 11, 2025

Occasional Xs: The futile attempt to recycle Hayek (XXXI)

 

#Economics#AllYouNeedToKnow

Hayek never understood profit and how the economy works. But he reached the highest height of psycho-social insight with the discovery that the ultimate motive of social justice is envy. See ⇒

Hayek was not an economisthttps://t.co/vKqQUeyNq8

— E.K-H (@AXECorg) February 11, 2025

Occasional Xs: Clueless economists / Science (CXLX)

 

#Economics#FailedFakeScience

Economics claims to be a Science but is NOT. Economists have gotten it axiomatically wrong since Adam Smith. ⇒

Cross-references: Failed/Fake Scientistshttps://t.co/3LwhbU0NOY

— E.K-H (@AXECorg) February 11, 2025

Occasional Xs: The futile attempt to recycle MMT (CXXXIV)

 

#Economics#AllYouNeedToKnow

Where Warren Mosler got it wrong. ⇒

MMT: The one deadly error/fraud of Warren Moslerhttps://t.co/tHrgb9pjnM

— E.K-H (@AXECorg) February 10, 2025

Occasional Xs: The futile attempt to recycle Adam Smith (LXXIX)

 

Adam Smith NEVER understood what #Profit is and how the economic system works. So, economic policy guidance has had no valid scientific foundations from the beginning. The representative economist is NOT ― and never has been ― more than a clown in the political Circus Maximus. pic.twitter.com/IW3p5ILYa8

— E.K-H (@AXECorg) February 10, 2025

Occasional Xs: The foul spirit of political economics (CXVI)

 

Mr. Reagan was a “politician and actor” (Wikipedia) whose only skill has been to read from a teleprompter. Bc of the principle of the separation of science and politics, politicans, actors, celebrities, journalists, etc. should be kept out of the disussion of monetary theory.

— E.K-H (@AXECorg) February 10, 2025

Occasional Xs: Paradigm Shift (XLXVII)

 

#Economics#AllYouNeedToKnow

To finally become a Science, economics must move from false (behavioral) microfoundations to true (structural) macrofoundations. After 200+ years of proto-scientific garbage, this Paradigm Shift/Reset is overdue. pic.twitter.com/m3A4WuNHiZ

— E.K-H (@AXECorg) February 10, 2025

Occasional Xs: Economics and math ― they just can't get it together (V)

 

#Economics#AllYouNeedToKnow

Since the founding fathers, economics has been failed/fake science. To this day, economists are too stupid for elementary algebra. For details see

Mathiness and the Ur-Blunderhttps://t.co/qx9mGmxmxv

— E.K-H (@AXECorg) February 10, 2025

#Economics#AllYouNeedToKnow

Economics is a Systems Science and NOT a Social Science. Therefore, a “deductive axiom of human action” is a lethal methodological blunder. For details see ⇒

Austrian blatherhttps://t.co/HhLq09EC3I

— E.K-H (@AXECorg) February 10, 2025

#Economics#AllYouNeedToKnow

“Economics is about people”. No! Economics is about the economy.

The Science-of-Man Fallacyhttps://t.co/0h4hGurwwZ

The Ur-Blunder of economics and its rectificationhttps://t.co/2OzxaQY9fO

— E.K-H (@AXECorg) February 10, 2025

Related 'Barzilai and the crumbling of the unsafe citadel'.  

Occasional Xs: What economists really do (CDXXX)

 

#Economics#AllYouNeedToKnow

The representative economist is not ― and never has been ― a competent scientist but an agenda pusher / useful idiot / phrasemonger / clown in the political Circus Maximus. This applies also to Karl Marx. ⇒

Marx todayhttps://t.co/GYsllSZfdn

— E.K-H (@AXECorg) February 10, 2025

Occasional Xs: Clueless economists / Science (CXLIX)

 

#Economics#AllYouNeedToKnow

Heterodox economics is scientifically worthless. For details see ⇛

Heterodoxy: promising or hopeless?https://t.co/RwvSGiTBUh

Heterodoxy ― an axiomatic failure just like Orthodoxyhttps://t.co/oDXO24XCUG pic.twitter.com/r8K33zB6iB

— E.K-H (@AXECorg) February 9, 2025

Occasional Xs: Clueless economists / Profit (LXXIII)

 

#Economics#AllYouNeedToKnow

'How anybody can think they can analyze the economy while leaving out a consistent concept of #Profit is a bit to me like an ornithologist trying to work out how a bird flies whilst ignoring that the bird has wings' (Steve Keen paraphrase) pic.twitter.com/xC4nYTrJlj

— E.K-H (@AXECorg) February 9, 2025

Occasional Xs: What economists really do (CDXXIX)

 

#Economics#AllYouNeedToKnow

Economics claims to be Science but is NOT. The representative economist is NOT ― and NEVER has been ― a competent scientist but a clown in the political Circus Maximus. ⇒

What economists really dohttps://t.co/waVwRswe43

— E.K-H (@AXECorg) February 7, 2025

Occasional Xs: What economists really do (CDXXVIII)

 

#Economics#AllYouNeedToKnow

Angesichts des Milei/Musk/Fuest-Kettensägen-Populismus erinnern wir uns gern an Max Weber: “Die bürokratische Verwaltung ist als das rationalste Herrschaftsmittel auch die charakteristische Verwaltungsform der legalen Herrschaft” (Wikipedia)

— E.K-H (@AXECorg) February 7, 2025

Occasional Xs: The futile attempt to recycle Heterodoxy (VII)

 

#Economics#AllYouNeedToKnow

Heterodox economics is scientifically worthless. For details see ⇛

Heterodoxy: promising or hopeless?https://t.co/RwvSGiU9JP

Heterodoxy ― an axiomatic failure just like Orthodoxyhttps://t.co/oDXO24YaKe

— E.K-H (@AXECorg) February 6, 2025

Occasional Xs: Clueless economists / Profit (LXXII)

 

#Econ#AllYouNeedToKnow

Macro profit Qm is given by the ProfitLaw/BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. Economists have messed up macroeconomics from Adam Smith onward to Keynes and Khoah Vu.

The GDP death blow for the economics professionhttps://t.co/QJycQUhyJR pic.twitter.com/PIJ5hJ4YNk

— E.K-H (@AXECorg) February 6, 2025

Occasional Xs: The foul spirit of political economics (CXV)

 

#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth

Economics claims to be a Science but is NOT. The representative economist is NOT ― and NEVER has been ― a competent scientist but a disguised agenda-pusher for the Oligarchy. See ⇒https://t.co/3LwhbU1lEw pic.twitter.com/Qd4xf5gau9

— E.K-H (@AXECorg) February 6, 2025

Occasional Xs: Clueless economists / Science (CXLVIII)

 

#Economics#AllYouNeedToKnow

For 200+ years, economics has claimed to be science but is NOT. The major approaches are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. This holds for both Smith and Marx.

— E.K-H (@AXECorg) February 6, 2025

Occasional Xs: Clueless economists / Profit (LXXI)

 

#Economics#AllYouNeedToKnow

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. For proof see ⇒https://t.co/hAbgvDcx17

— E.K-H (@AXECorg) February 6, 2025

Occasional Xs: What economists really do (CDXXVII)

 

#Economics#AllYouNeedToKnow

“The purpose of studying economics is …” to become a certified agenda-pusher/useful idiot for the Oligarchy. ⇒

Cross-references: Political Economics/Stupidity/Corruptionhttps://t.co/tcf7JJQr5o pic.twitter.com/3nEyCJEVcG

— E.K-H (@AXECorg) February 4, 2025

Occasional Xs: The futile attempt to recycle MMT (CXXXIII)

 

#Economics#AllYouNeedToKnow

Where the 'father of MMT', Warren Mosler got it wrong (together with the 'mother of MMT', Stephanie Kelton). ⇒

MMT: The one deadly error/fraud of Warren Moslerhttps://t.co/tHrgb9pjnM pic.twitter.com/BshlbvzFk3

— E.K-H (@AXECorg) February 4, 2025

Occasional Xs: The futile attempt to recycle MMT (CXXXII)

 

The point with fiat money is whether it is injected (i) at the supply side (financing the aggregate wage bill) or (ii) on the demand side (buying stuff). In case (ii) it is functionally equal to counterfeit money. ⇒

Criminals and the monetary orderhttps://t.co/Iq1lVxePy1 pic.twitter.com/d91uc2E2nS

— E.K-H (@AXECorg) February 4, 2025

Occasional Xs: The futile attempt to recycle Keynesianism (LXX)

 

#Economics#AllYouNeedToKnow

Economists's difficulty lies in the double incapacity of developing true ideas and escaping from false ones. Keynes is a relevant example.

Economics, methodology, morals ― a creepy freak-showhttps://t.co/hTxeye4mKK pic.twitter.com/j17H5gE3NQ

— E.K-H (@AXECorg) February 3, 2025

Related 'Keynesian macrofoundations are defective'. 

Occasional Xs: What economists really do (CDXXVI)

 

#Economics#AllYouNeedToKnow

For 200+ years, economists have been mainly employed with the production of proto-scientific garbage. ⇒

Cross-references: Failed/fake scientistshttps://t.co/3LwhbU0NOY pic.twitter.com/40upgPy6X0

— E.K-H (@AXECorg) February 3, 2025

Occasional Xs: Paradigm Shift (XLXVI)

 

#Economics#AllYouNeedToKnow

To finally become a Science, economics must move from false (behavioral) microfoundations to true (structural) macrofoundations. After 200+ years of proto-scientific garbage, this Paradigm Shift/Reset is overdue. pic.twitter.com/RAB6FPNN98

— E.K-H (@AXECorg) February 2, 2025

Occasional Xs: The futile attempt to recycle Milton Friedman (XXXII)

 

#Econ#AllYouNeedToKnow

The Nobelist Friedman NEVER understood profit and how the economy works. He was not a competent scientist but an agenda-pusher/phrasemonger/clown in the political Circus Maximus.

Friedman and the cluelessness of fake scientistshttps://t.co/b3edQjNEXv

— E.K-H (@AXECorg) February 2, 2025

Occasional Xs: What economists really do (CDXXV)

 

#Economics#AllYouNeedToKnow

Germany/Europe has to 'prepare for war'. This is why the Schuldenbremse must be abandoned ― not for more kindergartens or better infrastructure. Economists are fully on board with this agenda.

— E.K-H (@AXECorg) February 2, 2025

Occasional Xs: Clueless economists / Breakdown (VIII)

 

#EconBasics

Yes, “… capitalism is bound to die out.” The ProfitLaw/BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0 tells one how aggregate profit turns into loss, thus kicking off the breakdown. ⇒

Mathematical Proof of the Breakdown of Capitalismhttps://t.co/h62jkWLbVK

— E.K-H (@AXECorg) February 2, 2025

Occasional Xs: Clueless economists / Money (XIII)

 

#Economics#AllYouNeedToKnow

“Money is just a database for exchanging goods and services.” (Elon Musk)

Correct, money is information, not a thing.

Money: from silly stories to the true theoryhttps://t.co/bqwe2T4LiX

— E.K-H (@AXECorg) February 2, 2025

Occasional Xs: What economists really do (CDXXIV)

 

#Economics#AllYouNeedToKnow

The ruin of the German economy and the impoverishment of WeThePeople is the direct consequence of the Ampel's foreign/domestic Zeitenwende policy which has been supported from the beginning by the economic experts of the Sachverständigenrat.

— E.K-H (@AXECorg) February 1, 2025

Occasional X: Failed proof of Capitalism's superiority (IV)

 

#Economics#AllYouNeedToKnow

When Capitalism is defended by scientifically incompetent econ profs with brain-dead arguments one knows that it is at the end of the road.

No Future for Socialism and Capitalismhttps://t.co/7iSXXX3B5j

— E.K-H (@AXECorg) February 1, 2025

Occasional Xs: Clueless economists / Money (XII)

 

#Economics#AllYouNeedToKow

Time to relearn monetary theory. ⇒

Money and timehttps://t.co/Yaj3dKxlgR

How money emerges out of nothing ― the functional accounthttps://t.co/Vlfd6uBOHd

Money and debt in six elementary stepshttps://t.co/jConNaRInx

— E.K-H (@AXECorg) February 1, 2025