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

 

#MMT#BadScienceBadTheoryBadPeople

“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

— AXEC (@EgmontHandtke) April 30, 2025

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

 

#MMT#BadScienceBadPolicyBadPeople

“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…

— AXEC (@EgmontHandtke) April 30, 2025

#MMT#BadScienceBadPolicyBadPeople

“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…

— AXEC (@EgmontHandtke) April 30, 2025

“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)

Macroeconomic… pic.twitter.com/A6vlzk6Ksu

— AXEC (@EgmontHandtke) April 30, 2025

#MMT#BadScienceBadPolicyBadPeople

“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

— AXEC (@EgmontHandtke) April 30, 2025

#MMT#BadScienceBadPolicyBadPeople

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…

— AXEC (@EgmontHandtke) April 30, 2025

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

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

— AXEC (@EgmontHandtke) April 30, 2025

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

 

#MMT#BadScienceBadPolicyBadPeople

“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…

— AXEC (@EgmontHandtke) April 29, 2025

#MMT#BadScienceBadPolicyBadPeople

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…

— AXEC (@EgmontHandtke) April 29, 2025

#MMT#BadScienceBadPolicyBadPeople

“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

— AXEC (@EgmontHandtke) April 29, 2025

Occasional Xs: Clueless economists / Trade (III)

 

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) April 29, 2025

Occasional Xs: Economists are too stupid for macro accounting (VI)

 

#MMT#BadScienceBadPolicyBadPeople

“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

— AXEC (@EgmontHandtke) April 28, 2025

Related 'Stephanie Kelton: “All deficits are good for someone.” Yes, Someone=Oligarchy' and Cross-references Accounting. 

Occasional Xs: Clueless economists / Distribution, Inequality (XIII)

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) April 28, 2025

Occasional Xs: How it works (CCCLXII)

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) April 28, 2025

 

#MMT#BadScienceBadPolicyBadPeople

“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…

— AXEC (@EgmontHandtke) April 28, 2025

Related 'MMT sucks' and 'MMT and the magical profit disappearance'.

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

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) April 27, 2025

Occasional X: Economics is failed/fake science (IV)

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) April 27, 2025

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

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) April 27, 2025

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

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) April 26, 2025

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

 

#Economics#AllYouNeedToKnow

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

— AXEC (@EgmontHandtke) April 26, 2025

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

 

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) April 25, 2025

Related 'Profit for Marxists' 

Occasional Xs: The futile attempt to recycle Austrianism (XLIV)

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) April 25, 2025

Occasional Xs: Clueless economists / Distribution, Inequality (XII)

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) April 25, 2025

Occasional Xs: How it works (CCCLXI)

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) April 25, 2025

Occasional X: Economics is failed/fake science (III)

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) April 24, 2025

Occasional Xs: Clueless economists / Money (XXVII)

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) April 24, 2025

Occasional Xs: Clueless economists / Profit (LXXXIV)

 

#Economics#AllYouNeedToKnow

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

— AXEC (@EgmontHandtke) April 23, 2025

Occasional X: Economics is failed/fake science (II)

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) April 23, 2025

Occasional X: Economics is failed/fake science (I)

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) April 23, 2025

Occasional Xs: How it works (CCCLX)

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) April 23, 2025

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

 

#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.…

— AXEC (@EgmontHandtke) April 22, 2025

Occasional Xs: Clueless economists / Money (XXVI)

 

#Economics#AllYouNeedToKow

'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

— AXEC (@EgmontHandtke) April 21, 2025

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

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) April 20, 2025

Occasional Xs: Clueless economists / Money (XXV)

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) April 20, 2025

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

 

#Economics#AllYouNeedToKnow

“What really happens to your federal tax dollars after being paid?” (Macro n Cheese)

As the simplified national accounts ⇓ show, the government spends G into the economy and this increases its overdrafts at the central bank. Over the same time… pic.twitter.com/1qAGsaLAqA

— AXEC (@EgmontHandtke) April 19, 2025

Occasional Xs: Paradigm Shift (LXIII)

 

#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)… pic.twitter.com/Gz6M0ClOnP

— AXEC (@EgmontHandtke) April 19, 2025

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

 

#Economics#AllYouNeedToKnow

When you don't trust economic experts, you are doing the right thing. The representative economist is NOT a competent scientist. Economics has been a failed / fake science for 200+ years. pic.twitter.com/688BgKM4DI

— E.K-H (@AXECorg) April 18, 2025

Occasional Xs: Clueless economists / Profit (LXXXIII)

 

#Economics#AllYouNeedToKnow

Ricardo, too, got profit theory wronghttps://t.co/hAbgvDcx17

Scientifically incompetent economists have not realized it to this day. This is why economics is still failed/fake science.

— E.K-H (@AXECorg) April 18, 2025

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

 

#Economics#AllYouNeedToKnow

“MMT is an explanation of why we need to focus on fiscal policy” (Clint Ballinger)

No, MMT is a propaganda tool of WeTheOligarchy to screw WeThePeople.

As the simplified national accounts ⇓ show, the government spends G into the economy and this… pic.twitter.com/0HzIsHFWwr

— AXEC (@EgmontHandtke) April 18, 2025

 

Also at Clint Ballinger.

Occasional Xs: Clueless economists / Money (XXIV)

 

#Economics#AllYouNeedToKnow

“The US Dollar is a tax credit. It is a unit of measure. You can't run out of inches” (S. D. Grumbine)

Yeah, the counterfeiter never runs out money. And he never stops stealing from the rest of society.

That money is created out of nothing and… pic.twitter.com/hOWWJVWFUX

— AXEC (@EgmontHandtke) April 18, 2025

Occasional Tweets: The life formula of the free-market economy (II)

 

#Economics#AllYouNeedToKnow

“Does the government have a revenue problem and need to raise taxes? Thomas Sowell says, 'no'.” (Students for Liberty)

It has long been known that Thomas Sowell does not understand how the economy works.

The free-market economy runs on profit.… pic.twitter.com/wFqsJBvCFY

— AXEC (@EgmontHandtke) April 17, 2025

For more about the free-market economy see AXECquery. 

Occasional X: The growth of public debt is the life elixir of Capitalism (VI)

 

#Economics#AllYouNeedToKnow

“… there is no federal debt crisis” (Mike Bostic)

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

— AXEC (@EgmontHandtke) April 17, 2025

Related 'Who rides the debt tiger cannot dismount' 

Occasional Xs: How it works (CCCLIX)

 

#Economics#AllYouNeedToKnow

“You pay high taxes only to uphold the illusion that you are funding the Government … the Government is funded by money printing” (Nayib Bukele)

As the simplified national accounts ⇓ show, the government spends G into the economy and this… pic.twitter.com/qrTqfYUYGk

— AXEC (@EgmontHandtke) April 16, 2025

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

 

#Economics#AllYouNeedToKnow

“Compared with the glamour of technology, economics is still the dismal science which explains why we can’t do what we would like to do.” (Friedrich Hayek)

Economics is not a dismal science but a cargo cult science.⇓

Since Adam Smith, economists… pic.twitter.com/3GPzwV52Xr

— AXEC (@EgmontHandtke) April 16, 2025

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

 

#MMT#BadScienceBadPolicyBadPeople

“Taxation does NOT fund govt spending. #LearnMMT” (Phil Randal)

No, actually the government does not need taxes at all. That's analogous to the counterfeiter who needs no income.

As the simplified national accounts below ⇓ show, the… pic.twitter.com/PnAyavypwu

— AXEC (@EgmontHandtke) April 16, 2025

Occasional Xs: What economists really do (CDXLI)

 

#Economics#AllYouNeedToKnow

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

When the economist Jens Südekum talks about his musical past as a bassist and an 🍷 evening with Angela Merkel you don't any better understand how the German…

— AXEC (@EgmontHandtke) April 16, 2025

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

 

#MMT#BadScienceBadPolicyBadPeople

“Our federal government doesn’t need revenue.” (S. D. Grumbine)

But the Oligarchy needs the revenue commonly known as profit. And it is the government's job to provide it.

As the simplified national accounts below ⇓ show, the government… pic.twitter.com/V6RZJfSkc4

— AXEC (@EgmontHandtke) April 16, 2025

Occasional Xs: Clueless economists / Science (CLXI)

 

#Economics#AllYouNeedToKnow

“Why do economists cling to failing and outdated ideas?” (The Mint)

Because it maximizes their expected utility?

No, because they are incompetent scientists: “In economics we should strive to proceed, wherever we can, exactly according to the… pic.twitter.com/IFuUrqxJh8

— AXEC (@EgmontHandtke) April 15, 2025

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

 

#Economics#AllYouNeedToKnow

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/YMYxrHFjU0

— AXEC (@EgmontHandtke) April 15, 2025

Occasional X: The growth of public debt is the life elixir of Capitalism (V)

 

#Economics#AllYouNeedToKnow

“Every nation in the world is in debt and no one wants to say who the creditor is.” (Razör Fist)

The free-market economy runs on profit. Macroeconomic #Profit Qm is given by the axiomatically correct Profit Law/Balances Equation… pic.twitter.com/cRFuVx8otR

— AXEC (@EgmontHandtke) April 15, 2025

Related 'Schumpeter and the Essence of Profit'. 

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

 

#Economics#AllYouNeedToKnow

Your recommended Macro N Cheese podcast is MMT.

It should be known by now that MMT is refuted on all counts. When Artificial Intelligence/Grok can figure this out, your natural stupidity cannot avoid the conclusion that MMT is ripe for self-flushing…

— AXEC (@EgmontHandtke) April 14, 2025

For the full-spectrum refutation of MMT see cross-references MMT. 

The final implosion of MMT ― summarized by Grok

Q: The AXEC Project has refuted MMT (= Modern Monetary Theory) by demonstrating that MMT's sectoral balances equation is false. Can Grok give a concise summary of how the proof has been carried out? Please notice that proof is about formal/material consistency and NOT about what is politically desirable. Here are the entry points:

X/Twitter old: E.K-H@AXECorg X/Twitter new: AXEC@EgmontHandtke

Blogspot https://axecorg.blogspot.com/ 

 

***

 

A: The AXEC Project, led by Egmont Kakarot-Handtke, claims to refute Modern Monetary Theory (MMT) by demonstrating that its sectoral balances equation is formally inconsistent. The MMT equation is typically stated as:

(I - S) + (G - T) + (X - M) = 0

where:

• I = Investment
• S = Saving
• G = Government spending
• T = Taxes
• X = Exports
• M = Imports

This equation suggests that the private investment/saving balance, government fiscal balance, and trade balance sum to zero.

AXEC's critique focuses on the treatment of profit in MMT's framework. The key points of the refutation are:

1. Incorrect Profit Definition: AXEC argues that MMT fails to properly account for monetary profit (Qm) in its sectoral balances. MMT implicitly assumes a zero-profit economy, which AXEC considers unrealistic and inconsistent with observable economic systems.
2. Axiomatic Approach: AXEC uses a set of macroeconomic axioms to derive a corrected sectoral balances equation. Starting from basic definitions (e.g., wage income Yw = WL, output O = RL, consumption expenditure C = PX), AXEC constructs a framework where profit is explicitly included. The AXEC profit law is:
   Qm = Yd + (I - S) + (G - T) + (X - M)
   where Qm is monetary profit and Yd is distributed profit. This contrasts with MMT’s equation, which omits Qm and Yd, leading to an incomplete picture.
3. Formal Derivation: AXEC demonstrates that the MMT equation (I - S) + (G - T) + (X - M) = 0 only holds if profit (Qm) and distributed profit (Yd) are zero, which is not generally true. Instead, AXEC’s corrected equation is:
   (I - S) + (G - T) + (X - M) = (Qm - Yd)
   This shows that the sectoral balances equal the difference between monetary and distributed profit, not zero, unless Qm = Yd.
4. Implications for MMT: Since MMT’s sectoral balances equation is foundational to its analysis, AXEC argues that its falsity undermines MMT’s entire theoretical structure, including claims about deficit spending and money creation. For example, AXEC asserts that public deficits (G - T) directly increase private sector profit (Qm), a dynamic MMT obscures by focusing on net financial assets.

The proof is purely formal, relying on logical consistency and accounting identities, not empirical or political considerations. AXEC’s work is detailed in blog posts and papers, such as those on https://axecorg.blogspot.com/, with specific references to MMT critiques (e.g., "The final implosion of MMT"). However, MMT proponents might counter that their framework prioritizes operational realities (e.g., government as currency issuer) over AXEC’s axiomatic constraints, a debate AXEC dismisses as evading the mathematical error.

Occasional Xs: How it works (CCCLVIII)

 

#Economics#AllYouNeedToKnow

“The whole world is in debt... but to who?” (Luke Belmar)

The free-market economy runs on profit. 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/uCTXjbFlVX

— AXEC (@EgmontHandtke) April 14, 2025

Occasional Xs: Clueless economists / Science (CLX)

 

#Economics#AllYouNeedToKnow

“I love economics” (Follynomics)

This is a reliable indicator of progressive brain rot.

Since Adam Smith, economists have claimed to do science but have NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their…

— AXEC (@EgmontHandtke) April 14, 2025

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

 

#Economics#AllYouNeedToKnow

“There's no such thing as a free lunch.” (Milton Friedman)

The free-market economy a.k.a. Capitalism runs on profit. Macroeconomic #Profit Qm is given by the axiomatically correct Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The… pic.twitter.com/TwzxZrWaT4

— AXEC (@EgmontHandtke) April 14, 2025

Occasional Xs: Clueless economists / Trade (II)

 

#Economics#AllYouNeedToKnow

“The overall trade (goods and services) deficit equals the difference between savings and investment plus the government deficit [(M-X) = (I-S) + (G-T)]” (John Cochrane)

One of the bedrock principles of economics is that sectoral balances add up to… pic.twitter.com/04zckDY8p5

— AXEC (@EgmontHandtke) April 14, 2025

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

 

#Economics#AllYouNeedToKnow

“Hayek on free trade and tariffs” (Daniel Smith)

Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false &… pic.twitter.com/ZSdUMEIC3N

— AXEC (@EgmontHandtke) April 13, 2025

Occasional Xs: Clueless economists / Trade (I)

 

#Economics#AllYouNeedToKnow

“There are two ways in which a country may be benefited by trade — one by the increase of the general rate of profits ... the other by the abundance of commodities,…” (David Ricardo)

Almost right, macroeconomic profit increases in the exporting… pic.twitter.com/t7ZBpxKqnm

— AXEC (@EgmontHandtke) April 13, 2025

Occasional Xs: How it works (CCCLVII)

 

#Economics#AllYouNeedToKnow

“At the end of the day, who's more "cheated": the party doing the hard work of producing goods at very low prices on razor thin margins, or the party that simply prints a virtually infinite amount of fiat money to pay for all this stuff?” (Larry… pic.twitter.com/w3ofiockQs

— AXEC (@EgmontHandtke) April 12, 2025

Occasional Xs: Clueless economists / Science (CLIX)

 

#Economics#FailedFakeScience

“Policy stuck in 1600s alas.” (John Cochrane)

Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false &… pic.twitter.com/FyiD7hQmcW

— AXEC (@EgmontHandtke) April 12, 2025

Occasional Xs: Clueless economists / Profit (LXXXII)

 

The predator-prey model of economics is just the outcome of a false definition of total macroeconomic income ψ as the sum of wages Yw and profits Q i.e.
Ψ≡Yw+Q
Q/Ψ≡1−Yw/Ψ pic.twitter.com/e5THlffvoQ

— E.K-H (@AXECorg) April 12, 2025

***

X Apr 12, 2025 Smoking gun proof: Economics is failed/fake science, the representative economist is stupid or corrupt or both

For details of the big picture see cross-references Profit/Distribution

#PointOfProof