Occasional Xs: Clueless economists / Science (CLXXI)

 

#Economics#AllYouNeedToKnow

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

— AXEC (@EgmontHandtke) May 31, 2025

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

 

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) May 31, 2025

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

 

#MMT#BadScienceBadPolicyBadPeople

There goes the non-straw man refutation of MMT ⇓ pic.twitter.com/WWVv7q79GU

— AXEC (@EgmontHandtke) May 30, 2025

Occasional Xs: Clueless economists / Breakdown (X)

 

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) May 30, 2025

Occasional Xs: Clueless economists / Science (CLXX)

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) May 29, 2025

For details of the big picture, see Cross-references Proto-Science/Cargo Cult Science/Fake Science.

Also at Chris Freiman. 

Occasional Xs: The futile attempt to recycle Ricardo (X)

 

#Economics#AllYouNeedToKnow

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…

— AXEC (@EgmontHandtke) May 28, 2025

Occasional Xs: How it works (CCCLXIX)

 

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) May 28, 2025

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

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) May 28, 2025

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

 

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) May 27, 2025

Related 'Dear idiots, it is deficit spending that creates the distribution people complain about'. 

Occasional Xs: Clueless economists / Science (CLXIX)

 

#Economics#AllYouNeedToKnow

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

— AXEC (@EgmontHandtke) May 27, 2025

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

 

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) May 27, 2025

Related 'Stephanie Kelton and the self-destructive stupidity of the super-rich'. 

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

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) May 26, 2025

Related 'Down with idiocy!' 

Occasional Xs: How it works (CCCLXVIII)

 

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) May 25, 2025

Occasional Xs: How it works (CCCLXVII)

 

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) May 21, 2025

Occasional Xs: Clueless economists / Science (CLXVIII)

 

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) May 21, 2025

Related 'Mathematical Proof of the Breakdown of Capitalism'.

Occasional Xs: How it works (CCCLXVI)

 

#Economics#AllYouNeedToKnow

“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,…

— AXEC (@EgmontHandtke) May 20, 2025

Related 'Just one more day: How deficit spending postpones the breakdown of Capitalism'. 

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

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) May 18, 2025

Related 'Economics: the emancipation of science from politics'.

 

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

 

#Economics#FailedFakeScience

“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

— AXEC (@EgmontHandtke) May 18, 2025

Occasional Xs: How it works (CCCLXV)

 

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) May 17, 2025

Occasional Xs: Teaching failed/fake science (III)

 

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) May 15, 2025

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

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) May 14, 2025

Occasional Xs: The role of narratives and storytelling in economics (VI)

 

#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) May 13, 2025

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

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) May 13, 2025

Occasional Xs: Clueless economists / Science (CLXVII)

 

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) May 13, 2025

Occasional Xs: Paradigm Shift (LXVI)

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) May 12, 2025

Occasional Xs: Econ 101― still proto-scientific garbage (X)

 

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) May 12, 2025

Related 'Economists still don’t get Econ 101 right'. 

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

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) May 12, 2025

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

 

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) May 11, 2025

Related 'Gosh! The One Percent have gotten $21 trillion richer: Links on Distribution' 

Occasional Xs: Clueless economists / Profit (LXXXV)

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) May 10, 2025

Occasional Xs: How it works (CCCLXIV)

 

#Economics#AllYouNeedToKnow

“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*…

— AXEC (@EgmontHandtke) May 9, 2025

Occasional Xs: Paradigm Shift (LXV)

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) May 8, 2025

Related 'How Keynes got macroeconomics wrong and Allais got it right'. 

Occasional Xs: Clueless economists / Science (CLXVI)

 

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) May 8, 2025

Occasional Xs: Economics debates ― a never-ending moronic delirium (I)

 

#Economics#AllYouNeedToKnow

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…

— AXEC (@EgmontHandtke) May 8, 2025

For more about economics as hardcore wrestling, see AXECquery. 

Occasional Xs: How it works (CCCLXIII)

 

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) May 8, 2025

Occasional Xs: Clueless economists / Science (CLXV)

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) May 7, 2025

For details of the big picture, see cross-references Accounting. 

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

 

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) May 6, 2025

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

 

#MMT#BadScienceBadPolicyBadPeople

“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…

— AXEC (@EgmontHandtke) May 6, 2025

Related 'MMTers are NOT Friends-of-the-People'. 

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

 

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) May 6, 2025

Related 'Profit for Marxists'. 

Occasional Xs: What economists really do (CDXLII)

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) May 6, 2025

Occasional Xs: The futile attempt to recycle Paul Samuelson (IV)

 

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) May 6, 2025

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

 

#MMT#BadScienceBadPolicyBadPeople

“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

— AXEC (@EgmontHandtke) May 5, 2025

Related 'MMT and the magical profit disappearance'. 

Occasional Xs: The futile attempt to recycle Paul Samuelson (III)

 

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) May 5, 2025

Related 'Naive arithmetic'. 

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

 

#Economics#AllYouNeedToKnow

“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.”…

— AXEC (@EgmontHandtke) May 5, 2025

Related 'Down with idiocy!'. 

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

 

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) May 5, 2025

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

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) May 4, 2025

Occasional Xs: How MMTers serve the Oligarchy (VI)

 

#MMT#BadScienceBadPolicyBadPeople

“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

— AXEC (@EgmontHandtke) May 4, 2025

Occasional Xs: Clueless economists / Science (CLXIV)

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) May 4, 2025

Occasional Xs: Clueless economists / Science (CLXIII)

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) May 3, 2025

Related 'Economists are too stupid for macro accounting (VII)' and 'Time to get the axioms of economics right (V)'. 

Occasional Xs: Clueless economists / Science (CLXII)

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) May 2, 2025

Occasional Tweets: Can anyone take Paul Krugman seriously? (II)

 

#Economics#AllYouNeedToKnow#HallOfShame

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 ⇒…

— AXEC (@EgmontHandtke) May 2, 2025

For more about Paul Krugman, see AXECquery. 

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

 

#Economics#AllYouNeedToKnow

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

— AXEC (@EgmontHandtke) May 2, 2025

Occasional Xs: Econ 101― still proto-scientific garbage (IX)

 

#Economics#AllYouNeedToKnow

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…

— AXEC (@EgmontHandtke) May 2, 2025

Occasional Xs: Time to get the axioms of economics right (V)

 

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) May 2, 2025

Occasional Xs: How MMTers serve the Oligarchy (V)

 

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) May 1, 2025

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

 

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) May 1, 2025

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

“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

— AXEC (@EgmontHandtke) May 1, 2025