#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) June 30, 2025
“Promoting the study of economic science.” (@RoyalEconSoc)
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/T7vWBwJhCs
This blog connects to the AXEC Project which applies a superior method of economic analysis. The following comments have been posted on selected blogs as catalysts for the ongoing Paradigm Shift. The comments are brought together here for information. The full debates are directly accessible via the Blog-References. Scrap the lot and start again―that is what a Paradigm Shift is all about. Time to make economics a science.
June 30, 2025
Occasional Xs: Clueless economists / Science (CLXXV)
Occasional Xs: How it works (CCCLXX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) June 30, 2025
“Every country on the planet with high real median personal income has billionaires—the institutions that help create prosperity for all also help create billionaires” (Chris Freiman)
True. But what exactly is it that helps to create billionaires?…
June 28, 2025
Occasional Xs: The futile attempt to recycle MMT (CLXXX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) June 28, 2025
“Is MMT just bourgeois economics? “ (Macro n Cheese)
It does not matter how MMTers stylize themselves politically. MMTers have never understood profit and, as a logical consequence, how the economy works. That's rather bad for an economist.… pic.twitter.com/XvbD402fuJ
June 26, 2025
Occasional Xs: Clueless economists / Science (CLXXIV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) June 26, 2025
“I regard him as a real genius, but not a great economist. He was not really a strict logical reasoner.” (Hayek on Keynes)
Neither Keynes nor Hayek understood profit and how the economic system works. That's rather bad for an economist.
The history…
June 20, 2025
Occasional Xs: The futile attempt to recycle MMT (CLXXIX)
#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 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