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.
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) September 10, 2025
“Another loud and clear negative sign about the state of learning and academic performance among U.S. youth.” (Melissa Kearney)
No problem, the kids can still become economics professors. ⇓
Reminder 1: For 200+ years, economics has claimed to be… pic.twitter.com/cS6oylueph
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) September 9, 2025
“Economics is the study of the economy, not the study of economists.” (R. Reis)
For over 200 years, economics has claimed to be a science, but it still isn't. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) September 9, 2025
For the axiomatically correct monetary theory, go to SSRN:
The Dark-Matter Theory of Fiat Moneyhttps://t.co/A5k0pCTfrV
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) September 8, 2025
“The Gamechanger: Merz Plunges Germany Into A Debt Crisis.” (zerohedge)
Not quite. Following the USA, France, the UK, Italy, Japan, etc., Germany is now also participating in the unescapable endgame of free-market economies.
Reminder: The…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) September 8, 2025
“As soon as the land of any country has all become private property, the landlords like to reap where they never sowed.” (Adam Smith)
These kinds of platitudes are still regurgitated to demonstrate the genius of Adam Smith, the founding father of… pic.twitter.com/EFjPuaBBsa
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) September 7, 2025
“What is wealth? Different schools of economics give very different answers. e.g. National accounts vs households: For households, wealth = net worth. For the nation, gov deficits = private surpluses.” (Relearning Economics)
This is enough to show… pic.twitter.com/t4XjEzrugF
#Economics#FailedFakeScience
— AXEC (@EgmontHandtke) September 7, 2025
“Ich habe ein Buch darüber geschrieben, was es für die (liberale) Demokratie bedeutet, wenn es immer weniger liberale Demokraten gibt.” “I have written a book about what it means for (liberal) democracy when there are fewer and fewer liberal… pic.twitter.com/cpEMIZ2q4E
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) September 6, 2025
“Almost half of French new debt goes into pensions payments. Without higher retirement age and lower pension payments France heads into a debt crisis. The problem is, both far-left and far-right populists are for reduction, not increase of retirement…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) September 6, 2025
“The morals of the market lead us to benefit others, not by our intending to do so, but by making us act in a manner which, nonetheless, will have just that effect.” (Friedrich Hayek)
Hayek never understood profit, so he had no idea how the monetary…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) September 6, 2025
“The tax isn’t there to raise money, It’s to get people working, and producing things for the government.” (Stephanie Kelton quoted by Real Progressives)
The tax is there because WeThePeople have to pay the interest on goverment bonds that are held…
#Economics#AllYouNeedToKnow#FailedFakeScience
— AXEC (@EgmontHandtke) September 6, 2025
“I wish my other good friend @ProfSteveKeen was there, but we represented him well.” (Relearning Economics)
Yes, you represent the political mob that spreads stupid propaganda under the banner of economic science very well. The… pic.twitter.com/vuBdVQoTj4
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) September 5, 2025
“The great dialectic in our time is not, as anciently and by some still supposed, between capital and labor; it is between economic enterprise and the state.” (John Kenneth Galbraith)
Wrong. The great dialectic in our time is between WeTheOligarchy…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) September 5, 2025
“Money is nothing more than a form of debt, which is to say a commitment to pay money at some time in the future. The whole system is therefore fundamentally circular and self-referential. There is nothing underneath, as it were, holding it up.”…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) September 5, 2025
“This video explains why a £5 note is really a promise from the state, not something you or I created. If we stop believing in the myth of taxpayers’ money, we can start demanding real accountability for how government spends its own money.” (Richard…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) September 5, 2025
“Gotta love those govt deficits and private sector surpluses...” (?whispers?)
Sure, except for the fact that government deficits are NOT “private sector surpluses” but business sector profits. Deficit-spending/money-creation is NOT for the benefit… pic.twitter.com/atnLOIhDUv
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) September 4, 2025
“What is different this time is higher debt/GDP ratios making debt servicing in higher rates environment difficult. … We are entering a new era.” (Michael Arouet)
There is an absolute limit to the growth of public debt. The higher the interest…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) September 2, 2025
“Keynes vs MMT: which economic theory fits our world?” (Richard Murphy)
Neither Keynesianism nor MMT accurately reflects the world we live in. They both get macroeconomics, and consequently the theory of money, wrong.
Keynes was a failed/fake…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) September 2, 2025
“We regret to inform you that economists are back, signing letters.” (zerohedge)
If you need proof that economics is a failed/fake science, look no further.
For over 200 years, economics has claimed to be a science, but it still isn't. The major… pic.twitter.com/RFkf5463N8
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) September 2, 2025
“We have an economy that allows the financial sector to earn profits without investment in productive capacities.” (Mariana Mazzucato)
As an economist, Mariana Mazzucato should understand what profit is and how the economic system functions.…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) September 2, 2025
“… France is toasted, but the model kept going by adding 25% to Debt/GDP ratio since then. We are getting closer to the point when the markets don’t absorb more French debt though.” (Michael Arouet)
There is not only “a time-bomb at the heart of…
#MMT#BadScienceBadPolicyBadPeople
— AXEC (@EgmontHandtke) September 1, 2025
“Money is never the limit” (Ashish Barua)
MMTers got macroeconomics wrong. This makes their monetary theory scientifically worthless—only good for political propaganda.
The free-market economy a.k.a. Capitalism runs on profit. Macroeconomic… pic.twitter.com/llURZ3nPq8
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) September 1, 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/iJ4w76cO3A
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) September 1, 2025
Vincent Geloso seems to be the last economist who has yet to realize that the Cobb-Douglas production function is a methodological blunder of the first order. This construct is not derived from real-world production conditions, but rather was plucked…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) September 1, 2025
'There is no more dangerous menace to civilization than a science that has been captured by incompetent, corrupt, or vile men. The worst frauds which mankind ever had to endure were inflicted by impostors abusing the prestige of science.' (a Mises…
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) September 1, 2025
“Steigende #Zinslasten engen den Spielraum ein: Immer mehr Steuereinnahmen gehen in den Schuldendienst, weniger bleiben für staatliche Aufgaben.”
“Rising interest burdens are limiting the scope for action: more and more tax revenue is being spent on…
#Economics#FailedFakeScience
— AXEC (@EgmontHandtke) September 1, 2025
“'Marginalism' is the essence of good economics.” (Deirdre Nansen McCloskey)
No. Actually, Marginalism is the epitome of scientific failure.
For 200+ years, economics has claimed to be science but never was. The major approaches (Walrasianism,…