Occasional X: Clueless economists / Money (LXIV)

 

#Economics#AllYouNeedToKnow

“In 1989, the top one percent held 22.8 percent of American wealth. By the second quarter of 2025, that figure reached 31.0 percent. The bottom fifty percent now holds 2.5 percent. The Federal Reserve printed nine trillion dollars between 2008 and…

— AXEC (@EgmontHandtke) November 30, 2025

Occasional X: Clueless economists / Profit (CXVI)

#Economics#AllYouNeedToKnow

“Labour's Darren Jones states that his party is committed to austerity as the Tories 'have spent all the money and maxed out the country's credit card.” (BBC)

The financial media are telling silly stories. The narrative's main ingredients are…

— AXEC (@EgmontHandtke) November 30, 2025

Occasional X: Clueless economists / Profit (CXV)

#Economics

“Kalecki's profit equation: Π= I + (G − T) + (X − M) − SH” has to be replaced by the consistent macroeconomic profit formula Qm≡Yd+(I−Sm)+(G−T)+(X−M). See

Profit analysis ― another exercise in economic deceptionhttps://t.co/79ZSbrFcNU

— E.K-H (@AXECorg) November 30, 2025

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

Occasional X: Clueless economists / Money (LXIII)

 

#Economics#AllYouNeedToKnow

“One of the smartest guys in the room (Farmer) still misses the key point: ALL Gov spending is 'monetary finance'— it is all 'money creation'- bonds can’t Δ this” (Clint Ballinger)

Neither Clint Ballinger nor Roger Farmer understands how the…

— AXEC (@EgmontHandtke) November 30, 2025

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

#Economics#AllYouNeedToKnow

“The last sentence might sound like semantics, but it's important. Govt spending adds cash to the economy (we get richer) and Govt taxation takes it away again (we get poorer).” (Musical Chairs)

What people always overlook is that MMT's We/Our does…

— AXEC (@EgmontHandtke) November 29, 2025

Related 'MMT and the magical profit disappearance' 

Occasional X: Clueless economists / Equilibrium (I)

#Economics#AllYouNeedToKnow

“A guide for students of economics: Ten statements that demonstrate that someone does not understand modern economics or what an equilibrium is, and that you can safely ignore everything else they say.” (Jesús Fernández-Villaverde)

Modern economics… pic.twitter.com/pPEth72wCc

— AXEC (@EgmontHandtke) November 29, 2025

For more about equilibrium, see AXECquery.

Occasional X: Clueless economists / Money (LXII)

#Economics#AllYouNeedToKnow

“Lemma 2 (Kalecki–Godley Equivalence under Endogenous Credit)” (James Young)

The Kalecki–Godley Equivalence is provably false. ⇓

For details, see the working paper
The Dark-Matter Theory of Fiat Money {78a}https://t.co/x4NOcsCBMS

— AXEC (@EgmontHandtke) November 29, 2025

Occasional X: How it works (CDXVI)

 

#Economics#AllYouNeedToKnow

“Fed is still over $240 billion away from sending Treasury a single dime: …” (E.J. Antoni)

Who, do you think, has the $240 billion now?

The U.S. economy runs on profit. Macroeconomic profit is given by the axiomatically correct Profit Law /…

— AXEC (@EgmontHandtke) November 29, 2025

The Dark-Matter Theory of Fiat Money {78a}

Working paper at ARCHIVE

Abstract  Currently, the Theory of Money suffers from a lack of consistent macroeconomic foundations and a lack of reliable empirical data. Because both macroeconomics and macroeconomic accounting are defective, there is no scientific basis for the decision between competing theories. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory, axiomatically false, materially/formally inconsistent, and all got profit wrong. As a result, economic policy guidance has never had valid scientific foundations. It has never been more than silly political blather. This is an untenable situation. As Stigum put it, "In order to tell the politicians and practitioners something about causes and best means, the economist needs the true theory or else he has not much more to offer than educated common sense or his personal opinion." In this paper, the essentials of the true Theory of Money are developed.

Occasional X: Paradigm Shift (LXXXV)

#Economics#AllYouNeedToKnow

“Spending time tonight at one of my safest and most inspiring places in the UK @GirtonCollege to discuss meaningful and purposeful economics, grounded in the rich intellectual legacy of Joan Robinson!” (Caroline Alves)

Joan Robinson clearly… pic.twitter.com/1qt0KF5mld

— AXEC (@EgmontHandtke) November 27, 2025

Occasional X: The foul spirit of political economics (CLXXII)

#Economics#AllYouNeedToKnow

“What will the Budget mean for your personal finances, taxes and the broader UK economy?” (Financial Times)

The financial press is storytelling. The narrative's main ingredients are metaphors, false historical analogies, and incorrect…

— AXEC (@EgmontHandtke) November 27, 2025

Occasional X: Clueless economists / Science (CCXXXI)

#Economics#FailedFakeScience

“New book: Economics as Science: A Critical History of Economic Thought, by Bernard C. Beaudreau.” (Economic thought)

The history of economic thought is the history of scientific failure. The major approaches (Walrasianism, Keynesianism,… pic.twitter.com/I30SyUbtCR

— AXEC (@EgmontHandtke) November 27, 2025

Occasional X: The futile attempt to recycle Austrianism (XLXVII)

#Economics#AllYouNeedToKnow

“The possibility of men living together in peace and to their mutual advantage without having to agree on common concrete aims, and bound only by abstract rules of conduct, was perhaps the greatest discovery mankind ever made.” (Friedrich Hayek)…

— AXEC (@EgmontHandtke) November 26, 2025

Occasional X: Clueless economists / Science (CCXXX)

#Economics#AllYouNeedToKnow

“Very thankful for my experiences within the scientific enterprise of economics.” (Peter Boettke)

There is no “scientific enterprise of economics”. Economists have never understood what science is all about. ⇓

Peter Boettke misunderstood the… pic.twitter.com/FNRhnQfFM5

— AXEC (@EgmontHandtke) November 26, 2025

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

#Economics#AllYouNeedToKnow

“If I see this f****ing bullshit video one more time I'll explode!” (Malcolm Reavell)

Much political emotion, zero scientific brain.

For details, seehttps://t.co/dgf8iJ6gbg

— AXEC (@EgmontHandtke) November 26, 2025

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

#Economics#AllYouNeedToKnow

MMT's foundational balances equation is provably false, so their whole macroeconomics is false.

For the full-spectrum refutation, see ⇒https://t.co/eXlgPKrinA pic.twitter.com/WP2jpZtJjJ

— AXEC (@EgmontHandtke) November 26, 2025

Occasional X: How it works (CDXV)

#Economics#AllYouNeedToKnow

“The very first thing the Prime Minister does is use the household budget metaphor.” (Zack Polanski)

Politics is storytelling. The narrative's main ingredients are metaphors, false historical analogies, and incorrect generalisations. Legacy…

— AXEC (@EgmontHandtke) November 26, 2025

Occasional X: The futile attempt to recycle Austrianism (XLXVI)

#Economics#AllYouNeedToKnow

“Why I am not an Austrian economist.” (Follynomics)

Both Austrianism and anti-Austrianism are a waste of time.

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

— AXEC (@EgmontHandtke) November 26, 2025

Occasional X: Clueless economists / Money (LXI)

#Economics#AllYouNeedToKnow

“No point being afraid of something so mundane.” (Patricia Pino)

For the axiomatically correct Theory of Money, including the creation of money:

The Dark-Matter Theory of Fiat Moneyhttps://t.co/A5k0pCTfrV

— AXEC (@EgmontHandtke) November 26, 2025

Occasional X: Clueless economists / Science (CCXXIX)

#Economics#AllYouNeedToKnow

“… where I show how the formula reduces to simpler neoclassical idea that r=MPK IF ONLY ONE GOOD.” (Robert Murphy)

The first term in your formula (4) is a production function. This is a construct, neoclassicals need because otherwise… pic.twitter.com/ESRZUdZEHm

— AXEC (@EgmontHandtke) November 26, 2025

Occasional X: Clueless economists / Profit (CXIV)

#Economics#AllYouNeedToKnow

“If knowledge develops as capital accumulates, there need be no tendency to diminishing returns, and with constant returns there can be no tendency for the rate of profit to fall.” (Joan Robinson)

Like every other economist, Joan Robinson… pic.twitter.com/DlVwlLaIWU

— AXEC (@EgmontHandtke) November 25, 2025

Occasional X: The futile attempt to recycle Keynesianism (XCI)

#Economics#AllYouNeedToKnow

“How can I accept a doctrine which sets up as its bible, above and beyond criticism, …” (J. M. Keynes)

Acceptance is NOT the issue. The issue is to overcome what is so obviously false.

Keynes, too, misunderstood the concept of profit because he… pic.twitter.com/qo1D00tIyZ

— AXEC (@EgmontHandtke) November 24, 2025

Occasional X: Paradigm Shift (LXXXIV)

#Economics#AllYouNeedToKnow

“The Conceptual Flaw in the Microeconomic Foundations of Dynamic Stochastic General Equilibrium Models” (quoted by Clint Ballinger)

It is NOT enough to prove that economics has been proto-scientific garbage since Adam Smith.

For 200+ years,… pic.twitter.com/vgXLDHFSvL

— AXEC (@EgmontHandtke) November 24, 2025

Occasional X: AI — boosting scientific competence in economics (IV)

#Economics#AllYouNeedToKnow

“I can't really show my entire interrogation of ChatGPT around reserve accounting at the BoE, but the upshot is that if the govt runs a budget surplus, the effect is not what most economists will tell you.” (MMT for Progressives)

ChatGPT can not… pic.twitter.com/jWTglpswPO

— AXEC (@EgmontHandtke) November 24, 2025

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

#Economics#AllYouNeedToKnow

“Econ seminars are great. In other seminars people sit in silence, then wander off whispering 'that was idiotic.' In Econ, you learn right away what the weak points are, and what people misunderstand and you need to explain better.” (John Cochrane)…

— AXEC (@EgmontHandtke) November 23, 2025

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

#Economics#AllYouNeedToKnow

“This is the equivalent of asking the Wembley scoreboard operator, 'Is there a limit to the amount of goals you can borrow?' (MMT for Progressives)

There is an absolute upper limit for the growth of public debt, which is given by… pic.twitter.com/yY30VInhcY

— AXEC (@EgmontHandtke) November 23, 2025

Occasional X: Clueless economists / Science (CCXXVIII)

#Economics#AllYouNeedToKnow

“According to Horwitz’s Introduction to Austrian Economics, they claim to offer a more 'realistic' explanation of economic phenomena than mainstream economics does …” (Shahin Ashkiani)

The decisive criterion of science is material AND formal…

— AXEC (@EgmontHandtke) November 23, 2025

Occasional X: Clueless economists / Price Mechanism (VI)

#Economics#AllYouNeedToKnow

“— they were blind to the identity structure linking the data.” (quoted by James Young)

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… pic.twitter.com/hTXcbuQ9l1

— AXEC (@EgmontHandtke) November 22, 2025

Occasional X: Clueless economists / Science (CCXXVII)

#Economics#AllYouNeedToKnow

“Economic models are broken, and economists have wildly different ideas about how to fix them.” (Joseph Stiglitz)

“In a new paper entitled 'Where Modern Macroeconomics Went Wrong,' Nobel laureate Joseph Stiglitz of Columbia University lays much of… pic.twitter.com/BqwWCaq1Bi

— AXEC (@EgmontHandtke) November 22, 2025

Occasional X: The futile attempt to recycle Milton Friedman (XLVI)

#Economics#AllYouNeedToKnow

“There's no other industry in the US, except politics, that is so OBSOLETE.” (Milton Friedman Quotes)

“There's no other science in the US, except economics, that is so OBSOLETE.” (AXEC)

Milton Friedman was an economist, so he should have known how…

— AXEC (@EgmontHandtke) November 22, 2025

Occasional X: The foul spirit of political economics (CLXXI)

#Economics#AllYouNeedToKnow

“The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists,” (Joan Robinson, quoted by Elizabeth Glab)

“Scrap the lot and start again.” (Joan…

— AXEC (@EgmontHandtke) November 22, 2025

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

#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/fSdHhHY3aB

For the full-spectrum refutation, see ⇒https://t.co/eXlgPKrQd8 pic.twitter.com/xbuRi8r0ad

— AXEC (@EgmontHandtke) November 22, 2025

Also at Phil Waller.

Related 'The unassailable formal refutation of MMT' 

Occasional X: Clueless economists / Money (LX)

#Economics#AllYouNeedToKnow

“The use of the quantity of money as a target has not been a success. I'm not sure that I would as of today push it as hard as I once did.” (Friedman Quotes)

For over 200 years, economics has claimed to be a science, but it still isn't. The major… pic.twitter.com/6VXnb3yx3c

— AXEC (@EgmontHandtke) November 21, 2025

Occasional X: Clueless economists / Profit (CXIII)

#Economics#AllYouNeedToKnow

Kalecki was a failed/fake economist because he got the fundamental concept of the subject — profit — wrong. However, his mistake is axiomatic, and in most practical cases, the errors are small and almost cancel out. So, even though the Levy/Kalecki…

— AXEC (@EgmontHandtke) November 21, 2025

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

#Economics#AllYouNeedToKnow

“It’s that time again: the 'MMT is wrong' posts are resurfacing from the economists who push the belief that 'markets control the CB and the Treasury.'” (Shahin Ashkiani)

Yes, MMT is wrong.

The free-market economy runs on profit. Macroeconomic… pic.twitter.com/P7U7DEC2kP

— AXEC (@EgmontHandtke) November 21, 2025

Occasional X: The foul spirit of political economics (CLXX)

#Economics#AllYouNeedToKnow

“The history of economic thought as a living laboratory.” (Cambridge Journal of Economics)

The history of economic thought is the history of scientific failure.

For over 200 years, economics has claimed to be a science, yet it still is not. The… pic.twitter.com/DVZukrphBY

— AXEC (@EgmontHandtke) November 20, 2025

Occasional X: Paradigm Shift (LXXXIII)

#Economics#AllYouNeedToKnow

“Mainstream economists get far more wrong, and when they do happen to be right, which is rare, it's a result of chance than any result derived their idealist ontology and epistemology.” (David Fields)

For 200+ years, economics has claimed to be a… pic.twitter.com/IjJJE8iFyn

— AXEC (@EgmontHandtke) November 20, 2025

Occasional X: The foul spirit of political economics (CLXIX)

#Economics#AllYouNeedToKnow

“It is always worth studying economics or history just to know when certain people are deceiving you.” (David Graeber Institute)

Deception means that someone knows the truth but makes it wrong on purpose. This does not apply to economics. Economists… pic.twitter.com/94GbCj4pf9

— AXEC (@EgmontHandtke) November 20, 2025

Occasional X: The futile attempt to recycle Milton Friedman (XLV)

#Economics#AllYouNeedToKnow

“If the federal government spends $450 billion and only raises $400 billion in taxes, who do you suppose pays that other $50 billion? Do you suppose a tooth fairy does?” (Milton Friedman Quotes)

Milton Friedman was an economist, so he should have…

— AXEC (@EgmontHandtke) November 20, 2025

Occasional X: How it works (CDXIV)

#Economics#AllYouNeedToKnow

“Are the credit→GDP, credit→profits, and credit→asset-price results enough to fully falsify Selgin’s residual claims (“Intermediationism.”)? … The evidence is conclusive: Credit creation is the causal engine of nominal GDP, profits, inflation,…

— AXEC (@EgmontHandtke) November 20, 2025

Occasional X: Economic laws (IV)

#Economics#AllYouNeedToKnow

“Laws of economics are like laws of physics, yet the lefts keep fighting them.” (Michael Arouet)

There are systemic laws in economics, but not behavioral laws. ⇓ Economists constantly confute the two. This is why economics has been failed/fake… pic.twitter.com/zAWq3ffxmy

— AXEC (@EgmontHandtke) November 19, 2025

Occasional X: Clueless economists / Inflation / Deflation (XLVIII)

 

#Economics#AllYouNeedToKnow

Inflation is the rate of change of the avg price ⇓. If it goes to zero, the problems are NOT over because one is now on a higher price level. And this will bring employment down.

Most people (including economists) do not understand the difference… pic.twitter.com/sfMzh5AN5f

— AXEC (@EgmontHandtke) November 19, 2025

Occasional X: The foul spirit of political economics (CLXVIII)

#Economics#AllYouNeedToKnow

“Mises gave us the recipe for civilization: … Therefore: No private property → no prices → no calculation → no coordination → no civilization.” (Robert Breedlove)

This is an example of stolen valour.

The free-market economy runs on profit.…

— AXEC (@EgmontHandtke) November 19, 2025

Occasional X: Clueless economists / Science (CCXXVI)

#Economics#AllYouNeedToKnow

“Economics has a serious problem with elite concentration, intellectual insularity, and lack of diversity — a problem far more pronounced in economics than in other disciplines. ” (Jostein Hauge)

For 200+ years, economics has claimed to be a… pic.twitter.com/XPayhYWT6D

— AXEC (@EgmontHandtke) November 17, 2025

Related 'There is no scientific elite in economics' 

Occasional X: Time to get the axioms of economics right (VI)

#Economics#AllYouNeedToKnow

“Why DSGE and NK Models Cannot Recover the Kalecki–Godley Identity ... they cannot reproduce the equivalence Kalecki (profits)=Godley (financing).” (James Young)

Almost true. But from the fact that DSGE/NK is proto-scientific garbage does not follow…

— AXEC (@EgmontHandtke) November 17, 2025

Occasional X: The futile attempt to recycle Keynesianism (XC)

#Economics#AllYouNeedToKnow

“Shlomo Ben-Ami sees echoes of John Maynard Keynes's wisdom in the US administration's 20-point plan.” (Project Syndicate)

Keynes was a scientifically incompetent waffler. He misunderstood the concept of profit because he was unable to grasp… pic.twitter.com/eAyfSHbCih

— AXEC (@EgmontHandtke) November 17, 2025

Occasional X: Clueless economists / Profit (CXII)

#Economics#AllYouNeedToKow

“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.” (Hyman Minsky)

True, but the fact remains that Minsky's theory was way off the mark.

The major… pic.twitter.com/qkIf8JJJoO

— AXEC (@EgmontHandtke) November 17, 2025

Occasional X: Clueless economists / Profit (CXI)

#Economics#AllYouNeedToKnow

Both Kalecki and Godley dug at the right site, but not deep enough.

Kalecki was a failed/fake economist because he got the fundamental concept of the subject — profit — wrong. ⇓ This is long known. For details, see

Kalecki got it wrong, Allais got… pic.twitter.com/bADEBJFL81

— AXEC (@EgmontHandtke) November 17, 2025

Occasional X: Clueless economists / Philosophy (X)

#Economics#AllYouNeedToKnow

Liberalism is not a philosophy; economics is not a science. They are both silly propaganda.

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

— AXEC (@EgmontHandtke) November 16, 2025

Occasional X: Economists and their silly prediction games (II)

 

#Economics#AllYouNeedToKnow

“The future is unpredictable.” (Feynman)

Only charlatans predict the future, and only morons take them seriously.

The problem of economics is NOT failed predictions, but that it is a failed/fake science. For details, see

Scientists do NOT predict…

— AXEC (@EgmontHandtke) November 16, 2025

Occasional X: The futile attempt to recycle Austrianism (XLXV)

#Economics#AllYouNeedToKnow

“Government work corrupts.” (Friedrich Hayek)
“Economics corrupts.” (AXEC)

Hayek never understood profit and, by consequence, how the economic system works. Logical inconsistency is enough for the refutation of a theory. So, Hayek has been…

— AXEC (@EgmontHandtke) November 16, 2025

Occasional X: The futile attempt to recycle Keynesianism (LXXXIX)

#Economics#AllYouNeedToKnow

“Fundamentally, by his nature and aesthetics, Keynes was more an artist than an economist. I mean this as a compliment.” (Branko Milanovic)

Keynes was a scientifically incompetent waffler. He misunderstood the concept of profit because he was unable… pic.twitter.com/gAgS0KeVAG

— AXEC (@EgmontHandtke) November 16, 2025

Occasional X: The foul spirit of political economics (CLXVII)

#Economics#AllYouNeedToKnow

Prof. Steve Keen is not a competent scientist but one of the many #EconBlockers on social media. pic.twitter.com/aMtqRDMqco

— AXEC (@EgmontHandtke) November 15, 2025

Related 'Keenonomics, aggregate demand/change of debt, and some misleading critique' 

Occasional X: Clueless economists / Money (LIX)

#Economics#AllYouNeedToKnow

Don't waste your time refuting legacy economics. It's all proto-scientific garbage ⇓. Go straight to the Paradigm Shift.

For details of monetary theory, see SSRN
The Dark-Matter Theory of Fiat Moneyhttps://t.co/A5k0pCTfrV pic.twitter.com/ZQOgLq4g7y

— AXEC (@EgmontHandtke) November 15, 2025

Occasional X: AI — boosting scientific competence in economics (III)

#Economics#AllYouNeedToKnow

“Vice President of America, JD Vance is a Grok guy and he says Grok is the best.” (DogeDesigner)

Compared to the Vice President, Grok appears to be intelligent. However, as far as economics is concerned, AI is as scientifically incompetent as…

— AXEC (@EgmontHandtke) November 15, 2025

Occasional X: The futile attempt to recycle Kalecki (Xb)

#Economics#AllYouNeedToKnow

Kalecki was a failed/fake economist because he got the fundamental concept of the subject — profit — wrong. It seems that his sorry followers cannot read and are bad at math. For details, see

Kalecki's wrong definition of profit and income…

— AXEC (@EgmontHandtke) November 15, 2025

Occasional X: The futile attempt to recycle Kalecki (Xa)

#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/fM98VafncU

— AXEC (@EgmontHandtke) November 15, 2025

Occasional X: Paradigm Shift (LXXXII)

#Economics#AllYouNeedToKnow

“Everything I dont like, I use a label called neoliberalism.” (Vincent Geloso)

“The last several generations of economists have had the key assumptions underpinning their entire intellectual framework so skillfully hidden from them, they are truly… pic.twitter.com/Anf3N9ltnc

— AXEC (@EgmontHandtke) November 14, 2025

Occasional X: The futile attempt to recycle Austrianism (XLXIV)

#Economics#AllYouNeedToKnow

“Without competitive markets, 'it’s not that the information is difficult to process — it doesn’t exist'.” (Peter Boettke quoted by Human Progress)

Apparently, Peter Boettke has no clue about how the monetary economy works.

The free-market economy,…

— AXEC (@EgmontHandtke) November 14, 2025

Occasional X: Clueless economists / Science (CCXXV)

#Economics#AllYouNeedToKnow

“These are the nine schools of economics, as described by Ha-Joon Chang in 'Economics: The User’s Guide'.” (Jostein Hauge)

It does not matter how many schools of economics can be counted. Actually, they are ALL false. Economics has never been more… pic.twitter.com/xm3QoYF3nR

— AXEC (@EgmontHandtke) November 13, 2025

Occasional X: The futile attempt to recycle Adam Smith (LXXXVI)

#Economics#AllYouNeedToKnow

“Adam Smith’s optimistic science of wealth creation has become the pessimistic science of choice under scarcity.”

Firstly, science is neither optimistic nor pessimistic. Secondly, economics is not a science. Thirdly, the representative economist is… pic.twitter.com/pLWk8Ace59

— AXEC (@EgmontHandtke) November 13, 2025

Occasional X: Clueless economists / Science (CCXXIV)

#Economics#AllYouNeedToKnow

“Economics is fundamentally political — it has never been, and never will be, an 'objective science.” (Jostein Hauge)

Flying is fundamentally human, the pilot operates the controls and the passengers drink coffee and share stories from their… pic.twitter.com/5gxssiZX2w

— AXEC (@EgmontHandtke) November 13, 2025

Occasional X: Clueless economists / Science (CCXXIII)

#Economics#AllYouNeedToKnow

In the debate between Capitalism and Communism, it remains an open question which side is the dumbest.

Marx never understood profit and, by consequence, how the economic system works.

Economics claims to be a science but still is NOT. The major…

— AXEC (@EgmontHandtke) November 13, 2025

Occasional X: Clueless economists / Science (CCXXII)

#Economics#AllYouNeedToKnow

“Neoclassical and New Keynesian (NK) DSGE models both claim to explain the macroeconomy.” (Relearning Economics)

Neoclassical and New Keynesian DSGE models are axiomatically false. Academic economists are unable to realise anything, nor can they… pic.twitter.com/siAog2NrDM

— AXEC (@EgmontHandtke) November 13, 2025

Occasional X: The futile attempt to recycle Austrianism (XLXIII)

#Economics#AllYouNeedToKnow

“He was there to meet Murray Rothbard, the radical economist …” (Students for Liberty)

Murray Rothbard has never been a 'radical economist' because he never understood profit, how the economy works, what science is all about, and why economics has… pic.twitter.com/XAW0p0wvkX

— AXEC (@EgmontHandtke) November 12, 2025

Occasional X: Clueless economists / Science (CCXXI)

#Economics#AllYouNeedToKnow

The history of economic thought is the history of scientific failure.

For over 200 years, economics has claimed to be a science, yet it still is not. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism and their derivatives)… pic.twitter.com/WnzymbtMXT

— AXEC (@EgmontHandtke) November 12, 2025

Occasional X: Scrap the EconNobel (XLX)

#Economics#AllYouNeedToKnow

“This year’s Nobel winners remind us: innovation thrives where trade is free.” (Econlib)

The EconNobel has become one of the biggest PR disasters of all time. It has nothing at all to do with science.

Although it claims to be a science, economics… pic.twitter.com/sYKESGDVuD

— AXEC (@EgmontHandtke) November 12, 2025

Occasional X: How it works (CDXIII)

#Economics#AllYouNeedToKnow

“You are destroying yourselves!” (Vladimir Putin)

Self-destruction is inevitable according to the macroeconomic Laws that underly monetary economies.

The free-market economy runs on profit. Macroeconomic profit Qm is given by the axiomatically…

— AXEC (@EgmontHandtke) November 12, 2025

Occasional X: Clueless economists / Employment (XXI)

#Economics#AllYouNeedToKnow

The axiomatically correct macroeconomic Employment Law ⇓ tells one how ― in the elementary case ― the employment L depends ― under the condition of market clearing ― on ρE and ρF. The ratio ρF is composed of avg wage rate W, inverse avg productivity… pic.twitter.com/OAfaB49Vxv

— AXEC (@EgmontHandtke) November 12, 2025

Occasional X: Clueless economists / Science (CCXX)

 

#Economics#AllYouNeedToKnow

Paul Samuelson never understood profit and, by consequence, how the economic system works. Together with Solow messed up the original Phillips Curve back in 1960. ⇒

NAIRU, wage-led growth, and Samuelson's Dyscalculiahttps://t.co/dlXM0eZXwc

and…

— AXEC (@EgmontHandtke) November 11, 2025

Occasional X: Clueless economists / Science (CCXIX)

#Economics#AllYouNeedToKnow

“The body of economic knowledge is an essential element in the structure of human civilization; it is the foundation upon which modern industrialism and all the moral, intellectual, technological, and therapeutical achievements of the last centuries… pic.twitter.com/oActvo32gO

— AXEC (@EgmontHandtke) November 10, 2025

Occasional X: Economics still lacks correct macrofoundations (XXXIII)

#Economics#AllYouNeedToKnow

“The equations that changed the world.” (BURKOV)

BURKOV forgot the First Economic Law. ⇓

For details and references, see
The great economic equationshttps://t.co/sUiSaCV5G0 pic.twitter.com/01JrCfb8Cw

— AXEC (@EgmontHandtke) November 10, 2025

Occasional X: How it works (CDXII)

#Economics#AllYouNeedToKnow

“We are now the richest, most respected country in the world, with almost no inflation and a record stock market.” (Donald Trump)

President Trump is just following the Prime Directive of WeTheOligarchy.

The free-market economy runs on profit.…

— AXEC (@EgmontHandtke) November 10, 2025

***

Twitter/X Nov 17, 2025 Prime Directive in overdrive

Occasional X: How it works (CDXI)

#Economics#AllYouNeedToKnow

“Debt sustainability is well captured in a simple formula that goes back to 1944. The interest rate and GDP growth determine the change in the debt-to-GDP ratio.” (jeroen blokland)

Yeah, that's math for morons. If the debt-to-gdp ratio is defined…

— AXEC (@EgmontHandtke) November 10, 2025

Related 'From the debt economy to the gift economy: how America is brainwashed to love budget deficits'.

Occasional X: How it works (CDX)

#Economics#AllYouNeedToKnow

“Every country on Earth is in debt… The entire planet owes $315 trillion… If everyone owes money, who exactly is owed?” (Henri Fjord)

Apparently, Henri Fjord has no clue about how the monetary economy works.

The free-market economy a.k.a.…

— AXEC (@EgmontHandtke) November 10, 2025

Occasional X: Clueless economists / Real Wage (IV)

#Economics#AllYouNeedToKnow

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/W3ygHudoOr

— AXEC (@EgmontHandtke) November 9, 2025

Occasional X: Economists’ eternal problem with methodology (XI)

#Economics#AllYouNeedToKnow

“Students of Austrian economics please read the first paragraph after the heading on ‘The Epistemological Import of Carl Menger’s Theory of the Origin of Money.’ Trace Mises’s argument back to Menger then forward to Hayek.” (Peter Boettke)

Authentic… pic.twitter.com/pq8VGUq7T4

— AXEC (@EgmontHandtke) November 9, 2025

Occasional X: How it works (CDIX)

#Economics#AllYouNeedToKnow

“$20 trillion could be injected into the U.S. economy by year-end!” (Donald Trump)

President Trump is just following the Prime Directive (also known as POTUS' General Order No. 1) of WeTheOligarchy.

The free-market economy runs on profit.…

— AXEC (@EgmontHandtke) November 9, 2025

***

Twitter/X Nov 9, 2025

Twitter/X Nov 13, 2025  Spending Bill signed

Occasional X: The futile attempt to recycle Hayek (XLVII)

#Economics #AllYouNeedToKnow

“Profit tells us where we can make the best contribution. By pursuing profit, we are as altruistic as we can possibly be.” (Friedrich Hayek)

As an economist, Friedrich Hayek should have understood what profit is and how the economy works. But he…

— AXEC (@EgmontHandtke) November 8, 2025

Occasional X: Clueless economists / Money (LVIII)

#Economics#AllYouNeedToKnow#MonetaryTheory

New on SSRN
The Dark-Matter Theory of Fiat Moneyhttps://t.co/A5k0pCSHCn

— AXEC (@EgmontHandtke) November 8, 2025

***

Twitter/X  Nov 11, 2025  Licit or illicit money?

Occasional X: How it works (CDVIII)

#Economics#AllYouNeedToKnow

“Corporate America posts best earnings in 4 years despite tariffs.” (Financial Times)

Profit has nothing to do with a thriving economy or the welfare of WeThePeople.

The free-market economy a.k.a. Capitalism runs on profit. Macroeconomic profit Qm…

— AXEC (@EgmontHandtke) November 8, 2025

Occasional X: Scrap the EconNobel (XLIX)

#Economics#AllYouNeedToKnow

“Last month, the Committee finally acknowledged that ideas, not capital, made the modern world.” (Deirdre McCloskey)

The EconNobel has become one of the biggest PR disasters of all time. It has nothing at all to do with science.

Although it claims… pic.twitter.com/kc3yFxQmhM

— AXEC (@EgmontHandtke) November 8, 2025

Occasional X: Clueless economists / Science (CCXVIII)

 

#Economics#AllYouNeedToKnow

“The solutions offered by economists were no less delusory than those of the theologians that they displaced.” (Joan Robinson)

Religion and economics indeed have a common denominator. It consists of the triad storytelling/ entertainment/…

— AXEC (@EgmontHandtke) November 8, 2025

Occasional X: AI — boosting scientific competence in economics (II)

#Economics#AI#AllYouNeedToKnow

“They built a new benchmark called WorldTest to see if AI actually understands the world… and the results are brutal. Even the biggest models Claude, Gemini 2.5 Pro, OpenAI o3 got crushed by humans.” (Spencer Baggins)

Dear WorldTest, here is…

— AXEC (@EgmontHandtke) November 7, 2025

Occasional X: The foul spirit of political economics (CLXVI)

#Economics#AllYouNeedToKnow

“… the poorest US state Mississippi has higher GDP per capita than France or Italy …” (Michael Arouet)

“Washington D.C.'s key industries include government and contracting, security and technology, professional and business services, healthcare,…

— AXEC (@EgmontHandtke) November 7, 2025

Occasional X: The foul spirit of political economics (CLXV)

#Economics #AllYouNeedToKnow

“Sometimes I even hid in remote bathrooms just to read a little more.” (Jostein Hauge)

When you read sentences like this, you realise that they have nothing to do with economics as a science, but rather with cheap, emotional PR stunts.

— AXEC (@EgmontHandtke) November 7, 2025

Occasional X: How it works (CDVII)

#Economics#AllYouNeedToKnow

“Your reminders that the stock market isn’t the economy, and unchecked corporate greed isn’t compatible with a moral or thriving society.” (Melanie D'Arrigo)

Profit has nothing to do with a thriving economy or the welfare of WeThePeople. Actually,…

— AXEC (@EgmontHandtke) November 7, 2025

Occasional X: The history of economic thought is the history of scientific failure (XLII)

#Economics#FailedFakeScience

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… pic.twitter.com/tak9J66Bbk

— AXEC (@EgmontHandtke) November 7, 2025

Occasional X: Clueless economists / Science (CCXVII)

#Economics#AllYouNeedToKnow

“What economics gets wrong about human behaviour, with Richard Thaler” (Financial Times)

The Marginal Revolution is the result of the application of the behavioral hardcore proposition “HC2 agents individually optimize subject to constraints; …” ‡…

— AXEC (@EgmontHandtke) November 7, 2025

Occasional X: The foul spirit of political economics (CLXIV)

#Economics#AllYouNeedToKnow

“The self-inflicted destruction of German industry is unprecedented.” (Michael Arouet)

Correction:
'The US-inflicted destruction of German industry is unprecedented.' (Fact)

— AXEC (@EgmontHandtke) November 7, 2025

Occasional X: It was rotten from the beginning; it is still rotten now (I)

#Economics#AllYouNeedToKnow

“I sometimes think the general public would know more about economics if the economists did not exist.” (Francis Cripps)

This quote is a prime example of the poor intellectual level that economics is still operating at today.

Neither the general… pic.twitter.com/nE42cUBWzG

— AXEC (@EgmontHandtke) November 7, 2025

Occasional X: Clueless economists / Profit (CX)

#Economics#AllYouNeedToKnow

“Why is it so difficult to understand that economic freedom drives innovation, growth and prosperity?” (Michael Arouet)

Why is it so difficult for economists to understand that productivity drives the profit of a single firm but not the total profit…

— AXEC (@EgmontHandtke) November 6, 2025

Occasional X: Clueless economists / Science (CCXVI)

 

#Economics#AllYouNeedToKnow

“AI pioneers claim human-level general intelligence is already here.” (Financial Times)

As far as economics is concerned, AI is as scientific incompetent as human-level general intelligence a.k.a, normal stupidity. Scientific validity is the key…

— AXEC (@EgmontHandtke) November 6, 2025

Occasional X: Clueless economists / Science (CCXX)

#Economics#AllYouNeedToKnow

“'How the economy works' depends on human action. Without humans, there wouldn't be any economy.” (Alberto Tornato)

“How flying works depends on human action. Without humans, there wouldn't be any flying. This is trivially true for any… pic.twitter.com/U5Cyi3J5h7

— AXEC (@EgmontHandtke) November 6, 2025

For details of the big picture, see cross-references Not a Science of Behavior 

Occasional X: Paradigm Shift (LXXXI)

#Economics#AllYouNeedToKnow

“Keynes started from macro identities and uncertainty, not from individuals optimizing under constraints.” (Relearning Economics)

Keynes misunderstood the concept of macroeconomic profit because he lacked the basic algebra skills required to… pic.twitter.com/Ha9RNhwOpr

— AXEC (@EgmontHandtke) November 5, 2025

Occasional X: Clueless economists / Profit (CIX)

#Economics#FailedFakeScience

“Much of mainstream economics holds to the Efficient Market Hypothesis (EMH), which is built on highly unrealistic foundations. The Austrian causal-realist approach has more explanatory power.” (Mises Institute)

Yes, mainstream economis is… pic.twitter.com/jnARuJU163

— AXEC (@EgmontHandtke) November 5, 2025

Occasional X: How it works (CDVI)

#Economics#AllYouNeedToKnow

“How to combine the preferences of the voters and the knowledge of the experts. ” (Olivier Blanchard)

As an economist, Olivier Blanchard should understand how the economy works and what drives the budget-deficit. Apparently, he doesn't.

The…

— AXEC (@EgmontHandtke) November 5, 2025

Occasional X: Forget supply-demand-equilibrium (XX)

#Economics#AllYouNeedToKnow

“A lot of critiques of the NK model apply just as well to supply and demand in any market… Does that mean supply and demand is not a useful framework?” (Jon Steinsson)

In economics, there is no such thing as equilibrium. Consequently,…

— AXEC (@EgmontHandtke) November 5, 2025

Occasional X: Clueless economists / Money (LVII)

#Economics#AllYouNeedToKnow

“Why is it even still called S&P 500?” (Michael Arouet)

The value of the US stock market is a result of the Fed printing money. This has no significance whatsoever. It says nothing about the strength or health of the US economy. It is not…

— AXEC (@EgmontHandtke) November 4, 2025

Occasional X: The foul spirit of political economics (CLXIII)

#Economics#AllYouNeedToKnow

“Ludwig von Mises didn't just refute Marx's economics. He exposed contradictions in Marx's philosophy so devastating that the entire system collapsed.” (Students for Liberty)

Both Marx and Mises were scientifically incompetent. Therefore, the Marx…

— AXEC (@EgmontHandtke) November 4, 2025

#Economics#FailedFakeScience

Economics is the science of how the economy works. It is NOT “the science of human action”.

von Mises never understood profit and, by consequence, how the economic system works.

Both Austrianism and Marxianism are forms of philosophical,…

— AXEC (@EgmontHandtke) November 4, 2025

Occasional X: Paradigm Shift (LXXX)

 

#Economics#AllYouNeedToKnow

“Of course there is no general equilibrium.” (Relearning Economics)

Equilibrium has been put into the premises. Methodologically, this is known as petitio principii. This invalidates the whole of economics. For details. see

The equilibrium of… pic.twitter.com/Tf9mxnbbf3

— AXEC (@EgmontHandtke) November 3, 2025

Occasional X: Clueless economists / Science (CCXIX)

#Economics#AllYouNeedToKnow

“Although it is not true that all conservatives are stupid people, it is true that most stupid people are conservative.” (J. S. Mill)

Although it is not true that all economists are stupid people, it is true that most stupid people think that… pic.twitter.com/5HnR9WFhis

— AXEC (@EgmontHandtke) November 3, 2025

Occasional X: Economists’ eternal problem with methodology (X)

#Economics#AllYouNeedToKnow

“In this paper, we focus on the semantics and relevance of ideology in economics. Correctly conceived, we argue, ideology is a distinct, irreplaceable category, which should not be identified, for instance, with value judgements.” (Cambridge Journal,… pic.twitter.com/FWtzTwHcZ5

— AXEC (@EgmontHandtke) November 3, 2025

For more about Lawson, see AXECquery. 

Occasional X: Clueless economists / Money (LVI)

#Economics#AllYouNeedToKnow

“I recommend people read the sequence of posts by @farmerrf with a critical view of the NK model. … Most of the models and ideas that we have today as alternatives to the 3-equation NK models came about to improve on that model. … Likewise, it is…

— AXEC (@EgmontHandtke) November 3, 2025

For more about Roger Farmer, see AXECquery. 

Occasional X: Clueless economists / Money (LV)

#Economics#AllYouNeedToKnow

“Just in: The S&P 500 rose 2.4% in October for a sixth consecutive month of gains, marking the best run for the index since August 2021.” (Financial Times)

The value of the US stock market is a result of the Fed printing money. This has no…

— AXEC (@EgmontHandtke) November 3, 2025

Occasional X: Clueless economists / Money (LIV)

 

#Economics#AllYouNeedToKnow

“OOPS! The total value of the US stock market is now ~245% of the country’s GDP – far above the 100% level that Warren Buffett considers a sign of a market bubble.” (Holger Zschaepitz)

The value of the US stock market is a result of the Fed printing…

— AXEC (@EgmontHandtke) November 3, 2025

Occasional X: The foul spirit of political economics (CLXII)

#Economics#AllYouNeedToKnow

“It is the export surplus and the budget deficit which enable the capitalists to make profits over and above their own purchases of goods and services.” (Michał Kalecki)

The representative economist never understood profit and, by consequence, how…

— AXEC (@EgmontHandtke) November 2, 2025

Occasional X: Clueless economists / Breakdown (XVI)

#Economics#AllYouNeedToKnow

“Public debt is just a deferred tax. It will be paid by future taxpayers, either through an explicit tax increase or by inflation.” (Steve Hanke)

Economist Steve Handke does not understand how the economy works. He shares this sad fate with all of…

— AXEC (@EgmontHandtke) November 2, 2025

Occasional X: Clueless economists / Science (CCXVIII)

#Economics#AllYouNeedToKnow

“This book means to me what MWG means to many others.” (Sergei Egiev)

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 derivatives)…

— AXEC (@EgmontHandtke) November 2, 2025

For more about textbooks, see AXECquery. 

Occasional X: The futile attempt to recycle Milton Friedman (XLIV)

#Economics#AllYouNeedToKnow

“There is no justification for military conscription.” (Milton Friedman)

There is no justification for economists.

Milton Friedman never understood profit and, by consequence, how the economic system works. That's rather bad for an economist.

When…

— AXEC (@EgmontHandtke) November 1, 2025

Occasional X: Clueless economists / Profit (CVIII)

#Economics#AllYouNeedToKnow

“It is the export surplus and the budget deficit which enable the capitalists to make profits over and above their own purchases of goods and services.” (Michał Kalecki)

The representative economist never understood profit and, by consequence, how… pic.twitter.com/480vh8U7KG

— AXEC (@EgmontHandtke) November 1, 2025