#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 2, 2025
Veblen, too, got it totally wrong. This is much like Shahin Ashkiani nowadays.
Groundhog Day (economics)https://t.co/zGcZZCGHZk
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.
December 2, 2025
Occasional X: Clueless economists / Science (CCXXXIV)
Occasional X: The foul spirit of political economics (CLXXIV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 2, 2025
“Went like this: first 1/4 was all about mystical interpretations of Keynes' GT, then when I was getting excited that it would be going somewhere, he pulled out the Mankiw book and started teaching IS-LM.” (Rafael Guthmann)
For 200+ years, economics… pic.twitter.com/ZAqvuetIyj
Occasional X: The foul spirit of political economics (CLXXIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 2, 2025
“I used my experience at Cambridge because I was to some extent at the epicentre of heterodoxy. The faculty of economics there is amazing.” (Pontus Rendahl)
Cambridge has always been a place where morons meet.
Marshall and the Cambridge school of…
Occasional X: Paradigm Shift (LXXXVII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 2, 2025
“The trouble with macroeconomics is worse. I have observed more than three decades of intellectual regress.” (Paul Romer, quoted by Clint Ballinger)
For 200+ years, economics has claimed to be a science. But it still is not. The major approaches… pic.twitter.com/SjtIa6y7Xa
December 1, 2025
Occasional X: Clueless economists / Science (CCXXXIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 1, 2025
“The best part of this whole discussion about 'heterodox' approaches is that it takes me back to my undergraduate years, which I remember with real fondness.” (Jesús Fernández-Villaverde)
Jesús Fernández-Villaverde is the representative economist.… pic.twitter.com/BFZDSlTMly
(i) “Recursive Macroeconomic Theory, by Lars Ljungqvist and Thomas J. Sargent, fourth edition” is proto-scientific garbage.
— E.K-H (@AXECorg) December 2, 2025
(ii) Jesús Fernández-Villaverde is an #EconBlocker. ⇓
(iii) Academic economics is a scientific fraud. pic.twitter.com/0ul9FnYUjv
Occasional X: Clueless economists / Science (CCXXXII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 1, 2025
“Economics is fundamentally political. … This is something Adam Smith and Karl Marx would likely agree on.” (Jostein Hauge)
Firstly, economics is not a science. Secondly, the representative economist is too dumb for science.
Adam Smith never… pic.twitter.com/tGviHfSGu1
Occasional X: Paradigm Shift (LXXXVI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 1, 2025
“Jesús has shown single handedly that econ Twitter is alive and well! … Nothing of what he says is wrong or even controversial in economics.” (Luis Garicano)
Everything Jesús says is proto-scientific garbage.
Modern economics is, what Feynman… pic.twitter.com/Yp5eple7ox
Occasional X: The futile attempt to recycle MMT (CLXXVI)
#MMT#FailedFakeScience
— AXEC (@EgmontHandtke) December 1, 2025
“Within a year every commentator & economist will be saying that the govt is not like a household.” (MMT for Progressives)
Within a year, no one will pay any attention to commentators, economists, or MMTers.
Exploding the Household Fallacy…
Occasional X: Clueless economists / Profit (CXVII)
# Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 1, 2025
“… would it be better for citizenry if they held $1 trillion in net assets owed to them by their govt or by foreign citizens?” (Robert Murphy)
“… would it be better for citizenry if they held $1 trillion in net assets owed to WeThePeople [Sm] or…
Occasional X: Economists still can't get the sectoral balances right (III)
“Every financial asset is someone else's liability: ∑ A𝒻 ≡ ∑ L𝒻 or A-L=E(0)” (Relearning Economics)
— E.K-H (@AXECorg) December 1, 2025
True. That's why Qm≡−Sm. See
First Lecture in New Economic Thinkinghttps://t.co/uEg6iAgKll pic.twitter.com/N18T07aDqG
Related 'Down with idiocy'
Occasional X: Clueless economists / Money (LXV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 1, 2025
“Because a state which creates its own currency cannot run the fuck out of it.” (Phil Waller)
The counterfeiter never runs out of money.
The point with fiat money is whether it is injected (i) at the supply side (financing the aggregate wage bill)… pic.twitter.com/GGUWTZqVZy
“It’s never so much [counterfeit money] that it will cause major problems.”
— AXEC (@EgmontHandtke) December 2, 2025
(i) How do you know how much it is?
(ii) Counterfeit money does not cause problems but profits.
“Then they catch the counterfeiters and take back control.”
(iii) Who are they?
(iv) The Central Bank…
Occasional X: Clueless economists / Household Fallacy (LXV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 1, 2025
“A household economy is nothing like a national budget, and we really need to break that metaphor” (Zack Polanski)
The financial media are telling silly stories. The narrative's main ingredients are metaphors, false historical analogies, and…