#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 7, 2025
Alex Tabarrok is one of those people who still have not realized that supply-demand-equilibrium analysis is manifest proto-scientific garbage. By painting and interpreting the SS-DD cross, he misses the exact point of Mr. Trump’s economic policy… pic.twitter.com/Sa9GKqWEdb
April 7, 2025
Occasional Xs: How it works (CCCXLXIII)
Occasional Xs: The representative economist is not a scientist but an agenda-pusher (XV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 7, 2025
“Nobody can be a great economist who is only an economist—and I am even tempted to add that the economist who is only an economist is likely to become a nuisance if not a positive danger.” (Friedrich Hayek)
“Nobody can be a great economist who does… pic.twitter.com/j0jg1iTkMa
April 6, 2025
Occasional Xs: Paradigm Shift (XLXXII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 6, 2025
“ … what are 20 canonical models budding economists should master …?” (Anup Malani)
I’ll start us off new school.
For 200+ years, economics has claimed to be Science but never was. The major approaches (Walrasianism, Keynesianism, Marxianism,… pic.twitter.com/pgLdjMm6nO
April 5, 2025
Occasional Xs: How it works (CCCXLXII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 5, 2025
“Taxpayer money is absolutely never a thing. Taxes destroy money. Spending creates new money.” (S.D. Grumbine)
As the simplified national accounts below ⇓ show, in period t the government spends G into the economy and this increases their… pic.twitter.com/CxxhGUBAlR
April 3, 2025
Occasional Xs: The futile attempt to recycle MMT (CXLXII)
#MMT#BadScienceBadPolicyBadPeople
— AXEC (@EgmontHandtke) April 3, 2025
“More and more people are learning how Congress funds the nation. More and more are seeing the taxpayer myths for what they are. Nonsense …” (Stephanie Kelton)
As the simplified national accounts below ⇓ show, the government spends G into… pic.twitter.com/ZkkCJlPfoV
Occasional Xs: Paradigm Shift (XLXXI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 3, 2025
“In social sciences, we should not celebrate authors who have written mathematical treatises on unidimensional individuals, out of history, who have never existed, but authors — regardless of their ideology — who like Schumpeter, Polanyi, Hayek,… pic.twitter.com/T3XdounAOk
Occasional Xs: Time to get the axioms of economics right (IV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 3, 2025
“The first book is a perfect axiomatic statement—elegance like Euclid. The second has one of the most stunning theorems—originality like Archimedes.” (Kaushik Basu)
Economics is about how the economy works. It is a systems science and NOT a social… pic.twitter.com/tviO5gwJlH
For details see cross-references Axiomatization.
Occasional Xs: The futile attempt to recycle Keynesianism (LXXIII)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) April 2, 2025
Keynes got macroeconomic #Profit wrong because he was too stupid for elementary Algebra. But After-Keynesians don't get it to this day. pic.twitter.com/Kr5RrxYkGe
April 2, 2025
Occasional Xs: The foul spirit of political economics (CXXXI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 2, 2025
“Economists shouldn't play God and recommend policies they (think people should) want.” (Max Molden)
For 200+ years, economics claims to be Science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their…
Occasional Xs: What economists really do (CDXLV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 2, 2025
“Capitalism is … confidence in humanity.” (Johan Norberg)
The free-market economy a.k.a. Capitalism runs on profit. Macroeconomic #Profit Qm is given by the axiomatically correct Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The… pic.twitter.com/6GS0nJiXRy
Occasional Xs: Clueless economists / Science (CXLXIX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 2, 2025
“In October 1932, Keynes and several Cambridge economists sent a letter to the London Times encouraging public investment to fight the depression. Robbins, Hayek, and other LSE economists fired back a response that supported balanced budget… pic.twitter.com/tFxFZK4SpU
April 1, 2025
Occasional Xs: How it works (CCCXLXI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) April 1, 2025
“Taxes dont fund the fucking state you div The state is a fiat currency issuer, it creates new £s, new purchasing power, taxes destroy pp.” (Phil Waller)
The free-market economy runs on profit. Macroeconomic #Profit Qm is given by the axiomatically… pic.twitter.com/NMNUVeizjs
Occasional Xs: What economists really do (CDXLIV)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) April 1, 2025
“This was a clean vote, democracy works!” (RelearningEcon)
Economics claims to be Science. But Science is about true/false and NOT about like/dislike or democracy. The fact is, economists are still unfit for science. pic.twitter.com/EC7EyDZPEN
March 31, 2025
Occasional Xs: The futile attempt to recycle MMT (CXLXI)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) March 31, 2025
“It's true that some MMTers are more 'socialist' than others but MMT itself is not ideological …” (Richard Phillips)
MMT is practical money-making for WeTheOligarchy ⇒
Dear idiots, MMTers are Wall Street’s agenda pushershttps://t.co/WGuiYhKXI5 pic.twitter.com/yXu0UxSltP
March 30, 2025
Occasional Xs: The foul spirit of political economics (CXXX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 30, 2025
For 200+ years, 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… pic.twitter.com/AkQiPo51ch
March 29, 2025
Occasional Xs: The futile attempt to recycle Paul Samuelson (II)
#Economics#HallOfShame
— AXEC (@EgmontHandtke) March 29, 2025
Your “office colleague … who is basically a walking encyclopedia of economic theory knowledge” seems not to have realized that Paul Samuelson NEVER understood #Profit and how the economic system works. That's rather bad for an economist. For details see…
Occasional Xs: The foul spirit of political economics (CXXIX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 29, 2025
“Happy birthday Prof. Steve Keen. We owe you. We love you.” (Shahin Ashkiani )
For 200+ years, economics claims to be Science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually… pic.twitter.com/C7YkUyk9jJ
Occasional Xs: The foul spirit of political economics (CXXVIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 29, 2025
“I heard a lot about sensorship and self-sensorship among academics. But, until this year, I have never seen it in reality among the economists. Academic economists, at least those that I know, felt comfortable experessing publicly their opinions on… pic.twitter.com/nUm4W0cqCB
March 28, 2025
Occasional Xs: The foul spirit of political economics (CXXVII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 28, 2025
“Prices are signals.” (Brian Albrecht)
The free-market economy is in the last instance a quasi-Darwinian selection mechanism, i.e., the economic analog to triage in medicine.
For example, during a famine, only the rich person can pay the high price…
Occasional Xs: How it works (CCCXLX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 28, 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/UeN7TnCaDR
March 27, 2025
Occasional Xs: The futile attempt to recycle MMT (CXLX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 27, 2025
“It is shocking how poor MPs understanding of how government finances work is.” (David Evans)
It is even more shocking that economists' understanding is zero. MMT's foundational Balances Equation is provably false, so their whole macroeconomics is… pic.twitter.com/gJ0ltUUWIn
Occasional Xs: Clueless economists / Money (XX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 27, 2025
“This needs to be hammered home until its embedded firmly within the brains long term memory storage and retrieval process. Yes, it's essentially a myth that the UK government needs to borrow pounds.” (Phil Waller)
Step 1: As the simplified national… pic.twitter.com/aW7vnWYmDu
March 26, 2025
Occasional Xs: The futile attempt to recycle MMT (CXLIX)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) March 26, 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/CNFDkXM1Ki
For the full-spectrum refutation see ⇒https://t.co/9Rldtrw2J1 pic.twitter.com/ZAjdQEATdn
Related 'MMT ― a conversation with DeepSeek'
Occasional Xs: The futile attempt to recycle MMT (CXLVIII)
#MMT#BadScienceBadPolicyBadPeople
— AXEC (@EgmontHandtke) March 26, 2025
“Reminder: A government surplus is a non-government deficit. We’re the non-government. The accounting does not lie.” (MMT's Christian Reilly)
“Uncle Sam’s red ink is our black ink! His deficit is our financial surplus.” (MMT's Stephanie… pic.twitter.com/1wgvk2M7EG
Occasional Xs: How it works (CCCXLIX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 26, 2025
“In 2020, billionaires' share of GDP was 14.1%. Now, it's 21.1%. The Fed increased the money supply, asset prices went up, & guess who owns the assets? Billionaires.” (Steve Hanke)
The free-market economy runs on profit. Macroeconomic #Profit Qm is…
Occasional Xs: The foul spirit of political economics (CXXVI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 26, 2025
“[Anti-MMT] … this panel exposes flawed assumptions of Modern Monetary Theory.” (Mises Media)
MMT has been refuted on all counts, see cross-references ⇒https://t.co/eXlgPKrinA
The fact is, MMT is scientifically dead because it has been based on…
March 25, 2025
Occasional Xs: Clueless economists / Money (XIX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 25, 2025
“A shopkeeper doesn't care whether a customer just cashed a Social Security check or a private sector paycheck.” (Stephanie Kelton)
A shopkeeper doesn't care, but for an economist it makes a big difference.
That money is created out of nothing and… pic.twitter.com/UCfknSK70N
Occasional Xs: Clueless economists / Money (XVIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 25, 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.” (Perry Mehrling)
“In fact, our standard account of monetary…
Occasional Xs: How it works (CCCXLIX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 25, 2025
“Balancing the budget is not optional. We MUST balance the budget.” (Charlie Kirk)
The free-market economy runs on profit. Macroeconomic #Profit Qm is given by the axiomatically correct Profit Law/Balances Equation… pic.twitter.com/GWTiE0xaeK
March 24, 2025
Occasional Xs: The futile attempt to recycle MMT (CXLVII)
#MMT#BadScienceBadPolicyBadPeople
— AXEC (@EgmontHandtke) March 24, 2025
Whether the sequence is tax-and-spend or spend-and-tax is a matter of indifference. At the end of the day, all that counts is whether spending is greater than tax in a given period or vice versa.
As the simplified sectoral balances ⇓ show,… pic.twitter.com/wsZGPOMj8C
Occasional Xs: Clueless economists / Science (CXLXVIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 24, 2025
“Exzellenzinitiative hat bestehende Verhältnisse reproduziert. / The Excellence Initiative has reproduced existing conditions.” (Quoted by Sabine Döring)
No surprises here.
For 200+ years, economics has claimed to be Science but still is NOT. The…
Occasional Xs: The foul spirit of political economics (CXXV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 24, 2025
“Man kann diesen auch als die Folge eines Scheiterns der ökonomischen Politikberatung interpretieren.” (Jan Schnellenbach)
For 200+ years, economics has claimed to be Science but still is NOT. The major approaches (Walrasianism, Keynesianism,… pic.twitter.com/p2LkW8Cql9
March 23, 2025
Occasional Xs: MMT policy has no valid scientific foundations (II)
Q: The AXEC Project has refuted MMT (= Modern Monetary Theory) on all counts i.e. methodologically, axiomatically, politically. Please give a summary that laypeople can understand.
— AXEC (@EgmontHandtke) March 23, 2025
Grok:
Alright, let’s break this down simply for anyone who’s not an economist. The AXEC Project,…
Occasional Xs: The futile attempt to recycle MMT (CXLVI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 23, 2025
“I don't mind the strong accounting identities MMT postulates, but their rejection of solutions for the main economic problem of scarcity based on rigid accounting identities without behavioral dynamics is naive at best.” (Relearning Economics)
The… pic.twitter.com/ghosOr0Djk
March 22, 2025
Occasional Xs: The futile attempt to recycle MMT (CXLV)
#MMT#BadScienceBadPolicyBadPeople
— AXEC (@EgmontHandtke) March 22, 2025
“There is no such thing as tax and spend.” (Richard Phillips)
Tax and spend as well as spend and tax is a matter of indifference. At the end of the day, all that counts is whether spending is greater than tax in a given period or vice versa.… pic.twitter.com/6VAz4ZjDk5
Occasional Xs: How it works (CCCXLVIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 22, 2025
Since Adam Smith, economists have never understood profit and how the economic system works. When the foundational concepts of the subject matter are inconsistent the whole analytical superstructure is scientifically worthless.
This also has an…
Occasional Xs: What economists really do (CDXLIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 22, 2025
“People wildly overestimate profit margins.” (Chris Freiman)
“People wildly overestimate economists' scientific competence.” (AXEC)
For 200+ years, economics has claimed to be Science but still is NOT. The major approaches (Walrasianism,…
Occasional Xs: How MMTers serve the Oligarchy (IV)
#MMT#BadScienceBadPolicyBadPeople
— AXEC (@EgmontHandtke) March 22, 2025
“Taxes do not fund UK govt spending. Taxes are deleted on receipt. We don't need the taxes of millionaires to fund anything.” (Jon Camden)
Wrong.
As the simplified national accounts below ⇓ show, the government spends G into the economy and… pic.twitter.com/Zv9tGImfqJ
March 20, 2025
Occasional Xs: How it works (CCCXLVII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 20, 2025
“German parliament passed a constitutional amendment that embraces military Keynesianism. Anything goes for the military, but fiscal austerity rules for climate & social issues.” (Tom Krebs)
Indeed. There is a Continuity of Agenda that only updates… pic.twitter.com/3dmXosZEpF
Occasional X: Failed proof of Capitalism's superiority (VI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 20, 2025
“Capitalism, not socialism, produces abundance.” (Chris Freiman)
It is science, engineering, an intelligent/well-educated/dedicated labor force/management, a rich endowment with fertile land/mineral resources/energy, a favorable geographical…
Occasional Xs: Clueless economists / Money (XVII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 20, 2025
“We found 14 magic money computers until now. Any computer which can just make money out of thin air is a magic money computer.” (Elon Musk)
“Yes... It's called Modern Monetary Theory.” (Relearning Economics)
Whenever the word “magic” is applied in…
March 19, 2025
Occasional Xs: How it works (CCCXLVI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 19, 2025
“Annual government spending due to the new German fiscal package will be larger than the spending boom that came with the postwar Marshall Plan and with German Reunification in the early 1990s.” (Phillip Heimberger)
The free-market economy runs on…
Occasional Xs: The futile attempt to recycle MMT (CXLIV)
#MMT#BadScienceBadPolicyBadPeople
— AXEC (@EgmontHandtke) March 19, 2025
Science is NOT about character attacks. That's the modus operandi of politics. According to Popper, science is about 'conjectures and refutations'. I have refuted MMT long ago ⇓ and none of the MMTers has ever come up with an answer to it.… pic.twitter.com/3l4Fk8mJuN
March 18, 2025
Occasional Xs: The foul spirit of political economics (CXXIV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 18, 2025
“What’s a basic economic truth that most people still don’t get?” (Magatte Wade)
Economics is failed/fake science because economists are stupid or corrupt or both.
Reminder: Economics claims to be science but is NOT. The major approaches…
Occasional Xs: The foul spirit of political economics (CXXIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 18, 2025
“Diese Investitionen machen Deutschland stärker.” (SPD)
No.
The free-market economy runs on profit. Macroeconomic #Profit Qm is given by the axiomatically correct Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The Law implies… pic.twitter.com/RkHbCgt4rj
Occasional Xs: The futile attempt to recycle MMT (CXLIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 18, 2025
“We found 14 magic money computers until now. Any computer which can just make money out of thin air is a magic money computer.” (Elon Musk)
That money is created out of nothing and backed by nothing is NOT the critical point of a fiat money system.… pic.twitter.com/qXN2ik1Sbm
Occasional Xs: Clueless economists / Money (XVI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 18, 2025
“We found 14 magic money computers until now. Any computer which can just make money out of thin air is a magic money computer.” (Elon Musk)
That money is created out of nothing and backed by nothing is NOT the critical point of a fiat money system.… pic.twitter.com/3AD4OrSs1U
For more about magic in economics see AXECquery.
Occasional Xs: Clueless economists / Money (XV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 18, 2025
“We found 14 magic money computers until now. Any computer which can just make money out of thin air is a magic money computer.” (Elon Musk)
That money is created out of nothing and backed by nothing is NOT the critical point of a fiat money system.… pic.twitter.com/AANAekVfLO
March 17, 2025
Occasional Xs: The foul spirit of political economics (CXXII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 17, 2025
“I'm really happy to see Per trying so hard to bring some unity between the economics schools... He is a true academic.” (Relearning Economics)
For 200+ years, economics claims to be Science but is NOT. The major approaches (Walrasianism,… pic.twitter.com/OuTXgiaGMD
March 15, 2025
Occasional Xs: Clueless economists / Science (CXLXVII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 15, 2025
“We need to be more modest when it comes to what we can possibly know.” (Tyler Cowen)
Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually…
Occasional Xs: How it works (CCCXLV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 15, 2025
“Geschafft! Mit der finanzpolitischen Einigung von gestern ist das Fundament für eine positive wirtschaftliche Entwicklung in Deutschland und Europa gelegt.” / “You made it! Yesterday's fiscal agreement has laid the foundations for positive economic… pic.twitter.com/DRb9tvrkku
Related 'Keynesianism as ultimate profit machine' and 'Keynes, Lerner, MMT, Trump, Biden, and exploding profit'
Occasional Xs: The futile attempt to recycle Marx (XLII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 15, 2025
“His [Marx's] 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 economist. So, his work does not…
March 14, 2025
Occasional Xs: The futile attempt to recycle Adam Smith (LXXXII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 14, 2025
“There is no art which government sooner learns of another than that of draining money from the pockets of the people.” (Adam Smith)
Adam Smith never understood profit and how the economy works. All he did was produce anti-State platitudes. 200+… pic.twitter.com/oZnMQUBQH7
Occasional Xs: The foul spirit of political economics (CXXI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 14, 2025
“In case you thought republicans cared about CBO scores or debt and deficits. What they care about is delivering on as much of their agenda as possible.” (Stephanie Kelton)
The free-market economy runs on profit. Macroeconomic #Profit Qm is given by… pic.twitter.com/Xk82U10dlT
Related 'MMT and the magical profit disappearance'.
March 13, 2025
Occasional Xs: How it works (CCCXLIV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 13, 2025
“In February the US budget deficit was BIGGER than ALL TAX REVENUE. Can we stop pretending this can ever be fixed?” (zerohedge)
The free-market economy runs on profit. Macroeconomic #Profit Qm is given by the axiomatically correct Profit… pic.twitter.com/eOa04kcsh5
March 12, 2025
Occasional Xs: Clueless economists / Science (CXLXVI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 12, 2025
“We need to be more modest when it comes to what we can possibly know.” (Tyler Cowen)
Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually… pic.twitter.com/GX921GHGM5
Related 'Humble pie economics: the next fake' and 'Humbleness does not help, but scientific imagination could'. For details of the big picture see cross-references Failed/Fake Scientists.
Occasional Xs: The foul spirit of political economics (CXX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 12, 2025
“Gute Politikberatung ermöglicht es den Politikern, ausgewogene Entscheidungen zu treffen, …” / “Good policy advice enables politicians to make balanced decisions, ...” (Veronika Grimm)
For 200+ years, economics has claimed to be Science but still… pic.twitter.com/NbfZBr170g
Occasional Xs: How it works (CCCXLIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 12, 2025
“The market economy is a system of consumers’ supremacy.” (Ludwig von Mises)
von Mises never understood profit and how the economy works. That's rather bad for an economist.
The free-market economy runs on profit. Macroeconomic #Profit Qm is given… pic.twitter.com/u8dudq4bVc
Occasional Xs: The futile attempt to recycle MMT (CXLII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 12, 2025
“Uncle Sam’s red ink is our black ink!” (Stephanie Kelton)
No! The government sector’s red ink is the business sector's black ink i.e. deficit spending is a free lunch a.k.a. surplus for the Oligarchy. See ⇒
The page where Stephanie Kelton gets… pic.twitter.com/bDYO6ZYqQS
March 11, 2025
Occasional Xs: Clueless economists / Profit (LXXXI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 11, 2025
“He [Keynes] later discovered Marx's C―M―C and M―C―M+ framework and thought it was brilliant, and used it in an early draft of the GT.” (Prof. Dr. Steve Keen)
Both, Keynes and Marx got macroeconomic #Profit wrong because they were too stupid for…
Occasional Xs: The foul spirit of political economics (CXIX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 10, 2025
“Economics is shaped by ideologies, human values, competing interests, social norms, and political priorities.” (Jostein Hauge)
For 200+ years, economics has claimed to be Science but still is NOT. The major approaches (Walrasianism, Keynesianism,… pic.twitter.com/kb316EDrId
March 10, 2025
Occasional Xs: The futile attempt to recycle MMT (CXLI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 10, 2025
“Uncle Sam’s red ink is our black ink!” (Stephanie Kelton)
No! The government sector’s red ink is the business sector's black ink i.e. deficit spending is a free lunch for the Oligarchy. See ⇒
The page where Stephanie Kelton gets macroeconomics… pic.twitter.com/e79EpPdySS
Occasional Xs: Clueless economists / Science (CXLXV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 10, 2025
“Just pointing out that there is a "science" to economics.” (Jerome)
No.
Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory &… pic.twitter.com/Xk6VdGhxgk
Occasional Xs: How it works (CCCXLII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 10, 2025
The free-market economy runs on profit. Macroeconomic #Profit Qm is given by the axiomatically correct Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The Law implies Qm≡G−T>0 i.e. macro profit is produced by… pic.twitter.com/jRU7ezh9FE
Related 'Schumpeter and the Essence of Profit'.
March 9, 2025
Occasional Xs: What economists really do (CDXLII)
#Economics#HallOfShame
— AXEC (@EgmontHandtke) March 9, 2025
Two economists call each other imbecile and both are right.
“When I discussed economists with him [Keynes], I was taken aback when many surprising gaps in his knowledge appeared.” (Hayek)
Keynes on Hayek “... a remorseless logician can end up in…
Occasional Xs: The futile attempt to recycle MMT (CXL)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 9, 2025
“Uncle Sam’s red ink is our black ink!” (Stephanie Kelton)
No! The government sector’s red ink is the business sector's black ink i.e. deficit spending is a free lunch for the Oligarchy. The deception is in the word “our” which seems to refer to… pic.twitter.com/YZ2m8k4hom
March 7, 2025
Occasional Xs: The futile attempt to recycle MMT (CXXXIX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 7, 2025
“Uncle Sam’s red ink is our black ink!” (Stephanie Kelton)
No! The government sector’s red ink is the business sector's black ink i.e. deficit spending is a free lunch for the Oligarchy. The deception is in the word “our” which seems to refer to… pic.twitter.com/aELQSAbvoq
Occasional Xs: The futile attempt to recycle Keynesianism (LXXII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 7, 2025
Keynes got macroeconomic #Profit wrong because he was too stupid for elementary Algebra. So, he messed up the Paradigm Shift from microfoundations to macrofoundations. Because of this initial blunder, the whole of (micro and macro) economics is… pic.twitter.com/vAnyzhFsal
March 6, 2025
Occasional Xs: The foul spirit of political economics (CXVIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 6, 2025
“It's shocking that some people think that economics is separate from politics.” (Jostein Hauge)
The principle of the separation of science and politics holds also for economics but economists don't get it to this day.
It has been known since the… pic.twitter.com/rHMDvMPlBh
For details of the big picture see cross-references Political Economics/Stupidity/Corruption.
Occasional Xs: Religion, science, fake science, economics (II)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 6, 2025
Since the founding fathers, economists have had to make a profession of faith in Free Trade. ⇓
Reminder: Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives)… pic.twitter.com/zHoLjH6Qvb
Occasional Xs: How it works (CCCXLI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 6, 2025
The free-market economy runs on profit. Macroeconomic #Profit Qm is given by the axiomatically correct Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The Law implies Qm≡G−T>0 i.e. macro profit is produced by… pic.twitter.com/3sUvRi3wNZ
Related 'Keynesianism as ultimate profit machine'
March 5, 2025
Occasional Xs: How it works (CCCXL)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 5, 2025
The free-market economy runs on profit. Macroeconomic #Profit Qm is given by the axiomatically correct Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The Law implies Qm≡G−T>0 i.e. macro profit is produced by…
March 4, 2025
Occasional Xs: Economics is NOT a social science but a systems science (XIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 4, 2025
Economics is about how the economy works. It is a Systems Science and NOT a Social Science. Economists have messed it up since the founding fathers.
The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives)… pic.twitter.com/qkpxfM2erx
Occasional Xs: Clueless economists / Profit (LXXX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 4, 2025
“Uncle Sam’s red ink is our black ink! His deficit is our financial surplus. Just follow the money: $100 goes into our bucket; $90 goes back out to pay taxes; $10 is left in our bucket.” (Stephanie Kelton)
Correction:
“Uncle Sam’s red ink is the…
Free-market alchemy: how the State produces macroeconomic profit, i.e. the black ink of the business sector Qm:
Occasional Xs: Clueless economists / Inflation (XLIV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 4, 2025
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/JoCiSW6RV7
March 3, 2025
Occasional Xs: Since Keynes' I=S, economists get saving and profit wrong (II)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 3, 2025
There is a grave error in Richard Wagner's attached statement on retirement saving.
It is NOT the case that saving governs investment or that investment governs saving or that both are equal by definition. Both are independent and they together… pic.twitter.com/euV9jsq8Nn
Occasional Xs: The futile attempt to recycle MMT (CXXXVIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 3, 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/fSdHhHY3aB
For the full-spectrum refutation see ⇒https://t.co/eXlgPKrQd8 pic.twitter.com/Q2mx28GTaR
Deepseek's intermediate total of AXEC's refutation of MMT, the main point being inconsistent macrofoundations
Occasional Xs: Clueless economists / Profit (LXXIX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 3, 2025
“It is the rate of investment which governs the rate of saving, and not vice versa.” (Joan Robinson)
NO, it is NOT the case that investment governs saving or that saving governs investment or that both are equal by definition. Both are independent… pic.twitter.com/Hiq3SpBgfL
March 2, 2025
Occasional Xs: Clueless economists / Profit (LXXVIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) March 2, 2025
von Mises never understood profit and how the economy works. Methodologically, macroeconomic #Profit Qm has to be determined first‡, subsequently the distribution between individual firms emerges through differentiation. The representative economist… pic.twitter.com/njmB7Z2YHG
February 28, 2025
Occasional Xs: The futile attempt to recycle Milton Friedman (XXXIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) February 28, 2025
“Economics is the study of the economy, not the study of economists.” (Ricardo Reis)
Whether Milton Friedman was the Last Conservative or a Classical Liberal is a senseless labelling exercise for a senseless political propaganda show.
Friedman…
Occasional Xs: Paradigm Shift (XLXX)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 28, 2025
“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.” (H. Minsky)
Yes, because mainstream economics failed at this task, a Paradigm Shift is inevitable. pic.twitter.com/qMTJ47nm2Q
February 27, 2025
Occasional Xs: How it works (CCCXXVIX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) February 27, 2025
The free-market economy runs on #Profit. Macroeconomic profit is given by the axiomatically correct Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The Law implies Public Deficit = Private Profit, i.e. Qm≡G−T>0.‡ So,…
Occasional Xs: The futile attempt to recycle Marx (XLI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) February 27, 2025
As a scientist, Marx had been a total failure. He never understood #Profit and how the economic system works. ⇒
Karl Marx, fake scientisthttps://t.co/Ov4MWOqZNV
This is sufficient to flush him ― without further ado ― down the memory hole because…
Occasional Xs: How it works (CCCXXVIII)
Macroeconomic profit Qm is given by the Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0 which implies #PublicDeficitIsPrivateProfit Qm≡G−T>0. So, budget balancing means that the State vanishes as a source of macro profit. Details ⇒ https://t.co/hqVhuAXz8l
— E.K-H (@AXECorg) February 27, 2025
February 26, 2025
Occasional Xs: The futile attempt to recycle Hayek (XXXIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) February 26, 2025
Economics is about how the economy works. It is a Systems Science and NOT a Social Science. Economists have messed it up since the founding fathers.
The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives)…
Occasional Xs: How it works (CCCXXVII)
“The highest loss in the central bank's history … so far!” (Rudy Havenstein)
— AXEC (@EgmontHandtke) February 26, 2025
The free-market economy runs on #Profit. Macroeconomic profit is given by the axiomatically correct Profit Law/BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The Profit Law implies…
Occasional Xs: Clueless economists / Inflation (XLIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) February 26, 2025
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/m78iuOXovE
For more about inflation see AXECquery.
Occasional Xs: The futile attempt to recycle Keynesianism (LXXI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) February 26, 2025
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.… pic.twitter.com/iYuG2XkWjd
February 25, 2025
Occasional Xs: How it works (CCCXXVI)
“OUCH! The Bundesbank reports a €19.2 billion loss for 2024—the first loss since 1979 and the largest in its history.” (Holger Zschaepitz )
— AXEC (@EgmontHandtke) February 25, 2025
The free-market economy economy runs on #Profit. Macroeconomic profit is given by the axiomatically correct Profit Law/Balances Equation…
Occasional Xs: What economists really do (CDXLI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) February 25, 2025
Academia is not an institution funded by the taxpayer but by the Oligarchy. Rockefeller called the University of Chicago ‘the best investment’ he ever made. Academia ― as far as economics is concerned ― is expected to deliver free-market propaganda,…
Occasional Xs: What economists really do (CDXL)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) February 25, 2025
Hayek, Rand, Friedman, and Mises never understood #Profit and how the economic system works. They were neither scientists nor philosophers but pamphleteers / agenda-pushers / useful idiots / phrasemongers / clowns in the political Circus Maximus.…
February 24, 2025
Occasional Xs: Clueless economists / Science (CXLXIV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) February 24, 2025
“Economics is an abhorrent field that, if any scientific scrutiny were applied to it, would not exist.” (Richard Field)
Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their… pic.twitter.com/W6cnlQZWKb
February 23, 2025
Occasional Xs: Clueless economists / Science (CXLXIII)
#Econ#HallOfShame
— E.K-H (@AXECorg) February 23, 2025
Keynes got macroeconomic #Profit wrong bc he was too stupid for elementary Algebra. Hayek, too, got the foundational concepts of economics wrong. Scientifically, both have been losers.⇒
Keynes, Hayek, Kanthttps://t.co/2zKozjSSiS pic.twitter.com/zFl2rqEXqz
Occasional Xs: Stephanie Kelton (II)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) February 23, 2025
Macroeconomic profit Qm is given by the Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0 which implies #PublicDeficitIsPrivateProfit Qm≡G−T>0. A government deficit is a free lunch for the Oligarchy. Economically, Elon Musk's policy…
For more about Stephanie Kelton see AXECquery.
Occasional Xs: Clueless economists / Inflation (XLII)
The 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 productivity R, and deficit-spending/money-creation i.e. the expenditure ratio ρE>1. pic.twitter.com/pltPfJOf2P
— E.K-H (@AXECorg) February 23, 2025
Occasional Xs: How it works (CCCXXV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) February 23, 2025
The US economy is not 50% larger. The GDP numbers show that it is a hot-air ballon filled by relentless deficit-spending/money-creation over the past years. ⇓ pic.twitter.com/QyquKb4wyb
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) February 24, 2025
America's business is NOT business but show-business. The GDP contribution of apparently innovative companies (Meta, Google, Netflix etc) consists mainly of DisInfoTainment, data collection for the Three Letter Agencies, and algorithmic perception…
Europe's stagnation over the past years is a fact, but the growth of the USA's GDP is a nominal fiction. Both, Europe and the USA together have lost out to China/Russia ― economically, militarily, scientifically, and culturally. Not even Hollywood can make a success story out of…
— AXEC (@EgmontHandtke) February 24, 2025
February 22, 2025
Occasional Xs: Clueless economists / Breakdown (IX)
#Econ#AllYouNeedToKnow
— E.K-H (@AXECorg) February 22, 2025
“… what disaster awaits us if we 'do nothing' about the debt?” (Douglas)
There is an absolute upper limit for the growth of debt. ⇒
From the debt economy to the gift economy: how America is brainwashed to love budget deficitshttps://t.co/gtHNBANDrN
Occasional Xs: What economists really do (CDXXXIX)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 22, 2025
Since the founding fathers, economists have claimed to be doing science, but they did not. Instead, they dabbled in politics and very often in war-mongering. pic.twitter.com/cQxhU3CIUI
Occasional Xs: What economists really do (CDXXXIII)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 22, 2025
The history of economic thought is the history of scientific failure. The representative economist is NOT a competent scientist. As a rule of thumb, what economists propose as a solution only worsens the problem. pic.twitter.com/rpDHxPZCvk
February 21, 2025
Occasional Xs: The futile attempt to recycle MMT (CXXXVII)
#Econ#AllYouNeedToKnow
— E.K-H (@AXECorg) February 21, 2025
Macro profit Qm is given by the Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0 which implies #PublicDeficitIsPrivateProfit Qm≡G−T>0. A government deficit is a free lunch for the Oligarchy.
Down with idiocy!https://t.co/hqVhuAXz8l pic.twitter.com/JO9TYtMFPm
February 20, 2025
Occasional Xs: The futile attempt to recycle Adam Smith (LXXXI)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 20, 2025
Adam Smith never understood profit and how the economy works. All he did was produce psycho-social platitudes. Today, economics is still proto-scientific garbage. ⇒
Cross-references: Scientific Incompetencehttps://t.co/Q7COegB99U pic.twitter.com/vFyXUIFkFU
Occasional Xs: The futile attempt to recycle MMT (CXXXVI)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 20, 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/CNFDkXM1Ki
For the full-spectrum refutation see ⇒https://t.co/9Rldtrw2J1
Occasional Xs: Paradigm Shift (XLXIX)
#Economics#AllYouNeedToKnow
— E.K-H (@AXECorg) February 20, 2025
Joan Robinson recognized that economics was proto-scientific garbage. So, she proposed a Paradigm Shift: “Scrap the lot and start again”. The representative economist still does not get the message. pic.twitter.com/n39ELOJYpL
February 19, 2025
Occasional Xs: Clueless economists / Profit (LXXVII)
#Economics#AllYouNeedToKow
— AXEC (@EgmontHandtke) February 19, 2025
The representative economist is NOT a competent scientist but an agenda pusher / useful idiot / phrasemonger / clown in the political Circus Maximus.
The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives)… pic.twitter.com/gsHWNep6bN
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