Occasional X: Clueless economists / Science (CCLII)

 

“Modern economics predominantly follows the deductive methodology of posing axioms and adding assumptions, which was originally introduced by City of London financier David Ricardo in the 19th century and advanced by him by financing other economists, such as John Stewart Mill.… pic.twitter.com/k2IOgn1T4p

— AXEC (@EgmontHandtke) February 13, 2026

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

“Those calling for the Fed to cut rates should look again at the relationship between prices and productivity growth.” (Rafael Domenech)

Rafael Domenech has no clue how the economy works.

The axiomatically correct macroeconomic Law of Supply and Demand ⇓ tells one how ― in the… pic.twitter.com/jQ3ptZTpaX

— AXEC (@EgmontHandtke) February 13, 2026

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

“What do economics students learn – beyond models and methods? This new study examines how economics education shapes students’ beliefs, biases, and openness to competing ideas. ” (Mohsen Javdani and Ha-Joon Chang)

For 200+ years, economics has claimed to be a science. But it…

— AXEC (@EgmontHandtke) February 13, 2026

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

“I always dreamed of becoming a macroeconomist one day.” (Yanagizawa-Drott)

Dream on!

For 200+ years, economics has claimed to be a science. But it still is not. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually… pic.twitter.com/J8WyVqH7Nu

— AXEC (@EgmontHandtke) February 13, 2026

Occasional X: Scrap the EconNobel (XLXII)

“Israel Kirzner was a few times hinted for the Nobel within the mainstream — when Bill Baumol was still alive. There is still time!” (Vincent Geloso)

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

Although it claims to… pic.twitter.com/xkrOkbPaHp

— AXEC (@EgmontHandtke) February 13, 2026

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

“Why governments run deficits—to help the private sector net save.” (Steven Hail, quoted by Rachel Donald)

Steven Hail never understood profit and, as a logical consequence, how the economy works. That's self-disqualifying.

To start with, here is some elementary economics.…

— AXEC (@EgmontHandtke) February 13, 2026

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

“Shit jobs tend to be blue collar and pay by the hour, whereas bullshit jobs tend to be white collar and salaried.” (David Graeber)

“Shit economics tends to be social media and pay by the hour, whereas bullshit economics tends to be academic and salaried.” (AXEC)

For 200+…

— AXEC (@EgmontHandtke) February 13, 2026

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

“China is in the grip of a DEFLATION. In January, its Producer Price Index (PPI) was NEGATIVE at -1.42%/yr. If that's not bad enough, China's PPI has been negative for 3 STRAIGHT YEARS. DEFLATION = AN ANEMIC MONEY SUPPLY GROWTH STORY.” (Steve Hanke)

Steve Hanke has no clue how… pic.twitter.com/PPtiW03CtB

— AXEC (@EgmontHandtke) February 13, 2026

Occasional X: Clueless economists / Science (CCLI)

“New developments in Austrian economics appear regularly in the Quarterly Journal of Austrian Economics.” (Mises Scholars)

von Mises never understood profit, and by logical consequence, how the economic system works. To this day, Austrian economics is not science, but rather…

— AXEC (@EgmontHandtke) February 13, 2026

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

 

“Inflation. A short book draft, resulting from last fall's Brunner Lecture. Comments welcome. ” (John Cochrane)

You never understood profit, and by logical consequence, how the economic system works. Your book is a repetition of provably false theories with no hope of ever…

— AXEC (@EgmontHandtke) February 13, 2026

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

“I think one has to be curious and looking for the truth … I remember one of the books I started when I got involved in economics was Human Action, …” (Ron Paul)

von Mises never understood profit, and by logical consequence, how the economic system works. So, his book Human…

— AXEC (@EgmontHandtke) February 12, 2026

Occasional X: Clueless economists / Employment (XXVI)

“Full employment is an easy condition to attain.” (David Andolfatto)

Like other legacy economists, David Andolfatto doesn't know how the economy works. Therefore, his utterances are scientifically worthless.

The axiomatically correct macroeconomic Employment Law ⇓ tells one…

— AXEC (@EgmontHandtke) February 12, 2026

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

“The government creates money every time it spends. ” (MMTUK)

MMT is provably false monetary theory.

For details of the axiomatically correct Theory of Money, see ⇒
The Dark-Matter Theory of Fiat Moneyhttps://t.co/x4NOcsD9Cq pic.twitter.com/UF0eJ285k6

— AXEC (@EgmontHandtke) February 12, 2026

Occasional X: The futile attempt to recycle Marx (LV)

“Nobody has ever disproven Karl Marx.” (RTSG, quoted by Svanholm)

False!

Because Marx got the foundational magnitude of economics —profit— wrong, his communicative contribution reduces to psycho-social-political-philosophical blather. His followers stuck with him and stayed in…

— AXEC (@EgmontHandtke) February 12, 2026

Occasional X: The futile attempt to recycle Bastiat (II)

“… I do not hold that Bastiat was a bad theorist. I hold that he was no theorist.” (Schumpeter)

Bastiat had NO idea what profit is and how the economic system works. He was just another agenda pusher / phrase monger / useful idiot / clown in the political CircusMaximus.

The…

— AXEC (@EgmontHandtke) February 12, 2026

Occasional X: Clueless economists / Profit (CXXXII)

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

Friedrich Hayek never understood profit, and consequently, how the economy works. ⇓ He cannot be considered an economist.

The… pic.twitter.com/4FzymIBhxA

— AXEC (@EgmontHandtke) February 12, 2026

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

 

“The mystery of China's 15 years of deflation, and how its economy continues to defy Milton Friedman's monetarist doctrine.” (China Banking News)

Actually, there is no mystery, but only provably false legacy economics.

The axiomatically correct macroeconomic Law of Supply and… pic.twitter.com/aOZLhT5mE3

— AXEC (@EgmontHandtke) February 12, 2026

Occasional X: Clueless economists / Multiplier (II)

 

“Keynesian economists perform elaborate mathematical gymnastics to 'prove' that $1 of government spending magically becomes $1.50 of economic growth. This fiscal multiplier fairy tale …” (Handre van Heerden)

Keynes misunderstood the concept of macroeconomic profit because he… pic.twitter.com/S8OikzATDw

— AXEC (@EgmontHandtke) February 12, 2026

Occasional X: Clueless economists / Money (XCIX)

“…and everything we today call New Keynesian economics is actually a version of monetarism that dates back to David Hume.” (Roger Farmer)

Roger Farmer never understood profit and, as a consequence, how the economic system works. That's self-disqualifying. Because his economic… pic.twitter.com/wI80S0DccP

— AXEC (@EgmontHandtke) February 11, 2026

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

“In 1936, Keynes famously wrote that paying people to dig holes and fill them back up would boost the economy. Meanwhile, French economist Bastiat was spinning in his grave, having warned a century earlier about the 'broken window fallacy' — the illusion that destruction creates… pic.twitter.com/TiOnQtJJAC

— AXEC (@EgmontHandtke) February 11, 2026

Occasional X: Clueless economists / Science (CCL)

 

“Economics is mostly a bullshit field of study. It is specifically for people who can do a little bit of stats and calc and want to feel smart but too dumb to study physics or math.” (Mayukh)

Unfortunately, a lot of physicists/mathematicians tried to make economics a science,… pic.twitter.com/qw8YfIdWRJ

— AXEC (@EgmontHandtke) February 11, 2026

Occasional X: Clueless economists / Science (CCXLIX)

“Economics is very underrated tbh. The longer I’ve been in the financial industry the sillier it is I find all the jeering of economics by finance bros who got B+ in their undergrad advanced micro.” (Steve Hou)

The history of economic thought is the history of scientific… pic.twitter.com/6mRxhokN6T

— AXEC (@EgmontHandtke) February 11, 2026

Occasional X: How it works (CDL)

“According to Greg Ip, in the US economy today, 'rewards are going disproportionately toward capital instead of labor. Profits have soared since the pandemic. The result: Capital is triumphant, while the average worker ekes out marginal gains.'” (Michael Pettis)

Michael Pettis… pic.twitter.com/flPU2mXmsG

— AXEC (@EgmontHandtke) February 11, 2026

Occasional X: Clueless economists / Science (CCXLXVIII)

#Economics#AllYouNeedToKnow

“Utility; for an entrepreneur, ― profit; for a player, gain or loss.” (Theory of Games and Economic Behavior, p. 33, fn. 2) von Neumann/Morgenstern got profit wrong. ⇓ Because of this, Game Theory has always been irrelevant to economics.

The major… pic.twitter.com/OFHgkbxtnE

— AXEC (@EgmontHandtke) February 11, 2026

Occasional X: How it works (CDXLIX)

“This is the result of decades of political choices that rig the system in favor of the wealthy and powerful while leaving workers behind. It does not have to be this way.” (Robert Reich)

Robert Reich has no idea how Capitalism works. This is self-disqualifying.

The Central…

— AXEC (@EgmontHandtke) February 11, 2026

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

“Most of the statist arguments that we hear day in and out are easily refuted as more or less economic nonsense.” (Hans-Hermann Hoppe)

“Most of the anti-statist arguments that we hear day in and out are easily refuted as economic nonsense.” (AXEC)

Austrians in general, and… pic.twitter.com/jLwtOyQbM9

— AXEC (@EgmontHandtke) February 11, 2026

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

“The source of tolerance is the recognition that none of us have the absolute truth. There can be no tolerance without humility.” (Milton Friedman Quotes)

The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory…

— AXEC (@EgmontHandtke) February 10, 2026

Occasional X: How it works (CDXLVIII)

 

“When the Federal Reserve prints money, it doesn’t create wealth. It creates debt with compound interest and transfers the liability to the middle class through inflation. … That’s not policy. That’s socialism.” (Black Swan Capitalist)

Black Swan Capitalist has no idea how…

— AXEC (@EgmontHandtke) February 10, 2026

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

#Economics#AllYouNeedToKnow

“GOAT economist according to 44 history of economic thought textbooks published between 1901 and 2023 as measured by percentage of total pages? Adam Smith." (Daniel Smith)

Adam Smith was not an original thinker, not a scientist, not an economist; he… pic.twitter.com/i4wO62Adb7

— AXEC (@EgmontHandtke) February 10, 2026

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

“Most UK political debate gets shut down by one question: 'How will you pay for it?'. … That’s the wrong way to think about money.” (MMTUK Policy Research Group)

MMTers have no idea how the monetary economy works. More precisely, MMT is provably false. It's not science, but…

— AXEC (@EgmontHandtke) February 10, 2026

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

“Rothbard understood what most economists refuse to acknowledge: governments are fundamentally incompatible with sound money.” (Handre van Heerden)

Murray Rothbard never understood profit and, as a consequence, how the economic system works. That's self-disqualifying.

Economics…

— AXEC (@EgmontHandtke) February 10, 2026

Occasional X: Clueless economists / Money (XCVIII)

#Economics#AllYouNeedToKnow

“Mises understood what modern economists refuse to acknowledge: fiat currencies have a 100% historical failure rate.” (Handre van Heerden)

Ludwig von Mises never understood profit and, as a consequence, how the economic system works. That's…

— AXEC (@EgmontHandtke) February 9, 2026

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

#Economics#AllYouNeedToKnow

“The mechanism behind grade inflation is the same as the mechanism behind inflation.” (Olivier Blanchard)

“Olivier makes a key point: The issue really is grade *inflation* not just grade *levels*. ” (Jason Furman)

Olivier Blanchard never understood… pic.twitter.com/PWk8Ooj2Uv

— AXEC (@EgmontHandtke) February 9, 2026

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

 

“Milton, I was blessed to be a student of his and when he came here, he had a huge effect on not just me, but generations of students that followed.” (Kevin Marsh)

Milton Friedman never understood profit and, as a consequence, how the economic system works. That's…

— AXEC (@EgmontHandtke) February 9, 2026

Occasional X: Clueless economists / Science (CCXLXVII)

#Economics#AllYouNeedToKnow

“In the courts of princes, in the drawing-rooms of the great, where success depends not upon merit but upon favour, truth is seldom heard. This disposition to admire, and almost to worship, the rich and the powerful… is the great and most universal… pic.twitter.com/5AiANQadH8

— AXEC (@EgmontHandtke) February 9, 2026

Occasional X: Clueless economists / Profit (CXXXI)

#Economics#AllYouNeedToKnow

“One reason why it’s important to defend billionaires is because, as Deirdre McCloskey has argued, a key ingredient of a prosperous society is regarding “trade-tested” profit—profit earned by producing valued goods and services—as something honorable… pic.twitter.com/fgkM2BM7vV

— AXEC (@EgmontHandtke) February 8, 2026

Occasional X: Clueless economists / Money (XCVII)

#Economics#AllYouNeedToKnow

“Remember that ALL private savings are 'part of GB National Debt', they are the £ issued by central bank that have yet to be taxed back.” (various MMT economists)

Not true!

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

— AXEC (@EgmontHandtke) February 8, 2026

Occasional X: Clueless economists / Breakdown (XXI)

#Economics#AllYouNeedToKnow

There is an absolute upper limit for the growth of public debt, which is given by public_debt times avg_interest ≦wage_income. Economic problems, though, start much earlier because of other irreducible items in the budget.

Analogous to private…

— AXEC (@EgmontHandtke) February 8, 2026

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

#Economics#AllYouNeedToKnow

“The horrid nineties. If I had enough time & energy, I would create a compendium of the most nonsensical and yet widely believed and admired statements of famous economists and political scientists made in the 1990s. It would be a long book.” (Branko…

— AXEC (@EgmontHandtke) February 8, 2026

Occasional X: Clueless economists / Money (XCVI)

#Economics#AllYouNeedToKnow

“The problem is that economists fight over MONETARY THEOLOGY while ignoring the real economy—ENERGY & MATERIALS. You can’t print oil, copper, or diesel. That’s inflation.” (Art Berman)

Almost true.

The Central Bank's main task is to produce…

— AXEC (@EgmontHandtke) February 8, 2026

Occasional X: Clueless economists / Money (XCV)

#Economics#AllYouNeedToKnow

“Fiscal rules and balanced budgets are nonsense. Governments that issue their own currency don't need to borrow.” (MMT10, quoted by ?whispers?)

Neither MMT101 nor ?whispers? understand economics. The Monetary Theory has been false since the Founding…

— AXEC (@EgmontHandtke) February 8, 2026

Occasional X: Clueless economists / Tax (VI)

 

#Economics#AllYouNeedToKnow

“The government doesn’t have any money. Only people have money.” (Milton Friedman)

“People don’t have any money. Only people who work for the Oligarchy get money.” (AXEC)

Milton Friedman never understood profit and, by consequence, how the economic… pic.twitter.com/nUNsgFv4gn

— AXEC (@EgmontHandtke) February 8, 2026

Also at Thomas Sowell Quotes 

Occasional X: Clueless economists / Science (CCXLXVI)

#Economics#AllYouNeedToKnow

“I don’t think there’s a 'problem with economics,' in the sense that the discipline regularly produces useful and interesting results. But there is a problem with economists.” (njp)

Economics has defined itself as a social science and accordingly… pic.twitter.com/cL9lSEdQt1

— AXEC (@EgmontHandtke) February 7, 2026

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

#Economics#AllYouNeedToKnow

“John Maynard Keynes's book General Theory was published 90 years ago in February 1936. My article on the 90th anniversary of the book that changed and divided the world of economics …” (Amol Agrawal)

For 200+ years, economics has claimed to be a… pic.twitter.com/syciX13x6d

— AXEC (@EgmontHandtke) February 7, 2026

Occasional X: How it works (CDXLVII)

#Economics#AllYouNeedToKnow

“A former World Bank president has sounded the alarm, revealing that the Federal Reserve has lost over a trillion dollars—and counting—turning it into nothing more than a massive hedge fund for the rich and powerful.” (redpillbot)

Even former World…

— AXEC (@EgmontHandtke) February 7, 2026

Occasional X: Clueless economists / Profit (CXXX)

#Economics#AllYouNeedToKnow

“Why did Engels lie then?” (Phil Magness)

Marxism is discredited because it is failed/fake science. Economics professors are discredited because they are too stupid for science.

Because Marx got the foundational magnitude of economics —profit—… pic.twitter.com/VpZ9WBwLzj

— AXEC (@EgmontHandtke) February 7, 2026

Occasional X: Clueless economists / Science (CCXLXV)

#Economics#AllYouNeedToKnow

“Jon Stewart’s astonishment when he realizes that economics isn’t an unprincipled defense of greedy capitalism is frankly priceless.” (Mario Macis)

Economics has defined itself as a social science and accordingly has been based on… pic.twitter.com/53BhhNQdFW

— AXEC (@EgmontHandtke) February 7, 2026

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

#Economics#AllYouNeedToKnow

“Remember when Milton Friedman would go around and explain basic economic principles clearly and broadly to the public? We need more of that. ” (Alex Imas)

“'The person who writes for fools is always sure of a large audience' is a famous quote by…

— AXEC (@EgmontHandtke) February 6, 2026

Occasional X: Clueless economists / Tax (V)

#Economics#AllYouNeedToKnow

“Inflation didn’t arise from war or pestilence. At the risk of speaking plainly, inflation arose from a government that spent too much and a central bank that printed too much. If the government lived with less, its citizens would live with more.”… pic.twitter.com/E01FBupFns

— AXEC (@EgmontHandtke) February 6, 2026

Occasional X: Clueless economists / Science (CCXLXIV)

“AI must pass the Galileo test” (Elon Musk)

Here it is!

Prompt: Which of the following profit definitions is scientifically true?

Smith: Wages, profit, and rent are the three original sources of all revenue as well as of all exchangeable value.

Ricardo: … profits would be…

— AXEC (@EgmontHandtke) February 6, 2026

Occasional X: Scrap the EconNobel (XLXI)

 

#Economics#AllYouNeedToKnow

“Hayek receiving his Nobel Prize (Econ, 1974).” (F.A. Hayek Quotes)

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

Although it claims to be a science, economics is not one. The major… pic.twitter.com/9xpmf6wJ6W

— AXEC (@EgmontHandtke) February 6, 2026

Related 'Economists: scientists or political clowns?' 

Occasional X: Clueless economists / Science (CCXLXIII)

#Economics#AllYouNeedToKnow

“All features and achievements of modern civilization are, directly or indirectly, the products of the capitalist process.” (Joseph Schumpeter)

If this is true, it does not apply to economics. ⇓ pic.twitter.com/aD0nMSXJhH

— AXEC (@EgmontHandtke) February 6, 2026

Occasional X: Clueless economists / Money (XCIV)

#Economics#AllYouNeedToKnow

“If the last 20 years has taught us anything, it should be that the 'money printing' the Treasury does is far more important to the macro trajectory than the asset swaps the Federal Reserve does.” (Douglas)

The monetary theory has been false since…

— AXEC (@EgmontHandtke) February 6, 2026

Occasional X: Clueless economists / Money (XCIII)

#Economics#AllYouNeedToKnow

“The National debt is simply the money in circulation.” (Erin Remblance, quoted by ?whispers?)

False. Erin Remblance has no idea of the difference between transaction money and money as a store of value. He has no idea of the economics in general,… pic.twitter.com/il4MzUoX7f

— AXEC (@EgmontHandtke) February 6, 2026

Occasional X: Clueless economists / Science (CCXLXII)

 

#Economics#AllYouNeedToKnow

“A key feature of ergodicity economics is its focus on external reality — the wealth process, for instance — not on internal states such as subjective utility.” (Ole Peters)

Economics has defined itself as a social science and accordingly has been… pic.twitter.com/4yBjJ7faRA

— AXEC (@EgmontHandtke) February 5, 2026

Occasional X: Clueless economists / Money (XCII)

#Economics#AllYouNeedToKnow

“Reassessing Milton Friedman’s monetarism, showing how its core ideas persist in modern macro models and policy rules, and why monetary aggregates still matter as a cross-check against incipient high inflation, …” (Michael Bordo)

Monetarism is… pic.twitter.com/6wZHO2drZr

— AXEC (@EgmontHandtke) February 5, 2026

For more about Friedman, see AXECquery. 

Occasional X: The futile attempt to recycle behavioral economics (XIII)

#Economics#AllYouNeedToKnow

“Ronald Coase set out to prove that Socialism was superior to the chaos of the market. So he went to America to see how giant industries were actually managed.” (Students for Liberty)

Ronald Coase was a representative microbrain. He didn't know the…

— AXEC (@EgmontHandtke) February 5, 2026

Occasional X: Clueless economists / Philosophy (XII)

#Economics#AllYouNeedToKnow

“Hayek quoting Taoist philosopher Lao Tzu. Murray Rothbard once called Lao Tzu the world’s 'first libertarian intellectual' (Hayek Quotes)

Whatever he was, Lao Tzu was not a scientist, and he was definitely not an economist.

Hayek never understood… pic.twitter.com/kGn15IJTab

— AXEC (@EgmontHandtke) February 5, 2026

Occasional X: Clueless economists / Science (CCXLXI)

#Economics#AllYouNeedToKnow

“We rarely think of economics as scandalous, but maybe we should.” (Sam Bowles)

Economics has defined itself as a social science and accordingly has been based on subjective/behavioral assumptions/axioms. This is the first methodological mistake,… pic.twitter.com/hrzhAR882u

— AXEC (@EgmontHandtke) February 4, 2026

See also Isabella Weber.

See also Steven Durlauf.

Occasional X: Paradigm Shift (XCIX)

 

#Economics#AllYouNeedToKnow

“Neither Chicago theorists or Austrian theorists hold any of the elements of the position described. Like...none of it.” (Vincent Geloso)

Economics has defined itself as a social science and accordingly has been based on subjective/behavioral… pic.twitter.com/m3RwUVmQUB

— AXEC (@EgmontHandtke) February 4, 2026

Occasional X: The futile attempt to recycle Marx (LIV)

#Economics#AllYouNeedToKnow

“This is your periodic reminder that professors at leading universities still view Marx as an economist worthy of consideration.” (Daniel Lemire)

Marxism is discredited because it is failed/fake science. Economics professors are discredited because…

— AXEC (@EgmontHandtke) February 4, 2026

Occasional X: Clueless economists / Science (CCXLX)

#Economics#AllYouNeedToKnow

“The study of the human sciences can produce wisdom, routine predictions. It cannot produce profitable prediction and godlike control.” (Deirdre McCloskey)

Economics has defined itself as a social science and accordingly has been based on… pic.twitter.com/eEzsk85mTx

— AXEC (@EgmontHandtke) February 4, 2026

Related 'Prediction/Forecasting' 

Occasional X: Clueless economists / Money (XCI)

#Economics#AllYouNeedToKnow

“The old dispute between the Monetarists and the Keynesians was resolved when the Keynesians conceded all the substantive points and the Monetarists agreed to be called New Keynesians.” (quoted by neocentrist)

Both Monetarism and Keynesianism are… pic.twitter.com/Kq8GmO1it3

— AXEC (@EgmontHandtke) February 4, 2026

Related 'Economics debate ― just another variant of hardcore wrestling' 

Occasional X: Clueless economists / Science (CCXLIX)

#Economics#AllYouNeedToKnow

“About time the Priesthood of the Economic PhDs was significantly reduced ... while I champion a 99.9999999% reduction in the number of Economists, this is at least a start ...” (Richard Field)

The history of economic thought is the history of… pic.twitter.com/AaNwML8NtR

— AXEC (@EgmontHandtke) February 4, 2026

Occasional X: Clueless economists / Science (CCXLVIII)

 

#Economics#AllYouNeedToKnow

“Marxism isn’t discredited because Marx was a bad husband or father.” (Rock Chartrand)

No, Marxism is discredited because it is failed/fake science.

Because Marx got the foundational magnitude of economics —profit— wrong, his communicative…

— AXEC (@EgmontHandtke) February 3, 2026

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

#Economics#AllYouNeedToKnow

“This is simply an axiomatic statement: it illustrates the fact that if you issue your own currency you can’t run out of it.” (MMT101)

It is becoming increasingly unlikely that economics is still at a level where it can be considered intelligent.…

— AXEC (@EgmontHandtke) February 3, 2026

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

#Economics#AllYouNeedToKnow

“What is good in Marx is available in others in far more efficient forms (critics of crises, inequality, bits of ecology).” (Vincent Geloso)

Because Marx got the foundational magnitude of economics—profit—wrong, his communicative contribution…

— AXEC (@EgmontHandtke) February 3, 2026

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

#Economics#AllYouNeedToKnow

“Ayn Rand sold over 37 million books.” (Students for Liberty)

“'The person who writes for fools is always sure of a large audience' is a famous quote by German philosopher Arthur Schopenhauer. Found in his essay 'The Art of Reading' (from Parerga… pic.twitter.com/46L59XkqVq

— AXEC (@EgmontHandtke) February 2, 2026

Occasional X: Clueless economists / Money (XC)

#Economics#AllYouNeedToKnow

“And once they capture the state, they get their hands on the ultimate cheat code: the government’s unlimited power to create money.” (Adhish Barua)

That money is created out of nothing and backed by nothing is NOT the critical point of a fiat money…

— AXEC (@EgmontHandtke) February 2, 2026

Related 'The right and the wrong way to bring money into the economy' 

Occasional X: Clueless economists / War (VII)

#Economics#AllYouNeedToKnow

“To win WW2, the British Empire liquidated its entire gold reserves, …” (Calum Douglas)

To this day, economists have not solved the profession's age-old core question.

How to pay for the war and to be bamboozled by economists…

— AXEC (@EgmontHandtke) February 2, 2026

Occasional X: The futile attempt to recycle behavioral economics (XII)

#Economics#AllYouNeedToKnow

“The future is unknowable, but not unimaginable.” (Ludwig Lachmann)

Remembering Ludwig M. Lachmann, … a thinker who illuminated the role of expectations in economic life.” (Econlib)

Economics has defined itself as a social science and accordingly… pic.twitter.com/A6jpPevRdX

— AXEC (@EgmontHandtke) February 2, 2026

Occasional X: Clueless economists / Money (LXXXIX)

#Economics#AllYouNeedToKnow

“It was Fed Groupthink that brought us Team Transitory & slow response to 2020s inflation. Challenging that kind of Groupthink is needed at the Fed.” (Jon Hartley, quoted by Jon Steinsson)

The Fed's problem is NOT groupthink, it is the provably…

— AXEC (@EgmontHandtke) February 2, 2026

For more about profit pump, see AXECquery 

For more about illicit operations, see AXECquery.

***

Twitter/X Feb 2, 2026

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

 

#Economics#AllYouNeedToKnow

“Just returned from another great LF experience wrestling with serious issues with serious thinkers.” (Peter Boettke)

As far as economics is concerned, the people at the Liberty Fund are not serious thinkers. They do not understand profit and, by… pic.twitter.com/sEEqtKi7BM

— AXEC (@EgmontHandtke) February 1, 2026

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

#Economics#AllYouNeedToKnow

“Life is sometimes cruel.” (Branko Milanovic)

That's trivially true, but not economics. Branko Milanovic does not understand that economics is not about economists and their hobbies.

“Economics is the study of the economy, not the study of…

— AXEC (@EgmontHandtke) January 31, 2026

Occasional X: The futile attempt to recycle Marx (LIII)

#Economics#AllYouNeedToKnow

“Reading Marx and taking him seriously is what qualifies you for sainthood.” (Vincent Geloso)

Because Marx got the foundational magnitude of economics—profit—wrong, his communicative contribution reduces to psycho-social-political-philosophical…

— AXEC (@EgmontHandtke) January 31, 2026

Occasional X: Economics and math ― they just can't get it together (IX)

 

#Economics#AllYouNeedToKnow

“Mathematics brought rigor to Economics. Unfortunately, it also brought mortis.” (Kenneth Boulding)

The problem of economics is not math, but methodology. Get methodology right, and mathematics works its magic.

For details of the big picture, see… pic.twitter.com/GsoNUgLSYF

— AXEC (@EgmontHandtke) January 30, 2026

Occasional X: Clueless economists / Tax (IV)

#Economics#AllYouNeedToKnow

“The middle class in Europe is the one really squeezed by absurd overtaxation. And when you add another 20% VAT on top of that, it makes one want to cry. Got it now?” (Michael Arouet)

It seems that the anti-State reflex is more a psychological than… pic.twitter.com/BkXtWjcu6o

— AXEC (@EgmontHandtke) January 30, 2026

Occasional X: Clueless economists / Profit (CXXIX)

#Economics#AllYouNeedToKnow

“I am convinced that many people (like here) who criticize LTV have never read Marx. It explicitly has nothing to do with morality. And all of vol 2 and 3 can be read with no reference to LTV because under capitalism prices/values take the form of…

— AXEC (@EgmontHandtke) January 30, 2026

Occasional X: Clueless economists / Money (LXXXVIII)

#Economics#AllYouNeedToKnow

“… so full of shit — where to start! (Phil Waller)

Phil Waller has no idea how the economy works, in particular, how fiat money works.

Start with the axiomatically correct monetary theory, see
The Dark-Matter Theory of Fiat Money {78a}…

— AXEC (@EgmontHandtke) January 30, 2026

Occasional X: Clueless economists / Philosophy (XI)

 

#Economics#AllYouNeedToKnow

“Civilization is the progress toward a society of privacy.” (Ayn Rand)

All the good things in the universe come from Science — including civilisation. Civilization is the practical application of Science to everyday life. Science is done by 1… pic.twitter.com/dm09jDkPLf

— AXEC (@EgmontHandtke) January 30, 2026

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

#Economics#AllYouNeedToKnow

“People have been asking me what will emerge in place of the rules-based international order, which has now been exposed as rigged, dysfunctional, and supportive of US hegemony.” (Jostein Hauge)

Whatever this is, it's not economics. It is political… pic.twitter.com/Ss7LkgQ0pV

— AXEC (@EgmontHandtke) January 29, 2026

Occasional X: Clueless economists / Science (CCXLVII)

#Economics#AllYouNeedToKnow

Economics has been a failed/fake science for 200+ years. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent. They ALL… pic.twitter.com/muDYgbU2lP

— AXEC (@EgmontHandtke) January 29, 2026

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

#Economics#AllYouNeedToKnow

“No human mind can comprehend all the knowledge which guides the actions of society.” (F.A. Hayek)

This may be true, but it's not economics.

Hayek never understood profit and, as a consequence, how the economic system works. That's…

— AXEC (@EgmontHandtke) January 29, 2026

 

For more about Hayek, see AXECquery.

Occasional X: How it works (CDXLVI)

 

#Economics#AllYouNeedToKnow

“Europe will never have massive tech companies because they fear success.” (Peter Thiel, quoted by Yawwwn)

U.S. economic development in general and entrepreneurship, in particular, is mainly nominal.

The U.S. economy runs on profit. Macroeconomic…

— AXEC (@EgmontHandtke) January 29, 2026

Occasional X: Clueless economists / Profit (CXXVIII)

#Economics#AllYouNeedToKnow

The simplified 3-sector Profit Law Qm≡(G−T)+(I−Sm)+Yd implies PublicDeficit = PrivateProfit, ie., (G−T)>0. ⇓ Therefore, the MMT policy of deficit-spending/money-creation is a free lunch for the WeTheOligarchy. Why MMTers claim they are the… pic.twitter.com/BhQhhbbRSd

— AXEC (@EgmontHandtke) January 28, 2026

Occasional X: Clueless economists / Science (CCXLVI)

#Economics#AllYouNeedToKnow

“Keynes was a man of great intellect but of a rather limited knowledge of economic theory.” (Friedrich Hayek, quoted by Hayek Quotes)

For 200+ years, economics has claimed to be a science. But it still is not. The major approaches (Walrasianism,… pic.twitter.com/SybsADuGGa

— AXEC (@EgmontHandtke) January 28, 2026

Occasional X: Game Theory has no economic content (II)

#Economics#AllYouNeedToKnow

“Utility; for an entrepreneur, ― profit; for a player, gain or loss.” (Theory of Games and Economic Behavior, p. 33, fn. 2) von Neumann/Morgenstern got profit wrong. ⇓ Because of this, Game Theory has always been irrelevant to economics.

The major… pic.twitter.com/AJVxAJK8mC

— AXEC (@EgmontHandtke) January 27, 2026

Occasional X: How it works (CDXLV)

#Economics#AllYouNeedToKnow

“Pres. Trump promised to tackle America's debt. But Trump's One Big Beautiful Bill could add $5.5 trillion to the debt over the next decade.” (Steve Hanke)

Steve Hanke does not understand how the economy works. As a consequence, he doesn't know how…

— AXEC (@EgmontHandtke) January 27, 2026

Occasional X: How it works (CDXLIV)

#Economics#AllYouNeedToKnow

“Warren Buffett on the fact that governments, including the US, have an inherent tendency to debase their currencies over time through fiscal policies, making them worth less and posing a major risk to holding assets in them, as he fears the dollar… pic.twitter.com/b3GZwGnqYW

— AXEC (@EgmontHandtke) January 27, 2026

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

#Economics#AllYouNeedToKnow

“Economists: I’ve launched a small project to make AI coding tools actually useful for your day‑to‑day work.” (Antonio Mele)

Dear Antonio Mele, here is your scientific AI benchmark!

Prompt: Which of the following profit definitions is…

— AXEC (@EgmontHandtke) January 27, 2026

Occasional X: Clueless economists / Money (LXXXVII)

#Economics#AllYouNeedToKnow

“Tyler Cowen says we've already wrecked the independence of the Fed because we'll be forced to monetize our debt, regardless of what happens.” (TBPN)

Some words are like a medieval excommunication curse from the Pope. One of them is Central Bank…

— AXEC (@EgmontHandtke) January 27, 2026

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

#Economics#AllYouNeedToKnow

“Social justice rests on the hate toward those that enjoy a comfortable position, namely, upon envy.” ” (Friedrich von Hayek)

Hayek was a mind-reader and feelings-imputer, not a scientist. He never understood profit and, as a consequence, how the…

— AXEC (@EgmontHandtke) January 27, 2026

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

#Economics#AllYouNeedToKnow

“Does studying modern neoclassical economics transforms you into an unpleasant person or unpleasant people self-select to study modern neoclassical economics?” (Branko Milanovic)

Branko Milanovic does not understand that economics is not about… pic.twitter.com/92tSWKzM3U

— AXEC (@EgmontHandtke) January 27, 2026

Occasional X: Clueless economists / Money (LXXXVI)

#Economics#AllYouNeedToKnow

“Tyler Muir and David Beckworth explain how QE doesn’t halt risk it just shuffles who holds the risk.” (Macro Musings)

These folks are trapped in side issues.

The Central Bank's main task is to create macroeconomic profit while keeping the economic…

— AXEC (@EgmontHandtke) January 26, 2026

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

#Economics#AllYouNeedToKnow

“Mit dem Eigentumsargument macht er [Milei] klar, dass jede Abweichung vom Privateigentum zwangsläufig Umverteilung, geringere Produktivität und damit dynamische Ineffizienz bedeutet – ganz ohne Rückgriff auf utilitaristische Wohlfahrtskalküle. /… pic.twitter.com/8NknZorlup

— AXEC (@EgmontHandtke) January 26, 2026

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

#Economics#AllYouNeedToKnow

“Wir brauchen eine Neuausrichtung der Entwicklungspolitik für die neue Weltwirtschaft. / We need a reorientation of development policy for the new global economy.” (Moritz Schularick)

Actually, we need a reorientation of academic economics in order… pic.twitter.com/IT2xaSiWzf

— AXEC (@EgmontHandtke) January 26, 2026

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

#Economics#FailedFakeScience

When Chris Freiman, Professor at John Chambers College of Business and Economics, talks about heroism, it is clear he is not an economist but a propagandist.

Economics claims to be science, but it is NOT. The major approaches (Walrasianism,… pic.twitter.com/tJdxKg8pnZ

— AXEC (@EgmontHandtke) January 26, 2026

Occasional X: Clueless economists / Science (CCXLV)

#Economics#AllYouNeedToKnow

“Names are not arguments.” (Rock Chartrand)

The discussion about Capitalism vs Socialism is one of the dumbest propaganda shows of all time. It refers to the specifics of the economic system as the real-world foundation of a political party's… pic.twitter.com/JbBrZ6V5xm

— AXEC (@EgmontHandtke) January 26, 2026

Occasional X: Clueless economists / Breakdown (XX)

#Economics#AllYouNeedToKnow

“The people who have trouble accepting this generally don’t believe in God and think they are God. This is the root of the problem.” (Rachel Wilson)

God has nothing to do with the unavoidable breakdown of the American economic system. It has more to…

— AXEC (@EgmontHandtke) January 25, 2026

Occasional X: Economists still get saving/dissaving and loss/profit wrong (VI)

#Economics#AllYouNeedToKnow

“Your savings exist because the government is in debt.” (Steve Keen)

Steve Keen never understood profit and, by consequence, how the economy works. That's self-disqualifying.

There are TWO sectors, the business sector and the household sector. The…

— AXEC (@EgmontHandtke) January 25, 2026

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

#Economics#AllYouNeedToKnow

“Consumers don't produce inflation. Producers don't produce inflation. Inflation is produced only by too much government spending and too much government creation of money, and nothing else.” (Milton Friedman)

Almost true. Milton Friedman never… pic.twitter.com/01s5TkT9y7

— AXEC (@EgmontHandtke) January 25, 2026

Occasional X: Clueless economists / Science (CCXLIV)

 

#Economics#AllYouNeedToKnow

“For centuries, people lived in poverty, oppression, and scarcity. Then came capitalism.” (Giga Based Dad)

All the good things in the universe come from Science — not from Capitalism, or Socialism, or Liberty, or Government.

Economics has been a… pic.twitter.com/1ZZ7PKN1o4

— AXEC (@EgmontHandtke) January 25, 2026

Occasional X: Clueless economists / Productivity (I)

#Economics#AllYouNeedToKnow

“However, standard labour productivity aggregates wages, profits, rents, and interest into its numerator while normalising solely by labour input. ” (James Young)

Because wages are flows and macroeconomic profit is a difference of flows, “wages,… pic.twitter.com/9VTSfzlh7V

— AXEC (@EgmontHandtke) January 24, 2026

Related 'A vacuous analysis of profits and productivity' and 'The GDP death blow for the economics profession'

Occasional X: How it works (CDXLIII)

#Economics#AllYouNeedToKnow

“It’s not primarily that interest income is 'stimulating' demand in the Keynesian sense.” (James Young)

James Young does not understand what profit is, and by consequence, how the economy works. Therefore, the rest of his macroeconomics has no valid…

— AXEC (@EgmontHandtke) January 24, 2026

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

#Economics#AllYouNeedToKnow

The true triumph of economics: Bentham's Panopticon is back with AI.

For more about Bentham/Utilitarianism, see
The unveiled mystery of economics blatherhttps://t.co/9RUV9Hk6km

and the queryhttps://t.co/LKY2meznTL

— AXEC (@EgmontHandtke) January 24, 2026

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

#Economics#AllYouNeedToKnow

“Es gibt keine größere Bedrohung für die Zivilisation als eine Regierung aus unfähigen, korrupten oder niederträchtigen Männern.” (Ludwig von Mises)

Corrected:

“Es gibt keine größere Bedrohung für die Zivilisation als eine Universität mit… pic.twitter.com/JIKnuIMY4w

— AXEC (@EgmontHandtke) January 24, 2026

Occasional X: The futile attempt to recycle Marx (LII)

#Economics#AllYouNeedToKnow

Because Marx got the foundational magnitude of economics—profit—wrong, his communicative contribution reduces to psycho-social-political-philosophical blather.

Marx/Engels called their common project Scientific Socialism‡, but its scientific…

— AXEC (@EgmontHandtke) January 23, 2026

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

#Economics#AllYouNeedToKnow

“The political world is not much better, given the short tenure of political appointments.” (Jørgen Randers)

The retarded representative economist neither understands economics nor politics. ⇓ He has not yet realized that the tenure of political… pic.twitter.com/fYizqZok2M

— AXEC (@EgmontHandtke) January 23, 2026

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

#Economics#AllYouNeedToKnow

“… it (government) can't run out of dollars any more than a carpenter can run out of inches.” (Stephanie Kelton)

This nonsensical comparison tells everyone how false MMT is, how dumb MMTers are, and how retarded MMT propagandists are.

The… pic.twitter.com/QcAIFhwaNO

— AXEC (@EgmontHandtke) January 23, 2026

Occasional X: Clueless economists / Tax (III)

#Economics#AllYouNeedToKnow

“Food, shelter, electricity, and healthcare don’t exist by wishing. They require labor, production, expertise, and time. Declaring them 'guaranteed regardless of income' doesn’t make them free. It just shifts the burden onto others by force. That… pic.twitter.com/uNYILcws7R

— AXEC (@EgmontHandtke) January 23, 2026

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

#Economics#AllYouNeedToKnow

“Doing proper economics is difficult. Especially if you don't know much about it.” (Per Bylund)

Per Bylund does not understand profit, and by consequence, how the economy works. That's self-disqualifying.

Keynes, too, misunderstood the concept of… pic.twitter.com/Rv6GdWdZHx

— AXEC (@EgmontHandtke) January 23, 2026

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

 

#Economics#AllYouNeedToKnow

“Did Profits Cause Inflation? A popular narrative has attributed the post-COVID rise in inflation to a rise in corporate profits. The literature in industrial organization offers three reasons for price changes: increases in demand, increases in… pic.twitter.com/UBEcBRqAoI

— AXEC (@EgmontHandtke) January 23, 2026

Occasional X: How it works (CDXLII)

#Economics#AllYouNeedToKnow

“I challenge you to find a single current politician who has the profound knowledge of economics and philosophy that Javier Milei possesses.” (In Milei We Trust)

Javier Milei does not understand what profit is, and by consequence, how the economy…

— AXEC (@EgmontHandtke) January 22, 2026

Occasional X: Economics is failed/fake science (X)

#Economics#AllYouNeedToKnow

“'Capitalism' works fine.” (Fight With Memes)

All the good things in the universe come from Science — not from Capitalism, or Socialism, or Liberty, or Government.

Economics has been a failed/fake science for 200+ years. The major approaches… pic.twitter.com/9kVzIsktTV

— AXEC (@EgmontHandtke) January 22, 2026

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

 

#Economics#AllYouNeedToKnow

“… it (government) can't run out of dollars any more than a carpenter can run out of inches.” (Stephanie Kelton)

This nonsensical comparison tells everyone how false MMT is, how dumb MMTers are, and how retarded MMT propagandists are.

For the… pic.twitter.com/GXCzDxVvfI

— AXEC (@EgmontHandtke) January 22, 2026

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

Occasional X: Clueless economists / Science (CCXLIII)

 

#Economics#AllYouNeedToKnow

“An Equilibrium Theory of the Distribution of Income and Intergenerational Mobility.” (by Gary Becker and Nigel Tomes)

Distribution has NOTHING to do with the assumption “that each family maximizes a utility function spanning several generations."… pic.twitter.com/LjLXuxKk08

— AXEC (@EgmontHandtke) January 21, 2026

Occasional X: The futile attempt to recycle Marginalism (III)

#Economics#AllYouNeedToKnow

“A simple but underappreciated point: While unions may improve the material conditions of some workers on the margins, they will never sustainably push wages over workers’ marginal products.” (Chris Freiman)

There is the average real wage rate and… pic.twitter.com/get8q7uFU9

— AXEC (@EgmontHandtke) January 21, 2026

Occasional X: How it works (CDXLI)

#Economics#AllYouNeedToKnow

“Larry is right, the economy is rigged. He rigged it.” (Warren Gunnels)

That the economy appears to be rigged is bad, but that economics has been rigged for 200+ years is worse. In the grand scheme of things, only science counts. The rest is…

— AXEC (@EgmontHandtke) January 21, 2026

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

#Economics#AllYouNeedToKnow

“I'm proud to be a Canadian, and I'm proud of Mark Carney's statements.” (Relearning Economics)

Whatever Mark Carney said, you cannot be proud of it. German philosophy tells you that you can only be proud of your own achievements:

“Every miserable… pic.twitter.com/0SOv4qKYL5

— AXEC (@EgmontHandtke) January 21, 2026

Occasional X: Economics is failed/fake science (IX)

#Economics#AllYouNeedToKnow

“The govt can't even deliver mail efficiently, but sure, let's trust them with healthcare, retirement, and your kids' minds.” (Connor Boyack)

'Economists don't understand even profit, but sure, let's trust them with economic policy guidance.' (AXEC)… pic.twitter.com/7IkBsuk7gM

— AXEC (@EgmontHandtke) January 21, 2026

Occasional X: Clueless economists / Profit (CXXVII)

#Economics#AllYouNeedToKnow

Ricardo NEVER understood profit and how the economic system works. When the foundational concepts of the subject are inconsistent, the whole analytical superstructure is scientifically worthless.

For proof, see
Ricardo, too, got profit theory wrong…

— AXEC (@EgmontHandtke) January 21, 2026

Occasional X: How it works (CDXL)

#Economics#AllYouNeedToKnow

“The world is composed of 192 countries lending money to the US, and of the US buying stuff with it.” (Renaud Foucart)

Renaud Foucart does not understand profit, and by consequence, how the economic system works. This is self-disqualifying.

The… pic.twitter.com/PKMXCg8UAw

— AXEC (@EgmontHandtke) January 21, 2026

Occasional X: How it works (CDXXXIX)

 

#Economics#AllYouNeedToKnow

“On a rolling 5-year basis, U.S. stocks have now outperformed for 15 years running. This is the longest stretch of U.S. outperformance in history.” (Peter Mallouk)

Peter Mallouk does not understand profit, and by consequence, how the economic system… pic.twitter.com/1bQDNm782v

— AXEC (@EgmontHandtke) January 21, 2026

Occasional X: Clueless economists / Money (LXXXV)

#Economics#AllYouNeedToKnow

“The micro foundation of MMT is modeling the currency itself as a public monopoly.” (Warren Mosler)

MMT's economics is provably false, see
Cross-references: MMThttps://t.co/eXlgPKrinA

For the consistent monetary theory, see the working paper
The…

— AXEC (@EgmontHandtke) January 20, 2026

For more about Warren Mosler, see AXECquery.