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. 

Occasional X: Clueless economists / Science (CCXLII)

#Economics#AllYouNeedToKnow

What Marx said about God and Satan is irrelevant. What believers say about knowledge is irrelevant. What religions say about science is irrelevant.

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

— AXEC (@EgmontHandtke) January 20, 2026

Occasional X: Clueless economists / Science (CCXLI)

#Economics#AllYouNeedToKnow

“We must reoccupy the public space, not as spectators, but as participants. That means gathering, debating, questioning.” (Will Ogilvie Vega de Seoane)

Economists never understood the difference between politics and science.

For over 200 years,… pic.twitter.com/JsWpDDoQRK

— AXEC (@EgmontHandtke) January 20, 2026

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

#Economics#AllYouNeedToKnow

“Funny how 'follow the science' never applies to the economics of minimum wage, rent control, or money printing…” (Connor Boyack)

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

— AXEC (@EgmontHandtke) January 20, 2026

For more about the humble economist, see AXECquery.

For more about humility, see AXECquery. 

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

 

#Economics#AllYouNeedToKnow

“In response, God destroyed their plans so that they would have to recognize their humble condition. This story contains an implicit lesson in economics.” (Felipe Modesto)

The implicit lesson is: God devastated the minds of economists, and this is… pic.twitter.com/OIbuMR6A4s

— AXEC (@EgmontHandtke) January 20, 2026

Occasional X: MMT ― trolling for the Oligarchy (VII)

#Economics#AllYouNeedToKnow

Remember Bill Mitchell in 2019: “The conclusion is obvious. … It is clear that the mainstream macroeconomic explanation of the relationships between fiscal deficits, interest rates, bond yields and inflation rates is unable to adequately capture the…

— AXEC (@EgmontHandtke) January 20, 2026

For more about Japan, see AXECquery. 

Occasional X: Paradigm Shift (XCVIII)

#Economics#AllYouNeedToKnow

“Although Keynes’s General Theory provides the foundation for much of our current understanding of economic fluctuations, it is important to remember that classical economics provides the right answers to many fundamental questions.” (Greg Mankiw,… pic.twitter.com/pzAdgkeqmL

— AXEC (@EgmontHandtke) January 20, 2026

Occasional X: Clueless economists / Money (LXXXIV)

#Economics#AllYouNeedToKnow

Keynes, too, misunderstood the concept of profit because he was too stupid for elementary algebra. ⇓ So, he was part of economics as a failed/fake science.

Keynes'sss economic theory was provably false in general, and, as a logical consequence, his… pic.twitter.com/OuerXMDBgY

— AXEC (@EgmontHandtke) January 20, 2026

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

#Economics#AllYouNeedToKnow

Ninety-nine percent of daily produced communication is brain-dead blather, but populist economics is the worst. Milton Friedman and Thomas Sowell are the worst of the worst.

“I am in favor of cutting taxes under any circumstances and for any excuse,…

— AXEC (@EgmontHandtke) January 20, 2026

Occasional X: How it works (CDXXXIII)

#Economics#AllYouNeedToKnow

“The belief that the rich are a problem arises from the same misguided zero-sum thinking that leads others to believe that immigration is a problem.” (Chris Freiman)

Economics is not a problem of perception. Neither the average person nor the…

— AXEC (@EgmontHandtke) January 20, 2026

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

#Economics#AllYouNeedToKnow

“Generally, whatever Milton Friedman said, people should do that thing.” (Elon Musk)

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

Economics as a science is NOT about right…

— AXEC (@EgmontHandtke) January 19, 2026

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

#Economics#AllYouNeedToKnow

“In capitalism, the one who earns the most money does so because they manage to serve their fellow man with better quality goods, at a better price. That person is a hero.” (Javier Milei)

Javier Milei does not understand profit, and by consequence,…

— AXEC (@EgmontHandtke) January 19, 2026

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

 

#Economics#AllYouNeedToKnow

“Is there some society you know that doesn’t run on greed? You think Russia doesn’t run on greed? You think China doesn’t run on greed? ” (Milton Friedman)

Greed is the business of psychology/sociology, not economics. Economics has defined itself as… pic.twitter.com/SXdo6yf3kR

— AXEC (@EgmontHandtke) January 19, 2026

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

#Economics#AllYouNeedToKnow

“Capitalism doesn’t promise comfort, stability, or immunity from effort. It promises one thing only: that rewards track value created, not need, not exhaustion, not intention. (Rock Chartrand)

Rock Chartrand does not know what profit is, and as a…

— AXEC (@EgmontHandtke) January 19, 2026

Occasional X: How it works (CDXXXII)

#Economics#AllYouNeedToKnow

“At the peak of the Gilded Age in 1910, the richest 0.00001% of the US population owned wealth equal to 4% of national income. Now, the richest 0.00001% owns 12%. US billionaire oligarchs today are even wealthier than the original robber barons.”…

— AXEC (@EgmontHandtke) January 19, 2026

Also at Michael Arouet. 

Occasional X: Clueless economists / Employment (XXV)

 

#Economics#AllYouNeedToKnow

The problem is that minimum wages have to be introduced across all firms at the same time to stop some firms taking advantage of others. In this case, total employment increases. Actually, one has partial minimum wage increases, and the effect on… pic.twitter.com/mZLtmp7sYY

— AXEC (@EgmontHandtke) January 18, 2026

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

#Economics#AllYouNeedToKnow

“There’s no such thing as a 'capitalist system' that serves one group at the expense of another. If the state is picking winners and losers, that isn’t capitalism. … Capitalism is voluntary exchange under equal rights.” (Rock Chartrand)

Whatever…

— AXEC (@EgmontHandtke) January 18, 2026

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

#Economics#AllYouNeedToKnow

“The inauguration of a systematic science of economics, an achievement of the social philosophy of the Enlightenment that also begot the doctrine of popular sovereignty, was a challenge to the powers that be.” (Ludwig von Mises)

Ludwig von Mises… pic.twitter.com/HB4JkL3ThY

— AXEC (@EgmontHandtke) January 17, 2026

Occasional X: Clueless economists / Distribution, Inequality (XVIII)

#Economics#AllYouNeedToKnow

“What role does inequality play in global authoritarian regimes today? How is inequality related to democratic backsliding?” (Daron Acemoglu)

'What role do academic economists play in global inequality?' (AXEC)

The free-market economy, a.k.a.…

— AXEC (@EgmontHandtke) January 17, 2026

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

 

#Economics#AllYouNeedToKnow

“I call myself a Marxist because capitalism is a system of violent class struggle in the web of life.” (Jason Moore)

Whatever this is, it's not economics.

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

— AXEC (@EgmontHandtke) January 17, 2026

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

 

#Economics#AllYouNeedToKnow

“Keynes was a demon.” (Elon Musk)

Whether Keynes was a saint or a demon is an irrelevant question. The relevant question is whether he was a scientist or a political agenda-pusher. In the grand scheme of things, only scientists matter.

The fact is… pic.twitter.com/2FW0A7SwA4

— AXEC (@EgmontHandtke) January 17, 2026

Occasional X: Clueless economists / Breakdown (XIX)

#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.

For details, see ⇒
From the debt economy to the gift economy: how America…

— AXEC (@EgmontHandtke) January 16, 2026

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

#Economics#AllYouNeedToKnow

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

Economics as a science is NOT about right or left, good or bad, Capitalism or Socialism, state or society, but about true or…

— AXEC (@EgmontHandtke) January 16, 2026

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

#Economics#AllYouNeedToKnow

“If Socialists understood economics, they wouldn't be Socialists.” (Friedrich von Hayek)

'If Austrians were competent scientists, they wouldn't be silly agenda pushers.” (AXEC)

Hayek never understood profit and, as a consequence, how the economic… pic.twitter.com/dDwz7aKzwN

— AXEC (@EgmontHandtke) January 16, 2026

Occasional X: How it works (CDXXXI)

 

#Economics#AllYouNeedToKnow

“Dear followers, please see my article on A Unified Theory. Both Trump’s domestic and foreign policies can be best understood as an attempt to build an imperial presidency by elevating executive power and destroying constraining institutions and…

— AXEC (@EgmontHandtke) January 16, 2026

Occasional X: How it works (CDXXX)

#Economics#AllYouNeedToKnow

“While political intervention in monetary policy is worrisome, Central Bank officials should keep silence and let other people defend the independence.” (Vincent Geloso)

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

— AXEC (@EgmontHandtke) January 15, 2026

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

 

#Economics#AllYouNeedToKnow

“To understand economics is to understand human action.” (Peter Boettke)

No, that's the business of psychology/sociology. Economics has defined itself as a social science and accordingly has been based on subjective/behavioral axioms.

First… pic.twitter.com/Dhr5PyYnns

— AXEC (@EgmontHandtke) January 15, 2026

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

#Economics#AllYouNeedToKnow

“That's right, isn't it? The deficit can be any size, the debt can be any size, provided they don't cause inflation. Everything else is just talk.” (J. F. Kennedy, according to James Tobin)

Like Tobin, JFK had no idea how the economy works.

There…

— AXEC (@EgmontHandtke) January 14, 2026

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

***

Twitter/X Jan, 16, 2016

 

Occasional X: Clueless economists / Money (LXXXIII)

#Economics#AllYouNeedToKnow

“Wow. Statement signed by the heads of the ECB, BoE, Riksbank, the Danish Nationalbank, SNB, RBA, Boc, BoK, BCdB, BIS” (Joe Weisenthal)

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

— AXEC (@EgmontHandtke) January 14, 2026

Occasional X: Clueless economists / Breakdown (XVIII)

#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.

For details, see ⇒
From the debt economy to the gift economy: how America…

— AXEC (@EgmontHandtke) January 14, 2026

Occasional X: Clueless economists / Employment (XXIV)

#Economics#AllYouNeedToKnow

The problem is that minimum wages have to be implemented across all firms at the same time in order to avoid cross-over exploitation. In this case, total employment increases.

If the minimum wage in one firm goes down, employment in this firm tends… pic.twitter.com/YsigWkEZ4o

— AXEC (@EgmontHandtke) January 14, 2026

Occasional X: Clueless economists / Money (LXXXII)

#Economics#AllYouNeedToKnow

The problem is not so much the 'Political Pressure on the Fed' (Thomas Drechsel) but that economic theory in general, and monetary theory in particular, is provably false.

For the consistent theory, see the working paper
The Dark-Matter Theory of…

— AXEC (@EgmontHandtke) January 14, 2026

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

 

#Economics#AllYouNeedToKnow

“In the long run we are all dead.” (J. M. Keynes)

That is a psycho-social-philosophical triviality, but not economics.

Keynes, too, misunderstood the concept of profit because he was too stupid for elementary algebra. ⇓

The representative… pic.twitter.com/wuGQOX6Vxl

— AXEC (@EgmontHandtke) January 14, 2026

Occasional X: Clueless economists / Money (LXXXI)

 

#Economics#AllYouNeedToKnow

“Powell and his allies are using the language of 'independence' to turn a basic oversight dispute into a political morality play, and it looks increasingly like an attempt to delegitimize any legal scrutiny of the Fed. This has all the elements of a…

— AXEC (@EgmontHandtke) January 13, 2026

Occasional X: Clueless economists / Money (LXXX)

 

#Economics#AllYouNeedToKnow

“The attraction of monetarism was not its intellectual simplicity inflation is a matter of the money supply, but that it elevated the fear to the unique position which could not be justified by the experience of numerous countries who habitually… pic.twitter.com/8r292jADmS

— AXEC (@EgmontHandtke) January 13, 2026

Related 'Forget Friedman, forget the Quantity Theory' 

 

Occasional X: Economic policy guidance has never had valid scientific foundations (XXII)

 

#Economics#AllYouNeedToKnow

“If conquest constitutes a natural right on the part of the few, the many have only to gather sufficient strength in order to acquire the natural right of reconquering what has been taken from them.” (Karl Marx, quoted by Relearning Economics)… pic.twitter.com/howXTeBpWa

— AXEC (@EgmontHandtke) January 13, 2026

Occasional X: There is an absolute limit to the growth of public debt (II)

#Economics#AllYouNeedToKnow

“Is there any economic limit to the deficit? I know of course about the political limits. People say you can't increase the national debt too fast or too much.” (John F. Kennedy, according to James Tobin)

“JFK was assassinated shortly after this…

— AXEC (@EgmontHandtke) January 12, 2026

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

#Economics#AllYouNeedToKnow

“Adam Smith- was he really the father of Economics??!!” (The Economist)

No, he was not an original thinker, not a scientist, not an economist; he was a populist moralizer. ⇓

The history of economic thought is the history of scientific failure. The… pic.twitter.com/InEQfR83Js

— AXEC (@EgmontHandtke) January 12, 2026

Also at The Data of Everything.

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

#Economics#AllYouNeedToKnow

“To make his theory more attractive and effective, Keynes called it The General Theory.” (Friedrich Hayek)

Obviously, this is not economics but blather. It doesn't matter if Keynes was a wonderful personality or a jerk. Economics and psychology are… pic.twitter.com/gkrONWPf44

— AXEC (@EgmontHandtke) January 12, 2026

Occasional X: Clueless economists / Profit (CXXVI)

#Economics#AllYouNeedToKnow

“Sound economic reasoning is an enormously powerful tool for understanding both the economy and society.” (Per Bylund, HOW TO THINK ABOUT THE ECONOMY)

1. Load down the book
2. Search for profit
3. You get one result for profitable on p. 114.
4.…

— AXEC (@EgmontHandtke) January 12, 2026

Related 'Confused confusers: how to stop thinking like an economist and start thinking like a scientist' 

Occasional X: How it works (CDXXIX)

#Economics#AllYouNeedToKnow

“I served under 4 administrations (Republican and Democratic) and always performed my duties with a focus not on policy, but on minimizing inflation and maximizing jobs.” (Jerome Powell quoted by Lord Bebo)

The Central Bank's main task is to…

— AXEC (@EgmontHandtke) January 12, 2026

Also at James Young. 

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

 

#Economics#AllYouNeedToKnow

“It's time again for the updated Larry Summers quad-axis inflation graph.” (Florian Ederer)

'It's time for the reminder that legacy economics, Harvard, Larry Summers, and Florian Ederer are all examples of junkonomics.'

The major approaches… pic.twitter.com/6NqAKpkaqS

— AXEC (@EgmontHandtke) January 12, 2026

Occasional X: Clueless economists / Employment (XXIII)

#Economics#AllYouNeedToKnow

“The New York Times, much like the economics profession, has updated its priors based on evidence on what happens when the minimum wage goes up.” (Arin Dube)

If the minimum wage in one firm goes down, employment in this firm tends to increase. This… pic.twitter.com/uPGAuPWEqb

— AXEC (@EgmontHandtke) January 11, 2026

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

#Economics#AllYouNeedToKnow

“Time creates surplus. Exchange only realizes it.” (Beyan.D)

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

Surplus is a real…

— AXEC (@EgmontHandtke) January 10, 2026

Occasional X: Paradigm Shift (XCVII)

#Economics#AllYouNeedToKnow

“Economist: 'Assume full employment, perfect competition, and no money.'” (Relearning Economics)

It's clear that there's been a mistake in the assumptions, and it cannot be rectified with math. What is needed is a Paradigm Shift.

Economics has… pic.twitter.com/Gu7tIKDglZ

— AXEC (@EgmontHandtke) January 10, 2026

Occasional X: Clueless economists / Profit (CXXV)

#Economics#AllYouNeedToKnow

“Profit is better understood as a verb, not as a noun. It is the gain from activity, the motivation for undertaking it and what keeps supporting it (until it doesn't) while underway. Seen as merely the 'residual' after the (f)act, it is only… pic.twitter.com/4cjby9S4pD

— AXEC (@EgmontHandtke) January 10, 2026

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

#Economics#AllYouNeedToKnow

“Responsibility, to be effective, must be individual responsibility.” (Friedrich Hayek)

Whether this is true or not is a question of sociology/psychology, not economics. Economics is about how the economic system works.

The major approaches…

— AXEC (@EgmontHandtke) January 10, 2026

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

 

#Economics#AllYouNeedToKnow

“You don’t need to read Marx to reject him, because his system collapses at the premise level, not the footnotes.” (Rock Chartrand)

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

— AXEC (@EgmontHandtke) January 10, 2026

Occasional X: Economics is scientifically worthless, so are its prizes (II)

#Economics#FailedFakeScience

“Javier Milei receiving the Milton Friedman International Prize in Italy.” (Milton Friedman Quotes)

Milton Friedman never understood profit, and by consequence, how the economic system works. A Friedman Prize has no scientific meaning. It is a… pic.twitter.com/rYJ9wSXfIk

— AXEC (@EgmontHandtke) January 9, 2026

Occasional X: Clueless economists / Profit (CXXIV)

#Economics#AllYouNeedToKnow

“Corporate profit margins are nearly 20%. Double the 10% level that was seen in the 80s, 90s, and early 00s. What is going on?” (Eric Basmajian)

Amateurish question. President Trump is just following the Oligarchy's Prime Directive.

The free-market…

— AXEC (@EgmontHandtke) January 9, 2026

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

#Economics#AllYouNeedToKnow

“The miracle of the appropriateness of the language of mathematics for the formulation of the laws of physics is a wonderful gift which we neither understand nor deserve.” (Eugene Wigner)

This led Velupillai to wonder about ‘The Unreasonable… pic.twitter.com/nXub16RYtc

— AXEC (@EgmontHandtke) January 9, 2026

Occasional X: Economics still lacks correct macrofoundations (XXXIV)

#Economics#AllYouNeedToKnow

“Overall assessment: For educators, this paper is a valuable bridge between post-Keynesian and mainstream macro, offering a coherent, empirically documented rationale to foreground balance-sheet constraints, endogenous money, and credit impulses in… pic.twitter.com/LBCle0kcTQ

— AXEC (@EgmontHandtke) January 9, 2026

Related 'Economists’ perennial trouble with accounting' 

Occasional X: Clueless economists / Science (CCXL)

 

#Economics#AllYouNeedToKnow

The history of economic thought is the history of scientific failure. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally… pic.twitter.com/4EBAqvr7CA

— AXEC (@EgmontHandtke) January 9, 2026

Occasional X: Clueless economists / Science (CCXXXIX)

#Economics#AllYouNeedToKnow

“Most Quantitative Social Science Research is too Vague to Even Be Wrong” (Rex Douglass)

Economists do not really want to get out of the 'thickness of confusion' (Suppes) because wish-wash and inconclusiveness help passably against outright…

— AXEC (@EgmontHandtke) January 8, 2026

Related 'Dialectic: the swampies’ methodology of choice' 

Occasional X: Clueless economists / Science (CCXXXVIII)

#Economics#AllYouNeedToKnow

“Did you know that one of the first incentivized experiments showing myopia and time inconsistency—hallmarks of behavioral economics—was demonstrated with pigeons as subjects?” (Alex Imas)

Economics has defined itself as a social science and… pic.twitter.com/ZVEqQ90iOg

— AXEC (@EgmontHandtke) January 8, 2026

Occasional X: Clueless economists / Science (CCXXXVII)

 

#Economics#AllYouNeedToKnow

“Years ago—back when people actually went to blogs—DrGeneCallahan had a post titled something like 'A short proof of God's existence.' And he just wrote Euler's identity. At the time I thought it was hyperbole, but now that I know more math, I think…

— AXEC (@EgmontHandtke) January 8, 2026

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

#Economics#AllYouNeedToKnow

“Marxist structuralist diagram of functions (Althusser) vs Marxist humanist diagram (Bourbaki)” (rea)

Because Marx got the pivotal magnitude of economics —profit— wrong, French Marxists have never been more than psycho-social blatherers.…

— AXEC (@EgmontHandtke) January 7, 2026

Occasional X: Clueless economists / Employment (XXII)

#Economics#AllYouNeedToKnow

“In a free market, there is no lasting involuntary unemployment.” (Per Bylund)

“Labor is the most scarce of all primary means of production because it is in this restricted sense nonspecific and because every variety of production requires the… pic.twitter.com/XXICoI9luA

— AXEC (@EgmontHandtke) January 7, 2026

Occasional X: Clueless economists / Science (CCXXXVI)

#Economics#AllYouNeedToKnow

“Let’s be real: Academia is dead. The peer review system has devolved into a zero-sum game of gatekeeping.” (Chayenne Zhao)

Economics claims to be science, but it is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and… pic.twitter.com/2zmptwQlGY

— AXEC (@EgmontHandtke) January 7, 2026

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

#Economics#AllYouNeedToKnow

It has long been known that Kalecki got macroeconomics wrong. For details, see

Heterodoxy, too, is proto-scientific garbagehttps://t.co/pk7oxbuJ1Z

— AXEC (@EgmontHandtke) January 7, 2026

Occasional X: Clueless economists / Science (CCXXXV)

#Economics#AllYouNeedToKnow

“I think most of you haven’t internalized how devastating Philip Tetlock’s results were in the early 2000s: on average, subject-matter experts didn’t beat random guessing—and did worse than simple heuristics.” (Werner Zagrebbi)

Every economist could… pic.twitter.com/azh90RPPJG

— AXEC (@EgmontHandtke) January 7, 2026

Occasional X: How it works (CDXXXIII)

#Economics#AllYouNeedToKnow

“Dollars are loaned into existence, and they are destroyed by paying off debt. This is why the national debt will never decrease.” (Joseph Brown)

That's a self-confusing mixture of true and false. Joseph Brown does not understand how the monetary… pic.twitter.com/ZAbzl2f9IR

— AXEC (@EgmontHandtke) January 6, 2026

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

#Economics#AllYouNeedToKnow

“A good scientist is essentially a humble person.” (Friedrich Hayek)

Modesty is the hypocrisy of a failed scientist.

Economics is still not science. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives)…

— AXEC (@EgmontHandtke) January 5, 2026

Related 'Humble pie economics: the next fake' and 'Humbleness does not help, but scientific imagination could'

Occasional X: Clueless economists / Science (CCXXXIV)

#Economics#AllYouNeedToKnow

The history of economic thought is the history of scientific failure. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally… pic.twitter.com/z4B85sR39o

— AXEC (@EgmontHandtke) January 5, 2026

Occasional X: How it works (CDXXXII)

 

#Economics#AllYouNeedToKnow

“The national debt officially surged +$2.3 trillion last year, equal to +$6.3 BILLION per day. At this pace, total US debt will rise to $40.0 trillion as early as August.” (Kobeissi Letter)

President Trump is just following the Oligarchy's Prime…

— AXEC (@EgmontHandtke) January 5, 2026

Occasional X: Clueless economists / Science (CCXXXIII)

#Economics#AllYouNeedToKnow

“Hot take: without peer review, there is no science.” (Kareem Carr)

The first thing to know for an academic is: economics ― understood as science ― is about knowledge (episteme) and NOT about opinion (doxa).

“In order to tell the politicians and… pic.twitter.com/EzOY1ZkyO0

— AXEC (@EgmontHandtke) January 4, 2026

Occasional X: Clueless economists / Science (CCXXXII)

 

#Economics#AllYouNeedToKnow

“This article presents a good history of the debates on Capital and humanism that occurred over the ‘60s and ‘70s in France, England, and Germany, and gives a good sense of what the conceptual stakes were. ” (Judith C.)

Marx/Engels called their…

— AXEC (@EgmontHandtke) January 4, 2026