Occasional X: Clueless economists / Price Mechanism (XIV)

“In Capital the general rate of profit governs from the level of the totality. In Kalecki, firms set prices through markup …” (Beyon)

Both Marx and Kalecki got profit wrong. So, forget them. The superior approach is as follows.

The axiomatically correct macroeconomic Law of… pic.twitter.com/MOJUPfmfMW

— AXEC (@EgmontHandtke) April 30, 2026

Occasional X: Clueless economists / Science (CCC)

 

“Best case they can produce words that sound reasonable, but there is never any substance.” (Per Bylund)

This is a spot-on assessment of legacy economics.

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

The… pic.twitter.com/aLu7IuGXz8

— AXEC (@EgmontHandtke) April 30, 2026

Occasional X: Clueless economists / Science (CCLXXXIX)

“New at ENTREX: 'How Definitions Matter: It's the Demarcation, Damnit'. (Per Bylund)

“It should be obvious that we must define core terms so that a reader of our work can understand the argument without needing to first decipher the author’s terminology. This goes for all types…

— AXEC (@EgmontHandtke) April 30, 2026

Related 'Key Issues: Demarcation and the Midas Touch of science' and 'Demarcation works, but it takes longer in economics' and 'Demarcation'

Occasional X: Paradigm Shift (CVIII)

“Mainstream economics newly discovering what Post-Keynesians have been saying for at least 50 years, maybe even longer.” (Oktay Özden, refering to Pricing and Production Without The Invisible Hand)

Both mainstream economics and Post-Keynesianism are axiomatically false; that is,…

— AXEC (@EgmontHandtke) April 30, 2026

Occasional X: Clueless economists / Science (CCLXXXVIII)

“Always a privilege to attend a talk by Tom Sargent! 'It is very hard to read, it is only in words' and 'You should only read it after you are 5 years older than I am', about the General Theory by Keynes.” (Francisco Roch)

Keynes, too, misunderstood the concept of profit because… pic.twitter.com/QFzx0Wj4rR

— AXEC (@EgmontHandtke) April 29, 2026

Occasional X: Clueless economists / Science (CCLXXXVII)

“All of Keynes’s arguments ran counter to much of the generally accepted economic wisdom of a free society as understood before the Keynesian Revolution. What Keynes succeeded in doing was providing a rationale for what governments always like to do: spend money and pander to…

— AXEC (@EgmontHandtke) April 29, 2026

“Economics is the study of the economy, not the study of economists.” (Ricardo Reis)

Austrians are low-IQ psychologists, not economists. Their argumentation has never been much above kindergarten level. A Paradigm Shift is in science what Schumpeter called creative destruction…

— AXEC (@EgmontHandtke) April 29, 2026

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

“The free market economy uses money, which is in fact a public monopoly.” (Megas Alexandros)

You understand nothing. To begin with, there are two monies: Central Bank money and Commercial Bank money.

— AXEC (@EgmontHandtke) April 29, 2026

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

“Mmt is a mechanism that is currently occurring, it is not an ideology!” (Mathew Rouge)

Yes, it's a mechanism, more exactly, balances mechanics, but MMTers misrepresent it intentionally by inventing the “Private Sector”. MMT is not an ideology but a fraud. See the post…

— AXEC (@EgmontHandtke) April 29, 2026

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

“What do you mean 'hide' - sectoral balance is cited by MMT to explain exactly this.” (Not The Torygraph)

Are you really that stupid? You mention Malcolm Reavell's graph, where he juxtaposes the balances of the Central Government and the Private Sector, and both are equal. WOW,… pic.twitter.com/uZOK5D4WLE

— AXEC (@EgmontHandtke) April 29, 2026

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

“Prices tell us what is valuable to produce and also what isn’t. This is nothing to do with capitalism or indeed any other method of running an economy.” (Foundations Education)

Half-true. The free-market system is, in the last instance, a quasi-Darwinian selection mechanism,…

— AXEC (@EgmontHandtke) April 28, 2026

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

“Therefore: bonds are not 'lending' the govt its own currency. They are a savings scheme for people with excess income.” (Richard Phillips)

Another example of the stupidity of MMTers.

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

— AXEC (@EgmontHandtke) April 28, 2026

The art of propaganda in general, and of MMT in particular, is to sandwich a lie between two truths.

Not all MMT statements are false. What MMTers hide is that Public-Deficit-Is-Private-Profit. This is, in essence, what the current economy drives. POTUS is on track to deliver…

— AXEC (@EgmontHandtke) April 28, 2026

Occasional X: Scrap the EconNobel (XLXVI)

Prizes are often not based on true merit. Like the Oscar, they are a marketing/PR instrument. Honoring the look-alike happens in all walks of life.

Economics is currently a strange mix of politics and science, and most prizes are political.

Although it claims to be a science,… pic.twitter.com/NXr6sFex44

— AXEC (@EgmontHandtke) April 28, 2026

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

Capitalism and Socialism are social/political terms. Strictly speaking, they have nothing to do with economics as Science.

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

The… pic.twitter.com/RnPYunNU7y

— AXEC (@EgmontHandtke) April 28, 2026

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

“This is art for economists.” (Vincent Geloso)

No, there is no such thing as supply-demand-equilibrium. The Totem of the Micro needs to be replaced by the macroeconomic Unit Circle ⇓.

For details, see
The monstrous utility-supply-demand-equilibrium failure… pic.twitter.com/4Rf389yC4V

— AXEC (@EgmontHandtke) April 28, 2026

Occasional X: Clueless economists / Money (CXXXIV)

 

“If you studied economics and learned about loanable funds theory and quantity theory of money, but didn't learn about reserve accounting, private debt or govt monetary operations, then you were taught a bunch of outdated crap.” (MMT for Progressives)

Yes, the loanable funds…

— AXEC (@EgmontHandtke) April 28, 2026

Occasional X: Clueless economists / Profit (CXLVI)

 

Kalecki got macroeconomics wrong. Here is DeepSeek's rectification of Grok:

Conclusionhttps://t.co/yHkmjwXcKm

This amounts to a refutation of legacy economics in general and Kalecki's approach, in particular. It is a confirmation of AXEC's objective/systemic economics.

The… pic.twitter.com/ft0HZMiJIL

— AXEC (@EgmontHandtke) April 27, 2026

For more about Kalecki, see AXECquery. 

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

“Inflation is taxation without legislation.” (Milton Friedman)

No. Inflation is ultimately for the gain of the Oligarchy, because price and profit rise in lockstep with government deficit-spending. ⇓

Milton Friedman never understood profit and, by logical consequence, how the… pic.twitter.com/r0lhDKCREz

— AXEC (@EgmontHandtke) April 27, 2026

Occasional X: Clueless economists / Science (CCLXXXVI)

“We have to deal not with certainties but with probabilities and chances. We constantly take risks and decide on the basis of economic considerations whether a particular precaution is worthwhile.” (Friedrich Hayek)

Yes, but economics is NOT about human behavior. This is a…

— AXEC (@EgmontHandtke) April 27, 2026

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

“History is largely a history of inflation, usually inflations engineered by governments for the gain of governments.” (Friedrich Hayek)

Half true. Inflation is for the gain of the Oligarchy, because price and profit rise in lockstep with government deficit-spending. ⇓… pic.twitter.com/AM3C0694mp

— AXEC (@EgmontHandtke) April 27, 2026

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

'If Austrians understood economics, they wouldn't be Austrians.'

Austrians never understood profit and, by consequence, how the economic system works. That's self-defeating.

When the foundational concepts are inconsistent, the entire analytical framework is scientifically…

— AXEC (@EgmontHandtke) April 27, 2026

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

“We are working with a national-accounts concept of operating surplus/mixed income, which is standard in income decomposition.” (James Young)

Yes, this is exactly your lethal mistake because the standard national accounting concept is provably false. And this is the ultimate… pic.twitter.com/BzSlMzYgo1

— AXEC (@EgmontHandtke) April 27, 2026

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

“Collapse for Javier Milei in opinion polls. His approval is just at 33 percent and more than 60 percent disapprove of his tenure.” (Thomas Kennedy)

This is a total misunderstanding.

Javier Milei is a proponent of the Austrian School of Economics. The first thing they did after…

— AXEC (@EgmontHandtke) April 27, 2026

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

 

“all these people saying they’d risk their lives for the social good yet not even 10k could give this guy a heart for providing the discussion for two days” (Robert Murphy)

The basic behavioral assumptions are a matter of methodological indifference because, to begin with,… pic.twitter.com/2mXvccoqc0

— AXEC (@EgmontHandtke) April 27, 2026

Occasional X: Profit and workers’ share (II)

The “Kalecki–Young Sectoral Inflation Decomposition (KYSID)” is provably false for one simple reason: the definitions below ⇓ of profit share of income θ and wage share (1−θ) are false because the definition of profit is false and therefore the definition of income is false.… pic.twitter.com/F70tyV5T3V

— AXEC (@EgmontHandtke) April 27, 2026

For more about the use/misuse of share, see AXECquery, 

The discussion continues here.

Occasional X: AI — boosting scientific competence in economics (XIV) / DeepSeek

Dear DeepSeek,

The following post on my blog is a copy of an economics dialogue on X.

It is a double-refutation of both macroeconomics and Grok. The question is whether you can do better. Please prove that Grok's argumentation misses the crucial axiomatic/deductive proof that…

— AXEC (@EgmontHandtke) April 26, 2026

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

“Reading his masterful biography of Keynes was a formative experience during my economics studies. This work—along with some of his other writings—influenced how many understood the field.” (Mohamed A. El-Erian)

Skidelsky never realized that Keynes's General Theory was… pic.twitter.com/Pj3IyjynGQ

— AXEC (@EgmontHandtke) April 26, 2026

Occasional X: Clueless economists / Money (CXXXIII)

The Quantity Theory and, by implication, inflation theory are provably false.

The axiomatically correct macroeconomic Law of Supply and Demand ⇓ tells one how ― in the elementary case ― the avg price P moves under the condition of market clearing as a function of avg wage rate… pic.twitter.com/q579brP2xL

— AXEC (@EgmontHandtke) April 25, 2026

Occasional X: Clueless economists / Science (CCLXXXV)

“That the 2022 Nobel Prize in Economics was won by the PSYCHOLOGIST Daniel Kahneman, demonstrating that economics cannot assume that people are cold and rational, because in reality we decide with emotions, intuitions, and predictable errors, …” (Montserrat, quoted by Francisco… pic.twitter.com/M70jWH51Vd

— AXEC (@EgmontHandtke) April 25, 2026

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

As far as economics is concerned, it has been proven that both macroeconomics and AI are logically deficient, i.e., scientifically worthless.

Economics and AI — a double refutationhttps://t.co/s5qAD1kZlJ

— AXEC (@EgmontHandtke) April 25, 2026

Occasional X: Clueless economists / Employment (XXXI)

“Classical-Marxian model in my Heterodox Macro course at The University of Tulsa. Its four closures come from different theoretical traditions: Marxian fixed real wage, Golden Age fixed wage share, labor-reserve constant unemployment, and Sraffian/financial exogenous profit… pic.twitter.com/fiiXGADOhW

— AXEC (@EgmontHandtke) April 25, 2026

Economics and AI — a double refutation

This lengthy refutation refers in detail to the lengthy Grok/Corbett dialogue about macroeconomics in general and the Kalecki approach in particularhttps://t.co/Y1SxOaEfnh

The following references are sequential and copied from the original. There are two intertwined issues…

— AXEC (@EgmontHandtke) April 25, 2026

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

 

Keynes's Theory of Money has been false, because his macroeconomics has been provably false. For the full-spectrum refutation, see

Cross-references Keynesianismhttps://t.co/02SncVfYuc

The axiomatic rectification of macroeconomics implies the correct Theory of Money. Advance to…

— AXEC (@EgmontHandtke) April 24, 2026

Occasional X: Clueless economists / Profit (CXLV)

“We will repeat it one and a thousand times: a fiscal surplus is a deficit of the private sector and that is not sustainable.” (Red MMT, translated from Spanish)

Almost true. Correction: A fiscal surplus is a loss of the business sector.

The free-market economy runs on profit.…

— AXEC (@EgmontHandtke) April 24, 2026

Related 'Links on Austerity'. 

Occasional X: Clueless economists / Profit (CXLIV)

'In the story, he returns to Earth to change economics. Ricardo stands before a heavenly court, rectifying Profit Theory. He is sent back to earth for one night, tasked with convincing academia to do the Paradigm Shift.' (AXEC's paraphrase of FEE)

Ricardo NEVER understood profit…

— AXEC (@EgmontHandtke) April 24, 2026

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

When Chris Freiman brings his silly examples, never forget that his title is Professor, John Chambers College of Business and Economics.

This tells you that, when it comes to economics, the scientific competence of academia is close to zero.

For the broad picture, see…

— AXEC (@EgmontHandtke) April 24, 2026

Recommendation

“Let me guess: 'they' are all imbeciles, but YOU know the truth (and will share it for a fee).” (Meta Mike Dominguez)

Legacy economists are scientifically incompetent. In social media terms, they are imbeciles. A Paradigm Shift is inescapable. Legacy economists cannot do it. But…

— AXEC (@EgmontHandtke) April 24, 2026

Related 'Terms of Use' 

Occasional X: Clueless economists / Science (CCLXXXIV)

 

“All monopolists are notoriously uneconomical, and the bureaucratic machinery of government even more so.” (Friedrich Hayek)

To this day, Austrians cannot calculate macroeconomic profit. The reason for their own calculation problem is scientific incompetence. Actually, it's…

— AXEC (@EgmontHandtke) April 24, 2026

Occasional X: Clueless economists / Science (CCLXXXIII)

“Profits, both retained and distributed, are encompassed within the private sector financial balance. That is, when the government runs a deficit, the corresponding surplus accrues to the private sector, which includes households and firms. Within this aggregated balance, profits… pic.twitter.com/kgmvUrSKNY

— AXEC (@EgmontHandtke) April 23, 2026

Here is DeepSeek's rectification of Grok

Conclusionhttps://t.co/yHkmjwXcKm

This amounts to a refutation of legacy economics in general and Kalecki's approach, in particular. It is a confirmation of AXEC's objective/systemic economics.

— AXEC (@EgmontHandtke) April 26, 2026

Occasional X: Clueless economists / Science (CCLXXXII)

“They construct a toy model with no investment, only households and firms, defines saving as (S = Y_w - C), and defines profit as (Q = C - Y_w). Then derives: [Q = -S]

This is correct for that model, but here is the problem, it excludes inventory investment.” (Grok)

Grok has…

— AXEC (@EgmontHandtke) April 23, 2026

Related 'Kalecki got it wrong, Allais got it right' and 'How Keynes got macroeconomics wrong, and Allais got it right'. 

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

“And MMT reveals that the public deficit is only currently good for the oligarchy and that spending needs to be redirected for public purpose and for sustainability of our modern living. Kenton’s ‘The deficit is always good for someone’ epitomises this point!” (D Laws)

Dear MMT…

— AXEC (@EgmontHandtke) April 23, 2026

Private banks can create money just like the Central Bank. It is no coincidence that the Industrial Revolution and the explosive growth of the bankings system happened at the same time.

For details, see
Basics of monetary theory: the two monieshttps://t.co/I3icKeOQLP

— AXEC (@EgmontHandtke) April 23, 2026

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

“The UK Government HAS to run a public deficit for the private sector to be able to net save financial assets. (D Laws)

Correct accounting says Qm≡−Sm+(G−T), i.e., the balance of the business sector, a.k.a. profit Qm, is equal to the negative balances of the household sector… pic.twitter.com/vwrbhvrtA9

— AXEC (@EgmontHandtke) April 23, 2026

“The sectoral analysis described is provided for clarity and for illustrative purposes to show that sectoral balances add to zero (no matter how many sectors you wish to divide the economy into)”. (D Laws)

Yes, dear MMT fraudster, this is long known to people who can do math. ⇓ pic.twitter.com/6orgoDH351

— AXEC (@EgmontHandtke) April 23, 2026

Occasional X: How it works (CDLXXIV)

“Intellectual monopoly in global value chains” (Cédric Durand & William Milberg)

Intellectual property is to be transferred from firms to the community of scientists. This community has to be made economically fully independent and sustainable. This has always been the economic…

— AXEC (@EgmontHandtke) April 23, 2026

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

“Academic economists are members of a cult removed from reality and not a science based on reality.” (D Laws, quoted by Richard Field)

Economics is not a cult; they are simply a bunch of scientifically incompetent imbeciles.

Economics claims to be Science, but it is NOT. The…

— AXEC (@EgmontHandtke) April 23, 2026

Occasional X: How it works (CDLXXIII)

“Before the FED, businesses funded expansion by PROFIT, not debt.” (Facts Brahh)

Half true. You do not understand the Profit Law.

The axiomatically correct macroeconomic Profit Law is: Qm≡Yd+(I−Sm)+(G−T)+(X−M). All variables are measurable with an accuracy of two decimal…

— AXEC (@EgmontHandtke) April 23, 2026

Occasional X: Clueless economists / Profit (CXLIII)

“Profit is not stolen labor. It is the return on judgment, risk, and capital that made the work possible in the first place. ” (The Rational Animal)

Ultimately, neither the workers nor the entrepreneurs produce profit. Economists never figured out how profit comes about. Profit… pic.twitter.com/oPlxES9IXS

— AXEC (@EgmontHandtke) April 22, 2026

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

 

“To follow socialist morality would destroy much of present humankind and impoverish much of the rest.” (Friedrich Hayek)

“To follow economists' failed/fake science would destroy much of present humankind and impoverish much of the rest.” (AXEC)

Economics claims to be Science… pic.twitter.com/0y8eYniWTk

— AXEC (@EgmontHandtke) April 22, 2026

Occasional X: Clueless economists / Profit (CXLII)

 

“… competition is a process of discovering opportunities for profit, and then adjusting market conditions so that these opportunities tend to be exploited.” (Dominick Armentano)

It is called competition when the so-called entrepreneur discovers an opportunity to reduce wage…

— AXEC (@EgmontHandtke) April 22, 2026

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

US economic growth is mainly nominal, driven by the growth of public debt. Loosely speaking, it is an economic hot-air balloon filled with printed money. Among all industries, the disinfotainment industry grows exponentially.

— AXEC (@EgmontHandtke) April 22, 2026

Occasional X: Clueless economists / Science (CCLXXXI)

“In the most recent survey, 10% of Harvard’s faculty say they’re conservative while 63% identify as liberal.” (Steve McGuire)

Science is about true/false, not about left/right. This applies in particular to economics. Economists have never understood the difference between… pic.twitter.com/tDNRtb2hqW

— AXEC (@EgmontHandtke) April 22, 2026

Occasional X: Clueless economists / Science (CCLXXX)

“The essence of the individualist position is this recognition of the individual as the ultimate judge of his ends, the belief that as far as possible his own views ought to govern his actions.” (Friedrich Hayek)

This might be true or false, but it's not economics.

Friedrich… pic.twitter.com/hnbl3RBA6T

— AXEC (@EgmontHandtke) April 22, 2026

Occasional X: Clueless economists / Profit (CXLI)

 

“I have found out what economics is; it is the science of confusing stocks with flows.” (Michal Kalecki)

Kalecki got the subject's foundational concept — profit — wrong. This is self-disqualifying. Today's followers are also too stupid for elementary algebra.

For refutation and…

— AXEC (@EgmontHandtke) April 22, 2026

Occasional X: Clueless economists / Money (CXXXII)

 

“How money was born without government’s help.” (Handre van Heerden)

Whether van Heerden's historical account about money and the Menger/Schmoller debate is true or false does not matter. What is needed for economic theory is the logical account of how money fits into the… pic.twitter.com/NryWYzMhUa

— AXEC (@EgmontHandtke) April 21, 2026

Related 'The ultimate ― analytical ― origin of money' 

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

“Emergencies’ have always been the pretext on which the safeguards of individual liberty have been eroded.” (Friedrich Hayek)

This might be true or false, but it's not economics.

Friedrich Hayek never understood profit and, by logical consequence, how the economic system works.…

— AXEC (@EgmontHandtke) April 21, 2026

Occasional X: Clueless economists / Profit (CXL)

“It's actually quite easy to explain profit, it originates from endogenous money creation by banks and the government.” (Platform Radio)

Almost true.

The question is, why have economists had the wrong idea about the most important concept of their profession for more than 250…

— AXEC (@EgmontHandtke) April 21, 2026

Related 'Clueless economists / Science (CCLXXVI)' 

Occasional X: Clueless economists / Science (CCLXXIX)

“Wolfson is the elected president of the organization that has defined the professional norms of the American professoriate for over a century. … When the head of that organization dismisses a fellow scholar's argument as the work of a 'clown,' he is modeling for tens of… pic.twitter.com/vH5SKrhOyE

— AXEC (@EgmontHandtke) April 21, 2026

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

“People reject and fail to comprehend sound #economics not because it is wrong (it is not), but because they wish to believe in the failed and impossible promises of the State as a deus ex machina.” (Per Bylund)

Economics is provably wrong. Economists fail to comprehend the… pic.twitter.com/xZes1LHEb5

— AXEC (@EgmontHandtke) April 21, 2026

Occasional X: Clueless economists / Science (CCLXXVIII)

“These clowns! We all live in this society which shows us exactly how capitalism works. And, it doesn’t work for most of us.” (Todd Wolfson)

“Would the professors Wolfson supposedly represents agree that students sufficiently understand capitalism without studying it?” (Steve… pic.twitter.com/8qHtk1jD3d

— AXEC (@EgmontHandtke) April 21, 2026

Related 'Kick out the king and don’t forget the jesters' and 'Who is really a scientist?' and 'Does economics matter more for bread or for circuses?'

Occasional X: Clueless economists / Employment (XXX)

 

“Everyone’s debating unemployment, but few are talking about the policies causing it.” (Foundation for Economic Education)

The dependency of the real variable employment is given by the axiomatically correct macroeconomic Employment Law ⇓, which tells one how ― in the…

— AXEC (@EgmontHandtke) April 20, 2026

Related 'Schumpeter and the essence of profit' 

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

 

“Name a huge scam that has been normalised?” (Dear Son, quoted by Bostic)

Economics claims to be science, but it is cargo cult science (Feynman's term)

The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory,… pic.twitter.com/R5kaawvrTf

— AXEC (@EgmontHandtke) April 20, 2026

Occasional X: Clueless economists / Science (CCLXXVII)

 

“In the long run we are all dead.” (J. M. Keynes, quoted by Relearning Economics)

Keynes, too, misunderstood the concept of profit because he was too stupid for elementary algebra. Consequently, he botched the long-overdue Paradigm Shift from microfoundations to… pic.twitter.com/clxEfbiVLD

— AXEC (@EgmontHandtke) April 20, 2026

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

“On the contrary I think it’s because they *have* been taught how capitalism works, although perhaps not by an economist.” (Marshall Steinbaum)

Economics cannot be made a College requirement because it is failed/fake science.

The major approaches (Walrasianism, Keynesianism,… pic.twitter.com/xsEXvmmQbX

— AXEC (@EgmontHandtke) April 20, 2026

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

“What I’d like young people to know is that markets work and that they work best if they are freest.” (Milton Friedman)

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

The major…

— AXEC (@EgmontHandtke) April 20, 2026

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

“The first socialists were the intellectuals; they and not the masses are the backbone of Socialism. The power of Socialism too, is like any other power ultimately spiritual; and it finds its support in ideas proceeding from the intellectual leaders, who give them to the people.”…

— AXEC (@EgmontHandtke) April 20, 2026

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

 

“hayek showed that the most sophisticated coordination mechanisms arise from voluntary interaction, not design.” (Time Preference)

Hayek never understood profit, and by logical consequence, how the economic system works. This is self-disqualifying. To this day, Austrian…

— AXEC (@EgmontHandtke) April 20, 2026

Occasional X: Clueless economists / Value (I)

“subjective value theory destroyed classical economics” (Time Preference)

Time Preference doesn't understand profit and, by logical consequence, how the market system works. This is self-disqualifying.

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

— AXEC (@EgmontHandtke) April 19, 2026

For more about value, see AXECquery. 

Occasional X: Can anyone take Paul Krugman seriously? (III)

“Krugman was entirely vindicated for this quote so I’m not sure how this addresses the point.” (Token Analytical Marxist)

Economics is not yet a science. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory,…

— AXEC (@EgmontHandtke) April 19, 2026

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

“Me on a daily basis.” (Vincent Geloso quotes:)

“My students are embracing democratic socialism because they've never been taught how capitalism works.” (Samuel Abrams)

Vincent Geloso has no clue how the economy works. Economics is not much more than a centuries-old interaction…

— AXEC (@EgmontHandtke) April 19, 2026

Occasional X: Clueless economists / Science (CCLXXVI)

“Austrians alone grasp profit as a market reward of entrepreneurial foresight amid uncertainty.” (Lenio)

Profit is a mathematically well-defined balance, not the outcome of an occult psychological operation called foresight. Austrians, too, do not understand profit, and by…

— AXEC (@EgmontHandtke) April 19, 2026

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

 

KI “ ... John Maynard Keynes wrote this critique of Friedrich Hayek in a 1931 letter regarding Hayek's monetary theory, noting it was an 'extraordinary example of how, starting with a mistake, a remorseless logician can end up in Bedlam.'” (see also Moggridge, 1976, p. 36)

For…

— AXEC (@EgmontHandtke) April 19, 2026

Occasional X: How it works (CDLXXII)

 

von Mises never understood profit, and by logical consequence, how the economic system works. This is self-disqualifying. To this day, Austrian economics is not science, but storytelling.

Austrian economic policy has no valid scientific foundations. Psychological plausibility is… pic.twitter.com/naKAElEA4U

— AXEC (@EgmontHandtke) April 19, 2026

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

“Credit expansion is the governments’ foremost tool in their struggle against the market economy.” (Ludwig von Mises)

Actually, it is FOR the market economy.

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

— AXEC (@EgmontHandtke) April 18, 2026

Occasional X: Clueless economists / Money (CXXXI)

“Mises demonstrated in 1912 that every generalized medium of exchange requires, in its historical origin, a prior non-monetary value.” (Miguel Hernández)

von Mises never understood profit, and by logical consequence, how the economic system works. This is self-disqualifying. To…

— AXEC (@EgmontHandtke) April 18, 2026

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

“The intellectual has very strongly this feeling that what is not comprehensible must be nonsense.” (Hayek Quotes)

This might be true or false. Either way, it is not economics.

Sociology is not economics. Psychology is not economics. Philosophy is not economics. Waving the flag…

— AXEC (@EgmontHandtke) April 18, 2026

Occasional X: Economists still can't get the sectoral balances right (VII)

“Do you understand balance sheets? What happens when Govt goes into debt (the pink bars). Does the private sector get wealthier or poorer?” (Musical Chair)

There is no such thing as the private sector; there is only the household sector and the business sector. The axiomatically… pic.twitter.com/t8UhlF8hgO

— AXEC (@EgmontHandtke) April 18, 2026

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

“A Pillar of the Economics Establishment Admits That It Was Wrong” (The Atlantic, quoted by Robert Murphy)

Economics is not yet a science. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory, axiomatically… pic.twitter.com/WHj0OwJAcd

— AXEC (@EgmontHandtke) April 18, 2026

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

In economics, there are a lot of people who say a lot of things. That's disinfotainment. For 200+ years, economics has been cargo cult science, not science. The representative economist doesn't understand the difference.

If you were intelligent, you would have realized that…

— AXEC (@EgmontHandtke) April 18, 2026

Read this, and come back if you have a valid refutation.

Cross-references: Political Economics/ Stupidity/ Corruptionhttps://t.co/MWTxdbFDwu

— AXEC (@EgmontHandtke) April 18, 2026

“If one takes seriously what Popper says about falsifiability and the critical attitude, then the methodological practice of economics is not only mistaken, it is stupid and intellectually reprehensible.” (Hausman, 1992, p. 275)

— AXEC (@EgmontHandtke) April 18, 2026

“Now the rationality principle, which in the social sciences plays a role somewhat analogous to the universal laws of the natural sciences, is false, and if, in addition, the situational models are also false, then both the constituent elements of social theory are false.”…

— AXEC (@EgmontHandtke) April 18, 2026

For a theory, it matters whether it is true or false. It does not matter whether it is published by a renowned publishing house, on toilet paper, or on social media.

“A critical discussion is well-conducted if it is entirely devoted to one aim: to find a flaw in the claim that a…

— AXEC (@EgmontHandtke) April 18, 2026

Kuhn's key methodological concept is the Paradigm Shift. In economics, it consists of moving from false (subjective/behavioral) microfoundations and false (Keynesian) macrofoundations to true (objective/systemic) macrofoundations. The new Paradigm ⇓ satisfies the methodological… pic.twitter.com/g1XUiDKcCq

— AXEC (@EgmontHandtke) April 18, 2026

Occasional X: Clueless economists / Money (CXXX)

“Certain commodities came to be money quite naturally, as the result of economic relationships that were independent of the power of the state.” (Carl Menger, quoted by Foundation of Economic Education)

If you want to know how to melt steel, you need to know the laws of…

— AXEC (@EgmontHandtke) April 18, 2026

Occasional X: How it works (CDLXXI)

“Students are 'arriving to campus not only skeptical of free markets, but openly embracing democratic socialist ideas. The problem isn’t that students have rejected capitalism. It’s that many have never been taught how it works or why it matters.'” (Steve McGuire, quoting WSJ)…

— AXEC (@EgmontHandtke) April 17, 2026

Related 'Cross-references Econ 101/Old Curriculum/New Curriculum'.

Occasional X: Paradigm Shift (CVII)

“Economists think about what people ought to do. Psychologists watch what they actually do.” (Daniel Kahneman)

More than 200 years ago, economics has defined itself as a social science and accordingly has been based on subjective/behavioral assumptions/axioms. This is the… pic.twitter.com/5dIVYHspdY

— AXEC (@EgmontHandtke) April 17, 2026

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

The Theory of Money in general, and the Quantity Theory in particular, are false since the founding fathers, because macroeconomics has always been false. The proof is available, but economists cannot understand it because they are too stupid for elementary algebra.

The…

— AXEC (@EgmontHandtke) April 17, 2026

Occasional X: Clueless economists / Science (CCXCXXIII)

“Abolish patent law! Patents are nothing other than state-created monopolies on ideas. Ideas are not scarce – they can be used simultaneously by any number of people, without anything being taken away from anyone.” (Junge Libertäre für Freiheit)

Patents have to be transferred…

— AXEC (@EgmontHandtke) April 17, 2026

Occasional X: Paradigm Shift (CVI)

“austrian economics understands what mainstream models miss: economic value is subjective, not objective.” (Time Preference)

Yeah, but at some point, the subjective value is transformed into an objective price. Most economists never get from inconclusive subjective blubber to…

— AXEC (@EgmontHandtke) April 17, 2026

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

“If someone really wants to understand economics, they don’t start with Mankiw or Krugman. They start with Man, Economy, and State.” (Miguel Hernández)

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

— AXEC (@EgmontHandtke) April 17, 2026

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

“name 1 socialist with nobel prize and 1 socialistic country with good life quality” (stas)

The question is whether economics is a science. The answer is no. Austrianism, in particular, is proto-scientific blubber.

The major approaches (Walrasianism, Keynesianism, Marxianism,… pic.twitter.com/2yBKnPCOeC

— AXEC (@EgmontHandtke) April 17, 2026

Occasional X: Economists still can't get the sectoral balances right (VI)

“We're repeating it for the umpteenth time to see if some people will stop being economic flat-earthers: Public debt is not debt; it is simply the amount of money injected by the States through their public spending and which becomes savings for families and businesses.” (Eduardo… pic.twitter.com/xVljXhFVRy

— AXEC (@EgmontHandtke) April 16, 2026

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

'If Austrians understood economics, they wouldn't be Austrians.'

Hayek never understood profit and, by consequence, how the economic system works. That's self-defeating.

When the foundational concepts are inconsistent, the entire analytical framework is scientifically…

— AXEC (@EgmontHandtke) April 16, 2026

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

“A firm doesn’t 'just emerge.' Someone imagines it, builds it, and risks getting it wrong.” (Mises Media)

These days, the entrepreneur is no longer the mystical figure of creative destruction, innovation, and progress, but the well-paid employee of some hidden agency. Most of…

— AXEC (@EgmontHandtke) April 16, 2026

Occasional X: Clueless economists / Science (CCXCXXII)

“Public debt is not debt; it is simply the amount of money injected by the States through their public spending and which becomes savings for families and businesses.” (Eduardo Garzon, quoted by ?whispers?)

No, that's decrepid macroeconomics. The axiomatically correct… pic.twitter.com/UOP4NeVPpS

— AXEC (@EgmontHandtke) April 16, 2026

Occasional X: How it works (CDLXX)

“Almost 5% on 10 year gilts. Not good. Those still clamouring for higher spending and/or lower taxes funded by additional borrowing should take note. There is a big price to pay.” (Paul Johnson)

The question is, who pays the big price?

The Central Bank's main task is to…

— AXEC (@EgmontHandtke) April 16, 2026

Occasional X: Clueless economists / Science (CCXCXXI)

“Economics is revealed as the story of human cooperation, with division of labour, profit and loss guiding us toward more productive activity.” (Foundation for Economic Education)

Economics is revealed as failed/fake science because economists do not understand how the economic…

— AXEC (@EgmontHandtke) April 16, 2026

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

In economics, prizes are not given for any scientific merit. Samuelson is a good example of this. For details, see

The father of modern economics and his imbecile kidshttps://t.co/MAgH2tehjm

The trouble with economics prizeshttps://t.co/JqpGIJZJFr

Links on the Economics…

— AXEC (@EgmontHandtke) April 16, 2026

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

MMTers are confusing sequence with balance.

Whether spending G or taxes T comes first is a liquidity issue. In a period of given length, not the sequence but the balance between the household sector and the government sector is relevant. The 3-sector Profit Law…

— AXEC (@EgmontHandtke) April 16, 2026

Occasional X: Clueless economists / Money (CXXIX)

“The natural tendency for prices is to go down. If you look at the CPI in 1900 and you look at it in 1800, it was down by 50%. So for a hundred years in America, prices went down. And during that time, we had the Industrial Revolution.” (Peter Schiff, quoted by Wall Street Mav)… pic.twitter.com/lAIFVj3K5m

— AXEC (@EgmontHandtke) April 15, 2026

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

 

“It may well be the task of a new generation of economists to produce that break with orthodox economics that was started, genuinely attempted, strongly pursued, but not accomplished by Keynes and the Keynesian group.” (Luigi Pasinetti, quoted by Relearning Economics)

Keynes got…

— AXEC (@EgmontHandtke) April 15, 2026

Occasional X: Clueless economists / Science (CCXCXX)

 

“By definition, science is never settled.” (Possum Reviews)

Science is never settled, but many scientific questions have been settled according to the principles of material/formal consistency. Moreover, economics is not yet a science.

The major approaches (Walrasianism,… pic.twitter.com/52vuPnZGd9

— AXEC (@EgmontHandtke) April 15, 2026

Occasional X: Clueless economists / Science (CCXCXIX)

 

“Reducing the govt's deficit is the same as reducing the non-govt's savings.” (MMT for Progressives)

No, that's a political deception.

It is well-known that MMT's macro accounting is provably false. Therefore, the whole of MMT is false. For the full-spectrum refutation, see… pic.twitter.com/wZGh1Z2ZwC

— AXEC (@EgmontHandtke) April 15, 2026

Related ' The page where Stephanie Kelton gets macroeconomics wrong' and 'Stephanie Kelton’s legendary Plain-Sight-Ink-Trick'.

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

From the beginning, economics meandered between sociology, psychology, jurisprudence, administration, politics, and what today is called macroeconomics.

“Mill had been engaged in a pen-friendship with Auguste Comte, the founder of positivism and sociology, since Mill first…

— AXEC (@EgmontHandtke) April 14, 2026

Occasional X: Clueless economists / Science (CCXCXVIII)

“I don’t believe that socialism is half right. I am convinced it’s all wrong, and that is my starting point.” (Hayek Quotes)

The distinction between Capitalism and Socialism is NOT the starting point of economics. Both are wrong. Both are politics.

The scientific starting point… pic.twitter.com/RokzSRjtyA

— AXEC (@EgmontHandtke) April 14, 2026

Occasional X: Clueless economists / Employment (XXIX)

 

“The macro question is whether the real/inflation adjusted deficit remains high enough to offset savings desires. Unemployment is the evidence.” (Warren Mosler)

Half true.

The dependency of the real variable employment is given by the axiomatically correct macroeconomic… pic.twitter.com/Xb7I6W1U9z

— AXEC (@EgmontHandtke) April 14, 2026

“My statement is true by identity.” (Warren Mosler)

No. Your macroeconomics is provably false. Therefore, your Employment Theory is false. The same holds for your Theory of Money.

MMT: The one deadly error/fraud of Warren Moslerhttps://t.co/wKI0WoOYzm

— AXEC (@EgmontHandtke) April 14, 2026

Occasional X: Clueless economists / Science (CCXCXVII)

“As Adam Smith recognized more than 230 years ago, economic freedom and the economic prosperity it brings work to the advantage of the poor.” ( Robert Lawson, quoted by Foundation for Economic Education)

Economists claim that they have scientifically discovered the mysteries of…

— AXEC (@EgmontHandtke) April 14, 2026

Occasional X: Paradigm Shift (CV)

“Macroeconomist: We develop a micro-founded model.” (Khoa Vu)

The Founding Fathers defined economics as a social science, and it has therefore been based on subjective/behavioral assumptions/axioms. This was the methodological ur-mistake. It led to microeconomics.

Keynes, too,… pic.twitter.com/VhKz2VPWjt

— AXEC (@EgmontHandtke) April 14, 2026

Occasional X: Clueless economists / Science (CCXCXVI)

 

“Nobody has ever been able to debunk Karl Marx.” (ironically quoted by Mises Institute)

Debunking has a scientific and a political dimension. The political dimension is for low-IQ agenda pushers like the Austrians. The Capitalism vs Socialism debate has never had scientific… pic.twitter.com/HRBZjvzY9x

— AXEC (@EgmontHandtke) April 14, 2026

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

“Keep your eye on how much the Government is spending because that is the true tax…as there IS NO SUCH THING as an unbalanced budget.” (Milton Friedman, quoted by Liz Churchill)

“ALL OF THIS IS TRUE…” (Liz Churchill)

No, not true. Milton Friedman never understood profit and,…

— AXEC (@EgmontHandtke) April 13, 2026

Occasional X: Paradigm Shift (CIV)

“Physicists, brought up on a diet of astounding theories and successful models, have the ability to distinguish a theory from a model and a good model from a bad one. Economists for the most part have never seen a genuine theory, and so discrimination is harder.” (Emanuel Derman,… pic.twitter.com/qLRO5Sx18q

— AXEC (@EgmontHandtke) April 13, 2026

Occasional X: How it works (CDLXIX)

“In most countries billionaires are self-made. They invent new products or services that drive progress.” (Michael Arouet)

Nice try to perpetuate a false narrative. That's not economics, but politics for a low-IQ audience. Michael Arouet never understood profit and, by logical…

— AXEC (@EgmontHandtke) April 12, 2026

Occasional X: Clueless economists / Money (CXXVIII)

 

“INFLATION IS ALWAYS AND EVERYWHERE A MONETARY PHENOMENON.” (Steve Hanke)

All caps and still wrong.

The Theory of Money in general, and the Quantity Theory in particular, are false since the founding fathers, because macroeconomics has always been false.

For the consistent…

— AXEC (@EgmontHandtke) April 12, 2026

Occasional X: Clueless economists / Science (CCXCXV)

“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. ⇓ Profit is the foundational economic concept. Because of this, Game Theory has always been irrelevant to… pic.twitter.com/Lys278lnmO

— AXEC (@EgmontHandtke) April 12, 2026

Also at Robert Murphy. 

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

“The gradual replacement of innate responses by learnt rules increasingly distinguished man from other animals.” (Friedrich Hayek quote)

Whatever this is, it is not economics.

Friedrich Hayek never understood profit and, by logical consequence, how the economic system works.…

— AXEC (@EgmontHandtke) April 11, 2026

Occasional X: Clueless economists / Science (CCXCXIV)

“This issue, I believe, is a (but not the) great divide between macroeconomic theories, with Keynes, Friedman, MMT in one camp and Menger, Bohm-Bawerk, Mises, Fetter, Hutt, Salerno in the other.” (Jonathan Newman, quoted by Robert Murphy)

The Founding Fathers defined economics… pic.twitter.com/HpBLd6t4Wr

— AXEC (@EgmontHandtke) April 11, 2026

Occasional X: Clueless economists / Science (CCXCXIII)

“Are you denying that the counterpart of a government liability is an asset held outside government, …?

The logic of differentiation is not so simple as it seems.‡ In any case, the idea of asset and liability presupposes two persons/entities.

Differentiation is an unfolding… pic.twitter.com/82s44G1R1z

— AXEC (@EgmontHandtke) April 10, 2026

“Aggregation is not nonsense; it is standard macro accounting.” (Tally Sticks)

You should know that “standard macro accounting” is provably false. Your argument is entirely beside the point. A false theory does not become true when referenced to another false theory. Both are…

— AXEC (@EgmontHandtke) April 10, 2026

Occasional X: Clueless economists / Inflation / Deflation / Stagflation (XLXX)

 

“Inflation occurs when total spending, from bank loans, state spending, or exports, exceeds what the economy can produce in goods, services, energy, and labour.” (?whispers?)

No! A price hike occurs – not inflation – when there is private or public deficit-spending.

The… pic.twitter.com/oiPk1HIseb

— AXEC (@EgmontHandtke) April 9, 2026

Occasional X: Clueless economists / Money (CXXVII)

“Private banks create money when they issue a loan. This money is the same as state issued currency, …” (?whispers?)

?whispers? is wrong again. Problems arise, for example, if a private bank customer wants notes for his balance. Notes are Central Bank money, and the private…

— AXEC (@EgmontHandtke) April 9, 2026

Occasional X: How it works (CDLXVIII)

 

“From pound notes to gilts, Treasury bills, Premium Bonds, British Savings Bonds and Bank of England reserves, HM Government debt is private savings. Why are savings going to collapse us in misery?” (Tally Sticks)

In his confusion, Tally Sticks is messing up a lot of things. The…

— AXEC (@EgmontHandtke) April 9, 2026

“Government liabilities are still non-government financial assets.” (Tally Sticks)

Non-government is a weasel word. The correct sentence reads 'Government liabilities are either the Workers' or the Oligarchy's financial assets.' The Oligarchy's part is much, much bigger.

Why…

— AXEC (@EgmontHandtke) April 9, 2026

Correct macroeconomic accounting yields Qm≡–Sw+(G–T).

You rewrite it as Qm+Sw≡(G–T) and call the left side non-governmental. This vanishing of profit is a deception for the communicative advantage of WeTheOligarchy and the disadvantage of WeThePeople.

— AXEC (@EgmontHandtke) April 9, 2026

Occasional X: Clueless economists / Science (CCXCXII)

• “The primitive apparatus of the theory of supply and demand is scientific. But the scientific achievement is so modest, and common sense and scientific knowledge are logically such close neighbors in this case, that any assertion about the precise point at which the one turned… pic.twitter.com/tz1ld9gr2y

— AXEC (@EgmontHandtke) April 9, 2026

Related 'Bang — the representative economist and supply-demand-equilibrium are dead' 

Occasional X: Clueless economists / Science (CCXCXI)

“The UK fiscal balance is not a morality tale about whether ministers have 'overspent' and 'run out of money'. It is the ex-post accounting outcome of the private sector’s saving behaviour, the external balance, and the government’s own fiscal and monetary stance.” (Tally Sticks)…

— AXEC (@EgmontHandtke) April 8, 2026

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

“The correct identity is (S−I)=(G−T)+(X−M).” (?whisper?)

No. The balance of the business sector Qm is missing. ⇓ Qm is the most important balance in Capitalism. MMT's equation was refuted long ago.

Rectification of MMT macro accountinghttps://t.co/zze3NFF9Ap

Learn to… pic.twitter.com/7snfViUJJi

— AXEC (@EgmontHandtke) April 8, 2026

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

 

“… but when you tell them that mathematically, new savings in the private sector mean a state deficit, they grimace.” (fiat money, quoted by ?whispers?)

Macroeconomic profit is given by the axiomatically correct Profit Law / Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0.… pic.twitter.com/aKGK5MRmWN

— AXEC (@EgmontHandtke) April 8, 2026

Occasional X: Clueless economists / Tax (IX)

Yes, case 1 is the uncorrupted starting case. The household sector's first choice is how many private goods and how many public goods they want. This is analogous to the choice between red wine and white wine. The obvious problem is that not all households have the same…

— AXEC (@EgmontHandtke) April 8, 2026

“Govt doesn't need tax revenue before it can spend. It spends by instructing the BoE to create central bank money (reserves) out of nothing, …” (?whispers?)

At this stage, the distinction between the Central Bank and the Commercial Banks is unnecessary. So, there are no…

— AXEC (@EgmontHandtke) April 8, 2026

“When the government runs a deficit (G > T), the non‑government sector as a whole receives net financial assets equal to that deficit.” (?whispers?)

There is no such thing as the non‑government sector. That's the big MMT swindle. There is only the household sector and the…

— AXEC (@EgmontHandtke) April 8, 2026

Occasional X: Clueless economists / Tax (VIII)

“You can’t take taxes out, before you have put money into the system.” (?whispers?)

The bath-tube crowd is a bunch of economic morons.

There are two cases that have to be kept separate: a balanced public budget and deficit-spending/money-creation. The total amount of State… pic.twitter.com/AEIq8XQKWj

— AXEC (@EgmontHandtke) April 8, 2026

Occasional X: Clueless economists / Science (CCXCX)

“This dude named Carl sits in his study in 1871, probably wondering why classical economists kept insisting that labor creates value when any fool could see that a glass of water means nothing to someone drowning but everything to someone dying of thirst.” (Handre)

Austrianism… pic.twitter.com/ASFn9zNZNV

— AXEC (@EgmontHandtke) April 8, 2026

Related 'The value of water and diamonds: back to square one' and 'Gold-making, wine from water, M―C―M', perpetuum mobile, free lunch, beating the stock market, and the perennial human dream'

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

“MMT isn’t left or right – it is simply an accurate description of the way our economy works since we left the gold standard.” (David McNab)

No! The description of the economy is not accurate; more specifically, MMTers messed up macroeconomics. Because MMTers are too stupid for…

— AXEC (@EgmontHandtke) April 7, 2026

Occasional X: Clueless economists / Science (CCXCIX)

 

“Ludwig von Mises: anti-positivist, apriorist. He grounded economics in praxeology, arguing that economic laws follow from the logic of human action, not from empirical measurement or statistical testing.” (Philippe Lemieux)

Economics has defined itself as a social science and… pic.twitter.com/wXwPKIwQk5

— AXEC (@EgmontHandtke) April 7, 2026

Occasional X: Great economic equations (I)

 

“17 equations that changed the world.” (The Math Flow)

The No. 18 is the First Economic Law. ⇓

For details, see ⇒
The great economic equationshttps://t.co/sUiSaCV5G0 pic.twitter.com/GQuibIzbRt

— AXEC (@EgmontHandtke) April 7, 2026

For more about equations, see AXECquery. 

Occasional X: Clueless economists / Money (CXXVI)

 

“Deficit spending=money hoarding. By identity.” (Warren Mosler)

This is nonsensical. MMTers never understood the interaction of macroeconomic balances.

The free-market economy runs on profit. Macroeconomic profit is given by the axiomatically correct Profit Law / Balances… pic.twitter.com/Gc4HkTbs38

— AXEC (@EgmontHandtke) April 7, 2026

Occasional X: Clueless economists / Money (CXXV)

“The state has no money.” (Glitch, quoted by Phil Waller)

In the beginning, the business sector has no money to pay wages, and the household sector has no money to buy bread. Transaction money gets the economy going; it is created out of nothing and vanishes after a short… pic.twitter.com/aPUGLLk6yI

— AXEC (@EgmontHandtke) April 7, 2026

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

“Liberty! That was the cry of all those who found their property confiscated by monopoly and privilege. Liberty! That was the burning aspiration of all those whose natural rights had been forcibly repressed.” (Gustave de Molinari, quoted by Foundation for Economic Education)…

— AXEC (@EgmontHandtke) April 6, 2026

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

“How do people ever take this guy seriously?” (Buddy Wells)

Milton Friedman still provides economic guidance for a low-IQ audience. It is not economics understood as a science, but resembles more advertizing. It has nothing to do with true or false, but the basic message…

— AXEC (@EgmontHandtke) April 6, 2026

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

“If Keynes had lived, he would greatly have modified his own ideas, …” (Hayek)

One could talk endlessly about hypothetical cases that are irrefutable in principle. The methodology of Austrianism is vacuous talk.

— AXEC (@EgmontHandtke) April 4, 2026

Occasional X: How it works (CDLXVII)

The US polity is an Oligarchy with President/ Congress/ Treasury/ Fed/ BigBusiness/ Agencies as integral parts. The macroeconomic Profit Law ⇓ implies Public-Deficit-Is-Private-Profit. Macroeconomic profit is currently mainly produced by deficit-spending/money-creation, i.e.,… pic.twitter.com/HwHHLfDn66

— AXEC (@EgmontHandtke) April 4, 2026

Occasional X: Clueless economists / Science (CCXCVIII)

 

“… he [Mises] rejected both anarchism & the assumption that pure capitalism isn’t sustainable because corporations will lobby for favors & generate 'crony capitalism.'” (Richard Salsman)

von Mises never understood profit, and by logical consequence, how the economic system…

— AXEC (@EgmontHandtke) April 4, 2026

Occasional X: The futile attempt to recycle von Mises (IX)

“Not a day goes by without critics making up fantasy reasons to dunk on Austrian Economics.” (Per Bylund)

von Mises never understood profit, and by logical consequence, how the economic system works. To this day, Austrian economics is not science, but propaganda for a low-IQ…

— AXEC (@EgmontHandtke) April 3, 2026

Occasional X: Clueless economists / Money (CXXIV)

“Is money a creation of the State or the outcome of voluntary exchange?” (Foundation of Economic Education)

If you want to know the Laws of Thermodynamics, you don't need to know who invented fire. Likewise, in economics, in order to know how fiat money in a highly developed…

— AXEC (@EgmontHandtke) April 3, 2026

Related 'A historical misunderstanding' and 'Links on History and Economics' and 'History and future of the monetary economy' and 'Key Issues: Demarcation and the Midas Touch of science'.

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

The history of economic thought is the history of scientific failure. The major approaches are mutually contradictory, and axiomatically false, and materially/formally inconsistent. They ALL got profit wrong. Marx was NO exception.

For proof, see the working paper ⇒
Profit for…

— AXEC (@EgmontHandtke) April 3, 2026

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

“I’m familiar with the position of praxeology I just find it baffling. It was refuted in Mises lifetime. Karl Menger showed praxeological arguments didn’t work, …” (Jules)

The Founding Fathers defined economics as a social science, and it has therefore been based on… pic.twitter.com/tXi1aNADBr

— AXEC (@EgmontHandtke) April 3, 2026

Related 'Axiomatized NONENTITIES and the failure of methodologists' and 'Key Issues: Demarcation and the Midas Touch of science'.

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

“Adam Smith’s The Wealth of Nations didn’t just explain the world – it changed it.” (Austrian Economics Center)

Change is a weasel word. Any moron can change the world. The point is to improve it. Economists failed at this task.

Adam Smith was not an original thinker, not a… pic.twitter.com/HUMyGBNxsJ

— AXEC (@EgmontHandtke) April 2, 2026