“John Maynard Keynes lived as a quintessential elitist who despised the very people his theories claimed to help.” (Handre)
— AXEC (@EgmontHandtke) June 9, 2026
Keynes, too, misunderstood the concept of profit because he was too stupid for elementary algebra. ⇓ Consequently, he botched the long-overdue Paradigm… pic.twitter.com/rAmWjwLNiA
This blog connects to the AXEC Project which applies a superior method of economic analysis. The following comments have been posted on selected blogs as catalysts for the ongoing Paradigm Shift. The comments are brought together here for information. The full debates are directly accessible via the Blog-References. Scrap the lot and start again―that is what a Paradigm Shift is all about. Time to make economics a science.
June 9, 2026
Occasional X: The foul spirit of political economics (CCLXXVI)
Occasional X: Clueless economists / Distribution, Inequality (XIX)
“In 1879, JP Morgan paid a man to invent the lie that is the foundation of modern economics. A billionaire [Nick Hanauer],who helped start Amazon just exposed the whole thing on Diary of a CEO, and once you hear it you will never look at paychecks the same way again …So JP… pic.twitter.com/Bh7xeO5sRm
— AXEC (@EgmontHandtke) June 9, 2026
Occasional X: Clueless economists / Profit (CLII)
“Where do you get the money to save? If it is from your wage income then your spending won't allow the producers to save. Where the profit comes from?” (Shahin Ashkiani)
— AXEC (@EgmontHandtke) June 9, 2026
Neither Shahin Ashkiani nor Miguel Anxo Bastos ever understood profit. Both are scientifically very… pic.twitter.com/LiUSFUU6vF
Related 'Key Issues: Nature and causes of profit' and 'Key Issues: Profit'.
Occasional X: Clueless economists / Science (CCCXL)
“The standard of living of the common man is higher in those countries which have the greatest number of wealthy entrepreneurs.” (Ludwig von Mises)
— AXEC (@EgmontHandtke) June 9, 2026
Ludwig von Mises never understood profit and, by consequence, how the economic system works.
First of all, it is important to…
“The richness of America Is provided by NATURAL RESOURCES Like oil.” (Lawrence Widman)
— AXEC (@EgmontHandtke) June 10, 2026
The richness of America consists of valued natural resources, valued capital goods, and financial assets. The source of the latter is private/public deficit-spending, which materializes as…
Occasional X: Paradigm Shift (CXVII)
“My fav clown once again failed to understand that humans don't optimize and modelling human behavior should begin with observing them not with 'let's assume blah blah blah bc it is easier to model it in this way and aligned with our ideology'.” (Shahin Ashkiani)
— AXEC (@EgmontHandtke) June 9, 2026
That sentence… pic.twitter.com/qEizFdC3Iy
June 8, 2026
Occasional X: The futile attempt to recycle Austrianism (CIX)
“Rothbard didn't just publish another economics textbook in 1962. He torched the entire discipline and rebuilt it from first principles, using only logic and human action as his foundation. … he constructed economic theory the way Euclid built geometry: starting with…
— AXEC (@EgmontHandtke) June 8, 2026
Occasional X: Clueless economists / Employment (XXXIII)
“The 1970s obliterated the most cherished myth in mainstream economics: the Phillips Curve trade-off between unemployment and inflation. When stagflation hit America with double-digit inflation alongside soaring unemployment, Keynesian economists scrambled like cockroaches when… pic.twitter.com/d2EcTYKrtE
— AXEC (@EgmontHandtke) June 8, 2026
Occasional X: Clueless economists / Science (CCCXXXIX)
“Jia argued that the past two decades of Chinese academic economics have been dominated by western neoliberal economics and that needs to change.” (Peter Ryan)
— AXEC (@EgmontHandtke) June 8, 2026
True.
'Western neoliberal' economists are look-alike scientists. Economics is what Feynman called cargo cult science.… pic.twitter.com/CDrB6rXTg0
Occasional X: Economics curriculum ― the transmutation of plain morons to graduate morons (XII)
“Three Big Myths about What's Plaguing Higher Ed.” (Phil Magness)
— AXEC (@EgmontHandtke) June 8, 2026
As far as economics is concerned, higher ed has no scientific content.
Neither mainstream nor heterodox economists had any idea what science is all about. They are still a cargo cult science and can't do the…
Occasional X: The futile attempt to recycle Kalecki (XVI)
There is no such thing as Kalecki's Paradoxes.
— AXEC (@EgmontHandtke) June 8, 2026
Kalecki got the subject's foundational economic concept — profit — wrong. ⇓ This is self-disqualifying. Even today, his followers are too stupid to understand the elementary algebra that underlies macroeconomic accounting.
For… pic.twitter.com/D0UhheECqs
Occasional X: Paradigm Shift (CXVI)
“The apriori trash they generate and call it economics: …” (Shahin Ashkiani)
— AXEC (@EgmontHandtke) June 8, 2026
It is not the question that microeconomics has been proto-scientific garbage since the beginning; the question is: what will take its place?
The founding fathers defined economics as a social science,… pic.twitter.com/hmDohkGRda
June 7, 2026
Occasional X: The foul spirit of political economics (CCLXXV)
“Marx never held a real job. Never met payroll. Never risked capital or faced bankruptcy. He spent decades theorizing about labor value while avoiding actual labor. His insights into production came from library books, not factory floors.” (Handre)
— AXEC (@EgmontHandtke) June 7, 2026
Whether this is correct or not… pic.twitter.com/mAmbxDDnoz
Occasional X: Paradigm Shift (CXV)
“If I wanted to catch up/refresh with the last ten years of macro, what is the best single resource?” (Vincent Geloso)
— AXEC (@EgmontHandtke) June 7, 2026
Start with the AXEC Blog ⇓https://t.co/4CPfqKAf89 pic.twitter.com/ddT7ekMUgj
Occasional X: Clueless economists / Science (CCCXXXVIII)
“This is Ricardo’s Vice. The practice of selecting your conclusion first, constructing assumptions that make your mathematics arrive there, and presenting the internally consistent logic as empirical truth about the world. Yet. Logic is not truth. If there is one thing worth…
— AXEC (@EgmontHandtke) June 7, 2026
Occasional X: How it works (CDLXXXII)
“Billionaires increased most in the two places where the economy grew and poverty drastically went down: South Asia and East Asia. The best solution to poverty is a freer, growing, dynamic economy.” (Luis Garicano)
— AXEC (@EgmontHandtke) June 7, 2026
Luis Garicano never understood profit and, by consequence, how…
June 6, 2026
Occasional X: Clueless economists / Science (CCCXXXVII)
“If an idea sounds compassionate but ignores incentives and basic market realities, it’s not an economic principle, it’s an emotional reaction dressed up as policy. That’s why left policies like minimum wage or rent controls, contradicting basic economics, just make things… pic.twitter.com/ltDKJtQZWP
— AXEC (@EgmontHandtke) June 6, 2026
For more about the Totem of the Micro, see AXECquery.
June 5, 2026
Occasional X: Economics and math ― they just can't get it together (XII)
“Murray Rothbard, like other Austrian Economists, believed that the heavy use of mathematics in economic analysis damaged economic understanding instead of enhancing it. This wasn't science, he said; it was 'scientism'.” (Mises Institute)
— AXEC (@EgmontHandtke) June 5, 2026
True, economics is not yet a science,…
Occasional X: Clueless economists / Science (CCCXXXVI)
“Economics has never been, and never will be, a value-free science.” (Jostein Hauge)
— AXEC (@EgmontHandtke) June 5, 2026
Economics has never been a science. Since the Enlightenment, economists have never understood what science is. The comparison says it all: “But though the Wealth of Nations contained no really… pic.twitter.com/JgTR5hSXFy
Occasional X: How it works (CDLXXXI)
“… but saying Thomas Piketty is economically incompetent is not serious. ” (Hervé Joly)
— AXEC (@EgmontHandtke) June 5, 2026
No, Thomas Piketty is not the incompetent exception but the rule. The history of economic thought provides proof that the representative economist is NOT, and never has been, a competent…
June 4, 2026
Occasional X: The foul spirit of political economics (CCLXXIV)
“Smith never said incentives were enough. He said markets work when a society develops virtues. Prudence, justice, temperance, courage, faith, hope, love.” (Students for Liberty, quoting Deirdre McCloskey)
— AXEC (@EgmontHandtke) June 4, 2026
This may be true or false psychology/sociology, but it is not economics.… pic.twitter.com/HxSv607DxH
For more about McCloskey, see AXECquery.
June 3, 2026
Occasional X: The foul spirit of political economics (CCLXXIII)
“The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” (Friedrich Hayek)
— AXEC (@EgmontHandtke) June 3, 2026
The curious task of economics is to figure out how the economy works. Friedrich Hayek never understood profit and, by logical…
Occasional X: Paradigm Shift (CXIV)
“A great comment from hidetomitanaka on the magisterial paper by guido_lorenzoni and IvanWerning and one I endorse.” (Roger Farmer)
— AXEC (@EgmontHandtke) June 3, 2026
General Equilibrium Theory was dead from the start. It is the unassailable proof that the history of economic thought is the history of scientific… pic.twitter.com/mje42klaur
Related 'Still alive in some heads: equilibrium'
Occasional X: Clueless economists / Price Mechanism (XVII)
“If this interpretation is correct, then the issue is not merely whether prices are flexible or sticky. The deeper issue concerns the social ontology of prices themselves. In the Walrasian tradition, prices are primarily signals. In the later Hicksian tradition, prices are also… pic.twitter.com/kBm1RSnCIg
— AXEC (@EgmontHandtke) June 3, 2026
Occasional X: Clueless economists / Price Mechanism (XVI)
“Prices diverge from labor values in proportion to the organic composition of capital.” (Students for Liberty, paraphrasing Marx)
— AXEC (@EgmontHandtke) June 3, 2026
Marx got profit wrong. As a logical consequence, he did not understand how the economy works — in particular, how the price mechanism works.
The… pic.twitter.com/4gl6R1bJnx
June 2, 2026
Occasional X: Clueless economists / Science (CCCXXXV)
“This comes from the tradition of econometrics. The idea is that everything in economics has to be measurable like in physics. So economists have to keep denying the inexact reality of economics at every turn. A good example of this is the most inexact field in economics: macro.”… pic.twitter.com/KCG3rw2NWU
— AXEC (@EgmontHandtke) June 2, 2026
Occasional X: The foul spirit of political economics (CCLXXII)
“Many economists say that criticism in their discipline is very harsh and standards are very high.” (Ryan Briggs)
— AXEC (@EgmontHandtke) June 2, 2026
Economists are look-alike scientists. What they say about themselves and their discipline is hallucinatory.
The major approaches and their derivatives are mutually… pic.twitter.com/BN9UWCif4w
Occasional X: The foul spirit of political economics (CCLXXI)
“Hoppe refuted induction in 1985” (quoted by charsky)
— AXEC (@EgmontHandtke) June 2, 2026
No. He merely summarized the methodological flaws of Austrianism.
Austrianism has always been proto-scientific garbage. Educate yourself with the AXECqueryhttps://t.co/v8xOkJhaWn
Hoppe never understood profit. When the…
Occasional X: The foul spirit of political economics (CCLXX)
“We really need to do a thorough purging of the United States.” (Paul Krugman)
— AXEC (@EgmontHandtke) June 2, 2026
This may be right or wrong, but it's not economics.
Economists and scientists have only a superficial resemblance. Neither mainstream nor heterodox economists ever had any idea what science is all… pic.twitter.com/ltU9pfOB2A
June 1, 2026
Occasional X: The foul spirit of political economics (CCLXIX)
“'Economic theory' is a very strange beast—it has to be wrong, or else your map is the size of the territory, and hence is useless; …” (Brad DeLong)
— AXEC (@EgmontHandtke) June 1, 2026
Brad DeLong is again playing with the word 'wrong'. Wrong in science means material or logical inconsistency: “The chief demerit…
Occasional X: Paradigm Shift (CXIII)
It's nice when the Walrasian losers Albrecht and Werning offer each other emotional support. It does not help. Supply-demand-equilibrium has been dead from the beginning. If the axioms are false, the analytical superstructure is false. ⇓
— AXEC (@EgmontHandtke) June 1, 2026
For details, see
The monstrous… pic.twitter.com/R8cszi28Dw
Occasional X: Paradigm Shift (CXII)
“….we attack a 150 year old Walras question that's gone unanswered, not for lack of trying …” (Ivan Werning)
— AXEC (@EgmontHandtke) June 1, 2026
The founding fathers have defined economics as a social science, and accordingly, it has been based on subjective/behavioral assumptions/axioms. This has been the… pic.twitter.com/yXWQAFMsoo
Occasional X: How it works (CDLXXX)
“Musk warns: 'The entire existing economic system is on the verge of collapse, and no force can stop it.” (Trader)
— AXEC (@EgmontHandtke) June 1, 2026
True.
“Because artificial intelligence and robotics are not creating growth — they are destroying the 'scarcity framework' upon which economics is based.”
Not…