#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) July 6, 2025
“An economist who is only an economist cannot even be a good economist.” (Friedrich Hayek)
Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually… pic.twitter.com/J9fZfqEKen
AXEC: New Foundations of Economics
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.
July 6, 2025
Occasional Xs: The futile attempt to recycle Hayek (XXXVIII)
July 2, 2025
Occasional Xs: The futile attempt to recycle MMT (CLXXXI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) July 2, 2025
“Look at it! Govt sector surplus = Private sector deficit.” (Russell Wadey)
There is no such thing as the 'private sector', there is the business sector and the household sector.
So, the correct balances equation says: Govt sector deficit =…
July 1, 2025
Occasional Xs: How it works (CCCLXXI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) July 1, 2025
“Billionaires are not bad if they become rich by innovating and creating. Rent-seeking billionaires are, on the other hand, bad. ” (Vincent Geloso)
What exactly is it that helps to create billionaires? Econ profs still have not figured that out.…
June 30, 2025
Occasional Xs: Clueless economists / Science (CLXXV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) June 30, 2025
“Promoting the study of economic science.” (@RoyalEconSoc)
Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false… pic.twitter.com/T7vWBwJhCs
Occasional Xs: How it works (CCCLXX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) June 30, 2025
“Every country on the planet with high real median personal income has billionaires—the institutions that help create prosperity for all also help create billionaires” (Chris Freiman)
True. But what exactly is it that helps to create billionaires?…
June 28, 2025
Occasional Xs: The futile attempt to recycle MMT (CLXXX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) June 28, 2025
“Is MMT just bourgeois economics? “ (Macro n Cheese)
It does not matter how MMTers stylize themselves politically. MMTers have never understood profit and, as a logical consequence, how the economy works. That's rather bad for an economist.… pic.twitter.com/XvbD402fuJ
June 26, 2025
Occasional Xs: Clueless economists / Science (CLXXIV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) June 26, 2025
“I regard him as a real genius, but not a great economist. He was not really a strict logical reasoner.” (Hayek on Keynes)
Neither Keynes nor Hayek understood profit and how the economic system works. That's rather bad for an economist.
The history…