“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
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.
June 5, 2026
Occasional X: Clueless economists / Science (CCCXXXVI)
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
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
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