“Inflation is made in Washington because only Washington can create money.” (Milton Friedman)
— AXEC (@EgmontHandtke) March 31, 2026
False. The private banking system, too, can create money. Most people cannot tell the difference between bank money and Central Bank money. For details, see
Basics of monetary theory:…
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.
March 31, 2026
Occasional X: Clueless economists / Money (XCXXVIII)
Occasional X: Clueless economists / Science (CCXCIII)
“Now, due to the toxic environment in American universities, top scientists are desperately leaving. The US empire is collapsing.” (Thomas Sargent, quoted by Furkan Gözükara)
— AXEC (@EgmontHandtke) March 31, 2026
The Founding Fathers defined economics as a social science, and it has therefore been based on… pic.twitter.com/oYl0ZfADA5
Occasional X: Economists still get saving/dissaving and loss/profit wrong (X)
You are an economist and do not understand profit. How embarrassing is this? Stop asking silly questions and do your research:
— AXEC (@EgmontHandtke) March 31, 2026
Profit and the collective failure of economistshttps://t.co/LrKtQwcuwV pic.twitter.com/t8SfJMFVlQ
Occasional X: Economists are too stupid for macro accounting (X)
Keynes got macroeconomic profit wrong because he was too stupid for the elementary algebra that underlies macroeconomic accounting.
— AXEC (@EgmontHandtke) March 31, 2026
As a consequence, the whole of macroeconomics is scientifically worthless. After-Keynesians NEVER got it.
For details, see
How Keynes messed up… pic.twitter.com/j5aY5TCQ9I
Occasional X: The foul spirit of political economics (CCLXII)
“Government corruption isn’t an anomaly. It is part of the system itself.” (Mises Institute)
— AXEC (@EgmontHandtke) March 31, 2026
It is well known that the state and the economy run on different principles. The state initially does not run on economic principles. This has behavioral consequences. The idea of the…
Occasional X: Clueless economists / Science (CCXCII)
“By claiming to be objective without any real contribution to this science, you are illustrating the criticism above.” (WatchOut)
— AXEC (@EgmontHandtke) March 31, 2026
You are illustrating your ignorance and are missing the methodological kicker.
Because the AXEC approach is objective/systemic, all statements…
March 30, 2026
Occasional X: Paradigm Shift (XCXIII)
“Economics does not exist without human behavior.” (alouette)
— AXEC (@EgmontHandtke) March 30, 2026
Flying does not exist without human behavior, but to understand flight, one needs to understand the laws of aerodynamics. Legacy economists do not understand how planes fly, but they understand why people buy tickets,… pic.twitter.com/pd86iGnDPx