“As I joked in one of my first blog posts, the dispute between the Monetarists and the Keynesians was resolved when the Keynesians conceded all the substantive points and the Monetarists agreed to be called Keynesians.” (Ariele)
— AXEC (@EgmontHandtke) September 30, 2026
That's pure economics brain rot.
Economics has… pic.twitter.com/Y0h9HArZwW
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.
September 30, 2026
Occasional X: The foul spirit of political economics (CCCLXXI)
Occasional X: The futile attempt to recycle MMT (CCVIII)
“Government spending creates private-sector income.” (MMTAction)
— AXEC (@EgmontHandtke) September 30, 2026
It sounds innocent, but it's a shell game. First, there is no such thing as the 'private sector'; there is only the business sector and the household sector. To add them mechanically together lets (i) profit/… pic.twitter.com/TYb0altRI2
Occasional X: The futile attempt to recycle MMT (CCVII)
“Government spending creates private-sector income. Every pound the state spends is a pound in someone's account. So why do politicians pretend deficits are reckless? Because they don't understand sectoral balances.” (MMTAction)
— AXEC (@EgmontHandtke) September 30, 2026
Neither do MMTers.
There is no such thing as… pic.twitter.com/PNsK8ctxBY
Occasional X: The futile attempt to recycle Austrianism (CXXXII)
Friedrich Hayek never understood profit and, by logical consequence, how the economic system works. This is self-disqualifying and is a shame for academia.
— AXEC (@EgmontHandtke) September 30, 2026
Hayek got economics wrong; whether his psychology/sociology/history/politics is any better is an entirely separate…
Occasional X: The foul spirit of political economics (CCCLXX)
“Yet each favor and handout and protection of vested interests shifts the direction of capital and labor artificially, resulting in over-investment in, say, mortgaged houses, or an over-investment in corruption.” (Deirdre N. McCloskey)
— AXEC (@EgmontHandtke) September 30, 2026
The question of corruption comes well… pic.twitter.com/Llns4g1tL9
September 29, 2026
Occasional X: The foul spirit of political economics (CCCLXIX)
“When the British colonial government in India tried to control the cobra population they ended up with more snakes than they started.” (Creative Deduction)
— AXEC (@EgmontHandtke) September 29, 2026
While the colonial government may have had problems with cobras, the practical application of trivial psychology had… pic.twitter.com/GRuv0W2Hrp
Occasional X: The foul spirit of political economics (CCCLXVIII)
“Calling Keynes, 'too stupid for algebra'? He got a B.A. in mathematics from Cambridge University where he was 12th best student ('wrangler') is his class.” (joel bernard)
— AXEC (@EgmontHandtke) September 29, 2026
This only proves that Cambridge University's mathematical competence was already at zero before Keynes was… pic.twitter.com/ZLl1sy6N8Z