“subjective value theory destroyed classical economics” (Time Preference)
— AXEC (@EgmontHandtke) April 19, 2026
Time Preference doesn't understand profit and, by logical consequence, how the market system works. This is self-disqualifying.
Economics has defined itself as a social science and accordingly has been… pic.twitter.com/EnxnmhCwcj
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.
April 19, 2026
Occasional X: Clueless economists / Value (I)
Occasional X: Can anyone take Paul Krugman seriously? (III)
“Krugman was entirely vindicated for this quote so I’m not sure how this addresses the point.” (Token Analytical Marxist)
— AXEC (@EgmontHandtke) April 19, 2026
Economics is not yet a science. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory,…
Occasional X: Econ 101― still proto-scientific garbage (XV)
“Me on a daily basis.” (Vincent Geloso quotes:)
— AXEC (@EgmontHandtke) April 19, 2026
“My students are embracing democratic socialism because they've never been taught how capitalism works.” (Samuel Abrams)
Vincent Geloso has no clue how the economy works. Economics is not much more than a centuries-old interaction…
Occasional X: Clueless economists / Science (CCLXXVI)
“Austrians alone grasp profit as a market reward of entrepreneurial foresight amid uncertainty.” (Lenio)
— AXEC (@EgmontHandtke) April 19, 2026
Profit is a mathematically well-defined balance, not the outcome of an occult psychological operation called foresight. Austrians, too, do not understand profit, and by…
Occasional X: The foul spirit of political economics (CCLXXV)
KI “ ... John Maynard Keynes wrote this critique of Friedrich Hayek in a 1931 letter regarding Hayek's monetary theory, noting it was an 'extraordinary example of how, starting with a mistake, a remorseless logician can end up in Bedlam.'” (see also Moggridge, 1976, p. 36)
— AXEC (@EgmontHandtke) April 19, 2026
For…
Occasional X: How it works (CDLXXII)
von Mises never understood profit, and by logical consequence, how the economic system works. This is self-disqualifying. To this day, Austrian economics is not science, but storytelling.
— AXEC (@EgmontHandtke) April 19, 2026
Austrian economic policy has no valid scientific foundations. Psychological plausibility is… pic.twitter.com/naKAElEA4U
April 18, 2026
Occasional X: The futile attempt to recycle Austrianism (XC)
“Credit expansion is the governments’ foremost tool in their struggle against the market economy.” (Ludwig von Mises)
— AXEC (@EgmontHandtke) April 18, 2026
Actually, it is FOR the market economy.
The free-market economy runs on profit. Macroeconomic profit is given by the axiomatically correct Profit Law / Balances…