“The first part of Kalecki's argument is essentially an accounting identity. Investment and capitalist consumption generate profits within the capitalist sector, while government deficits and trade surpluses can provide additional demand from outside it. This doesn't mean…
— AXEC (@EgmontHandtke) September 5, 2026
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 5, 2026
Occasional X: Clueless economists / Profit (CLXV)
Occasional X: The foul spirit of political economics (CCCXLXXIII)
“Most economics PhD students graduate without ever taking a single class on the history of their own discipline. Allen Mendenhall finds that quietly alarming, and makes a case for why it should matter to all of us.” (Foundation for Economic Education)
— AXEC (@EgmontHandtke) September 5, 2026
The History of Economic…
September 4, 2026
Occasional X: The foul spirit of political economics (CCCXLXXII)
“When I think of Behavioral Economics, I think of an economics that is open-minded. I think of a field that is open to the world of ideas outside our often narrow-minded profession.” (Remy Levin)
— AXEC (@EgmontHandtke) September 4, 2026
The Assistant Professor of Economics Remy Levin never understood profit and,… pic.twitter.com/C4DupstDIO
Occasional X: Clueless economists / Science (CCCLXXXVII)
“People often do not sufficiently understand G.D.P. To discuss it. So, as a public favour, I have summarised the three different ways to calculate G.D.P. and their respective categories in depth and unambiguity.” (Nikolai Rostow)
— AXEC (@EgmontHandtke) September 4, 2026
Nikolai Rostow does not understand profit. That's… pic.twitter.com/uFzERNZV8U
Occasional X: Clueless economists / Science (CCCLXXXVI)
“Fairness of Nobel Prize in Economics is being questioned: “China has the fastest sustained economic growth in world history that's lifted the most people out of poverty.” "And yet the Nobel Prize committee awarded it to an Indian guy for his work on poverty alleviation. And yet… pic.twitter.com/1sZPiq5LQx
— AXEC (@EgmontHandtke) September 4, 2026
Occasional X: Clueless economists / Science (CCCLXXXV)
To explain how the economic system works is the task of economics. Economists have failed at this task. More specifically, both orthodox and heterodox economists have been scientifically incompetent since the time of the Founding Fathers.
— AXEC (@EgmontHandtke) September 4, 2026
Low-IQ economists are unable to realize…
September 3, 2026
Occasional X: Clueless economists / Science (CCCLXXXIV)
“The main reason socialism has always failed and caused misery and poverty is that equality of outcome is incompatible with the incentives a society needs to build, create, innovate and prosper.” (Michael Arouet)
— AXEC (@EgmontHandtke) September 3, 2026
To explain social behavior is the task of psychology, sociology,…