Ragnar Frisch, too, got economics wrong. For details, see
— AXEC (@EgmontHandtke) March 26, 2026
EconoPhysics and Pluralismhttps://t.co/sYufU1NJ3y
It's time to forget all those people who haven't done well in science.
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 26, 2026
Occasional X: Clueless economists / Science (CCLXXXVIII)
Occasional X: Clueless economists / Money (XCXXIII)
“REMINDER: Every fiat currency in recorded history has collapsed to zero value … The Romans debased their denarius from pure silver to worthless bronze. ” (Handre)
— AXEC (@EgmontHandtke) March 26, 2026
Obviously, the denarius does not fit the definition of fiat money: “Fiat money or fiat currency is a type of…
March 25, 2026
Occasional X: Clueless economists / Money (XCXXII)
“Fed Chair Jerome Powell caught on video admitting the U.S. prints money 'out of nothing'.” (Medeea Greere)
— AXEC (@EgmontHandtke) March 25, 2026
Medeea Greere has no idea of the difference between transaction money and money as a store of value. She has no idea of economics in general, and the Theory of Money, in… pic.twitter.com/NYq8mHcHgg
Occasional X: Clueless economists / Science (CCLXXXVII)
“The fact is that our theories of rationality in economic behavior rest upon introspection.” (Kenneth Arrow, quoted by Relearning Economics)
— AXEC (@EgmontHandtke) March 25, 2026
Economics has defined itself as a social science and accordingly has been based on subjective/behavioral assumptions/axioms. This is the… pic.twitter.com/nUw41DFCYN
Occasional X: The foul spirit of political economics (CCXLXI)
von Mises never understood profit, and by logical consequence, how the economic system works. This is self-disqualifying.
— AXEC (@EgmontHandtke) March 25, 2026
The free-market economy runs on profit. Macroeconomic profit Qm is given by the axiomatically correct Profit Law/Balances Equation…
Occasional X: The foul spirit of political economics (CCXLX)
“You need to take some risks if you want to get wealthy.” (Michael Arouet)
— AXEC (@EgmontHandtke) March 25, 2026
Wealth doesn't come from taking risks, but from not losing world wars. Economists are too stupid to get their foundational concepts right.
Occasional X: How it works (CDLXIV)
“Ask yourself one question: why would the US gov 'borrow' the currency it issues?” (Russel Wadey, quoted by ?whispers?)
— AXEC (@EgmontHandtke) March 25, 2026
Russel Wadey and 'whispers' don't understand macroeconomics or fiat money.
The free-market economy runs on profit. Macroeconomic profit Qm is given by the…