Robert Heilbroner saw the light for a short moment before he fell back into the darkness of political economics: “Surely the recognition of the inextricably social roots of all behavior leads to the view that macrofoundations must precede microbehavior, not the other way round,… pic.twitter.com/zNf9HppX8W
— AXEC (@EgmontHandtke) June 19, 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.
June 19, 2026
Occasional X: Economics still lacks correct macrofoundations (XXXVII)
Occasional X: Clueless economists / Science (CCCXLVII)
Joan Robinson will always be remembered for calling for a Paradigm Shift: “Scrap the lot and start again.”
— AXEC (@EgmontHandtke) June 19, 2026
The representative economist still does not understand anything. The Paradigm Shift consists of the move from false microeconomic axioms and false macroeconomic axioms to…
Occasional X: Clueless economists / Science (CCCXLVI)
“The tax is there to create a demand for the government’s currency. Before anyone can pay the tax, someone has to do the work to earn the currency.” (Stephanie Kelton)
— AXEC (@EgmontHandtke) June 19, 2026
“… this one neat trick to control an entire population.” (Robert Murphy)
This is the usual psychologism,…
“How is what I said about Kelton any different from what you said about me?” (Robert Murphy)
— AXEC (@EgmontHandtke) June 19, 2026
As a matter of principle, what you or I or anybody else said about Stephanie Kelton is irrelevant. Economics is not gossip about people but an analysis of the economic system. As Ricardo…
The point is that your economics, and that of MMT, is proven to be false, and that you are engaging in silly psychologism. What anybody's motives are is irrelevant as far as economics as a science is concerned. Your posts are disinfotainment.
— AXEC (@EgmontHandtke) June 20, 2026
June 18, 2026
Occasional X: How it works (CDLXXXIV)
“The $1.5 trillion investment in our defense in FY27 is a MESSAGE TO THE WORLD.” (Pete Hegseth)
— AXEC (@EgmontHandtke) June 18, 2026
The message is that Pete Hegseth doesn't understand how the economy works.
(i) The increased military spending will increase the public deficit.
(ii) Macroeconomic profit Qm is…
Occasional X: Clueless economists / Science (CCCXLV)
“Kevin Warsh effectively just stated he doesn’t believe in the Phillips Curve trade-off between inflation and unemployment.” (Judy Shelton)
— AXEC (@EgmontHandtke) June 18, 2026
This proves 3 things
• Orthodox employment theory has always been false, i.e., never satisfied the criteria of Science;
• Heterodoxy… pic.twitter.com/zGd8sNOqRC
June 17, 2026
Occasional X: Clueless economists / Science (CCCXLIV)
“Economists like Harold Demsetz and Ronald Coase based their property rights views on utilitarianism. Murray Rothbard based his on justice.“ (Mises Institute)
— AXEC (@EgmontHandtke) June 17, 2026
Harold Demsetz, Ronald Coase, and Murray Rothbard got the subject's foundational economic concept — profit — wrong. This…
Occasional X: The futile attempt to recycle MMT (CCIV)
“Jay Forrester, the father of System Dynamics, believed that in order to change a state's course on an issue, you have to change public perception first. To me, this is exactly what MMT community and fantastic ppl such as Stephanie Kelton have been doing.” (Shahin Ashkiani)…
— AXEC (@EgmontHandtke) June 17, 2026