#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) February 9, 2026
“Mises understood what modern economists refuse to acknowledge: fiat currencies have a 100% historical failure rate.” (Handre van Heerden)
Ludwig von Mises never understood profit and, as a consequence, how the economic system works. That's…
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.
February 9, 2026
Occasional X: Clueless economists / Money (XCVIII)
Occasional X: The foul spirit of political economics (CCVII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) February 9, 2026
“The mechanism behind grade inflation is the same as the mechanism behind inflation.” (Olivier Blanchard)
“Olivier makes a key point: The issue really is grade *inflation* not just grade *levels*. ” (Jason Furman)
Olivier Blanchard never understood… pic.twitter.com/PWk8Ooj2Uv
Occasional X: The foul spirit of political economics (CCVI)
“Milton, I was blessed to be a student of his and when he came here, he had a huge effect on not just me, but generations of students that followed.” (Kevin Marsh)
— AXEC (@EgmontHandtke) February 9, 2026
Milton Friedman never understood profit and, as a consequence, how the economic system works. That's…
Occasional X: Clueless economists / Science (CCXLXVII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) February 9, 2026
“In the courts of princes, in the drawing-rooms of the great, where success depends not upon merit but upon favour, truth is seldom heard. This disposition to admire, and almost to worship, the rich and the powerful… is the great and most universal… pic.twitter.com/5AiANQadH8
February 8, 2026
Occasional X: Clueless economists / Profit (CXXXI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) February 8, 2026
“One reason why it’s important to defend billionaires is because, as Deirdre McCloskey has argued, a key ingredient of a prosperous society is regarding “trade-tested” profit—profit earned by producing valued goods and services—as something honorable… pic.twitter.com/fgkM2BM7vV
Occasional X: Clueless economists / Money (XCVII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) February 8, 2026
“Remember that ALL private savings are 'part of GB National Debt', they are the £ issued by central bank that have yet to be taxed back.” (various MMT economists)
Not true!
The free-market economy runs on profit. Macroeconomic profit is given by…
Occasional X: Clueless economists / Breakdown (XXI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) February 8, 2026
There is an absolute upper limit for the growth of public debt, which is given by public_debt times avg_interest ≦wage_income. Economic problems, though, start much earlier because of other irreducible items in the budget.
Analogous to private…