“Higher wages raise consumption and sales. Firms respond to demand, not just costs.” (Relearning Economics)
— AXEC (@EgmontHandtke) April 2, 2026
The axiomatically correct macroeconomic Employment Law ⇓ tells one how ― in the elementary case ― the employment L depends ― under the condition of product market… pic.twitter.com/NQAjgQpl5k
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 2, 2026
Occasional X: Clueless economists / Employment (XXVIII)
Occasional X: Clueless economists / Science (CCXCVI)
“It is my firm belief that Financial Literacy is what fuels the American Dream.” (Scott Bessent)
— AXEC (@EgmontHandtke) April 2, 2026
Financial Literacy is a hallucination. Scott Bessent doesn't understand how the economic system works. Neither do academic economists.
For 200+ years, economics has claimed to be a…
Occasional X: Clueless economists / Science (CCXCV)
“Especially recommend chapter 3 on why ideas like marginalism took so long to develop.” (Dwarkesh Patel)
— AXEC (@EgmontHandtke) April 2, 2026
Marginalism is the worst example of scientific failure.
For over 200 years, economics has said it is a science, but it isn't. The major approaches (Walrasianism,…
Occasional X: The foul spirit of political economics (CCLXIV)
“The great tragedy of the global economic malaise is that it is caused by a shortage of something that is essentially costless to produce: money.” (Steve Keen, quoted by Relearing Economics)
— AXEC (@EgmontHandtke) April 2, 2026
“The great tragedy of the global economic malaise is that it is caused by a shortage of… pic.twitter.com/g7hl8wkMe7
Occasional X: The foul spirit of political economics (CCLXIII)
“Collectivism is the enemy. Anyone prompting or spreading collectivist thought. That is your enemy.” (Handre)
— AXEC (@EgmontHandtke) April 2, 2026
Whatever this is, it is not science.
Economists have never understood the difference between politics and science. This is why economics is failed/fake science to this… pic.twitter.com/lwE1GmQEkw
April 1, 2026
Occasional X: Clueless economists / Profit (CXXXIX)
“The post-Keynesians were right about everything. Long live Kalecki and Robinson and death to Austroid and neoclassical slop.” (Nikolai Rostov)
— AXEC (@EgmontHandtke) April 1, 2026
Kalecki was a failed/fake economist because he got the subject's foundational concept — profit — wrong. This is self-disqualifying.…
Occasional X: The futile attempt to recycle Austrianism (XLXXXIII)
The free-market economy runs on profit. Macroeconomic profit is given by the axiomatically correct Profit Law / Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The Profit Law implies PublicDeficit-is-PrivateProfit Qm≡G−T>0, i.e., macroeconomic profit is (co-)produced by…
— AXEC (@EgmontHandtke) April 1, 2026