Scientific standards are well-defined: “Research is, in fact, a continuous discussion of the consistency of theories: formal consistency insofar as the discussion relates to the logical cohesion of what is asserted in joint theories; material consistency insofar as the agreement…
— AXEC (@EgmontHandtke) May 9, 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.
May 9, 2026
Occasional X: Clueless economists / Science (CCCXIII)
May 8, 2026
Occasional X: The futile attempt to recycle Austrianism (XCVI)
“If you strip away that fancy façade of notation, you are essentially left with the same old 'government deficit = private sector surplus' identity everyone who understands basic accounting already knows is true by definition.” (Yang)
— AXEC (@EgmontHandtke) May 8, 2026
The sentence 'true by definition' is the… pic.twitter.com/Y95UVoltA2
Occasional X: Clueless economists / Profit (CL)
“Government deficit = private sector surplus (math, not a theory)” (?whispers?)
— AXEC (@EgmontHandtke) May 8, 2026
There is no such thing as the Private Sector, but only the household sector and the business sector. The respective balances are saving Sm and profit Qm. So, the correct formula says Government… pic.twitter.com/4n8Vnwmh4R
Occasional X: Clueless economists / Science (CCCXII)
“Franklin Roosevelt’s pragmatism and John Maynard Keynes’s ideas 'saved capitalism from the capitalists', writes Joseph Stiglitz, a Nobel-prizewinning economist.” (Economist)
— AXEC (@EgmontHandtke) May 8, 2026
Neither Roosevelt nor Keynes understood how the economic system works. Both just applied common sense.…
Occasional X: The foul spirit of political economics (CCXCVII)
“Well, try maximizing that 'aggregate profit' through government … You're just justifying genocide by maximizing a dumb accounting system pursuing numbers that don't make sense.” (Cezary Baginski)
— AXEC (@EgmontHandtke) May 8, 2026
The Profit Law is a specific application of elementary math, i.e., 5=7-2. This is…
Occasional X: The foul spirit of political economics (CCXCVI)
“So if the general public holds increasing cash balances and the money supply is constant, you conclude that business have suffered a loss?” (Bushido)
— AXEC (@EgmontHandtke) May 8, 2026
No.
What I say is: Macroeconomic profit or loss Qm is given by the axiomatically correct Profit Law…
Occasional X: Clueless economists / Science (CCCXI)
“Mathematics brought rigor to Economics. Unfortunately, it also brought mortis. (Kenneth E. Boulding)
— AXEC (@EgmontHandtke) May 8, 2026
As cargo cult scientists, economists copied the dominant math of their time: calculus. They never understood that their specific branch of math is the elementary algebra that… pic.twitter.com/UBx9Q8N3WY