“21 August is the birthday of Krishna Bharadwaj. She inspired generations of students in Delhi. A brilliant economist, who did research on Sraffa & Marx, Krishna was a powerful voice on the left.” (Kaushik Basu)
— AXEC (@EgmontHandtke) August 21, 2026
The question is why Krishna Bharadwaj or her inspired students…
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.
August 21, 2026
Occasional X: The futile attempt to recycle Marx (LXI)
Occasional X: The foul spirit of political economics (CCCXLXIII)
“The Socratic maxim that the recognition of our ignorance is the beginning of wisdom has profound significance for our understanding of society.” (Friedrich Hayek)
— AXEC (@EgmontHandtke) August 21, 2026
Friedrich Hayek never understood profit and, by logical consequence, how the economic system works. ⇓ This is… pic.twitter.com/oOuK8Iyj7y
August 20, 2026
Occasional X: The futile attempt to recycle Austrianism (CXXIII)
“Time preference is the foundation upon which every interest rate, every business decision, and every act of saving rests. Eugen von Böhm-Bawerk formalized this insight in 1884 in Capital and Interest, and free market economists have built on it ever since. The core idea is…
— AXEC (@EgmontHandtke) August 20, 2026
Occasional X: Clueless economists / Distribution, Inequality (XXII)
“No, Productivity Does Not Explain Income. The marginal productivity theory of income distribution was born a little over a century ago. Its principle creator, John Bates Clark, was explicit that his theory was about ideology and not science.” (Blair Fix)
— AXEC (@EgmontHandtke) August 20, 2026
The foundational…
Occasional X: Clueless economists / Money (CXLXII)
“If prices are rising, look at supply and demand, and ask what’s disrupting them.” (Foundations for Economic Education)
— AXEC (@EgmontHandtke) August 20, 2026
Economic education is in dire straits because economics is failed/fake science.
The main economic slogan says that price depends on supply and demand. It is…
August 19, 2026
Occasional X: The foul spirit of political economics (CCCXLXII)
“If you’re studying economics and they’re not teaching Thomas Sowell, you’re not getting an education. You’re getting an indoctrination.” (Charlie Kirk)
— AXEC (@EgmontHandtke) August 19, 2026
Economics has been failed/fake science since the founding fathers. It has defined itself as a social science and accordingly…
Occasional X: The futile attempt to recycle Austrianism (CXXII)
“The entire edifice of modern economic policy rests on a lie: that a group of planners can manage an economy better than the people living in it.” (Handre)
— AXEC (@EgmontHandtke) August 19, 2026
Modern economics rests on the premise that if all individuals do constrained optimization, this will result in the optimum…