“One of the most devastating critiques ever made of Marxist economics was delivered by Eugen von Böhm-Bawerk’s Karl Marx and the Close of His System (1896).” (Creative Deduction)
— AXEC (@EgmontHandtke) March 20, 2026
The history of economic thought is the history of scientific failure. The major approaches are…
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.
March 20, 2026
Occasional X: Clueless economists / Science (CCLXXXII)
Occasional X: Game Theory has no economic content (III)
“Utility; for an entrepreneur, ― profit; for a player, gain or loss.” (Theory of Games and Economic Behavior, p. 33, fn. 2) von Neumann/Morgenstern got profit wrong. ⇓ Profit is the foundational economic concept. Because of this, Game Theory has always been irrelevant to… pic.twitter.com/O7V3fIWwW7
— AXEC (@EgmontHandtke) March 20, 2026
Occasional X: The foul spirit of political economics (CCXLVI)
“The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” (Hayek Quotes)
— AXEC (@EgmontHandtke) March 20, 2026
“The curious task of economics is to demonstrate that they know nothing about their subject matter but are still honored as scientists and… pic.twitter.com/0w2I1GVXvA
ccasional X: How it works ― the central bank as profit pump (VI)
“Central banks used to buy government bonds and maybe some gold. The SNB prints Swiss francs, converts them to dollars, and buys growth stocks in Silicon Valley.” (Handre)
— AXEC (@EgmontHandtke) March 20, 2026
Handre has no idea how Capitalism works. This is self-disqualifying.
The Central Bank's main task is to…
Occasional X: The foul spirit of political economics (CCXLV)
“The corpse count speaks louder than any theory — Josef Stalin murdered between 6 and 20 million of his own people through deliberate famines, mass executions, and gulags that made Hitler look like an amateur. … The same academic establishment that clutches pearls over free… pic.twitter.com/pFKVcX5ZcW
— AXEC (@EgmontHandtke) March 20, 2026
Occasional X: The foul spirit of political economics (CCXLIV)
“If I'm poor and you're rich, it could society's fault. But the reason is more likely that you're smarter, harder working, more entrepreneurial, more diligent, more conscientious, or more wiling to take risk than I am.” (Creative Deduction)
— AXEC (@EgmontHandtke) March 20, 2026
(i) Imagine two equal plots of land…
March 19, 2026
Occasional X: The foul spirit of political economics (CCXLIII)
“free markets don't fail. distorted markets do” (Time Preference)
— AXEC (@EgmontHandtke) March 19, 2026
Time Preference has no idea what profit is and how Capitalism works. This is self-disqualifying.
The free-market economy runs on profit. Macroeconomic profit is given by the axiomatically correct Profit Law /…