“We will repeat it one and a thousand times: a fiscal surplus is a deficit of the private sector and that is not sustainable.” (Red MMT, translated from Spanish)
— AXEC (@EgmontHandtke) April 24, 2026
Almost true. Correction: A fiscal surplus is a loss of the business sector.
The free-market economy runs on profit.…
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 24, 2026
Occasional X: Clueless economists / Profit (CXLV)
Occasional X: Clueless economists / Profit (CXLIV)
'In the story, he returns to Earth to change economics. Ricardo stands before a heavenly court, rectifying Profit Theory. He is sent back to earth for one night, tasked with convincing academia to do the Paradigm Shift.' (AXEC's paraphrase of FEE)
— AXEC (@EgmontHandtke) April 24, 2026
Ricardo NEVER understood profit…
Occasional X: The foul spirit of political economics (CCLXXXIV)
When Chris Freiman brings his silly examples, never forget that his title is Professor, John Chambers College of Business and Economics.
— AXEC (@EgmontHandtke) April 24, 2026
This tells you that, when it comes to economics, the scientific competence of academia is close to zero.
For the broad picture, see…
Recommendation
“Let me guess: 'they' are all imbeciles, but YOU know the truth (and will share it for a fee).” (Meta Mike Dominguez)
— AXEC (@EgmontHandtke) April 24, 2026
Legacy economists are scientifically incompetent. In social media terms, they are imbeciles. A Paradigm Shift is inescapable. Legacy economists cannot do it. But…
Occasional X: Clueless economists / Science (CCLXXXIV)
“All monopolists are notoriously uneconomical, and the bureaucratic machinery of government even more so.” (Friedrich Hayek)
— AXEC (@EgmontHandtke) April 24, 2026
To this day, Austrians cannot calculate macroeconomic profit. The reason for their own calculation problem is scientific incompetence. Actually, it's…
April 23, 2026
Occasional X: Clueless economists / Science (CCLXXXIII)
“Profits, both retained and distributed, are encompassed within the private sector financial balance. That is, when the government runs a deficit, the corresponding surplus accrues to the private sector, which includes households and firms. Within this aggregated balance, profits… pic.twitter.com/kgmvUrSKNY
— AXEC (@EgmontHandtke) April 23, 2026
Occasional X: Clueless economists / Science (CCLXXXII)
“They construct a toy model with no investment, only households and firms, defines saving as (S = Y_w - C), and defines profit as (Q = C - Y_w). Then derives: [Q = -S]
— AXEC (@EgmontHandtke) April 23, 2026
This is correct for that model, but here is the problem, it excludes inventory investment.” (Grok)
Grok has…