#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 24, 2025
“How can I accept a doctrine which sets up as its bible, above and beyond criticism, …” (J. M. Keynes)
Acceptance is NOT the issue. The issue is to overcome what is so obviously false.
Keynes, too, misunderstood the concept of profit because he… pic.twitter.com/qo1D00tIyZ
November 25, 2025
Occasional X: The futile attempt to recycle Keynesianism (XCI)
November 24, 2025
Occasional X: Paradigm Shift (LXXXIV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 24, 2025
“The Conceptual Flaw in the Microeconomic Foundations of Dynamic Stochastic General Equilibrium Models” (quoted by Clint Ballinger)
It is NOT enough to prove that economics has been proto-scientific garbage since Adam Smith.
For 200+ years,… pic.twitter.com/vgXLDHFSvL
Occasional X: AI — boosting scientific competence in economics (IV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 24, 2025
“I can't really show my entire interrogation of ChatGPT around reserve accounting at the BoE, but the upshot is that if the govt runs a budget surplus, the effect is not what most economists will tell you.” (MMT for Progressives)
ChatGPT can not… pic.twitter.com/jWTglpswPO
November 23, 2025
Occasional X: Econ 101― still proto-scientific garbage (XIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 23, 2025
“Econ seminars are great. In other seminars people sit in silence, then wander off whispering 'that was idiotic.' In Econ, you learn right away what the weak points are, and what people misunderstand and you need to explain better.” (John Cochrane)…
Occasional X: The futile attempt to recycle MMT (CLXXII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 23, 2025
“This is the equivalent of asking the Wembley scoreboard operator, 'Is there a limit to the amount of goals you can borrow?' (MMT for Progressives)
There is an absolute upper limit for the growth of public debt, which is given by… pic.twitter.com/yY30VInhcY
Occasional X: Clueless economists / Science (CCXXVIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 23, 2025
“According to Horwitz’s Introduction to Austrian Economics, they claim to offer a more 'realistic' explanation of economic phenomena than mainstream economics does …” (Shahin Ashkiani)
The decisive criterion of science is material AND formal…
November 22, 2025
Occasional X: Clueless economists / Price Mechanism (VI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 22, 2025
“— they were blind to the identity structure linking the data.” (quoted by James Young)
The axiomatically correct macroeconomic Law of Supply and Demand ⇓ tells one how ― in the elementary case ― the avg price P moves under the condition of market… pic.twitter.com/hTXcbuQ9l1
Occasional X: Clueless economists / Science (CCXXVII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 22, 2025
“Economic models are broken, and economists have wildly different ideas about how to fix them.” (Joseph Stiglitz)
“In a new paper entitled 'Where Modern Macroeconomics Went Wrong,' Nobel laureate Joseph Stiglitz of Columbia University lays much of… pic.twitter.com/BqwWCaq1Bi
Occasional X: The futile attempt to recycle Milton Friedman (XLVI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 22, 2025
“There's no other industry in the US, except politics, that is so OBSOLETE.” (Milton Friedman Quotes)
“There's no other science in the US, except economics, that is so OBSOLETE.” (AXEC)
Milton Friedman was an economist, so he should have known how…
Occasional X: The foul spirit of political economics (CLXXI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 22, 2025
“The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists,” (Joan Robinson, quoted by Elizabeth Glab)
“Scrap the lot and start again.” (Joan…
Occasional X: The futile attempt to recycle MMT (CLXXI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 22, 2025
MMT's foundational balances equation is provably false, so their whole macroeconomics is false. ⇒
The page where Stephanie Kelton gets macroeconomics wrong https://t.co/fSdHhHY3aB
For the full-spectrum refutation, see ⇒https://t.co/eXlgPKrQd8 pic.twitter.com/xbuRi8r0ad
Also at Phil Waller.
November 21, 2025
Occasional X: Clueless economists / Money (LX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 21, 2025
“The use of the quantity of money as a target has not been a success. I'm not sure that I would as of today push it as hard as I once did.” (Friedman Quotes)
For over 200 years, economics has claimed to be a science, but it still isn't. The major… pic.twitter.com/6VXnb3yx3c
Occasional X: Clueless economists / Profit (CXIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 21, 2025
Kalecki was a failed/fake economist because he got the fundamental concept of the subject — profit — wrong. However, his mistake is axiomatic, and in most practical cases, the errors are small and almost cancel out. So, even though the Levy/Kalecki…
Occasional X: The futile attempt to recycle MMT (CLXX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 21, 2025
“It’s that time again: the 'MMT is wrong' posts are resurfacing from the economists who push the belief that 'markets control the CB and the Treasury.'” (Shahin Ashkiani)
Yes, MMT is wrong.
The free-market economy runs on profit. Macroeconomic… pic.twitter.com/P7U7DEC2kP
November 20, 2025
Occasional X: The foul spirit of political economics (CLXX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 20, 2025
“The history of economic thought as a living laboratory.” (Cambridge Journal of Economics)
The history of economic thought is the history of scientific failure.
For over 200 years, economics has claimed to be a science, yet it still is not. The… pic.twitter.com/DVZukrphBY
Occasional X: Paradigm Shift (LXXXIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 20, 2025
“Mainstream economists get far more wrong, and when they do happen to be right, which is rare, it's a result of chance than any result derived their idealist ontology and epistemology.” (David Fields)
For 200+ years, economics has claimed to be a… pic.twitter.com/IjJJE8iFyn
Occasional X: The foul spirit of political economics (CLXIX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 20, 2025
“It is always worth studying economics or history just to know when certain people are deceiving you.” (David Graeber Institute)
Deception means that someone knows the truth but makes it wrong on purpose. This does not apply to economics. Economists… pic.twitter.com/94GbCj4pf9
Occasional X: The futile attempt to recycle Milton Friedman (XLV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 20, 2025
“If the federal government spends $450 billion and only raises $400 billion in taxes, who do you suppose pays that other $50 billion? Do you suppose a tooth fairy does?” (Milton Friedman Quotes)
Milton Friedman was an economist, so he should have…
Occasional X: How it works (CDXIV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 20, 2025
“Are the credit→GDP, credit→profits, and credit→asset-price results enough to fully falsify Selgin’s residual claims (“Intermediationism.”)? … The evidence is conclusive: Credit creation is the causal engine of nominal GDP, profits, inflation,…
November 19, 2025
Occasional X: Economic laws (IV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 19, 2025
“Laws of economics are like laws of physics, yet the lefts keep fighting them.” (Michael Arouet)
There are systemic laws in economics, but not behavioral laws. ⇓ Economists constantly confute the two. This is why economics has been failed/fake… pic.twitter.com/zAWq3ffxmy
Occasional X: Clueless economists / Inflation / Deflation (XLVIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 19, 2025
Inflation is the rate of change of the avg price ⇓. If it goes to zero, the problems are NOT over because one is now on a higher price level. And this will bring employment down.
Most people (including economists) do not understand the difference… pic.twitter.com/sfMzh5AN5f
Occasional X: The foul spirit of political economics (CLXVIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 19, 2025
“Mises gave us the recipe for civilization: … Therefore: No private property → no prices → no calculation → no coordination → no civilization.” (Robert Breedlove)
This is an example of stolen valour.
The free-market economy runs on profit.…
November 17, 2025
Occasional X: Clueless economists / Science (CCXXVI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 17, 2025
“Economics has a serious problem with elite concentration, intellectual insularity, and lack of diversity — a problem far more pronounced in economics than in other disciplines. ” (Jostein Hauge)
For 200+ years, economics has claimed to be a… pic.twitter.com/XPayhYWT6D
Occasional X: Time to get the axioms of economics right (VI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 17, 2025
“Why DSGE and NK Models Cannot Recover the Kalecki–Godley Identity ... they cannot reproduce the equivalence Kalecki (profits)=Godley (financing).” (James Young)
Almost true. But from the fact that DSGE/NK is proto-scientific garbage does not follow…
Occasional X: The futile attempt to recycle Keynesianism (XC)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 17, 2025
“Shlomo Ben-Ami sees echoes of John Maynard Keynes's wisdom in the US administration's 20-point plan.” (Project Syndicate)
Keynes was a scientifically incompetent waffler. He misunderstood the concept of profit because he was unable to grasp… pic.twitter.com/eAyfSHbCih
Occasional X: Clueless economists / Profit (CXII)
#Economics#AllYouNeedToKow
— AXEC (@EgmontHandtke) November 17, 2025
“Identifying a phenomenon is not enough; we need a theory that makes instability a normal result in our economy and gives us handles to control it.” (Hyman Minsky)
True, but the fact remains that Minsky's theory was way off the mark.
The major… pic.twitter.com/qkIf8JJJoO
Occasional X: Clueless economists / Profit (CXI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 17, 2025
Both Kalecki and Godley dug at the right site, but not deep enough.
Kalecki was a failed/fake economist because he got the fundamental concept of the subject — profit — wrong. ⇓ This is long known. For details, see
Kalecki got it wrong, Allais got… pic.twitter.com/bADEBJFL81
November 16, 2025
Occasional X: Clueless economists / Philosophy (X)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 16, 2025
Liberalism is not a philosophy; economics is not a science. They are both silly propaganda.
The free-market economy runs on profit. Macroeconomic profit Qm is given by the axiomatically correct Profit Law/Balances Equation…
Occasional X: Economists and their silly prediction games (II)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 16, 2025
“The future is unpredictable.” (Feynman)
Only charlatans predict the future, and only morons take them seriously.
The problem of economics is NOT failed predictions, but that it is a failed/fake science. For details, see
Scientists do NOT predict…
Occasional X: The futile attempt to recycle Austrianism (XLXV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 16, 2025
“Government work corrupts.” (Friedrich Hayek)
“Economics corrupts.” (AXEC)
Hayek never understood profit and, by consequence, how the economic system works. Logical inconsistency is enough for the refutation of a theory. So, Hayek has been…
Occasional X: The futile attempt to recycle Keynesianism (LXXXIX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 16, 2025
“Fundamentally, by his nature and aesthetics, Keynes was more an artist than an economist. I mean this as a compliment.” (Branko Milanovic)
Keynes was a scientifically incompetent waffler. He misunderstood the concept of profit because he was unable… pic.twitter.com/gAgS0KeVAG
November 15, 2025
Occasional X: The foul spirit of political economics (CLXVII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 15, 2025
Prof. Steve Keen is not a competent scientist but one of the many #EconBlockers on social media. pic.twitter.com/aMtqRDMqco
Occasional X: Clueless economists / Money (LIX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 15, 2025
Don't waste your time refuting legacy economics. It's all proto-scientific garbage ⇓. Go straight to the Paradigm Shift.
For details of monetary theory, see SSRN
The Dark-Matter Theory of Fiat Moneyhttps://t.co/A5k0pCTfrV pic.twitter.com/ZQOgLq4g7y
Occasional X: AI — boosting scientific competence in economics (III)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 15, 2025
“Vice President of America, JD Vance is a Grok guy and he says Grok is the best.” (DogeDesigner)
Compared to the Vice President, Grok appears to be intelligent. However, as far as economics is concerned, AI is as scientifically incompetent as…
Occasional X: The futile attempt to recycle Kalecki (Xb)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 15, 2025
Kalecki was a failed/fake economist because he got the fundamental concept of the subject — profit — wrong. It seems that his sorry followers cannot read and are bad at math. For details, see
Kalecki's wrong definition of profit and income…
Occasional X: The futile attempt to recycle Kalecki (Xa)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 15, 2025
The axiomatically correct macroeconomic Law of Supply and Demand ⇓ tells one how ― in the elementary case ― the avg price P moves under the condition of market clearing as a function of avg wage rate W, inverse avg productivity R, and… pic.twitter.com/fM98VafncU
November 14, 2025
Occasional X: Paradigm Shift (LXXXII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 14, 2025
“Everything I dont like, I use a label called neoliberalism.” (Vincent Geloso)
“The last several generations of economists have had the key assumptions underpinning their entire intellectual framework so skillfully hidden from them, they are truly… pic.twitter.com/Anf3N9ltnc
Occasional X: The futile attempt to recycle Austrianism (XLXIV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 14, 2025
“Without competitive markets, 'it’s not that the information is difficult to process — it doesn’t exist'.” (Peter Boettke quoted by Human Progress)
Apparently, Peter Boettke has no clue about how the monetary economy works.
The free-market economy,…
November 13, 2025
Occasional X: Clueless economists / Science (CCXXV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 13, 2025
“These are the nine schools of economics, as described by Ha-Joon Chang in 'Economics: The User’s Guide'.” (Jostein Hauge)
It does not matter how many schools of economics can be counted. Actually, they are ALL false. Economics has never been more… pic.twitter.com/xm3QoYF3nR
Occasional X: The futile attempt to recycle Adam Smith (LXXXVI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 13, 2025
“Adam Smith’s optimistic science of wealth creation has become the pessimistic science of choice under scarcity.”
Firstly, science is neither optimistic nor pessimistic. Secondly, economics is not a science. Thirdly, the representative economist is… pic.twitter.com/pLWk8Ace59
Occasional X: Clueless economists / Science (CCXXIV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 13, 2025
“Economics is fundamentally political — it has never been, and never will be, an 'objective science.” (Jostein Hauge)
Flying is fundamentally human, the pilot operates the controls and the passengers drink coffee and share stories from their… pic.twitter.com/5gxssiZX2w
Occasional X: Clueless economists / Science (CCXXIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 13, 2025
In the debate between Capitalism and Communism, it remains an open question which side is the dumbest.
Marx never understood profit and, by consequence, how the economic system works.
Economics claims to be a science but still is NOT. The major…
Occasional X: Clueless economists / Science (CCXXII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 13, 2025
“Neoclassical and New Keynesian (NK) DSGE models both claim to explain the macroeconomy.” (Relearning Economics)
Neoclassical and New Keynesian DSGE models are axiomatically false. Academic economists are unable to realise anything, nor can they… pic.twitter.com/siAog2NrDM
November 12, 2025
Occasional X: The futile attempt to recycle Austrianism (XLXIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 12, 2025
“He was there to meet Murray Rothbard, the radical economist …” (Students for Liberty)
Murray Rothbard has never been a 'radical economist' because he never understood profit, how the economy works, what science is all about, and why economics has… pic.twitter.com/XAW0p0wvkX
Occasional X: Clueless economists / Science (CCXXI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 12, 2025
The history of economic thought is the history of scientific failure.
For over 200 years, economics has claimed to be a science, yet it still is not. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism and their derivatives)… pic.twitter.com/WnzymbtMXT
Occasional X: Scrap the EconNobel (XLX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 12, 2025
“This year’s Nobel winners remind us: innovation thrives where trade is free.” (Econlib)
The EconNobel has become one of the biggest PR disasters of all time. It has nothing at all to do with science.
Although it claims to be a science, economics… pic.twitter.com/sYKESGDVuD
Occasional X: How it works (CDXIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 12, 2025
“You are destroying yourselves!” (Vladimir Putin)
Self-destruction is inevitable according to the macroeconomic Laws that underly monetary economies.
The free-market economy runs on profit. Macroeconomic profit Qm is given by the axiomatically…
Occasional X: Clueless economists / Employment (XXI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 12, 2025
The axiomatically correct macroeconomic Employment Law ⇓ tells one how ― in the elementary case ― the employment L depends ― under the condition of market clearing ― on ρE and ρF. The ratio ρF is composed of avg wage rate W, inverse avg productivity… pic.twitter.com/OAfaB49Vxv
November 11, 2025
Occasional X: Clueless economists / Science (CCXX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 11, 2025
Paul Samuelson never understood profit and, by consequence, how the economic system works. Together with Solow messed up the original Phillips Curve back in 1960. ⇒
NAIRU, wage-led growth, and Samuelson's Dyscalculiahttps://t.co/dlXM0eZXwc
and…
November 10, 2025
Occasional X: Clueless economists / Science (CCXIX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 10, 2025
“The body of economic knowledge is an essential element in the structure of human civilization; it is the foundation upon which modern industrialism and all the moral, intellectual, technological, and therapeutical achievements of the last centuries… pic.twitter.com/oActvo32gO
Occasional X: Economics still lacks correct macrofoundations (XXXIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 10, 2025
“The equations that changed the world.” (BURKOV)
BURKOV forgot the First Economic Law. ⇓
For details and references, see
The great economic equationshttps://t.co/sUiSaCV5G0 pic.twitter.com/01JrCfb8Cw
Occasional X: How it works (CDXII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 10, 2025
“We are now the richest, most respected country in the world, with almost no inflation and a record stock market.” (Donald Trump)
President Trump is just following the Prime Directive of WeTheOligarchy.
The free-market economy runs on profit.…
***
Twitter/X Nov 17, 2025 Prime Directive in overdrive
Occasional X: How it works (CDXI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 10, 2025
“Debt sustainability is well captured in a simple formula that goes back to 1944. The interest rate and GDP growth determine the change in the debt-to-GDP ratio.” (jeroen blokland)
Yeah, that's math for morons. If the debt-to-gdp ratio is defined…
Occasional X: How it works (CDX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 10, 2025
“Every country on Earth is in debt… The entire planet owes $315 trillion… If everyone owes money, who exactly is owed?” (Henri Fjord)
Apparently, Henri Fjord has no clue about how the monetary economy works.
The free-market economy a.k.a.…
November 9, 2025
Occasional X: Clueless economists / Real Wage (IV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 9, 2025
According to the axiomatically correct macroeconomic Law of Supply and Demand, the real wage W/P in the elementary production-consumption economy ⇓ moves with the productivity R and declines with deficit-spending/money-creation i.e., ρE>1. The… pic.twitter.com/W3ygHudoOr
Occasional X: Economists’ eternal problem with methodology (XI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 9, 2025
“Students of Austrian economics please read the first paragraph after the heading on ‘The Epistemological Import of Carl Menger’s Theory of the Origin of Money.’ Trace Mises’s argument back to Menger then forward to Hayek.” (Peter Boettke)
Authentic… pic.twitter.com/pq8VGUq7T4
Occasional X: How it works (CDIX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 9, 2025
“$20 trillion could be injected into the U.S. economy by year-end!” (Donald Trump)
President Trump is just following the Prime Directive (also known as POTUS' General Order No. 1) of WeTheOligarchy.
The free-market economy runs on profit.…
***
Twitter/X Nov 9, 2025
November 8, 2025
Occasional X: The futile attempt to recycle Hayek (XLVII)
#Economics #AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 8, 2025
“Profit tells us where we can make the best contribution. By pursuing profit, we are as altruistic as we can possibly be.” (Friedrich Hayek)
As an economist, Friedrich Hayek should have understood what profit is and how the economy works. But he…
Occasional X: Clueless economists / Money (LVIII)
#Economics#AllYouNeedToKnow#MonetaryTheory
— AXEC (@EgmontHandtke) November 8, 2025
New on SSRN
The Dark-Matter Theory of Fiat Moneyhttps://t.co/A5k0pCSHCn
***
Twitter/X Nov 11, 2025 Licit or illicit money?
Occasional X: How it works (CDVIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 8, 2025
“Corporate America posts best earnings in 4 years despite tariffs.” (Financial Times)
Profit has nothing to do with a thriving economy or the welfare of WeThePeople.
The free-market economy a.k.a. Capitalism runs on profit. Macroeconomic profit Qm…
Occasional X: Scrap the EconNobel (XLIX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 8, 2025
“Last month, the Committee finally acknowledged that ideas, not capital, made the modern world.” (Deirdre McCloskey)
The EconNobel has become one of the biggest PR disasters of all time. It has nothing at all to do with science.
Although it claims… pic.twitter.com/kc3yFxQmhM
Occasional X: Clueless economists / Science (CCXVIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 8, 2025
“The solutions offered by economists were no less delusory than those of the theologians that they displaced.” (Joan Robinson)
Religion and economics indeed have a common denominator. It consists of the triad storytelling/ entertainment/…
November 7, 2025
Occasional X: AI — boosting scientific competence in economics (II)
#Economics#AI#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 7, 2025
“They built a new benchmark called WorldTest to see if AI actually understands the world… and the results are brutal. Even the biggest models Claude, Gemini 2.5 Pro, OpenAI o3 got crushed by humans.” (Spencer Baggins)
Dear WorldTest, here is…
Occasional X: The foul spirit of political economics (CLXVI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 7, 2025
“… the poorest US state Mississippi has higher GDP per capita than France or Italy …” (Michael Arouet)
“Washington D.C.'s key industries include government and contracting, security and technology, professional and business services, healthcare,…
Occasional X: The foul spirit of political economics (CLXV)
#Economics #AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 7, 2025
“Sometimes I even hid in remote bathrooms just to read a little more.” (Jostein Hauge)
When you read sentences like this, you realise that they have nothing to do with economics as a science, but rather with cheap, emotional PR stunts.
Occasional X: How it works (CDVII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 7, 2025
“Your reminders that the stock market isn’t the economy, and unchecked corporate greed isn’t compatible with a moral or thriving society.” (Melanie D'Arrigo)
Profit has nothing to do with a thriving economy or the welfare of WeThePeople. Actually,…
Occasional X: The history of economic thought is the history of scientific failure (XLII)
#Economics#FailedFakeScience
— AXEC (@EgmontHandtke) November 7, 2025
The history of economic thought is the history of scientific failure. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally… pic.twitter.com/tak9J66Bbk
Occasional X: Clueless economists / Science (CCXVII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 7, 2025
“What economics gets wrong about human behaviour, with Richard Thaler” (Financial Times)
The Marginal Revolution is the result of the application of the behavioral hardcore proposition “HC2 agents individually optimize subject to constraints; …” ‡…
Occasional X: The foul spirit of political economics (CLXIV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 7, 2025
“The self-inflicted destruction of German industry is unprecedented.” (Michael Arouet)
Correction:
'The US-inflicted destruction of German industry is unprecedented.' (Fact)
Occasional X: It was rotten from the beginning; it is still rotten now (I)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 7, 2025
“I sometimes think the general public would know more about economics if the economists did not exist.” (Francis Cripps)
This quote is a prime example of the poor intellectual level that economics is still operating at today.
Neither the general… pic.twitter.com/nE42cUBWzG
November 6, 2025
Occasional X: Clueless economists / Profit (CX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 6, 2025
“Why is it so difficult to understand that economic freedom drives innovation, growth and prosperity?” (Michael Arouet)
Why is it so difficult for economists to understand that productivity drives the profit of a single firm but not the total profit…
Occasional X: Clueless economists / Science (CCXVI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 6, 2025
“AI pioneers claim human-level general intelligence is already here.” (Financial Times)
As far as economics is concerned, AI is as scientific incompetent as human-level general intelligence a.k.a, normal stupidity. Scientific validity is the key…
Occasional X: Clueless economists / Science (CCXX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 6, 2025
“'How the economy works' depends on human action. Without humans, there wouldn't be any economy.” (Alberto Tornato)
“How flying works depends on human action. Without humans, there wouldn't be any flying. This is trivially true for any… pic.twitter.com/U5Cyi3J5h7
For details of the big picture, see cross-references Not a Science of Behavior
November 5, 2025
Occasional X: Paradigm Shift (LXXXI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 5, 2025
“Keynes started from macro identities and uncertainty, not from individuals optimizing under constraints.” (Relearning Economics)
Keynes misunderstood the concept of macroeconomic profit because he lacked the basic algebra skills required to… pic.twitter.com/Ha9RNhwOpr
Occasional X: Clueless economists / Profit (CIX)
#Economics#FailedFakeScience
— AXEC (@EgmontHandtke) November 5, 2025
“Much of mainstream economics holds to the Efficient Market Hypothesis (EMH), which is built on highly unrealistic foundations. The Austrian causal-realist approach has more explanatory power.” (Mises Institute)
Yes, mainstream economis is… pic.twitter.com/jnARuJU163
Occasional X: How it works (CDVI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 5, 2025
“How to combine the preferences of the voters and the knowledge of the experts. ” (Olivier Blanchard)
As an economist, Olivier Blanchard should understand how the economy works and what drives the budget-deficit. Apparently, he doesn't.
The…
Occasional X: Forget supply-demand-equilibrium (XX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 5, 2025
“A lot of critiques of the NK model apply just as well to supply and demand in any market… Does that mean supply and demand is not a useful framework?” (Jon Steinsson)
In economics, there is no such thing as equilibrium. Consequently,…
November 4, 2025
Occasional X: Clueless economists / Money (LVII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 4, 2025
“Why is it even still called S&P 500?” (Michael Arouet)
The value of the US stock market is a result of the Fed printing money. This has no significance whatsoever. It says nothing about the strength or health of the US economy. It is not…
Occasional X: The foul spirit of political economics (CLXIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 4, 2025
“Ludwig von Mises didn't just refute Marx's economics. He exposed contradictions in Marx's philosophy so devastating that the entire system collapsed.” (Students for Liberty)
Both Marx and Mises were scientifically incompetent. Therefore, the Marx…
#Economics#FailedFakeScience
— AXEC (@EgmontHandtke) November 4, 2025
Economics is the science of how the economy works. It is NOT “the science of human action”.
von Mises never understood profit and, by consequence, how the economic system works.
Both Austrianism and Marxianism are forms of philosophical,…
November 3, 2025
Occasional X: Paradigm Shift (LXXX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 3, 2025
“Of course there is no general equilibrium.” (Relearning Economics)
Equilibrium has been put into the premises. Methodologically, this is known as petitio principii. This invalidates the whole of economics. For details. see
The equilibrium of… pic.twitter.com/Tf9mxnbbf3
Occasional X: Clueless economists / Science (CCXIX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 3, 2025
“Although it is not true that all conservatives are stupid people, it is true that most stupid people are conservative.” (J. S. Mill)
Although it is not true that all economists are stupid people, it is true that most stupid people think that… pic.twitter.com/5HnR9WFhis
Occasional X: Economists’ eternal problem with methodology (X)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 3, 2025
“In this paper, we focus on the semantics and relevance of ideology in economics. Correctly conceived, we argue, ideology is a distinct, irreplaceable category, which should not be identified, for instance, with value judgements.” (Cambridge Journal,… pic.twitter.com/FWtzTwHcZ5
For more on Lawson, see AXECquery.
Occasional X: Clueless economists / Money (LVI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 3, 2025
“I recommend people read the sequence of posts by @farmerrf with a critical view of the NK model. … Most of the models and ideas that we have today as alternatives to the 3-equation NK models came about to improve on that model. … Likewise, it is…
For more about Roger Farmer, see AXECquery.
Occasional X: Clueless economists / Money (LV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 3, 2025
“Just in: The S&P 500 rose 2.4% in October for a sixth consecutive month of gains, marking the best run for the index since August 2021.” (Financial Times)
The value of the US stock market is a result of the Fed printing money. This has no…
Occasional X: Clueless economists / Money (LIV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 3, 2025
“OOPS! The total value of the US stock market is now ~245% of the country’s GDP – far above the 100% level that Warren Buffett considers a sign of a market bubble.” (Holger Zschaepitz)
The value of the US stock market is a result of the Fed printing…
November 2, 2025
Occasional X: The foul spirit of political economics (CLXII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 2, 2025
“It is the export surplus and the budget deficit which enable the capitalists to make profits over and above their own purchases of goods and services.” (Michał Kalecki)
The representative economist never understood profit and, by consequence, how…
Occasional X: Clueless economists / Breakdown (XVI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 2, 2025
“Public debt is just a deferred tax. It will be paid by future taxpayers, either through an explicit tax increase or by inflation.” (Steve Hanke)
Economist Steve Handke does not understand how the economy works. He shares this sad fate with all of…
Occasional X: Clueless economists / Science (CCXVIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 2, 2025
“This book means to me what MWG means to many others.” (Sergei Egiev)
For over 200 years, economics has claimed to be a science, but it still isn't. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives)…
For more about textbooks, see AXECquery.
November 1, 2025
Occasional X: The futile attempt to recycle Milton Friedman (XLIV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 1, 2025
“There is no justification for military conscription.” (Milton Friedman)
There is no justification for economists.
Milton Friedman never understood profit and, by consequence, how the economic system works. That's rather bad for an economist.
When…
Occasional X: Clueless economists / Profit (CVIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 1, 2025
“It is the export surplus and the budget deficit which enable the capitalists to make profits over and above their own purchases of goods and services.” (Michał Kalecki)
The representative economist never understood profit and, by consequence, how… pic.twitter.com/480vh8U7KG
October 31, 2025
Occasional X: Scrap the EconNobel (XLVIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) October 31, 2025
“Consider this shocking fact: economics is the only discipline that exhibits a high and growing institutional concentration among its Nobel laureates.” (Jostein Hauge)
Economics has never been a science. It does not suffer from an elitist problem.… pic.twitter.com/B8aEkoSS69
Occasional X: The futile attempt to recycle Adam Smith (LXXXV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) October 31, 2025
“No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.” (Adam Smith)
This is called a tautology by people who can think, and a deep insight by everyone else.
These kinds of platitudes… pic.twitter.com/t5pW8ogExw
Occasional X: The futile attempt to recycle Austrianism (XLXII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) October 31, 2025
“When studying praxeology, something as trivial as the recipe for chocolate cake can become a way to better teach us Austrian economics.” (Joshua Mawhorter)
Austrians never understood the profit mechanism, which is the pivotal feature of the…
Occasional X: Economics still lacks correct macrofoundations (XXXII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) October 31, 2025
“The field of macroeconomics could benefit from much more humility.” (Jon Hartley)
A lack of humility is not the most serious fault of economists; a lack of brains is.
Economics is the study of how economic systems work. However, even today,… pic.twitter.com/iSqLWM5Syc
October 30, 2025
Occasional X: Clueless economists / Science (CCXVII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) October 30, 2025
“Thinking this isn’t science is like thinking this textbook diagram isn’t either.” (Federico Castello Rojo)
Yes, science is abstraction. But not every abstraction is science. Economists never understood the Fallacy of Insufficient Abstraction. For… pic.twitter.com/IpzrCUnah8
Related 'Key Issues: Formalization, empty formalism, common sense, nonsense'
Occasional X: Economic laws (III)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) October 30, 2025
“There is so much behind it, and so much to be learnt. And yet finally condensed in such an elegant, compact, insightful format.” (Tomasso Monacelli)
If you don't understand the First Economic Law ⇓, then you won't understand economics. pic.twitter.com/fkCxGcESwC
Occasional X: How it works (CDV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) October 30, 2025
“Let me give you my vision. A man’s right to work as he will to spend what he earns, to own property, to have the State as servant and not as master; these are the British inheritance. They are the essence of a free economy.” (Margaret Thatcher)…
October 29, 2025
Occasional X: Clueless economists / Profit (CVII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) October 29, 2025
“Debt to GDP in Russia 15%, UK 97%, Europe 100%.” (Lord Bebo quotes Dimitriev)
The free-market economy a.k.a. Capitalism runs on profit. Macroeconomic #Profit Qm is given by the axiomatically correct Profit Law/Balances Equation…
Occasional X: Scrap the EconNobel (XLVII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) October 29, 2025
“Economics has an elitism problem. It is the *only* discipline that exhibits a high and growing institutional concentration among its Nobel laureates.” (Jostein Hauge)
The EconNobel has become one of the biggest PR disasters of all time. It has…
AI: boosting scientific competence in economics (VII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) October 29, 2025
“Grokipedia will exceed Wikipedia by several orders of magnitude in breadth, depth and accuracy” (Elon Musk)
As far a economics is concerned, Grokipedia fails because of formal inconsistency alone. That's lethal for Artificial Intelligence.
For…
AI: boosting scientific competence in economics (VI)
Grokipedia: Profit (economics), Version Oct 29, 2025, Rectification
[Link to Grokipedia Profit and to X]
Issue
Although economics claims to be a science, it still is not. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory, axiomatically false, and materially and formally inconsistent. They all got profit wrong.
When the foundational concepts of a subject are inconsistent, the entire analytical framework is scientifically worthless.
Economics is a failed/fake science because the concept of profit, which is pivotal to the subject, is inconsistent, making it methodologically flawed.
Grokipedia has not figured out that economics as a whole has been failed/fake science for 200+ years. What it does is a collection of statements, analogous to geocentrism, that are microeconomically plausible in themselves, but macroeconomically inconsistent.
Conclusion: Grokipedia is scientifically worthless.
Sources
The remarkable flaw of Grokipedia is that it does not fully grasp the resources available. Alternatively, it is biased and selective in its choice of resources.
It is well known that legacy economics gets profit, the pivotal magnitude of the subject matter, wrong.
For details, see
Cross-references Profit/Distribution
https://axecorg.blogspot.com/2015/03/profit-cross-references.html
In particular,
Wikipedia, economics, scientific knowledge, or political agenda pushing?
https://axecorg.blogspot.com/2020/06/wikipedia-economics-scientific.html
The GDP death blow for the economics profession
https://axecorg.blogspot.com/2020/11/the-gdp-death-blow-for-economics.html
Key Issues: Profit
https://axecorg.blogspot.com/2025/05/key-issues-profit-1-3.html
Conclusion: Grokipedia ignores relevant resources, for example
SSRN (with profit explicitly mentioned in the title)
https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1210665
Blogspot
https://axecorg.blogspot.com/
Fix
The starting point for the analysis is the elementary production-consumption economy, which is given by three macroeconomic axioms and two conditions.
Figure AXEC183a
This is the correct core of premises: (A0) The objectively given and most elementary systemic configuration of the economy consists of the household and the business sector, which in turn consists initially of one giant fully integrated firm. (A1) Yw=WL wage income Yw equals wage rate W times working hours. L, (A2) O=RL output O is equal to productivity R times working hours L, (A3) Ec=PX consumption expenditure Ec is equal to price P times quantity bought/sold X.
The price P follows here as the dependent variable under the conditions of budget-balancing, i.e., Ec=Yw, and market-clearing, i.e., X=O.
These premises are certain, true, and primary, and therefore satisfy all methodological requirements.
Macroeconomic monetary profit is, for the most elementary case, defined as Qm≡Ec−Yw. Initially, the profit Qm is zero because Ec=Yw. Profit appears if Ec>Yw (dissaving). Loss appears if Ec<Yw (saving). So, profit is initially Qm=−Sm.
Conclusion: Profit of the business sector depends in the initial case on the dissaving of the household sector. It does not depend on monopoly, innovation, productivity, risk, etc.
The logical way goes from macroeconomics to microeconomics through consistent differentiation.
At first, one has two firms that are equal in every respect. Now, through differentiation, one gets the usual common-sense effects. For example:
a) Firm 1 increases the productivity R1>R; all other real magnitudes remain the same. Effect: the market-clearing price falls → firm 1 makes a profit → firm 2 makes a loss → total profit remains zero. If profit was initially >0, then firm 1 increases profit and firm 2 reduces profit or makes a loss and is forced to leave the market.
b) Firm 1 reduces the wage rate W1<W. Effect: the market-clearing price falls → firm 1 makes a profit → firm 2 makes a loss → total profit remains zero. If profit was initially >0, then firm 1 increases profit and firm 2 reduces profit or makes a loss and is forced to leave the market. These effects have been labeled as cross-over exploitation and described in
Capitalism, poverty, exploitation, and cross-over exploitation
https://axecorg.blogspot.com/2018/04/capitalism-poverty-exploitation-and.html
The methodological consequence of cross-over exploitation is that the microeconomic effects seem intuitively correct but are scientifically inaccurate.
c) The demand shifts from firm 1 to firm 2. The price P1 goes down, the price P2 goes up. Firm 1 makes a loss, firm 2 makes a profit. Total profit remains unchanged.
And so on.
The fundamental fault of behavioral microfoundations is that it looks at one firm and ignores the complementary effects of the rest of the economy. This is the Fallacy of Composition.
Consequence
The microeconomic approach is why economics is ultimately a failed/fake science. Grokipedia reproduces the faults of legacy economics; it still does not satisfy the criteria of science, ie, material and formal consistency. Grokipedia fails because of formal inconsistency alone. That's lethal for Artificial Intelligence.
For more details about AI, see AXECquery.
October 28, 2025
Occasional X: AI — boosting scientific competence in economics (I)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) October 28, 2025
“Grok is eating the fake news.” (Lord Bebo)
With regard to economics, Wikipedia is not a treasure but a heap of proto-scientific garbage. This has been proven long ago, see the linkshttps://t.co/ArRV7DqY0s
In particular,
Wikipedia, economics,…
Related 'Profit Theory in less than 5 minutes'
Occasional X: The foul spirit of political economics (CLXI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) October 28, 2025
Keynes misunderstood the concept of macroeconomic profit because he lacked the basic algebra skills required to understand it. Consequently, he botched the Paradigm Shift from microfoundations to macrofoundations. This initial blunder means that the…
October 27, 2025
Occasional X: Clueless economists / Science (CCXVI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) October 27, 2025
“Different people will have different strategies. Different motivations. Different emphases. That's not weakness. That's strength.” (Students for Liberty)
So true, different people are different.
Hayek never understood profit and, by consequence,…
Occasional X: The foul spirit of political economics (CLX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) October 27, 2025
“We need to be more modest when it comes to what we can possibly know.” (Tyler Cowen)
A lack of modesty is not the most serious fault of economists; a lack of brains is.
Economics is the study of how economic systems work. However, even today,…
Occasional X: The futile attempt to recycle MMT (CLXIX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) October 27, 2025
Economics is failed/fake science. This includes MMT.
The representative economist is not, and never has been, a competent scientist but an agenda pusher / useful idiot / phrase monger / storyteller / self-glorifier / clown in the political Circus… pic.twitter.com/4aQdAvAVfb
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