Occasional Xs: Clueless economists / Science (CLXXXI)

#Economics#AllYouNeedToKnow

“And in fact economic research has very little neoclassical economics left. Vanishingly few articles these days write 'here is a big puzzle, but we figured out how to solve it with supply and demand?'” (John Cochrane)

Economics claims to be science… pic.twitter.com/UWuHw9A0Di

— AXEC (@EgmontHandtke) July 25, 2025

Occasional Xs: Clueless economists / Money (XXXVI)

#Economics#AllYouNeedToKnow

Macroeconomics is axiomatically false, and because of this Monetary Theory is false. For the correct approach see

The Dark-Matter Theory of Fiat Moneyhttps://t.co/A5k0pCSHCn

— AXEC (@EgmontHandtke) July 25, 2025

Occasional Xs: The foul spirit of political economics (CXXXVI)

 

#Economics#AllYouNeedToKnow

Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong.… pic.twitter.com/l9ya0kRowP

— AXEC (@EgmontHandtke) July 25, 2025

Occasional Xs: Clueless economists / Profit (LXXXVII)

#Economics#AllYouNeedToKnow

“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. The connection between 'external' profits and imperialism is obvious.” (Michał Kalecki)

The… pic.twitter.com/JfIpcVXzCU

— AXEC (@EgmontHandtke) July 25, 2025

Occasional Xs: Clueless economists / Money (XXXV)

#Economics#AllYouNeedToKnow

“The Fed is losing $100 billion a year. Now, it is blowing even more taxpayer money on out-of-control building renovations.” (Scott Bessent)

Economically, that's not taxpayer money but counterfeit money.

The Fed's core mission is (in cooperation…

— AXEC (@EgmontHandtke) July 25, 2025

Occasional Xs: Paradigm Shift (LXX)

 

#Economics#AllYouNeedToKnow

“I asked an economist once why the discipline insisted on its core assumptions despite overwhelming evidence that they did not resemble the real world in the slightest. He replied that it is, at heart, a normative theory, not a positive one – it… pic.twitter.com/cJgMJnzggw

— AXEC (@EgmontHandtke) July 25, 2025

Occasional Xs: Clueless economists / Science (CLXXX)

#Economics#AllYouNeedToKnow

“Economics today resembles Catholic theology in medieval Europe: a rigid doctrine guarded by a modern priesthood who claim to possess the sole truth. Dissenters are shunned.” (Ha-Joon Chang)

The history of economic thought is the history of… pic.twitter.com/BfIdwbIvk1

— AXEC (@EgmontHandtke) July 24, 2025

Also at Brian Albrecht. 

Occasional Xs: The futile attempt to recycle Hayek (XLIII)

#Economics#AllYouNeedToKnow

“Many social scientists start out by assuming they can understand the entire society.” (Friedrich Hayek)

Economics has defined itself as a social science. This has been the fatal methodological error/mistake/blunder.

Since the founding fathers,…

— AXEC (@EgmontHandtke) July 24, 2025

Occasional Xs: Clueless economists / Inflation / Deflation (XLVI)

#Economics#AllYouNeedToKnow

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/AGpcvh6g3Y

— AXEC (@EgmontHandtke) July 24, 2025

Occasional Xs: Clueless economists / Money (XXXIV)

 

#Economics#AllYouNeedToKnow

“Your federal taxes are incapable of paying for anything because they are recorded and destroyed upon receipt. The Operational Reason Why Federal Taxes are Not Revenue for the Federal Government.” (Real Progressives)

MMT's foundational balances… pic.twitter.com/hBrFbZ8tdS

— AXEC (@EgmontHandtke) July 24, 2025

Occasional X: The growth of public/private debt is the life elixir of Capitalism (VIII)

#Economics#AllYouNeedToKnow

“Debt is brutal and it has been hurting people for 1,000s of years.” (David Graeber Institute)

David Graeber never understood how the economic system works. This is obvious from his sado-masochistic language (brutal, hurting).

Here are the…

— AXEC (@EgmontHandtke) July 23, 2025

Occasional Xs: Economics and math ― they just can't get it together (VII)

#Economics#AllYouNeedToKnow

Since the founding fathers, economics has been failed/fake science. To this day, economists have been unable to apply the proper mathematical tool to their subject matter. Unfortunately, they are even too stupid for the elementary algebra that… pic.twitter.com/NE8c86XoAL

— AXEC (@EgmontHandtke) July 23, 2025

Related 'Barzilai and the crumbling of the unsafe citadel' 

Occasional Xs: The futile attempt to recycle Milton Friedman (XL)

#Economics#AllYouNeedToKnow

“Milton Friedman destroys the myth that inflation is caused by unions, consumers, or foreign countries. Inflation is made in Washington because only the government can create money.” (Students for Liberty)

Economics claims to be science but is NOT.… pic.twitter.com/NaTF0iMAed

— AXEC (@EgmontHandtke) July 23, 2025

Occasional Xs: How it works (CCCLXXIX)

#Economics#AllYouNeedToKnow

“The idea that allowing himself to be forced out would somehow make Jay Powell be serving the interests of the independence of the @federalreserve is, I think, very wrong.” (Lawrence Summers)

The Fed's core mission is (in cooperation with other…

— AXEC (@EgmontHandtke) July 23, 2025

Occasional Xs: Clueless economists / Money (XXXIII)

 

#Economics#AllYouNeedToKnow

“Significant mission creep and institutional growth have taken the Fed into areas that potentially jeopardize the independence of its core monetary policy mission.” (Treasury Secretary Scott Bessent)

The Fed's core mission is (in cooperation with…

— AXEC (@EgmontHandtke) July 22, 2025

Occasional Xs: Clueless economists / Money (XXXII)

#Economics#AllYouNeedToKnow

“What we need to do is examine the entire Federal Reserve institution and whether they have been successful …” (Scott Bessent)

Scientifically, they have not been successful.

Since the founding fathers, economics has claimed to be a science but… pic.twitter.com/uYzbcTA6S8

— AXEC (@EgmontHandtke) July 21, 2025

Occasional Xs: Clueless economists / Money (XXXI)

#Economics#AllYouNeedToKnow

“It's easy to find out what Fed PhD economists do. The working papers are on the Fed website.” (John Cochrane)

It is well known that Fed economists are doing Cargo Cult science.

Since the founding fathers, economics has claimed to be a science but…

— AXEC (@EgmontHandtke) July 21, 2025

Occasional Xs: How it works (CCCLXXVIII)

#Economics#AllYouNeedToKnow

“Die Schwarz-Rote Koalition hat durch die Reform der Schuldenbremse Spielraum für hohe kreditfinanzierte Rüstungsausgaben geschaffen.”

“By reforming the debt brake, the Black-Red coalition has created scope for high credit-financed arms… pic.twitter.com/QPEnBGFtlm

— AXEC (@EgmontHandtke) July 21, 2025

Occasional Xs: The futile attempt to recycle MMT (CLXXXIV)

#Economics#AllYouNeedToKnow

Contribution to the “intellectual biography” of one of MMT's patrons:

Warren Mosler: scientific dilettante and political fraudsterhttps://t.co/J5mELLa55M pic.twitter.com/nWxg6G1uYA

— AXEC (@EgmontHandtke) July 21, 2025

Occasional Xs: Clueless economists / Employment (XVIII)

#Economics#AllYouNeedToKnow

The axiomatically correct macroeconomic Employment Law ⇓ tells one that employment L (and by consequence output O=RL) increases if the avg wage rate W rises faster than the avg product price P, and if the expenditure ratio ρE is > 1, i.e., with… pic.twitter.com/p9hAX0mnYE

— AXEC (@EgmontHandtke) July 21, 2025

Occasional Xs: Clueless economists / Breakdown (XII)

#Economics#AllYouNeedToKnow

“… are we supposed to keep waiting another decade for the doomsday that mainstream economists keep predicting?” (litewhisperer)

From axiomatically correct economics follows that the doomsday is built into the free-market economy, only the exact…

— AXEC (@EgmontHandtke) July 21, 2025

Occasional Xs: Clueless economists / Science (CLXXIX)

#Economics#AllYouNeedToKnow

“To make his theory more attractive, Keynes called it ‘The General Theory.’ In fact, he knew precisely that it was not a general theory. It was an argument to persuade the government in the 1930s to do particular things.” (Friedrich Hayek)

Keynes… pic.twitter.com/Dgp1e2c0x9

— AXEC (@EgmontHandtke) July 21, 2025

Occasional Xs: Clueless economists / Inflation (XLV)

#Economics#AllYouNeedToKnow

From the axiomatically correct macroeconomic Law of Supply and Demand ⇓ follows that the lethal effect of deficit-spending/money-creation is on distribution and not on inflation. For details see ⇒

Dear idiots, government deficits do NOT cause… pic.twitter.com/BF8vPGX3DD

— AXEC (@EgmontHandtke) July 20, 2025

Occasional Xs: Clueless economists / Breakdown (XI)

 

#Economics#AllYouNeedToKnow

“Therefore, the number of depressions that followed after a large deficit is zero.” (Grok)

Yes, and why is this so?

The free-market economy runs on profit. Macroeconomic #Profit Qm is given by the axiomatically correct Profit Law/Balances Equation…

— AXEC (@EgmontHandtke) July 20, 2025

Occasional Xs: How it works (CCCLXXVII)

#Economics#AllYouNeedToKnow

“The deficit is the natural position of the state budget.… It's a reflection of private savings and the external deficit. The real scandal? That our leaders still haven't understood this.”
“Using irrefutable accounting identities, the ones every… pic.twitter.com/afmiixcYPT

— AXEC (@EgmontHandtke) July 19, 2025

Related 'The Dark-Matter Theory of Fiat Money' 

Occasional Xs: How it works (CCCLXXVI)

#Economics#AllYouNeedToKnow

“'Free market' is a summary term for an array of exchanges that take place in society. Each exchange is undertaken as a voluntary agreement between two people or between groups of people represented by agents.” (Murray Rothbard)

Murray Rothbard…

— AXEC (@EgmontHandtke) July 19, 2025

Occasional Xs: The futile attempt to recycle MMT (CLXXXIII)

#Economics#AllYouNeedToKnow

“New Macroeconomics - Chinese translation of the MMT macro textbook.” (Yan Ling)

MMT's foundational balances equation is provably false, so their whole macroeconomics is false. ⇒

Refuting MMT’s Macroeconomics Textbookhttps://t.co/nRk2rDyVs3

When…

— AXEC (@EgmontHandtke) July 19, 2025

Occasional Xs: Clueless economists / Money (XXX)

#Economics#AllYouNeedToKnow

“What we call 'the economy' is so important to us that economists have become the high priests of our society. Yet, oddly, there is absolutely no consensus among economists about what money really is.” (David Graeber)

True until now ⇒
The…

— AXEC (@EgmontHandtke) July 18, 2025

Occasional Xs: Clueless economists / Money (XXIX)

#Economics#AllYouNeedToKnow

“Government spend by creating money. The 'national debt' is the total of government spending that has not yet been recovered in taxes. It is an accounting residual. The size is of no consequence.” (Malcolm Reavell approvingly quoting Lord Macauley)…

— AXEC (@EgmontHandtke) July 18, 2025

Occasional Xs: Clueless economists / Money (XXVIII)

#Economics#AllYouNeedToKnow

“… when the banker has a deficit, the players have the resulting identical SURPLUS.” (Mark Flowerchild)

Not quite correct. So, sit down, activate your two remaining brain cells and try to understand how balances are interconnected and how licit…

— AXEC (@EgmontHandtke) July 18, 2025

Occasional Xs: Clueless economists / Science (CLXXVIII)

#Economics#AllYouNeedToKnow

The history of economic thought is the history of scientific failure.

Economics claims to be science, but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory &… pic.twitter.com/dMbMrdTSJO

— AXEC (@EgmontHandtke) July 17, 2025

Occasional Xs: The futile attempt to recycle Keynesianism (LXXVII)

#Economics#AllYouNeedToKnow

“The difficulty lies not so much in developing new ideas as in escaping from old ones.” (Keynes)

Keynes got macroeconomic #Profit wrong because he was too stupid for elementary Algebra. So, he messed up the long overdue Paradigm Shift from… pic.twitter.com/1tQ3cqw8M4

— AXEC (@EgmontHandtke) July 17, 2025

Occasional Xs: How it works (CCCLXXV)

#Economics#AllYouNeedToKnow

“How much public debt is too much public debt? How do you calculate it, besides the super idiotic VAR model application?” (Shahin Ashkiani)

Here is how to determine the absolute upper limit of public debt.

The free-market economy a.k.a. Capitalism…

— AXEC (@EgmontHandtke) July 17, 2025

Occasional Xs: The futile attempt to recycle Hayek (XLII)

 

#Economics#AllYouNeedToKnow

“The history of government management of money has, except for a few short happy periods, been one of incessant fraud and deception.” (Friedrich Hayek)

“The history of economic thought has, except for a few short happy periods, been one of incessant… pic.twitter.com/ky9esBn1cY

— AXEC (@EgmontHandtke) July 16, 2025

Occasional Xs: How it works (CCCLXXIV)

 

#Economics#AllYouNeedToKnow

“1. Currency Issuing Government spends currency 2. Taxpayers use currency to pay tax” (Michael Sanderson)

Why does profit not appear on your Currency Issuer Thesaurus? Isn't this the foundational concept of economics? Obviously, you have no clue of…

— AXEC (@EgmontHandtke) July 16, 2025

#MMT#BadScienceBadPolicyBadPeople

You are not up to date. Warren Mosler has been refuted long ago.

MMT: The one deadly error/fraud of Warren Moslerhttps://t.co/wKI0WoPwoU

MMT, Warren Mosler, and the little helpers from Wall Street and Academiahttps://t.co/3HTR2oUC7S

Warren…

— AXEC (@EgmontHandtke) July 16, 2025

#MMT#BadScienceBadPolicyBadPeople

That money is created out of nothing and backed by nothing is NOT the critical point of a fiat money system. The point is whether money is injected (i) on the left side of the business sector's national account in the form of wages or (ii) on… pic.twitter.com/2XZM5VUydD

— AXEC (@EgmontHandtke) July 16, 2025

Occasional Xs: The futile attempt to recycle Austrianism (XLV)

 

#Economics#AllYouNeedToKnow

von Mises never understood profit and how the economic system works. That's rather bad for an economist.

The free-market economy runs on profit. Macroeconomic #Profit Qm is given by the axiomatically correct Profit Law/Balances Equation…

— AXEC (@EgmontHandtke) July 15, 2025

Occasional Xs: Clueless economists / Science (CLXXVII)

 

#Economics#AllYouNeedToKnow

“When the disciplines of economics and sociology were being invented in Britain 250 years ago, their progenitors such as Adam Smith, David Hume, Adam Ferguson, and others were preoccupied with how vibrant commercial activity and human behavior were… pic.twitter.com/iWlwOc5TXu

— AXEC (@EgmontHandtke) July 15, 2025

Correction typo: it's Luhmann

Related: 'Confused Confusers: How to Stop Thinking Like an Economist and Start Thinking Like a Scientist' 

Occasional Xs: Paradigm Shift (LXIX)

 

#Economics#AllYouNeedToKnow

Economics has defined itself as a social science. This has been the fatal methodological error/mistake/blunder.

Since the founding fathers, economics has claimed to be a science but still is NOT. The major approaches (Walrasianism, Keynesianism,… pic.twitter.com/SThW3IFFTZ

— AXEC (@EgmontHandtke) July 14, 2025

Occasional Xs: How cargo cult science works (III)

 

#Economics#AllYouNeedToKnow

“There is basically no difference between socialism and fascism.” (Friedrich Hayek)

There is basically no difference between Hayek and a Cargo Cultist.

Hayek did not understand profit and how the economic system works. That's rather bad for an… pic.twitter.com/UyIjrzj6tv

— AXEC (@EgmontHandtke) July 14, 2025

Occasional Xs: Clueless economists / Science (CLXXVI)

 

#Economics#AllYouNeedToKnow

For 200+ years, economics has claimed to be Science but still is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally… pic.twitter.com/iswjf8M8yW

— AXEC (@EgmontHandtke) July 13, 2025

Occasional Xs: How it works (CCCLXXIII)

 

#Economics#AllYouNeedToKnow

“How does this relate to budget surpluses?” (Phil Waller)

Ok, sit down and listen.

The free-market economy runs on profit. Macroeconomic #Profit Qm is given by the axiomatically correct Profit Law/Balances Equation…

— AXEC (@EgmontHandtke) July 12, 2025

 

If you had any clue about math you would know that the first thing in math is proof. 'I can say for certainty' counts for nothing, only proof counts. So, prove the macroeconomic Profit Law wrong and show the proof here on X.

— AXEC (@EgmontHandtke) July 13, 2025

Occasional Xs: The futile attempt to recycle Hayek (XL)

 

#Economics#AllYouNeedToKnow

“Nobody can be a great economist who is only an economist—and I am even tempted to add that the economist who is only an economist is likely to become a nuisance if not a positive danger.” (Friedrich Hayek)

Economics claims to be science but is NOT.… pic.twitter.com/UNNqWwXNs8

— AXEC (@EgmontHandtke) July 12, 2025

Occasional Xs: The futile attempt to recycle Hayek (XXXIX)

 

#Economics#AllYouNeedToKnow

“Hayek’s books should be available & recommended at more schools. Agree?” (Hayek Quotes)

No. Brainwashing children is one of the worst political crimes.

Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism,… pic.twitter.com/xhtWlhvTkh

— AXEC (@EgmontHandtke) July 11, 2025

Occasional Xs: The futile attempt to recycle MMT (CLXXXII)

 

#Economics#AllYouNeedToKnow

“MMT is a description of an accounting fact when sovereign states issue their own currency. “ (David Rogers)

No, MMTers are too stupid for macroeconomic accounting. They have never understood profit and, as a logical consequence, how the economy… pic.twitter.com/S2lQZzsHwq

— AXEC (@EgmontHandtke) July 11, 2025

Occasional Xs: The futile attempt to recycle Milton Friedman (XXXIX)

 

#Economics#AllYouNeedToKnow

'The great achievements of science have not come from economists. To this day, economics has not progressed above the level of proto-scientific garbage.' (Friedman paraphrases)

Economics claims to be science but is NOT. The major approaches… pic.twitter.com/89Y0JxByHw

— AXEC (@EgmontHandtke) July 10, 2025

Occasional Xs: The futile attempt to recycle Keynesianism (LXXVI)

 

#Economics#FailedFakeScience

Keynes got macroeconomic profit wrong because he was too stupid for elementary algebra. So, he messed up the Paradigm Shift from microfoundations to macrofoundations. Because of this initial blunder, the whole of (micro & macro) economics is… pic.twitter.com/CzCTFZRaeU

— AXEC (@EgmontHandtke) July 10, 2025

Occasional Xs: The futile attempt to recycle von Mises (VIII)

 

#Economics#AllYouNeedToKnow

“…Mises … one of the greatest economic thinkers of the 20th century.” (Mises Media)

von Mises never understood profit and how the economy works. That's rather bad for an economist.

The free-market economy runs on profit. Macroeconomic #Profit Qm…

— AXEC (@EgmontHandtke) July 9, 2025

Occasional Xs: How it works (CCCLXXII)

 

#Economics#AllYouNeedToKnow

“The U.S. Stock Market now has a higher market cap than Europe, China, Hong Kong, Japan, India, United Kingdom, France, Germany, Spain, Italy, Brazil, Mexico, and South Africa COMBINED 👀👀 Thought American Exceptionalism was dead?” (Barchard)

True.…

— AXEC (@EgmontHandtke) July 9, 2025

X, Jul 25, 2025 

Occasional Xs: The futile attempt to recycle Hayek (XXXVIII)

 

#Economics#AllYouNeedToKnow

“An economist who is only an economist cannot even be a good economist.” (Friedrich Hayek)

Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually… pic.twitter.com/J9fZfqEKen

— AXEC (@EgmontHandtke) July 6, 2025

Occasional Xs: The futile attempt to recycle MMT (CLXXXI)

 

#Economics#AllYouNeedToKnow

“Look at it! Govt sector surplus = Private sector deficit.” (Russell Wadey)

There is no such thing as the 'private sector', there is the business sector and the household sector.

So, the correct balances equation says: Govt sector deficit =…

— AXEC (@EgmontHandtke) July 2, 2025

Occasional Xs: How it works (CCCLXXI)

 

#Economics#AllYouNeedToKnow

“Billionaires are not bad if they become rich by innovating and creating. Rent-seeking billionaires are, on the other hand, bad. ” (Vincent Geloso)

What exactly is it that helps to create billionaires? Econ profs still have not figured that out.…

— AXEC (@EgmontHandtke) July 1, 2025

Occasional Xs: Clueless economists / Science (CLXXV)

 

#Economics#AllYouNeedToKnow

“Promoting the study of economic science.” (@RoyalEconSoc)

Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false… pic.twitter.com/T7vWBwJhCs

— AXEC (@EgmontHandtke) June 30, 2025

Occasional Xs: How it works (CCCLXX)

 

#Economics#AllYouNeedToKnow

“Every country on the planet with high real median personal income has billionaires—the institutions that help create prosperity for all also help create billionaires” (Chris Freiman)

True. But what exactly is it that helps to create billionaires?…

— AXEC (@EgmontHandtke) June 30, 2025

Occasional Xs: The futile attempt to recycle MMT (CLXXX)

 

#Economics#AllYouNeedToKnow

“Is MMT just bourgeois economics? “ (Macro n Cheese)

It does not matter how MMTers stylize themselves politically. MMTers have never understood profit and, as a logical consequence, how the economy works. That's rather bad for an economist.… pic.twitter.com/XvbD402fuJ

— AXEC (@EgmontHandtke) June 28, 2025

Occasional Xs: Clueless economists / Science (CLXXIV)

 

#Economics#AllYouNeedToKnow

“I regard him as a real genius, but not a great economist. He was not really a strict logical reasoner.” (Hayek on Keynes)

Neither Keynes nor Hayek understood profit and how the economic system works. That's rather bad for an economist.

The history…

— AXEC (@EgmontHandtke) June 26, 2025

Occasional Xs: The futile attempt to recycle MMT (CLXXIX)

 

#Economics#AllYouNeedToKnow

“When the banker has a deficit, the players have the identical SURPLUS”

MMTers have never understood profit and as a consequence how the economy works.

Macroeconomic profit Qm is given by the Profit Law/Balances Equation… pic.twitter.com/S8hY3hWt7f

— AXEC (@EgmontHandtke) June 20, 2025

Occasional Xs: The futile attempt to recycle MMT (CLXXVIII)

 

#Economics#AllYouNeedToKnow

“Focusing on inflation (price stability) and productive spending are the core tenets of MMT.” (Richard Phillips)

Macroeconomic profit Qm is given by the Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0 which implies… pic.twitter.com/kT2HJL3IoV

— AXEC (@EgmontHandtke) June 15, 2025

Occasional Xs: The futile attempt to recycle MMT (CLXXVII)

 

#Economics#AllYouNeedToKnow

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/fSdHhHXvl3

When the foundational concepts of the subject matter are…

— AXEC (@EgmontHandtke) June 14, 2025

Occasional Xs: The foul spirit of political economics (CXXXV)

 

#Economics#AllYouNeedToKnow

The history of economic thought is the history of scientific failure, and it goes from David Ricardo via Karl Marx onward to Branko Milanovic (“An economist who thinks,” according to his self-description)

Ricardo has never understood #Profit and how…

— AXEC (@EgmontHandtke) June 14, 2025

Occasional Xs: Clueless economists / Science (CLXXIII)

 

#Economics#AllYouNeedToKnow

“But these simplistic models are just for educational purposes. We also have complex, realistic models.” (quoted by Shahin Ashkiani)

The key criterion of Science is true/false and not realistic/unrealistic. Truth is well-defined by material and… pic.twitter.com/vpHcqeOOdB

— AXEC (@EgmontHandtke) June 13, 2025

Occasional Xs: The futile attempt to recycle Milton Friedman (XXXVIII)

 

#Economics#AllYouNeedToKnow

“Milton Friedman believed there’s only one way out of the debt spiral: A constitutional amendment that limits government spending.” (Students for Liberty)

Milton Friedman has never understood profit and how the economic system works. That's rather…

— AXEC (@EgmontHandtke) June 11, 2025

Occasional Xs: Economics is not science but disinfotainment (XLIX)

 

#Economics#AllYouNeedToKnow

“Prof. Acemoglu compares unrealistic neoclassical models to flat-earth maps and claims that such maps are sometimes 'useful'.” (Shahin Ashkiani)

Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism,… pic.twitter.com/Sam5WSPKQ8

— AXEC (@EgmontHandtke) June 11, 2025

Occasional Xs: Paradigm Shift (LXVIII)

 

#Economics#AllYouNeedToKnow

“Economics is the study of people's choices. … . The first principle of economics is that people try to optimize … The second principle … is that economic systems tend to be in equilibrium, …” (Key Ideas quoted by Shahin Ashkiani)

Economics has… pic.twitter.com/foSNKEI9Nu

— AXEC (@EgmontHandtke) June 10, 2025

Occasional Xs: Paradigm Shift (LXVII)

 

#Economics#AllYouNeedToKnow

“Macroeconomics is the subject of many criticisms.” (Oliver Blanchard)

For 200+ years, economics has claimed to be a Science but still is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are… pic.twitter.com/WmSwfFZMT6

— AXEC (@EgmontHandtke) June 10, 2025

Related 'Economics: 200+ years of scientific incompetence and fraud'.

Occasional Xs: Clueless economists / Profit (LXXXVI)

 

#Economics#AllYouNeedToKnow

“When you understand where profits come from, you understand why govt surpluses lead to recessions.” (Douglas)

True, but ⇒
The Levy/Kalecki Profit Equation is falsehttps://t.co/cTbCmCsiI7 pic.twitter.com/VayvGeq7TQ

— E.K-H (@AXECorg) June 7, 2025

Occasional X: There is an absolute limit to the growth of public debt (I)

 

#Economics#AllYouNeedToKnow

“If the country goes insolvent, if all the money is just spent on paying interest on debt, there's no money left for anything.” (Elon Musk)

After having been told for years that debt does not matter and is even good for “us” (remember the brain-dead…

— AXEC (@EgmontHandtke) June 7, 2025

Related 'There is an absolute limit to the growth of public debt' and 'Just one more day: How deficit spending postpones the breakdown of Capitalism'.

Occasional Xs: Economics is not science but disinfotainment (XLVIII)

 

#Economics#AllYouNeedToKnow

“… who was Malthus' Godfather?” (EconomicsInTen)

That's not economics, that's perhaps good to know for crossword enthusiasts.

Economics is about how the economic system works. But that is something, economists do not understand to this day.…

— AXEC (@EgmontHandtke) June 6, 2025

Occasional Xs: Clueless economists / Real Wage (II)

 

#Economics#AllYouNeedToKnow

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/6P97KQY0BH

— AXEC (@EgmontHandtke) June 6, 2025

Occasional Xs: Clueless economists / Power (I)

 

#Economics#AllYouNeedToKnow

“Let’s talk about the real emperors.” (William Huo)

“It took over 200 years for the U.S. debt to reach $12 trillion. $12 trillion is how much we added in 4 years between 2020 and 2024.” (The Rabbit Hole)

Very busy, the emperors.

The free-market…

— AXEC (@EgmontHandtke) June 5, 2025

Occasional Xs: The futile attempt to recycle MMT (CLXXVI)

 

#Economics#AllYouNeedToKnow

“... because the money doesn’t even exist until the government spends it.” (MMT)

MMTers get macroeconomics badly wrong, i.e. have no idea how the economy works.

There are two ways to put money into circulation ― the wrong way and the right way.… pic.twitter.com/cZNHMsIrbD

— AXEC (@EgmontHandtke) June 5, 2025

Occasional Xs: Economics still lacks correct macrofoundations (XXXI)

 

#Economics#AllYouNeedToKnow

“I often wonder whether other subjects suffer as much from textbook writers. (Hahn, 1980)”

Keynes got macroeconomic profit wrong because he was too stupid for elementary Algebra. So, he messed up the long overdue Paradigm Shift from microfoundations… pic.twitter.com/tI5b3xKRyh

— AXEC (@EgmontHandtke) June 2, 2025

Related 'Key Issues: Axiomatization is still stuck at Keynes' juncture' and 'How to start off on the right foot'.

Occasional Xs: Clueless economists / Science (CLXXII)

 

#Economics#AllYouNeedToKnow

“Unlike the position that exists in the physical sciences, in economics and other disciplines that deal with essentially complex phenomena, the aspects of the events to be accounted for about which we can get quantitative data are necessarily limited… pic.twitter.com/YsvFgHIJ2d

— AXEC (@EgmontHandtke) June 1, 2025

Related 'Failed economics: The losers’ long list of lame excuses' 

Occasional Xs: Clueless economists / Science (CLXXI)

 

#Economics#AllYouNeedToKnow

Since Adam Smith, economists have claimed to do science but have NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally… pic.twitter.com/A0b3GBsmnv

— AXEC (@EgmontHandtke) May 31, 2025

Occasional X: The growth of public debt is the life elixir of Capitalism (VII)

 

#Economics#AllYouNeedToKnow

“Pres. Trump is spending like a drunken sailor.” (Steve Hanke)

Pres. Trump is just following the Prime Directive (also known as “POTUS' General Order 1”) of WeTheOligarchy.

The free-market economy runs on profit. Macroeconomic #Profit Qm is given…

— AXEC (@EgmontHandtke) May 31, 2025

Occasional Xs: The futile attempt to recycle MMT (CLXXV)

 

#MMT#BadScienceBadPolicyBadPeople

There goes the non-straw man refutation of MMT ⇓ pic.twitter.com/WWVv7q79GU

— AXEC (@EgmontHandtke) May 30, 2025

Occasional Xs: Clueless economists / Breakdown (X)

 

#Economics#AllYouNeedToKnow

“Adam Smith, when he wrote his Wealth of Nations, and Burke, when he produced his famous speech on economic reform, understood by political economy a branch of the science of the statesman or legislator, a theory of practice, the science of the…

— AXEC (@EgmontHandtke) May 30, 2025

Occasional Xs: Clueless economists / Science (CLXX)

 

#Economics#AllYouNeedToKnow

“The 'is economics a science?' discussion is so tedious.” (John Horton quoted by Vincent Geloso)

Since Adam Smith, economists have claimed to do science but have NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and… pic.twitter.com/wsZXxfRwC4

— AXEC (@EgmontHandtke) May 29, 2025

For details of the big picture, see Cross-references Proto-Science/Cargo Cult Science/Fake Science.

Also at Chris Freiman. 

Occasional Xs: The futile attempt to recycle Ricardo (X)

 

#Economics#AllYouNeedToKnow

The history of economic thought is the history of scientific failure and it goes from David Ricardo onward to the clueless folks at the economics departments around the world.

Ricardo NEVER understood #Profit and how the economic system works. When…

— AXEC (@EgmontHandtke) May 28, 2025

Occasional Xs: How it works (CCCLXIX)

 

#Economics#AllYouNeedToKnow

“Elon Musk says he's disappointed with Donald Trump's Big Beautiful Bill: 'Undermines work DOGE team is doing' and 'increases budget deficit'” (Vladcoin)

Elon Musk apparently does not understand how the monetary economy works.

The free-market…

— AXEC (@EgmontHandtke) May 28, 2025

Occasional Xs: The futile attempt to recycle Keynesianism (LXXV)

 

#Economics#AllYouNeedToKnow

“Barro said that he doesn’t think HANK models (NK, ofc) are the right way to better understand macro!!” (Badr Elhamzaoui)

Neither Keynes nor After-Keynesians ever understood macro.

Keynes got macroeconomic #Profit wrong because he was too stupid… pic.twitter.com/KUOcDnlXdH

— AXEC (@EgmontHandtke) May 28, 2025

Occasional Xs: The futile attempt to recycle MMT (CLXXIV)

 

#Economics#AllYouNeedToKnow

“The Fed's positive interest rate policy has been super 'costly' at multiple levels and obscenely regressive as it's paid only to those with money and in proportion to how much they already have: …” (Warren Mosler)

MMTers never realize that they…

— AXEC (@EgmontHandtke) May 27, 2025

Related 'Dear idiots, it is deficit spending that creates the distribution people complain about'. 

Occasional Xs: Clueless economists / Science (CLXIX)

 

#Economics#AllYouNeedToKnow

The history of economic thought is the history of scientific failure and it goes from David Ricardo onward to the clueless folks at the economics departments at the U.S. universities.

Ricardo NEVER understood what #Profit is and how the economic… pic.twitter.com/0ePx6agAt3

— AXEC (@EgmontHandtke) May 27, 2025

Occasional Xs: The futile attempt to recycle MMT (CLXXIII)

 

#Economics#AllYouNeedToKnow

“Republicans understand what Democrats still don’t .. the question about deficits isn’t so much 'how big?' but 'who benefits?' That’s the language Democrats need. Not budget sermons.” (Stephanie Kelton)

It is WeTheOligarchy who ultimately benefits…

— AXEC (@EgmontHandtke) May 27, 2025

Related 'Stephanie Kelton and the self-destructive stupidity of the super-rich'. 

Occasional Xs: Economists are too stupid for macro accounting (VIII)

 

#Economics#AllYouNeedToKnow

“But without the government deficit the businesses and households would not enjoy the surplus to save and spend. Thus “national debt” is really the “national savings”. (Quarterly Balances quoted by Malcolm Reavell)

There is no such thing as the… pic.twitter.com/ovgRFA1I5l

— AXEC (@EgmontHandtke) May 26, 2025

Related 'Down with idiocy!' 

Occasional Xs: How it works (CCCLXVIII)

 

#Economics#AllYouNeedToKnow

“Basic accounting happened: if you have no debt you have no money in your economy.” (Monetary Sausage)

There are two ways of bringing money into circulation, i.e. the wrong way and the right way. To this day, economists do not understand the…

— AXEC (@EgmontHandtke) May 25, 2025

Occasional Xs: How it works (CCCLXVII)

 

#Economics#AllYouNeedToKnow

“I am pleased to have made the Time magazine 100 most influential people in philanthropy list.” (Tyler Cowen)

In the free-market economies, the U.S.A. in particular, philanthropy has traditionally been an integral communicative tool for the positive…

— AXEC (@EgmontHandtke) May 21, 2025

Occasional Xs: Clueless economists / Science (CLXVIII)

 

#Economics#AllYouNeedToKnow

“At most, the numbers and maths are proxies for underlying emotions and power relations that both transcend and precede human numbers systems.” (Brett Scott)

No, the “numbers and maths” are proxies for underlying objective/structural/systemic…

— AXEC (@EgmontHandtke) May 21, 2025

Related 'Mathematical Proof of the Breakdown of Capitalism'.

Occasional Xs: How it works (CCCLXVI)

 

#Economics#AllYouNeedToKnow

“Fact: U.S. depression tend to come on the heels of federal surpluses” (Mark Fabian quoted by Paul Gambles)

This does not come as a surprise if one understands profit and how the economic system works. Fact is, however, that since Adam Smith,…

— AXEC (@EgmontHandtke) May 20, 2025

Related 'Just one more day: How deficit spending postpones the breakdown of Capitalism'. 

Occasional Xs: The foul spirit of political economics (CXXXIV)

 

#Economics#AllYouNeedToKnow

“Economics is shaped by ideologies, human values, competing interests, social norms, and political priorities.” (Jostein Hauge)

Yeah, that's why economics never rose above the level of proto-scientific garbage. The principle of the separation of… pic.twitter.com/WPuSYZdIxh

— AXEC (@EgmontHandtke) May 18, 2025

Related 'Economics: the emancipation of science from politics'.

 

Occasional Xs: The futile attempt to recycle Keynesianism (LXXIV)

 

#Economics#FailedFakeScience

“I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas …” (Keynes)

Keynes got macroeconomic #Profit wrong because he was too stupid for elementary Algebra. So, he messed up the long… pic.twitter.com/3dgvvIGWZ6

— AXEC (@EgmontHandtke) May 18, 2025

Occasional Xs: How it works (CCCLXV)

 

#Economics#AllYouNeedToKnow

“Moody's wrote, 'Successive U.S. administrations & Congress have failed to... reverse the trend of large annual fiscal deficits.'” (Steve Hanke)

U.S. administrations & Congress cannot “reverse the trend of large annual fiscal deficits” because…

— AXEC (@EgmontHandtke) May 17, 2025

Occasional Xs: Teaching failed/fake science (III)

 

#Economics#AllYouNeedToKnow

“One school year ends, another begins. Economic teachers recharge your intellectual batteries and work on your craft, as the Fall term is only a few months away and our task as educators is critical.” (Peter Boettke)

To this day, economists do not…

— AXEC (@EgmontHandtke) May 15, 2025

Occasional Xs: The foul spirit of political economics (CXXXIII)

 

#Economics#AllYouNeedToKnow

“Any treaty with Russia is not worth the paper and ink used for it. Peace will come only from Russian defeat in Ukraine, followed by serious deterrence through military strength and the will to use it. Si vis pacem, para bellum.” (Fabio Ghironi, Paul… pic.twitter.com/7Sq2ONMlf9

— AXEC (@EgmontHandtke) May 14, 2025

Occasional Xs: The role of narratives and storytelling in economics (VI)

 

#Economics#AllYouNeedToKnow

Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong.…

— AXEC (@EgmontHandtke) May 13, 2025

Occasional Xs: The futile attempt to recycle Adam Smith (LXXXIV)

 

#Economics#AllYouNeedToKnow

“What Adam Smith really said …”
… is a matter of indifference.

Adam Smith never understood profit and how the economy works. All he did was produce sociological/psychological/moral platitudes. What he uttered about trade is an exemplary… pic.twitter.com/jjDHFf6Qct

— AXEC (@EgmontHandtke) May 13, 2025

Occasional Xs: Clueless economists / Science (CLXVII)

 

#Economics#AllYouNeedToKnow

“Karl Marx was never an important economic thinker.” (Phil Magness)

Marx never understood profit and how the economic system works. That's fatal for an economist. For his scientific standing it is irrelevant whether other economists regarded him as…

— AXEC (@EgmontHandtke) May 13, 2025

Occasional Xs: Paradigm Shift (LXVI)

 

#Economics#AllYouNeedToKnow

“Year after year economic theorists continue to produce scores of mathematical models and to explore in great detail their formal properties; and the econometricians fit algebraic functions of all possible shapes to essentially the same sets of data… pic.twitter.com/b2OmKJFq8Z

— AXEC (@EgmontHandtke) May 12, 2025

Occasional Xs: Econ 101― still proto-scientific garbage (X)

 

#Economics#AllYouNeedToKnow

“Good luck to all the A-Level economists taking their exam this morning.” (EconomicsInTen)

If you have not realized until now that economics is not much more than silly political blather you have wasted your time/money. So, you messed up the real IQ…

— AXEC (@EgmontHandtke) May 12, 2025

Related 'Economists still don’t get Econ 101 right'. 

Occasional Xs: The futile attempt to recycle Hayek (XXXVII)

 

#Economics#AllYouNeedToKnow

“Friedrich Hayek explains a fundamental difference between capitalism and socialism: 'Profit is a signal which tells us what we must do to serve people whom we don’t know.'” (Hayek Quotes)

Hayek never understood profit and how the economic system… pic.twitter.com/DHwT8vqz3f

— AXEC (@EgmontHandtke) May 12, 2025

Occasional Xs: Clueless economists / Distribution, Inequality (XIV)

 

#Economics#AllYouNeedToKnow

“The political class is failing American workers, creating trillions for the rich.” (Dirk Ehnts)

The longstanding MMT propagandist, Dirk Ehnts, apparently does not understand, that creating trillions for the rich is exactly what the MMT policy of…

— AXEC (@EgmontHandtke) May 11, 2025

Related 'Gosh! The One Percent have gotten $21 trillion richer: Links on Distribution' 

Occasional Xs: Clueless economists / Profit (LXXXV)

 

#Economics#AllYouNeedToKnow

“You’ve been taught to hate profit. But profit isn’t greed. It’s the most honest feedback system ever created.” (Students for Liberty)

The scientific fact is that economists do not understand #Profit ― the foundational concept of the subject matter.… pic.twitter.com/26sXPwn6Nz

— AXEC (@EgmontHandtke) May 10, 2025

Occasional Xs: How it works (CCCLXIV)

 

#Economics#AllYouNeedToKnow

“Billionaire philanthropy is great, but we shouldn’t forget that market-made billionaires have made the world a better place by selling people goods and services that they want at prices they can afford. They’ve gotten rich precisely *because*…

— AXEC (@EgmontHandtke) May 9, 2025

Occasional Xs: Paradigm Shift (LXV)

 

#Economics#AllYouNeedToKnow

“I even venture (and I can already see the scathing comments; please refrain if you are in insulting mode) that macroeconomics has become a mature science.” (Olivier Blanchard)

Keynes got macroeconomic #Profit wrong because he was too stupid for… pic.twitter.com/U6jemnyrYH

— AXEC (@EgmontHandtke) May 8, 2025

Related 'How Keynes got macroeconomics wrong and Allais got it right'. 

Occasional Xs: Clueless economists / Science (CLXVI)

 

#Economics#AllYouNeedToKnow

“It is a good opportunity to read or reread his [Hayek's] essay 'The Use of Knowledge in Society', which @tylercowen called 'the single greatest economics article ever written.'” (Ephie Bernstein)

Hayek never understood the profit mechanism, which…

— AXEC (@EgmontHandtke) May 8, 2025

Occasional Xs: Economics debates ― a never-ending moronic delirium (I)

 

#Economics#AllYouNeedToKnow

MMT vs. Austrianism ― a never-ending moronic delirium. Both MMTers and Austrians do not understand profit and money and by consequence how the economic system works. Let's flush them both down the scientific drain.

The free-market economy runs on…

— AXEC (@EgmontHandtke) May 8, 2025

For more about economics as hardcore wrestling, see AXECquery. 

Occasional Xs: How it works (CCCLXIII)

 

#Economics#AllYouNeedToKnow

“Apparently Trump officials have indeed discussed extending maturities and lowering yields on USTs. In essence that is a default …” (The Sirius Report)

No, in essence, this is the attempt to transform the debt into a gift. For details see ⇒

From…

— AXEC (@EgmontHandtke) May 8, 2025

Occasional Xs: Clueless economists / Science (CLXV)

 

#Economics#AllYouNeedToKnow

“Blaming imports for GDP drops? Not so fast.” (EconLib)

“OY! ECON REPORTERS!! STOP SAYING IMPORTS SUBTRACT FROM GDP!!” (Noahpinion)

“The correct way to write GDP if you care about living standards and without running the risk of being confused… pic.twitter.com/JIRi56K0qt

— AXEC (@EgmontHandtke) May 7, 2025

For details of the big picture, see cross-references Accounting. 

Occasional Xs: The futile attempt to recycle Hayek (XXXVI)

 

#Economics#AllYouNeedToKnow

“Socialism is based on demonstrably false premises and endangers the standard of living and the life itself of a large proportion of our existing population” (Hayek Quotes)

The free-market economy runs on profit. Macroeconomic #Profit Qm is given…

— AXEC (@EgmontHandtke) May 6, 2025