Occasional X: The futile attempt to recycle Hayek (XLIX)

#Economics#AllYouNeedToKnow

Hayek never understood profit and how the economic system works. The same holds for Keynes. This is why the Hayek-Keynes discussion has always been disinfotainment for retarded economists.

The free-market economy runs on profit. Macroeconomic profit…

— AXEC (@EgmontHandtke) December 12, 2025

Occasional X: Clueless economists / Price Mechanism (VII)

#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/DonR9yPd9P

— AXEC (@EgmontHandtke) December 11, 2025

Occasional X: Clueless economists / Science (CCXLI)

#Economics#AllYouNeedToKnow

“Neo-liberalism, Thatcherism, Trickle-down economics or whatever you call it … is based on myths/lies as without them, the whole thing would crumble.” (David Graeber Institute)

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

— AXEC (@EgmontHandtke) December 11, 2025

Occasional X: The foul spirit of political economics (CLXXVIII)

#Economics#FailedFakeScience

“At the Old Parkland campus in Dallas, TX. Property & Prices; Exchange & Production; Calculation & Coordination.” (Peter Boettke)

The wooden mosaic at the Old Parkland campus in Dallas reveals who is responsible for the complete failure of…

— AXEC (@EgmontHandtke) December 11, 2025

Occasional X: Clueless economists / Money (LXXI)

 

#Economics#AllYouNeedToKnow

“There is nothing underneath, as it were, holding it [money] up.” (Perry Mehrling)

Nothing underneath money is needed to hold it up.

The Dark-Matter Theory of Fiat Money {78a}https://t.co/SvOZ93oiOT

— E.K-H (@AXECorg) December 11, 2025

Occasional X: How it works (CDXXII)

#Economics#AllYouNeedToKnow

“Yeah… that’s trillions in U.S. debt that expires in 2026. … And all of it has to be refinanced at much higher interest rates than the near-zero environment it was originally issued in.” (NoLimit)

The free-market economy runs on profit.…

— AXEC (@EgmontHandtke) December 11, 2025

Occasional X: Clueless economists / Money (LXX)

#Economics#AllYouNeedToKnow

“The Federal Reserve System is one of the great communities of economists in the world.” (Steven Durlauf)

Yes, but economics is known to be failed/fake science.

Economics claims to be a science, but it still is NOT. The major approaches…

— AXEC (@EgmontHandtke) December 10, 2025

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

#Economics#AllYouNeedToKnow

“2/the debt are the private sector net savings.” (Patricia Pino)

No.

There is no such thing as the private sector. There are the business sector and the household sector. The balance of the household sector is saving/dissaving, and the balance of…

— AXEC (@EgmontHandtke) December 10, 2025

Occasional X: Clueless economists / Distribution, Inequality (XV)

#Economics#Distribution

“The Bayesian posterior probability that income distribution is driven by credit acceleration rather than New Keynesian mechanisms exceeds 99.999%. This level of confidence simultaneously falsifies all six structural pillars of the NK model …” (James…

— AXEC (@EgmontHandtke) December 10, 2025

Occasional X: The futile attempt to recycle behavioral economics (X)

#Economics#AllYouNeedToKnow

“A reliable way to make people believe in falsehoods is frequent repetition, because familiarity is not easily distinguished from truth.” (Daniel Kahneman)

Over the last 250+ years, we have made little progress in economics. Daniel Kahneman's quotes…

— AXEC (@EgmontHandtke) December 10, 2025

Occasional X: Economists still get saving/dissaving and loss/profit wrong (IV)

#Economics#AllYouNeedToKnow

“No one is claiming that I ≠ S.” (Shahin Ashkiani)

It is NOT the case that saving governs investment or that investment governs saving or that both are equal by definition, as Keynes said. ⇓ Both are independent, and they together determine… pic.twitter.com/Ldq0QKLyUE

— AXEC (@EgmontHandtke) December 10, 2025

Occasional X: Paradigm Shift (XCI)

#Economics#AllYouNeedToKnow

“The Lucas Critique was not about the number of parameters in econometric models, but the nature of parameters (structural vs reduced form); and his advice was not to simplify models, but to build them from assumptions on economic primitives like… pic.twitter.com/XBGSWnVU5i

— AXEC (@EgmontHandtke) December 10, 2025

Also on lucasian76 

Occasional X: The futile attempt to recycle Marx (XLXII)

#Economics#AllYouNeedToKnow

“Without Marx's theory of value there's no way to *quantitatively* link profit to unpaid labor time.” (Ian Wright)

Marx's lethal mistake has not been the Labour Theory of Value, but the Theory of Profit.

Marx never understood profit and, by…

— AXEC (@EgmontHandtke) December 10, 2025

Occasional X: The futile attempt to recycle Keynesianism (XCII)

#Economics#AllYouNeedToKnow

“He [the economist] must understand mathematics and speak in mathematics.” (J. M. Keynes)

For 200+ years, economics has claimed to be a science. But it still is not. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and… pic.twitter.com/LMU2H5vE5w

— AXEC (@EgmontHandtke) December 9, 2025

Occasional X: Clueless economists / Profit (CXIX)

#Economics#AllYouNeedToKnow

“The US National Debt has now increased by $2.2 trillion since the Debt Ceiling was raised back in July. The Federal Government continues to borrow from our future to spend money like drunken sailors today.” (Charlie Bilello)

Charlie Bilello does…

— AXEC (@EgmontHandtke) December 9, 2025

Occasional X: Paradigm Shift (XC)

#Economics#AllYouNeedToKnow

“Economic questions haven’t suddenly become irrelevant and I don’t see any other field that replaces economics.” (Itai Sher)

Another field will not replace economics. However, legacy economics will be replaced by a new approach. This change is known… pic.twitter.com/gbRW4jEz61

— AXEC (@EgmontHandtke) December 9, 2025

Occasional X: The futile attempt to recycle behavioral economics (IX)

#Economics#AllYouNeedToKnow

“I don't care whether we call it economics or not, but the stable preferences point is important and also not that restrictive.” (Brian Albrecht)

Stable preferences are not the starting point of economic analysis. Economics has defined itself as a… pic.twitter.com/9jMXES63bG

— AXEC (@EgmontHandtke) December 9, 2025

Occasional X: How it works (CDXXI)

#Economics#AllYouNeedToKnow

“America just crossed a threshold from which empires do not return.” (Shanaka Anslem Perera)

No panic, this is old stuff. Wake up and read the 2020 post.

From the debt economy to the gift economy: how America is brainwashed to love budget deficits…

— AXEC (@EgmontHandtke) December 9, 2025

Occasional X: Clueless economists / Science (CCXL)

#Economics#AllYouNeedToKnow

There is no such thing as 'economic sciences'. ⇓ pic.twitter.com/ZTW2ZkCDaI

— AXEC (@EgmontHandtke) December 8, 2025

Occasional X: The foul spirit of political economics (CLXXVIII)

#Economics#AllYouNeedToKnow

Thomas Sowell's quotes are psycho-sociology, not economics. As a matter of fact, he never understood profit and how the economic system works.

Economics has defined itself as a social science and accordingly has been based on subjective/behavioral…

— AXEC (@EgmontHandtke) December 8, 2025

Occasional X: Clueless economists / Money (LXIX)

#Economics#AllYouNeedToKnow

Roger Farmer has long been known to be a failed/fake scientist. ‡ This applies also to monetary theory.

For the consistent macroeconomic Axiom Set, see the working paper
The Dark-Matter Theory of Fiat Money {78a}https://t.co/x4NOcsCBMS

‡ For…

— AXEC (@EgmontHandtke) December 8, 2025

Occasional X: The futile attempt to recycle Marx (XLXI)

#Economics#AllYouNeedToKnow

“'1. Die Arbeit ist die Quelle alles Reichtums und aller Kultur, und da nutzbringende Arbeit nur in der Gesellschaft und durch die Gesellschaft möglich ist, gehört der Ertrag der Arbeit unverkürzt, nach gleichem Rechte, allen Gesellschaftsgliedern.'…

— AXEC (@EgmontHandtke) December 8, 2025

Occasional X: Clueless economists / Profit (CXVIII)

#Economics#AllYouNeedToKnow

“You have to be wildly optimistic to believe that corporate profits as a percent of GDP can, for any sustained period, hold much above 6%.” (Warren Buffett)

Clearly, Warren Buffett does not understand profit, and therefore, how Capitalism works.…

— AXEC (@EgmontHandtke) December 7, 2025

Occasional X: The futile attempt to recycle Hayek (XLVIII)

 

#Economics#AllYouNeedToKnow

For 200+ years, economics has claimed to be a science. But it still is not. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally… pic.twitter.com/Gen5hVaqUx

— AXEC (@EgmontHandtke) December 7, 2025

Occasional X: Paradigm Shift (LXXXIX)

#Economics#AllYouNeedToKnow

Modern economics is, what Feynman called, a cargo cult science. Real economists are not interested in how individuals behave; only PsySocs are. Economists are interested in how economic systems behave.

Economics has defined itself as a social… pic.twitter.com/rf1ZtqYZQs

— AXEC (@EgmontHandtke) December 7, 2025

Occasional X: How it works (CDXX)

#Economics#AllYouNeedToKnow

“Something not talked about enough is how the year 1971 broke the US economy forever.” (Boring Business)

The graphic in the appendix shows the relationship between real wages and productivity under the condition of market clearing. It is based on… pic.twitter.com/ldp74tr8c4

— AXEC (@EgmontHandtke) December 7, 2025

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

 

#Economics#AllYouNeedToKnow

“As an accounting identity the 'debt' is a record of government-issued financial wealth held by the non-government sector.” (?whispers?)

The MMT error/fraud lies in the word non-government sector. There is NO such thing as the “non-government… pic.twitter.com/ll10GIQjUu

— AXEC (@EgmontHandtke) December 6, 2025

Occasional X: The futile attempt to recycle Marx (XLX)

#Economics#AllYouNeedToKnow

“I'm not an economist. I'm a Marxist.” (Grace Blakeley)

Marx never understood profit and, by consequence, how the economic system works.

Economics claims to be a science, but it still is NOT. The major approaches (Walrasianism, Keynesianism,…

— AXEC (@EgmontHandtke) December 6, 2025

Occasional X: How it works (CDXIX)

#Economics#AllYouNeedToKnow

The world is now $324t in debt, … Who do we owe this much fucking money to?” (Noah’s Ark)

How do you think the economy works? Hard work, innovation, entrepreneurs, risk takers, or the Invisible Hand of free markets?

The free-market economy runs on…

— AXEC (@EgmontHandtke) December 6, 2025

Occasional X: Clueless economists / Money (LXVIII)

#Economics#AllYouNeedToKnow

“In a dynamic general equilibrium model, …” (d'Avernas et al.)

This half-sentence says all about hopeless legacy economics.

For the basics of the consistent monetary theory, see
The Dark-Matter Theory of Fiat Money {78a}https://t.co/x4NOcsD9Cq

— AXEC (@EgmontHandtke) December 6, 2025

Occasional X: The futile attempt to recycle Marx (XLIX)

#Economics#AllYouNeedToKnow

“Bro read the fucking book.” (reddington)

Marx never understood profit and, by consequence, how the economic system works.

Economics claims to be a science, but it still is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism,… pic.twitter.com/mthvq4LLdA

— AXEC (@EgmontHandtke) December 5, 2025

Occasional X: The foul spirit of political economics (CLXXVII)

#Economics#FailedFakeScience

“As an undergraduate student, I left the traditional economics track for one simple reason: I wasn’t learning much about how the economy actually works in the real world.” (Jostein Hauge)

That's the first step. The decisive second step is the…

— AXEC (@EgmontHandtke) December 5, 2025

Related 'Economists: scientists or political clowns?' 

Occasional X: False communication on social media (I)

#WisdomOfLife

Learn reading. ⇓ pic.twitter.com/5yloB3zcjq

— AXEC (@EgmontHandtke) December 5, 2025

Occasional X: Clueless economists / Money (LXVII)

 

#Economics#AllYouNeedToKnow

Neither Steven Hail nor the IMF's Rodrigo Valdés “do understand monetary system mechanics.”

For details, see ⇒
The Dark-Matter Theory of Fiat Money {78a}https://t.co/x4NOcsD9Cq

— AXEC (@EgmontHandtke) December 5, 2025

Occasional X: Clueless economists / Science (CCXXXIX)

#Economics#AllYouNeedToKnow

“Keynes and Euclidean economists in a non-Euclidean world.” (Shahin Ashkiani)

The prime task of theoretical economics is axiomatisation.

For 200+ years, economics has claimed to be a science. But it still is not. The major approaches (Walrasianism,…

— AXEC (@EgmontHandtke) December 5, 2025

Occasional X: The foul spirit of political economics (CLXXVI)

#Economics#AllYouNeedToKnow

You say you are 63 years old. It's about time you studied real economics! For a start, see ⇒

The Dark-Matter Theory of Fiat Money {78a}https://t.co/x4NOcsCBMS

Listening to prominent economists ('Bernanke, Gertler, Kirzner, Boetke, no less')… pic.twitter.com/EYGWn7RRla

— AXEC (@EgmontHandtke) December 4, 2025

Occasional X: How it works (CDXVIII)

#Economics#AllYouNeedToKnow

“Even at $30 trillion, America has the wealth to pay off its debt. The real question is whether Americans are willing to be taxed more or have their government spend less.” (Tabarrok & Cowen)

Tabarrok & Cowen do not understand profit and, by…

— AXEC (@EgmontHandtke) December 4, 2025

Occasional X: How it works (CDXVII)

#Economics#AllYouNeedToKnow

“THE BANK OF JAPAN JUST BECAME THE WORLD’S LARGEST HEDGE FUND” (Shanaka Anslem Perera)

Shanaka Anslem Perera does not understand profit and, by consequence, how the monetary economy works.

The free-market economy runs on profit. Macroeconomic…

— AXEC (@EgmontHandtke) December 4, 2025

Occasional X: Clueless economists / Science (CCXXXVIII)

#Economics#AllYouNeedToKnow

“… this is the same guy who claimed to be the greatest lover in vienna, …” (Robert Murphy)

'Who was the greatest lover in Vienna?' is a disinfotainment question; it leads to nothing.

“Economics is the study of the economy, not the study of… pic.twitter.com/42tVKQgwXf

— AXEC (@EgmontHandtke) December 4, 2025

Occasional X: AI — boosting scientific competence in economics (VI)

#Economics#AllYouNeedToKnow

“'Will AI Improve Undergraduate Economics Education?” (Matthew Kahn)

Will AI figure out that economics has always been materially/formally inconsistent and help to make economics a science?

For 200+ years, economics has claimed to be science, but… pic.twitter.com/4j3IFN7TuE

— AXEC (@EgmontHandtke) December 4, 2025

Occasional X: Clueless economists / Science (CCXXXVII)

#Economics#AllYouNeedToKnow

For 200+ years, economics has claimed to be a science. But it still is not. The major approaches are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got profit wrong.

When the foundational concepts of the… pic.twitter.com/xi0gZMevuS

— AXEC (@EgmontHandtke) December 3, 2025

Related Link and 'ASSA2020 has been a success ― sorta kinda' 

Occasional X: AI — boosting scientific competence in economics (V)

#Economics#AllYouNeedToKnow#AI

“this is big... 50 AI researchers from Bytedance, Alibaba, Tencent, and other labs/universities just published a 300-page paper with surprising lessons about coding models and agents (data, pre and post-training, etc). key highlights: > small…

— AXEC (@EgmontHandtke) December 3, 2025

Occasional X: Clueless economists / Science (CCXXXVI)

#Economics#AllYouNeedToKnow

“In undergrad, I took a course called 'critical analysis of market economies'. 1st lecture, prof arrives & writes Y=C+I+G+XN on the blackboard. Then says: 'You won't see GDP equations here, because no human relations can be reduced to numbers.'”…

— AXEC (@EgmontHandtke) December 3, 2025

Occasional X: Paradigm Shift (LXXXVIII)

#Economics#AllYouNeedToKnow

“Macro without microfoundations needs to be expelled from the field.” (Sid Gundapaneni)

Actually, legacy microfoundations need to be expelled from the field.

Modern economics is, what Feynman called, a cargo cult science. Real economists are not… pic.twitter.com/PUd97myYLo

— AXEC (@EgmontHandtke) December 3, 2025

Occasional X: Clueless economists / Money (LXVI)

#Economics#AllYouNeedToKnow

“By making paper money legal tender, the government shut the door on sound money. Repealing legal tender laws is the first step back to liberty.” (Michael Milano)

The question is: How does money really work? Economists don't know. To answer this…

— AXEC (@EgmontHandtke) December 2, 2025

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

 

#Economics#AllYouNeedToKnow

“We want to change economics, and in changing economics, to change the world.” (Steven Hail, MMT)

Every idiot can change the world. The most important thing is to improve it. This goes beyond MMT because their understanding of economics is flawed.… pic.twitter.com/kpErKHcNAf

— AXEC (@EgmontHandtke) December 2, 2025

Occasional X: The foul spirit of political economics (CLXXV)

#Economics#FailedFakeScience

“'There is no good economics without good politics' — one of the principles of 'The London Consensus,' …” (Branko Milanovic)

Wrong priorities. Wrong methodology. Wrong understanding of science.

For 200+ years, economics has claimed to be science,… pic.twitter.com/HCUBXWeYN4

— AXEC (@EgmontHandtke) December 2, 2025

Occasional X: Clueless economists / Science (CCXXXV)

#Economics#AllYouNeedToKnow

“That's fine, as far as you don't label those who don't believe in your axioms or your definitions 'out of the field'” (Shahin Ashkiani)

For 200+ years, economics has claimed to be a science. But it still is not. The major approaches (Walrasianism,… pic.twitter.com/zV4ldumqb5

— AXEC (@EgmontHandtke) December 2, 2025

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

Occasional X: Clueless economists / Science (CCXXXIV)

#Economics#AllYouNeedToKnow

Veblen, too, got it totally wrong. This is much like Shahin Ashkiani nowadays.

Groundhog Day (economics)https://t.co/zGcZZCGHZk

— AXEC (@EgmontHandtke) December 2, 2025

Occasional X: The foul spirit of political economics (CLXXIV)

 

#Economics#AllYouNeedToKnow

“Went like this: first 1/4 was all about mystical interpretations of Keynes' GT, then when I was getting excited that it would be going somewhere, he pulled out the Mankiw book and started teaching IS-LM.” (Rafael Guthmann)

For 200+ years, economics… pic.twitter.com/ZAqvuetIyj

— AXEC (@EgmontHandtke) December 2, 2025

Occasional X: The foul spirit of political economics (CLXXIII)

#Economics#AllYouNeedToKnow

“I used my experience at Cambridge because I was to some extent at the epicentre of heterodoxy. The faculty of economics there is amazing.” (Pontus Rendahl)

Cambridge has always been a place where morons meet.

Marshall and the Cambridge school of…

— AXEC (@EgmontHandtke) December 2, 2025

Occasional X: Paradigm Shift (LXXXVII)

#Economics#AllYouNeedToKnow

“The trouble with macroeconomics is worse. I have observed more than three decades of intellectual regress.” (Paul Romer, quoted by Clint Ballinger)

For 200+ years, economics has claimed to be a science. But it still is not. The major approaches… pic.twitter.com/SjtIa6y7Xa

— AXEC (@EgmontHandtke) December 2, 2025

Occasional X: Clueless economists / Science (CCXXXIII)

#Economics#AllYouNeedToKnow

“The best part of this whole discussion about 'heterodox' approaches is that it takes me back to my undergraduate years, which I remember with real fondness.” (Jesús Fernández-Villaverde)

Jesús Fernández-Villaverde is the representative economist.… pic.twitter.com/BFZDSlTMly

— AXEC (@EgmontHandtke) December 1, 2025

(i) “Recursive Macroeconomic Theory, by Lars Ljungqvist and Thomas J. Sargent, fourth edition” is proto-scientific garbage.

(ii) Jesús Fernández-Villaverde is an #EconBlocker. ⇓

(iii) Academic economics is a scientific fraud. pic.twitter.com/0ul9FnYUjv

— E.K-H (@AXECorg) December 2, 2025

Related 'What’s wrong with DSGE models is the axiom set' and 'DSGE and profit―forget it! MMT and profit―forget it!'

Occasional X: Clueless economists / Science (CCXXXII)

#Economics#AllYouNeedToKnow

“Economics is fundamentally political. … This is something Adam Smith and Karl Marx would likely agree on.” (Jostein Hauge)

Firstly, economics is not a science. Secondly, the representative economist is too dumb for science.

Adam Smith never… pic.twitter.com/tGviHfSGu1

— AXEC (@EgmontHandtke) December 1, 2025

Occasional X: Paradigm Shift (LXXXVI)

#Economics#AllYouNeedToKnow

“Jesús has shown single handedly that econ Twitter is alive and well! … Nothing of what he says is wrong or even controversial in economics.” (Luis Garicano)

Everything Jesús says is proto-scientific garbage.

Modern economics is, what Feynman… pic.twitter.com/Yp5eple7ox

— AXEC (@EgmontHandtke) December 1, 2025

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

 

#MMT#FailedFakeScience

“Within a year every commentator & economist will be saying that the govt is not like a household.” (MMT for Progressives)

Within a year, no one will pay any attention to commentators, economists, or MMTers.

Exploding the Household Fallacy…

— AXEC (@EgmontHandtke) December 1, 2025

Occasional X: Clueless economists / Profit (CXVII)

# Economics#AllYouNeedToKnow

“… would it be better for citizenry if they held $1 trillion in net assets owed to them by their govt or by foreign citizens?” (Robert Murphy)

“… would it be better for citizenry if they held $1 trillion in net assets owed to WeThePeople [Sm] or…

— AXEC (@EgmontHandtke) December 1, 2025

Related 'Economists still can't get the sectoral balances right' 

Occasional X: Economists still can't get the sectoral balances right (III)

“Every financial asset is someone else's liability: ∑ A𝒻 ≡ ∑ L𝒻 or A-L=E(0)” (Relearning Economics)

True. That's why Qm≡−Sm. See

First Lecture in New Economic Thinkinghttps://t.co/uEg6iAgKll pic.twitter.com/N18T07aDqG

— E.K-H (@AXECorg) December 1, 2025

Related 'Down with idiocy' 

Occasional X: Clueless economists / Money (LXV)

#Economics#AllYouNeedToKnow

“Because a state which creates its own currency cannot run the fuck out of it.” (Phil Waller)

The counterfeiter never runs out of money.

The point with fiat money is whether it is injected (i) at the supply side (financing the aggregate wage bill)… pic.twitter.com/GGUWTZqVZy

— AXEC (@EgmontHandtke) December 1, 2025  

“It’s never so much [counterfeit money] that it will cause major problems.”

(i) How do you know how much it is?

(ii) Counterfeit money does not cause problems but profits.

“Then they catch the counterfeiters and take back control.”

(iii) Who are they?

(iv) The Central Bank…

— AXEC (@EgmontHandtke) December 2, 2025

Occasional X: Clueless economists / Household Fallacy (LXV)

 

#Economics#AllYouNeedToKnow

“A household economy is nothing like a national budget, and we really need to break that metaphor” (Zack Polanski)

The financial media are telling silly stories. The narrative's main ingredients are metaphors, false historical analogies, and…

— AXEC (@EgmontHandtke) December 1, 2025

Occasional X: Clueless economists / Money (LXIV)

 

#Economics#AllYouNeedToKnow

“In 1989, the top one percent held 22.8 percent of American wealth. By the second quarter of 2025, that figure reached 31.0 percent. The bottom fifty percent now holds 2.5 percent. The Federal Reserve printed nine trillion dollars between 2008 and…

— AXEC (@EgmontHandtke) November 30, 2025

Occasional X: Clueless economists / Profit (CXVI)

#Economics#AllYouNeedToKnow

“Labour's Darren Jones states that his party is committed to austerity as the Tories 'have spent all the money and maxed out the country's credit card.” (BBC)

The financial media are telling silly stories. The narrative's main ingredients are…

— AXEC (@EgmontHandtke) November 30, 2025

Related 'Links on Austerity' 

Occasional X: Clueless economists / Profit (CXV)

#Economics

“Kalecki's profit equation: Π= I + (G − T) + (X − M) − SH” has to be replaced by the consistent macroeconomic profit formula Qm≡Yd+(I−Sm)+(G−T)+(X−M). See

Profit analysis ― another exercise in economic deceptionhttps://t.co/79ZSbrFcNU

— E.K-H (@AXECorg) November 30, 2025

For details of the big picture, see cross-references Profit/Distribution

Related 'What is wrong with heterodox economics? Kalecki's profit theory as an example {05}'

Occasional X: Clueless economists / Money (LXIII)

 

#Economics#AllYouNeedToKnow

“One of the smartest guys in the room (Farmer) still misses the key point: ALL Gov spending is 'monetary finance'— it is all 'money creation'- bonds can’t Δ this” (Clint Ballinger)

Neither Clint Ballinger nor Roger Farmer understands how the…

— AXEC (@EgmontHandtke) November 30, 2025

Related 'The five pathetic blunders of Roger Farmer' 

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

#Economics#AllYouNeedToKnow

“The last sentence might sound like semantics, but it's important. Govt spending adds cash to the economy (we get richer) and Govt taxation takes it away again (we get poorer).” (Musical Chairs)

What people always overlook is that MMT's We/Our does…

— AXEC (@EgmontHandtke) November 29, 2025

Related 'MMT and the magical profit disappearance' 

Occasional X: Clueless economists / Equilibrium (I)

#Economics#AllYouNeedToKnow

“A guide for students of economics: Ten statements that demonstrate that someone does not understand modern economics or what an equilibrium is, and that you can safely ignore everything else they say.” (Jesús Fernández-Villaverde)

Modern economics… pic.twitter.com/pPEth72wCc

— AXEC (@EgmontHandtke) November 29, 2025

For more about equilibrium, see AXECquery.

Occasional X: Clueless economists / Money (LXII)

#Economics#AllYouNeedToKnow

“Lemma 2 (Kalecki–Godley Equivalence under Endogenous Credit)” (James Young)

The Kalecki–Godley Equivalence is provably false. ⇓

For details, see the working paper
The Dark-Matter Theory of Fiat Money {78a}https://t.co/x4NOcsCBMS

— AXEC (@EgmontHandtke) November 29, 2025

Occasional X: How it works (CDXVI)

 

#Economics#AllYouNeedToKnow

“Fed is still over $240 billion away from sending Treasury a single dime: …” (E.J. Antoni)

Who, do you think, has the $240 billion now?

The U.S. economy runs on profit. Macroeconomic profit is given by the axiomatically correct Profit Law /…

— AXEC (@EgmontHandtke) November 29, 2025

The Dark-Matter Theory of Fiat Money {78a}

Working paper at ARCHIVE

Abstract  Currently, the Theory of Money suffers from a lack of consistent macroeconomic foundations and a lack of reliable empirical data. Because both macroeconomics and macroeconomic accounting are defective, there is no scientific basis for the decision between competing theories. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory, axiomatically false, materially/formally inconsistent, and all got profit wrong. As a result, economic policy guidance has never had valid scientific foundations. It has never been more than silly political blather. This is an untenable situation. As Stigum put it, "In order to tell the politicians and practitioners something about causes and best means, the economist needs the true theory or else he has not much more to offer than educated common sense or his personal opinion." In this paper, the essentials of the true Theory of Money are developed.

Occasional X: Paradigm Shift (LXXXV)

#Economics#AllYouNeedToKnow

“Spending time tonight at one of my safest and most inspiring places in the UK @GirtonCollege to discuss meaningful and purposeful economics, grounded in the rich intellectual legacy of Joan Robinson!” (Caroline Alves)

Joan Robinson clearly… pic.twitter.com/1qt0KF5mld

— AXEC (@EgmontHandtke) November 27, 2025

Occasional X: The foul spirit of political economics (CLXXII)

#Economics#AllYouNeedToKnow

“What will the Budget mean for your personal finances, taxes and the broader UK economy?” (Financial Times)

The financial press is storytelling. The narrative's main ingredients are metaphors, false historical analogies, and incorrect…

— AXEC (@EgmontHandtke) November 27, 2025

Occasional X: Clueless economists / Science (CCXXXI)

#Economics#FailedFakeScience

“New book: Economics as Science: A Critical History of Economic Thought, by Bernard C. Beaudreau.” (Economic thought)

The history of economic thought is the history of scientific failure. The major approaches (Walrasianism, Keynesianism,… pic.twitter.com/I30SyUbtCR

— AXEC (@EgmontHandtke) November 27, 2025

Occasional X: The futile attempt to recycle Austrianism (XLXVII)

#Economics#AllYouNeedToKnow

“The possibility of men living together in peace and to their mutual advantage without having to agree on common concrete aims, and bound only by abstract rules of conduct, was perhaps the greatest discovery mankind ever made.” (Friedrich Hayek)…

— AXEC (@EgmontHandtke) November 26, 2025

Occasional X: Clueless economists / Science (CCXXX)

#Economics#AllYouNeedToKnow

“Very thankful for my experiences within the scientific enterprise of economics.” (Peter Boettke)

There is no “scientific enterprise of economics”. Economists have never understood what science is all about. ⇓

Peter Boettke misunderstood the… pic.twitter.com/FNRhnQfFM5

— AXEC (@EgmontHandtke) November 26, 2025

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

#Economics#AllYouNeedToKnow

“If I see this f****ing bullshit video one more time I'll explode!” (Malcolm Reavell)

Much political emotion, zero scientific brain.

For details, seehttps://t.co/dgf8iJ6gbg

— AXEC (@EgmontHandtke) November 26, 2025

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

#Economics#AllYouNeedToKnow

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

For the full-spectrum refutation, see ⇒https://t.co/eXlgPKrinA pic.twitter.com/WP2jpZtJjJ

— AXEC (@EgmontHandtke) November 26, 2025

Occasional X: How it works (CDXV)

#Economics#AllYouNeedToKnow

“The very first thing the Prime Minister does is use the household budget metaphor.” (Zack Polanski)

Politics is storytelling. The narrative's main ingredients are metaphors, false historical analogies, and incorrect generalisations. Legacy…

— AXEC (@EgmontHandtke) November 26, 2025

Related 'Exploding the Household Fallacy' and 'The MMT-Yawner: Government is not a household'

Occasional X: The futile attempt to recycle Austrianism (XLXVI)

#Economics#AllYouNeedToKnow

“Why I am not an Austrian economist.” (Follynomics)

Both Austrianism and anti-Austrianism are a waste of time.

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

— AXEC (@EgmontHandtke) November 26, 2025

Occasional X: Clueless economists / Money (LXI)

#Economics#AllYouNeedToKnow

“No point being afraid of something so mundane.” (Patricia Pino)

For the axiomatically correct Theory of Money, including the creation of money:

The Dark-Matter Theory of Fiat Moneyhttps://t.co/A5k0pCTfrV

— AXEC (@EgmontHandtke) November 26, 2025

Occasional X: Clueless economists / Science (CCXXIX)

#Economics#AllYouNeedToKnow

“… where I show how the formula reduces to simpler neoclassical idea that r=MPK IF ONLY ONE GOOD.” (Robert Murphy)

The first term in your formula (4) is a production function. This is a construct, neoclassicals need because otherwise… pic.twitter.com/ESRZUdZEHm

— AXEC (@EgmontHandtke) November 26, 2025

Occasional X: Clueless economists / Profit (CXIV)

#Economics#AllYouNeedToKnow

“If knowledge develops as capital accumulates, there need be no tendency to diminishing returns, and with constant returns there can be no tendency for the rate of profit to fall.” (Joan Robinson)

Like every other economist, Joan Robinson… pic.twitter.com/DlVwlLaIWU

— AXEC (@EgmontHandtke) November 25, 2025

Occasional X: The futile attempt to recycle Keynesianism (XCI)

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) November 24, 2025

Occasional X: Paradigm Shift (LXXXIV)

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) November 24, 2025

Occasional X: AI — boosting scientific competence in economics (IV)

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) November 24, 2025

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

#Economics#AllYouNeedToKnow

“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)…

— AXEC (@EgmontHandtke) November 23, 2025

Occasional X: The futile attempt to recycle MMT (CLXXII)

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) November 23, 2025

Occasional X: Clueless economists / Science (CCXXVIII)

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) November 23, 2025

Occasional X: Clueless economists / Price Mechanism (VI)

#Economics#AllYouNeedToKnow

“— 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

— AXEC (@EgmontHandtke) November 22, 2025

Occasional X: Clueless economists / Science (CCXXVII)

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) November 22, 2025

Occasional X: The futile attempt to recycle Milton Friedman (XLVI)

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) November 22, 2025

Occasional X: The foul spirit of political economics (CLXXI)

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) November 22, 2025

Occasional X: The futile attempt to recycle MMT (CLXXI)

#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/fSdHhHY3aB

For the full-spectrum refutation, see ⇒https://t.co/eXlgPKrQd8 pic.twitter.com/xbuRi8r0ad

— AXEC (@EgmontHandtke) November 22, 2025

Also at Phil Waller.

Related 'The unassailable formal refutation of MMT' 

Occasional X: Clueless economists / Money (LX)

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) November 21, 2025

Occasional X: Clueless economists / Profit (CXIII)

#Economics#AllYouNeedToKnow

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…

— AXEC (@EgmontHandtke) November 21, 2025

Occasional X: The futile attempt to recycle MMT (CLXX)

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) November 21, 2025

Occasional X: The foul spirit of political economics (CLXX)

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) November 20, 2025

Occasional X: Paradigm Shift (LXXXIII)

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) November 20, 2025

Occasional X: The foul spirit of political economics (CLXIX)

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) November 20, 2025

Occasional X: The futile attempt to recycle Milton Friedman (XLV)

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) November 20, 2025

Occasional X: How it works (CDXIV)

#Economics#AllYouNeedToKnow

“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,…

— AXEC (@EgmontHandtke) November 20, 2025

Occasional X: Economic laws (IV)

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) November 19, 2025

Occasional X: Clueless economists / Inflation / Deflation (XLVIII)

 

#Economics#AllYouNeedToKnow

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

— AXEC (@EgmontHandtke) November 19, 2025

Occasional X: The foul spirit of political economics (CLXVIII)

#Economics#AllYouNeedToKnow

“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.…

— AXEC (@EgmontHandtke) November 19, 2025

Occasional X: Clueless economists / Science (CCXXVI)

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) November 17, 2025

Related 'There is no scientific elite in economics' 

Occasional X: Time to get the axioms of economics right (VI)

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) November 17, 2025

Occasional X: The futile attempt to recycle Keynesianism (XC)

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) November 17, 2025

Occasional X: Clueless economists / Profit (CXII)

#Economics#AllYouNeedToKow

“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

— AXEC (@EgmontHandtke) November 17, 2025

Occasional X: Clueless economists / Profit (CXI)

#Economics#AllYouNeedToKnow

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

— AXEC (@EgmontHandtke) November 17, 2025

Occasional X: Clueless economists / Philosophy (X)

#Economics#AllYouNeedToKnow

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…

— AXEC (@EgmontHandtke) November 16, 2025

Occasional X: Economists and their silly prediction games (II)

 

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) November 16, 2025

Occasional X: The futile attempt to recycle Austrianism (XLXV)

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) November 16, 2025

Occasional X: The futile attempt to recycle Keynesianism (LXXXIX)

#Economics#AllYouNeedToKnow

“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

— AXEC (@EgmontHandtke) November 16, 2025

Occasional X: The foul spirit of political economics (CLXVII)

#Economics#AllYouNeedToKnow

Prof. Steve Keen is not a competent scientist but one of the many #EconBlockers on social media. pic.twitter.com/aMtqRDMqco

— AXEC (@EgmontHandtke) November 15, 2025

Related 'Keenonomics, aggregate demand/change of debt, and some misleading critique' 

Occasional X: Clueless economists / Money (LIX)

#Economics#AllYouNeedToKnow

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

— AXEC (@EgmontHandtke) November 15, 2025

Occasional X: AI — boosting scientific competence in economics (III)

#Economics#AllYouNeedToKnow

“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…

— AXEC (@EgmontHandtke) November 15, 2025

Occasional X: The futile attempt to recycle Kalecki (Xb)

#Economics#AllYouNeedToKnow

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…

— AXEC (@EgmontHandtke) November 15, 2025

Occasional X: The futile attempt to recycle Kalecki (Xa)

#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/fM98VafncU

— AXEC (@EgmontHandtke) November 15, 2025