Occasional Xs: Paradigm Shift (LXXV)

#Economics#AllYouNeedToKnow

“Mental models are deeply held beliefs that limit our ability to see new ways of thinking.(John Sterman)

John Sterman never realized that (i) mainstream economics was based on an invalid axiom set, and (ii) that the first task of contemporary… pic.twitter.com/Ck5IZPx4tN

— AXEC (@EgmontHandtke) October 17, 2025

Occasional Xs: How it works (CD)

#Economics#AllYouNeedToKnow

“Deficit shocks out of Europe: first France abandons pension reform to avoid another government collapse, which means its budget deficit will explode, and now Germany projects soaring deficit for 2026. And US hits $38TN debt tomorrow. ” (zerohedge)…

— AXEC (@EgmontHandtke) October 17, 2025

Occasional Xs: Clueless economists / Money (LIII)

#Economics#AllYouNeedToKnow

“A great episode by @GeorgeSelgin and @tylercowen, recommended for all interested in econ history and monetary econ.” (Cirian Marshall)

As usual, we have the claqueurs here.

For over 200 years, economics has claimed to be a science, but it still…

— AXEC (@EgmontHandtke) October 16, 2025

Occasional Xs: Clueless economists / Science (CCX)

 

#Economics#AllYouNeedToKnow

“My first time on X. My first post. Thanks all followers!” (Joel Mokyr)

The EconNobel has become one of the biggest PR disasters of all time.

Economics is neither a social science nor a branch of history. Although economics claims to be a science,… pic.twitter.com/maXhdg8keq

— AXEC (@EgmontHandtke) October 16, 2025

Occasional Xs: Clueless economists / Profit (CVI)

#Economics#AllYouNeedToKnow

“The farmer and manufacturer can no more live without profit than the labourer without wages.” (David Ricardo)

The history of economic thought is a history of scientific failure. It starts with David Ricardo and continues up to the present day.… pic.twitter.com/U6ZZeY72Ir

— AXEC (@EgmontHandtke) October 16, 2025

Occasional Xs: The futile attempt to recycle Marx (XLVIII)

 

#Economics#AllYouNeedToKnow

“Marx never helped anyone, and constantly begged others for handouts.” (Phil Magness)

Whether Marx was a nice guy or not is a matter of irrelevance. What counts are his scientific statements, emotional stories are for journalists and propagandists.…

— AXEC (@EgmontHandtke) October 15, 2025

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

#Economics#AllYouNeedToKnow

“Hayek said 'social justice' is meaningless because markets have no intentions.” (Relearning Economics)

Social justice is a sociological/ethical concept; economics, on the other hand, is a systems science. Therefore, strictly speaking, the concept…

— AXEC (@EgmontHandtke) October 15, 2025

Occasional Xs: Clueless economists / Science (CCIX)

#Economics#AllYouNeedToKnow

“One thing I *do* like about this year’s Nobel Prize in Economics is that it might encourage more students to read Joseph Schumpeter.” (Jostein Hauge)

Yeah. pic.twitter.com/wvhnMHJHBQ

— AXEC (@EgmontHandtke) October 14, 2025

Occasional Xs: Clueless economists / Science (CCVIII)

 

#Economics#AllYouNeedToKnow

“The Nobel Prize in Economics is characterised by extreme institutional concentration: almost every prizewinner has passed through an economics department at an elite US university.” (Jostein Hauge)

For over 200 years, economics has claimed to be a… pic.twitter.com/CXfmQwdnhE

— AXEC (@EgmontHandtke) October 14, 2025

Occasional Xs: Forget supply-demand-equilibrium (XIX)

#Economics#AllYouNeedToKnow

“Towards a disequibrilated macroeconomics.” (Peter Howitt)

In economics, there is no such thing as equilibrium. Consequently, disequilibrium does not exist either. The basic concepts of economics, also known as axioms, are flawed.

For details of…

— AXEC (@EgmontHandtke) October 14, 2025

Occasional Xs: Clueless economists / Profit (CV)

#Economics#AllYouNeedToKnow

“… which cargo cult version of econ got profit correct?” (fbastiat)

Smith: Wages, profit, and rent are the three original sources of all revenue as well as of all exchangeable value.

Ricardo: … profits would be high or low in proportion as wages…

— AXEC (@EgmontHandtke) October 14, 2025

Occasional Xs: Scrap the EconNobel (XLVI)

#Economics#AllYouNeedToKnow

Hayek never understood profit and, by consequence, how the economic system works. That's rather bad for an economist.

When foundational concepts are poorly understood, the entire analytical framework becomes scientifically worthless. Policy guidance…

— AXEC (@EgmontHandtke) October 13, 2025

Occasional Xs: Scrap the EconNobel (XLV)

#Economics#AllYouNeedToKnow

“But we need to push the Nobel committee and the field of mainstream economics to broaden their scope and horizons when considering candidates for the prize.” (Jostein Hauge)

The EconNobel has become one of the biggest PR disasters of all time.… pic.twitter.com/ZiZWhJp25i

— AXEC (@EgmontHandtke) October 13, 2025

Occasional Xs: Scrap the EconNobel (XLIV)

#Economics#AllYouNeedToKnow

The EconNobel has become one of the biggest PR disasters of all time.

Economics is neither a social science nor a branch of history. Although economics claims to be a science, it still is not. The major approaches (Walrasianism, Keynesianism,… pic.twitter.com/9GS0UPrqXj

— AXEC (@EgmontHandtke) October 13, 2025

Occasional Xs: Clueless economists / Profit (CIV)

#Economics#AllYouNeedToKnow

“I'll probably regret this, but you aren't explaining what profit *is*, and that makes it difficult to build a conversation.” (Chippindale)

For everyone who can read: In the monetary economy, macroeconomic monetary profit Qm is given by the… pic.twitter.com/ttT9GIsvas

— AXEC (@EgmontHandtke) October 13, 2025

Occasional Xs: The futile attempt to recycle Marx (XLVII)

#Economics#AllYouNeedToKnow

“Titles of property, for instance railway shares, may change hands every day, and their owner may make a profit by their sale even in foreign countries, so that titles to property are exportable, although the railway itself is not.” (Karl Marx)

Who…

— AXEC (@EgmontHandtke) October 13, 2025

Occasional Tweets: Ultimately, the free-market economy is kept running by the State (II)

 

#Economics#AllYouNeedToKnow

“Regulations in the EU are grotesque and absurd, but the US has some work to do as well.” (Michael Arouet)

For 200+ years, economics has claimed to be science but still is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism,… pic.twitter.com/mUgCI6R2AV

— AXEC (@EgmontHandtke) October 12, 2025

Occasional Xs: Scrap the EconNobel (XLIII)

#Economics#AllYouNeedToKnow

“If I were the social planner, the next Nobel Prize in Economics would be awarded to Samuel Bowles, Glenn Loury, and John Roemer.” (Steven Durlauf)

The EconNobel has become one of the biggest PR disasters of all time.

Although economics claims to… pic.twitter.com/U9UQojPt74

— AXEC (@EgmontHandtke) October 12, 2025

Occasional Xs: Clueless economists / Money (LII)

#Economics#AllYouNeedToKnow

“What really matters is how and on what the money has been spent and not where the money will come from to spend.” (Rohan Grey quoted by ?whispers?)

That money is created out of nothing and backed by nothing is NOT the critical point of a fiat money…

— AXEC (@EgmontHandtke) October 12, 2025

Occasional Xs: Clueless economists / Money (LI)

 

#Economics#AllYouNeedToKnow

“There is no such thing as tax payers money. There is only government money.” (?whispers?)

For over 200 years, economics has claimed to be a science, yet it still is not. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism and…

— AXEC (@EgmontHandtke) October 12, 2025

Occasional Xs: How it works (CCCXCIX)

#Economics#AllYouNeedToKnow

“As socialism doesn’t work the lefts see the world as zero-sum game and focus on taking money away from the hard working successful people and redistribute it to those who don’t want to work.” (Michael Arouet)

The history of economic thought is the…

— AXEC (@EgmontHandtke) October 11, 2025

Occasional Xs: Scrap the EconNobel (XLII)

#Economics#AllYouNeedToKnow

The EconNobel has become one of the biggest PR disasters of all time.

Although economics claims to be a science, it is not. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives like MMT) are mutually… pic.twitter.com/XyaZyS9r4l

— AXEC (@EgmontHandtke) October 11, 2025

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

 

#Economics#AllYouNeedToKnow

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… pic.twitter.com/sBYaISpFYN

— AXEC (@EgmontHandtke) October 11, 2025

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

#Economics#AllYouNeedToKnow

“Nothing is more securely lodged than the ignorance of the experts.” (Friedrich Hayek)

Hayek never understood profit and, by consequence, how the economic system works. That's rather bad for an economist.

When foundational concepts are poorly…

— AXEC (@EgmontHandtke) October 11, 2025

Occasional Xs: Clueless economists / Money (L)

#Economics#AllYouNeedToKnow

“Printing money is a problem if you’re printing in lieu of production, not if you’re printing in line with production.” (Lei Gong)

For the correct monetary theory, see on SSRN
The Dark-Matter Theory of Fiat Moneyhttps://t.co/A5k0pCSHCn

— AXEC (@EgmontHandtke) October 10, 2025

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

#Economics#AllYouNeedToKnow

“Who Controls the Public Mind?” (zerohedge)

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 &… pic.twitter.com/nS5dYKBYwY

— AXEC (@EgmontHandtke) October 10, 2025

Occasional Xs: Scrap the EconNobel (XLI)

#Economics#AllYouNeedToKnow

“My Econ Nobel pick: (Not forecasts!) Sowell, Loury, Fryer.” (John Cochrane)

The usual propagandists always come crawling out in the fall. It's just embarrassing. The EconNobel has become one of the biggest PR disasters of all time.

Although… pic.twitter.com/lHzyTHjnkI

— AXEC (@EgmontHandtke) October 10, 2025

Occasional Xs: Scrap the EconNobel (XL)

#Economics#AllYouNeedToKnow

The EconNobel has become one of the biggest PR disasters of all time.

Although economics claims to be a science, it is not. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory… pic.twitter.com/mvU3dIkY8k

— AXEC (@EgmontHandtke) October 9, 2025

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

#Economics#AllYouNeedToKnow

“There’s a reason we have a private sector to begin with, which is that market realities force companies to efficiently deliver good products at a reasonable price, or else go out of business due to competition.” (Tyler Cowen)

As an economist, Tyler…

— AXEC (@EgmontHandtke) October 9, 2025

Occasional Xs: Clueless economists / Science (CCVII)

#Economics#AllYouNeedToKnow

“'Science' is now indistinguishable from politics.” (Mises Institute)

In the field of economics, science and politics have always been one and the same.

For over 200 years, economics has claimed to be a science, yet it still is not. The major… pic.twitter.com/G5tQfUrYN0

— AXEC (@EgmontHandtke) October 9, 2025

Occasional Xs: Scrap the EconNobel (XXXIX)

#Economics#AllYouNeedToKnow

The EconNobel has become one of the biggest PR disasters of all time.

Although economics claims to be a science, it is not. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives like MMT) are mutually… pic.twitter.com/E5oGjNsGN7

— AXEC (@EgmontHandtke) October 9, 2025

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

 

#Economics#AllYouNeedToKnow

“The government doesn’t have any money. Only people have money.” (Milton Friedman)

Economics has never been more than show business.

For over 200 years, economists have claimed that their discipline is a science, yet it still isn't. The major…

— AXEC (@EgmontHandtke) October 9, 2025

Occasional X: Failed proof of Capitalism's superiority (X)

 

#Economics#AllYouNeedToKnow

“People become wealthy when they create a product or service benefiting others and driving progress. Why don’t socialists get it? Because they are not able to create anything and are just envious?” (Michael Arouet)

There is nothing dumber than an… pic.twitter.com/QVT7QpSwdf

— AXEC (@EgmontHandtke) October 9, 2025

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

#Economics#AllYouNeedToKnow

“In the long run we are all dead.” (John Maynard Keynes)

This gives everyone a rough idea of how incredibly trivial economics is.

Keynes got macroeconomic profit wrong because he was too stupid for elementary algebra. So, he messed up the Paradigm… pic.twitter.com/Uwvm0Ni1rh

— AXEC (@EgmontHandtke) October 9, 2025

Also at ?whispers? 

Occasional Xs: Clueless economists / Science (CCVI)

#Economics#AllYouNeedToKnow

“Baron John Maynard Keynes is not only the most famed and influential economist of our time; he was probably the most likeable one of his era.” (C.J. Maloney)

As is always the case in economics, it's all about appearances. In fact, Keynes was… pic.twitter.com/VudU19euG0

— AXEC (@EgmontHandtke) October 8, 2025

Occasional Xs: Scrap the EconNobel (XXXVIII)

 

#Economics#AllYouNeedToKnow

“Nobel Committee will announce winners of 2025 Nobel Peace Prize on Friday, Oct 10 — Donald Trump is among nominees.” (Lord Bebo)

The “Nobel” has become one of the biggest PR disasters of all time.

For the failed/fake science of economics, see… pic.twitter.com/vTpzzd5h5U

— AXEC (@EgmontHandtke) October 8, 2025

Occasional Xs: Clueless economists / Money (XLIX)

 

#Economics#AllYouNeedToKnow

“The UK state cannot run out of creating its own ious, or £s, …” (Phil Waller)

“The counterfeiter cannot run out of creating his own money and stealing stuff from WeThePeople.” (AXEC)

That money is created out of nothing and backed by nothing is… pic.twitter.com/rLtazTMi3K

— AXEC (@EgmontHandtke) October 8, 2025

Also at ?whispers? 

Occasional Tweets: Economists still can't get the sectoral balances right (II)

#Economics#AllYouNeedToKnow

“Household debt up there with public debt, reducing aggregate demand, impoverishing households and suffocating local economies.” (Steve Hall)

Unfortunately, Steve Hall is a bad economist. He gets profit, the most important balance of Capitalism,… pic.twitter.com/eesgPbH6rh

— AXEC (@EgmontHandtke) October 8, 2025

Occasional Xs: Clueless economists / Money (XLXIII)

 

#Economics#AllYouNeedToKnow

“Still waiting for the mainstream to grasp why sov bonds in one’s own currency are utterly superfluous.” (Clint Ballinger)

Mainstream economics, and monetary theory in particular, has always been axiomatically false. It is a waste of time to wait.…

— AXEC (@EgmontHandtke) October 8, 2025

Occasional X: Failed proof of Capitalism's superiority (IX)

#Economics#AllYouNeedToKnow

“Socialism explained, prove me wrong” (Michael Arouet)

The debate between capitalism and socialism is the most pointless one ever.

Although economics claims to be a science, it is not. The major approaches (Walrasianism, Keynesianism, Marxianism,… pic.twitter.com/VyteanPKtk

— AXEC (@EgmontHandtke) October 8, 2025

Occasional Xs: The futile attempt to recycle behavioral economics (VIII)

 

#Economics#AllYouNeedToKnow

“Economists think about what people ought to do. Psychologists watch what they actually do.” (Daniel Kahneman)

No, economists think about how the economic system behaves. Psycho-social behavior has NEVER been their job.

Economics has defined itself… pic.twitter.com/sME5voDw5I

— AXEC (@EgmontHandtke) October 7, 2025

Occasional Xs: Clueless economists / Science (CCV)

#Economics#AllYouNeedToKnow

"If economists were laid end to end, they would not reach a conclusion.” (George Bernard Shaw)

It is widely known that economists are illiterate and innumerate. That's why economics is a failed/fake science. Economists live in the swamp between true… pic.twitter.com/dbz4PhfoHj

— AXEC (@EgmontHandtke) October 6, 2025

Occasional Xs: Paradigm Shift (LXXIV)

#Economics#AllYouNeedToKnow

“Since our premises are always necessarily more or less false, good theorizing consists to a large extent in avoiding assumptions like these, where a small change in what is posited will seriously affect the conclusions.” (William Baumol)

Economics… pic.twitter.com/l6yZDqq6NY

— AXEC (@EgmontHandtke) October 6, 2025

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

#Economics#AllYouNeedToKnow

“An Austrian, MMT, and the Neoclassical economist walk into a factory.” (Relearning economics)

Although economics claims to be a science, it is not. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives… pic.twitter.com/LENLPyogwV

— AXEC (@EgmontHandtke) October 5, 2025

Occasional Xs: Clueless economists / Science (CCIV)

#Economics#AllYouNeedToKnow

In science in general and economics in particular, truth is not established by the number of likes. The number of likes is an artefact of the platform's algorithm. It is approximately equal to the number of imbeciles.

— AXEC (@EgmontHandtke) October 5, 2025

Occasional Xs: Clueless economists / Money (XLXII)

 

#Economics#AllYouNeedToKnow

The 'Brief History of Chartalist Theory' is provably false.

For the axiomatically correct monetary theory, see
The Dark-Matter Theory of Fiat Moneyhttps://t.co/A5k0pCSHCn

— AXEC (@EgmontHandtke) October 5, 2025

Occasional Xs: How it works (CCCXCVIII)

#Economics#AllYouNeedToKnow

“You Are the Designated Bag Holder.” (Angelo Giuliano)

There is NO way to stop the endgame of Capitalism.

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

— AXEC (@EgmontHandtke) October 5, 2025

Twitter/X Oct 6, 2025

Occasional Xs: Clueless economists / Science (CCIII)

#Economics#AllYouNeedToKnow

“Your political compass.” (Relearning Economics)

If you need proof that economics is a failed/fake science, look no further.

For over 200 years, economics has claimed to be a science, but it still isn't. The major approaches (Walrasianism,… pic.twitter.com/svIdkp1H0I

— AXEC (@EgmontHandtke) October 5, 2025

For details, see cross-references Political Economics/Stupidity/Corruption. 

Occasional Xs: The futile attempt to recycle Marx (XLVI)

#Economics#AllYouNeedToKnow

Marx never understood profit and, by consequence, how the economic system works. That's fatal for an economist.

Reminder: Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their… pic.twitter.com/GSpQHmUeD2

— AXEC (@EgmontHandtke) October 4, 2025

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

#MMT#BadScienceBadPolicyBadPeople

“MMT has yet to bee succesfully disproven.” (MMT for Progressives)

MMTers got macroeconomics wrong. This makes their monetary theory scientifically worthless — only good for political propaganda.

The free-market economy a.k.a. Capitalism runs… pic.twitter.com/yQPxFII7aF

— AXEC (@EgmontHandtke) October 3, 2025

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

 

#Economics#AllYouNeedToKnow

“If you put two economists in a room, you get two opinions, unless one of them is Lord Keynes, in which case you get three opinions.” (Churchill)

Keynes was a waffler. He is eminently quotable because he had an opinion and the very opposite of it on… pic.twitter.com/spoT1yAsQn

— AXEC (@EgmontHandtke) October 3, 2025

Occasional Xs: Paradigm Shift (LXXIII)

#Economics#AllYouNeedToKnow

“The wrong kind of maths. (Isabella weber)

It is not the mathematics that is of the wrong kind. It is the axioms. Only a Paradigm Shift will help.

For 200+ years, economics has claimed to be a science. But it still is not. The major approaches… pic.twitter.com/9FuMLwk6oM

— AXEC (@EgmontHandtke) October 3, 2025

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

#Economics#AllYouNeedToKnow

“There is no tax payers money, when you pay your taxes those £s are dead £s.” (Phil Waller)

Public expenditures are first paid with overdrafts. This is a credit. When the taxes come in, the short run debt = overdrafts are extinguished. This is why…

— AXEC (@EgmontHandtke) October 3, 2025

#Economics#AllYouNeedToKnow

“There is no 'taxpayers' money' because money is not owned by the 'taxpayer'.” (MMT for Progressives)

Yeah, there is no consumption money because the workers' income is not owned by the worker.

MMT has been refuted on all counts, but MMTers do not…

— AXEC (@EgmontHandtke) October 3, 2025

Occasional Xs: Forget supply-demand-equilibrium (XVIII)

#Economics#AllYouNeedToKnow

“Teach a parrot the terms 'supply and demand' and you've got an economist.” (Thomas Carlyle)

For details about parrots and economists, see ⇒

Bang — the representative economist and supply-demand equilibrium are deadhttps://t.co/aNBIV3TXYA

— E.K-H (@AXECorg) October 2, 2025

Occasional Xs: Clueless economists / Science (CCII)

 

#Economics#AllYouNeedToKnow

“Total Income = Total Production = GDP.” (Phil Waller)

This equation is false. It demonstrates the abject scientific incompetence of economists.

For 200+ years, economics has claimed to be science but still is NOT. The major approaches… pic.twitter.com/UJ45aLYuab

— AXEC (@EgmontHandtke) October 2, 2025

Occasional Xs: Clueless economists / Science (CCI)

 

#Economics#AllYouNeedToKnow

“Are Krugman, Stiglitz, etc. heterodox? Acc. to Lavoie: no. They’re dissenters, not heterodox. They still work within the orthodox framework, don’t reject its core axioms, and, most importantly imo, share the same methodological toolset.” (Shahin… pic.twitter.com/l7wQnA16Q1

— AXEC (@EgmontHandtke) September 21, 2025

Related 'Yes, Orthodoxy is incoherent but, unfortunately, Heterodoxy also' 

Occasional Xs: Clueless economists / Science (CC)

#Economics#FailedFakeScience

“When economists propose a policy, they have (hopefully) some welfare function in mind, which depends in some way on distribution.” (Oliver Blanchard)

For 200+ years, economics has claimed to be a science. But it still is not. The major approaches… pic.twitter.com/ORl3RI2A9F

— AXEC (@EgmontHandtke) September 19, 2025

Occasional Xs: How it works (CCCXCVII)

#Economics#AllYouNeedToKnow

“Japan’s stock market falls -2.5% as Japanese bond yields extend their run into record territory. Japan is just a glimpse of what will happen to the U.S. if we do not solve our deficit spending crisis.” (Kobeissi Letter)

There is NO way to “solve”…

— AXEC (@EgmontHandtke) September 19, 2025

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

Occasional Xs: Clueless economists / Science (CXCIX)

#Economics#AllYouNeedToKnow

Kenneth Arrow never realized that the mainstream axiom set‡ is proto-scientific crap, but defined methodological individualism as the standard for economics:

“It is a touchstone of accepted economics that all explanations must run in terms of the…

— AXEC (@EgmontHandtke) September 18, 2025

Occasional Tweets: How the superrich are getting richer (II)

#Economics#AllYouNeedToKnow

“The 400 richest people in the U.S. are now worth a record $6.6 trillion after getting $1.2 trillion richer over the past year.” (Robert Reich)

This happens time and time again, but economists are always surprised by it. See the 2019 post:
Gosh!…

— AXEC (@EgmontHandtke) September 18, 2025

Occasional Xs: The history of economic thought is the history of scientific failure (XLI)

#Economics#AllYouNeedToKnow

“Marx wasn't skilled at math.” (Martin Bauer)

Actually, it's even worse than that. Marx was an incompetent scientist. And this fatal defect he shared with his mainstream counterparts.

Marx never understood profit and, by consequence, how the…

— AXEC (@EgmontHandtke) September 18, 2025

Occasional Xs: The history of economic thought is the history of scientific failure (XL)

#Economics#AllYouNeedToKnow

“Should economists read papers from other disciplines? Should economists read history of economic thought? Should economists read papers written more than five years ago? Should economists read?” (Jack Meyer)

It is widely known that economists are… pic.twitter.com/kI7KSF1KCC

— AXEC (@EgmontHandtke) September 18, 2025

Occasional Xs: Clueless economists / Profit (CIII)

#Economics#AllYouNeedToKnow

“I have found out what economics is; it is the science of confusing stocks with flows.” (Michal Kalecki quoted by Jack Meyer)

“I have found out what economics is; it is the failed/fake science that never figured out what profit is.” (AXEC)

Proof:…

— AXEC (@EgmontHandtke) September 17, 2025

Yeah, I add your and Hicks' definition to the list of conflicting definitions of profit:

Economics21st: I'd say profit is the increase in someone's 'raw' net worth resulting from all actions apart from unproductive consumption. Same as income.

Hicks: The same applies to a firm.… pic.twitter.com/nRBtq8oK9v

— AXEC (@EgmontHandtke) September 17, 2025

Occasional Xs: Clueless economists / Science (CXCVIII)

#Economics#AllYouNeedToKnow

“John B. Taylor is one of the greatest macroeconomists of the late 20th and early 21st centuries. This paper surveys his seminal contributions to monetary theory, policy rules, and macroeconomic modeling.” (Michael Bordo, John Cochrane and Jonathan… pic.twitter.com/Su4OCuU3o6

— AXEC (@EgmontHandtke) September 17, 2025

Occasional Xs: Clueless economists / Money (XLXI)

 

#Economics#AllYouNeedToKnow

“Taxing SUVs may be a good idea to discourage their use in narrow city roads.... BUT that doesn't 'raise' money for a govt that has unlimited pounds available.” (MMT for Progressives)

The idea that a govt that has unlimited money available is plain… pic.twitter.com/kFokk4LkOO

— AXEC (@EgmontHandtke) September 17, 2025

Occasional Xs: Clueless economists / Money (XLX)

#Economics#AllYouNeedToKnow

Economics claims to be a science, but it is not. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit… pic.twitter.com/7l9treRoQe

— AXEC (@EgmontHandtke) September 15, 2025

Occasional Xs: How it works (CCCXCVI)

#Economics#AllYouNeedToKnow

“The US government has paid a record $1.2 TRILLION in interest on its public debt over the last 12 months. …All while the total federal debt is rising by ~$1 TRILLION every 100 days.” (Global Markets Investor)

Told you so in 2020 ⇒
From the debt…

— AXEC (@EgmontHandtke) September 15, 2025

Occasional Xs: Clueless economists / Science (CXCVII)

#Economics#AllYouNeedToKnow

“Economics is a science. MMT is magical thinking.” (MG)

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 /…

— AXEC (@EgmontHandtke) September 15, 2025

Occasional Xs: Clueless economists / Money (XLIX)

#Economics#AllYouNeedToKnow

“Where does it end? The Fed in 2009 started doing QE (blue) and since then has bought huge amounts of Treasuries that are never sold. That keeps yields artificially low and enables increasingly reckless fiscal policy. We're on an explosive path,…

— AXEC (@EgmontHandtke) September 15, 2025

Occasional Xs: Clueless economists / Science (CXCVI)

 

#Economics#AllYouNeedToKnow

“… he [Robert Lucas] was the economist behind 'rational expectations' which became so influential during the 80s.” (EconomicsinTen)

Yes, but his influence was not scientifically meaningful. In fact, quite the opposite.

Lucas never understood what… pic.twitter.com/kSvfSMPtVM

— AXEC (@EgmontHandtke) September 15, 2025

Occasional Xs: Clueless economists / Science (CXCV)

#Economics#FailedFakeScience

“We Are Watching a Scientific Superpower Destroy Itself.” (New York Times)

No. The USA has never been a scientific superpower, at least as far as economics is concerned.

For 200+ years, economics has claimed to be science but never was. The major… pic.twitter.com/VDeWxT6I5U

— AXEC (@EgmontHandtke) September 14, 2025

Occasional Xs: Clueless economists / Science (CXCIV)

#Economics#AllYouNeedToKnow

“Progress is slow partly from mere intellectual inertia. In a subject (economics) where there is no agreed procedure for knocking out errors, doctrines have a long life.” (Joan Robinson)

Actually, there is a “procedure for knocking out errors”, it's…

— AXEC (@EgmontHandtke) September 13, 2025

Occasional Xs: Clueless economists / Science (CXCIII)

 

#Economics#AllYouNeedToKnow

“Rather like the Bible is for many Christians, the General Theory is the essential economics reference which few economists have ever read.” (Steve Keen)

Worse. Those who read the GT didn't understand it.

Keynes was a failed/fake scientist. He got… pic.twitter.com/BWt9CMZuSx

— AXEC (@EgmontHandtke) September 13, 2025

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

 

#Economics#AllYouNeedToKnow

“Another loud and clear negative sign about the state of learning and academic performance among U.S. youth.” (Melissa Kearney)

No problem, the kids can still become economics professors. ⇓

Reminder 1: For 200+ years, economics has claimed to be… pic.twitter.com/cS6oylueph

— AXEC (@EgmontHandtke) September 10, 2025

For details, see cross-references Econ 101/Old Curriculum/New Curriculum 

Occasional Tweets: Gossip economics (V)

 

#Economics#AllYouNeedToKnow

“Economics is the study of the economy, not the study of economists.” (R. Reis)

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…

— AXEC (@EgmontHandtke) September 9, 2025

Occasional Xs: Clueless economists / Money (XLVIII)

#Economics#AllYouNeedToKnow

For the axiomatically correct monetary theory, go to SSRN:

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

— AXEC (@EgmontHandtke) September 9, 2025

Also at Phil Waller. 

 

Occasional Xs: How it works (CCCXCV)

#Economics#AllYouNeedToKnow

“The Gamechanger: Merz Plunges Germany Into A Debt Crisis.” (zerohedge)

Not quite. Following the USA, France, the UK, Italy, Japan, etc., Germany is now also participating in the unescapable endgame of free-market economies.

Reminder: The…

— AXEC (@EgmontHandtke) September 8, 2025

Occasional Xs: Clueless economists / Science (CXCII)

 

#Economics#AllYouNeedToKnow

“As soon as the land of any country has all become private property, the landlords like to reap where they never sowed.” (Adam Smith)

These kinds of platitudes are still regurgitated to demonstrate the genius of Adam Smith, the founding father of… pic.twitter.com/EFjPuaBBsa

— AXEC (@EgmontHandtke) September 8, 2025

Occasional Xs: Clueless economists / Science (CXCI)

#Economics#AllYouNeedToKnow

“What is wealth? Different schools of economics give very different answers. e.g. National accounts vs households: For households, wealth = net worth. For the nation, gov deficits = private surpluses.” (Relearning Economics)

This is enough to show… pic.twitter.com/t4XjEzrugF

— AXEC (@EgmontHandtke) September 7, 2025

Related 'The GDP death blow for the economics profession'

For more about profit, see AXECquery.

For more about methodology, see AXECquery. 

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

 

#Economics#FailedFakeScience

“Ich habe ein Buch darüber geschrieben, was es für die (liberale) Demokratie bedeutet, wenn es immer weniger liberale Demokraten gibt.” “I have written a book about what it means for (liberal) democracy when there are fewer and fewer liberal… pic.twitter.com/cpEMIZ2q4E

— AXEC (@EgmontHandtke) September 7, 2025

Occasional Xs: Clueless economists / Breakdown (XV)

#Economics#AllYouNeedToKnow

“Almost half of French new debt goes into pensions payments. Without higher retirement age and lower pension payments France heads into a debt crisis. The problem is, both far-left and far-right populists are for reduction, not increase of retirement…

— AXEC (@EgmontHandtke) September 6, 2025

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

#Economics#AllYouNeedToKnow

“The morals of the market lead us to benefit others, not by our intending to do so, but by making us act in a manner which, nonetheless, will have just that effect.” (Friedrich Hayek)

Hayek never understood profit, so he had no idea how the monetary…

— AXEC (@EgmontHandtke) September 6, 2025

Occasional Xs: Clueless economists / Money (XLVII)

#Economics#AllYouNeedToKnow

“The tax isn’t there to raise money, It’s to get people working, and producing things for the government.” (Stephanie Kelton quoted by Real Progressives)

The tax is there because WeThePeople have to pay the interest on goverment bonds that are held…

— AXEC (@EgmontHandtke) September 6, 2025

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

#Economics#AllYouNeedToKnow#FailedFakeScience

“I wish my other good friend @ProfSteveKeen was there, but we represented him well.” (Relearning Economics)

Yes, you represent the political mob that spreads stupid propaganda under the banner of economic science very well. The… pic.twitter.com/vuBdVQoTj4

— AXEC (@EgmontHandtke) September 6, 2025

Occasional Xs: How it works (CCCXCIV)

#Economics#AllYouNeedToKnow

“The great dialectic in our time is not, as anciently and by some still supposed, between capital and labor; it is between economic enterprise and the state.” (John Kenneth Galbraith)

Wrong. The great dialectic in our time is between WeTheOligarchy…

— AXEC (@EgmontHandtke) September 5, 2025

Occasional Xs: Clueless economists / Money (XLVI)

#Economics#AllYouNeedToKnow

“Money is nothing more than a form of debt, which is to say a commitment to pay money at some time in the future. The whole system is therefore fundamentally circular and self-referential. There is nothing underneath, as it were, holding it up.”…

— AXEC (@EgmontHandtke) September 5, 2025

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

#Economics#AllYouNeedToKnow

“This video explains why a £5 note is really a promise from the state, not something you or I created. If we stop believing in the myth of taxpayers’ money, we can start demanding real accountability for how government spends its own money.” (Richard…

— AXEC (@EgmontHandtke) September 5, 2025

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

#Economics#AllYouNeedToKnow

“Gotta love those govt deficits and private sector surpluses...” (?whispers?)

Sure, except for the fact that government deficits are NOT “private sector surpluses” but business sector profits. Deficit-spending/money-creation is NOT for the benefit… pic.twitter.com/atnLOIhDUv

— AXEC (@EgmontHandtke) September 5, 2025

Occasional Xs: How it works (CCCXCIII)

 

#Economics#AllYouNeedToKnow

“What is different this time is higher debt/GDP ratios making debt servicing in higher rates environment difficult. … We are entering a new era.” (Michael Arouet)

There is an absolute limit to the growth of public debt. The higher the interest…

— AXEC (@EgmontHandtke) September 4, 2025

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

#Economics#AllYouNeedToKnow

“Keynes vs MMT: which economic theory fits our world?” (Richard Murphy)

Neither Keynesianism nor MMT accurately reflects the world we live in. They both get macroeconomics, and consequently the theory of money, wrong.

Keynes was a failed/fake…

— AXEC (@EgmontHandtke) September 2, 2025

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

#Economics#AllYouNeedToKnow

“We regret to inform you that economists are back, signing letters.” (zerohedge)

If you need proof that economics is a failed/fake science, look no further.

For over 200 years, economics has claimed to be a science, but it still isn't. The major… pic.twitter.com/RFkf5463N8

— AXEC (@EgmontHandtke) September 2, 2025

Occasional Xs: Clueless economists / Money (XLV)

#Economics#AllYouNeedToKnow

“We have an economy that allows the financial sector to earn profits without investment in productive capacities.” (Mariana Mazzucato)

As an economist, Mariana Mazzucato should understand what profit is and how the economic system functions.…

— AXEC (@EgmontHandtke) September 2, 2025

Occasional Xs: Clueless economists / Breakdown (XIV)

#Economics#AllYouNeedToKnow

“… France is toasted, but the model kept going by adding 25% to Debt/GDP ratio since then. We are getting closer to the point when the markets don’t absorb more French debt though.” (Michael Arouet)

There is not only “a time-bomb at the heart of…

— AXEC (@EgmontHandtke) September 2, 2025

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

#MMT#BadScienceBadPolicyBadPeople

“Money is never the limit” (Ashish Barua)

MMTers got macroeconomics wrong. This makes their monetary theory scientifically worthless—only good for political propaganda.

The free-market economy a.k.a. Capitalism runs on profit. Macroeconomic… pic.twitter.com/llURZ3nPq8

— AXEC (@EgmontHandtke) September 1, 2025

Occasional Xs: Clueless economists / Real Wage (III)

#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/iJ4w76cO3A

— AXEC (@EgmontHandtke) September 1, 2025

Occasional Tweets: The futile attempt to recycle the production function (III)

#Economics#AllYouNeedToKnow

Vincent Geloso seems to be the last economist who has yet to realize that the Cobb-Douglas production function is a methodological blunder of the first order. This construct is not derived from real-world production conditions, but rather was plucked…

— AXEC (@EgmontHandtke) September 1, 2025

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

#Economics#AllYouNeedToKnow

'There is no more dangerous menace to civilization than a science that has been captured by incompetent, corrupt, or vile men. The worst frauds which mankind ever had to endure were inflicted by impostors abusing the prestige of science.' (a Mises…

— AXEC (@EgmontHandtke) September 1, 2025

Occasional Xs: Clueless economists / Breakdown (XIII)

#Economics#AllYouNeedToKnow

“Steigende #Zinslasten engen den Spielraum ein: Immer mehr Steuereinnahmen gehen in den Schuldendienst, weniger bleiben für staatliche Aufgaben.”
“Rising interest burdens are limiting the scope for action: more and more tax revenue is being spent on…

— AXEC (@EgmontHandtke) September 1, 2025

Occasional Xs: Clueless economists / Science (CXC)

#Economics#FailedFakeScience

“'Marginalism' is the essence of good economics.” (Deirdre Nansen McCloskey)

No. Actually, Marginalism is the epitome of scientific failure.

For 200+ years, economics has claimed to be science but never was. The major approaches (Walrasianism,…

— AXEC (@EgmontHandtke) September 1, 2025

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

#Economics#AllYouNeedToKnow

Profit is the pivotal concept for the analysis of how the economy works. Without a correct profit theory, economics is vacuous. It is a unique fact of the history of economic thought that neither Classicals, nor Walrasians, nor Marshallians, nor…

— AXEC (@EgmontHandtke) August 31, 2025

Occasional Xs: Clueless economists / Science (CLXXXIX)

 

#Economics#AllYouNeedToKnow

“Lausanne, where much of modern economics was born. Walras & Pareto worked here.” (Kaushik Basu)

Modern economics is failed/fake science.

For over 200 years, economics has claimed to be a science, but it still is not. The major approaches… pic.twitter.com/4IJP3KfJPM

— AXEC (@EgmontHandtke) August 31, 2025

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

#Economics#AllYouNeedToKnow

“A bigger debt means that the next generation gets more money not less.” (Max Jerneck)

Either Max Jerneck does not understand how the economy works or he tries to push Lerner's old propaganda lies. ⇓

The free-market economy runs on profit.… pic.twitter.com/PUeFWYO1Ex

— AXEC (@EgmontHandtke) August 30, 2025

Occasional Xs: How it works (CCCXCII)

#Economics#AllYouNeedToKnow

“UK govt handed £895bn QE to banks. Bought bonds/gilts, now selling at loss. It also pays interest on banks' central reserves. Above costs £22bn a year, avoidable. Profits at big four banks doubled since 2020. Windfall tax could raise £8bn. Tax the…

— AXEC (@EgmontHandtke) August 29, 2025

Related 'The Fed's generation of profit, interest, and capital gains is second to none'

Occasional Xs: Clueless economists / Science (CLXXXVIII)

 

#Economics#AllYouNeedToKnow

Joseph Schumpeter was right about everything. He clearly stated that economics is failed/fake science and defined the representative economist as a hopeless scientific loser. ⇓

Reminder 1: For 200+ years, economics has claimed to be Science but… pic.twitter.com/qLFoYByVEg

— AXEC (@EgmontHandtke) August 29, 2025

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

#Economics#AllYouNeedToKnow

“I think it will be useful and also an invitation to others to join us in our inquiry into political economy.” (Peter Boettke)

No. Austrian Economics is on its way to its final resting place in the Hall of Eternal Scientific Infamy.

Austrian… pic.twitter.com/WOpQGnLSMO

— AXEC (@EgmontHandtke) August 28, 2025

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

#Economics#AllYouNeedToKnow

Javier Milei is a proponent of the Austrian School of Economics. Economics claims to be science but is not.

Austrian economists never understood profit and, by consequence, how the economic system works. That's rather bad for an economist.

When… pic.twitter.com/8ecmocAbmX

— AXEC (@EgmontHandtke) August 28, 2025

For more about iatrogenic economics, see AXECquery

***

Political Economics in action: Javier Milei receives Röpke Prize

Occasional Xs: How it works (CCCXCI)

 

#Economics#AllYouNeedToKnow

“Trump v. the Fed: or how history is forcing the question of a democratic politics of central banking” (Branko Milanovic)

The Trump v. the Fed issue proves one thing: after more than 200 years, economists still don't understand how the monetary…

— AXEC (@EgmontHandtke) August 28, 2025

Related 'The Dark-Matter Theory of Fiat Money' 

Occasional Xs: Clueless economists / Science (CLXXXVII)

 

#Economics#AllYouNeedToKnow

Economics has not lost its soul. It never had one.

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 &… pic.twitter.com/HaRO1Fl43x

— AXEC (@EgmontHandtke) August 27, 2025

Occasional Xs: How it works (CCCXC)

#Economics#AllYouNeedToKnow

Trump: “The USA will continue to acquire equity stakes in large private companies similar to how it was with Intel.”

Yes, this is the first step on the Third Way between failing Capitalism and already failed Communism.

“The Legitimate Sovereign is…

— AXEC (@EgmontHandtke) August 26, 2025

Occasional Xs: Clueless economists / Science (CLXXXVI)

#Economics#AllYouNeedToKnow

“Wise words by Nobel Laureate Michael Spence on Adam Smith and the upcoming 250 of Wealth of Nations. We've got big plans brewing at @AdamSmithHouse for next year's big occasion.” (Adam Dixon)

Adam Smith never understood profit and, as a… pic.twitter.com/Nc8ziKh3ml

— AXEC (@EgmontHandtke) August 26, 2025

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

#MMT#BadScienceBadPolicyBadPeople

“Government deficit spending creates nongovernment sector saving in the form of domestic currency (cash, reserves, Treasuries).” (Real Progressives)

MMTers got macroeconomics wrong. This makes their monetary theory scientifically… pic.twitter.com/jwaF4U3AM6

— AXEC (@EgmontHandtke) August 25, 2025

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

#Economics#AllYouNeedToKnow

"One of my favorite quotes is Wn. Mosler saying to an Austrian economist that everything he says makes perfect sense & he would agree with him if we lived in a world with hard currency like gold but we don’t so it’s all wrong & we all need to face…

— AXEC (@EgmontHandtke) August 25, 2025

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

#Economics#AllYouNeedToKnow

“The science of economics is born out of the puzzle that the coordination problem presents to our imaginations. The solution to the puzzle is the entrepreneurial market process.” (Peter Boettke)

For over 200 years, economics has claimed to be a… pic.twitter.com/f3zoDJthro

— AXEC (@EgmontHandtke) August 24, 2025

Grok: boosting scientific competence in economics (III)

#Economics#AllYouNeedToKnow

“xAI will soon be far beyond any company besides Google, then significantly exceed Google. Companies in China will be the toughest competitors, because they have so much more electricity than America and are super strong at building hardware.” (Elon…

— AXEC (@EgmontHandtke) August 24, 2025

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

#Economics#AllYouNeedToKnow

“They [mainstream economists] actually are moralists more than scientists, but they pretend to be scientists, and they use moralistic language.” (David Graeber)

Actually, they are stupid/corrupt agenda pushers.

The representative economist never… pic.twitter.com/Y8rr0OQzJd

— AXEC (@EgmontHandtke) August 24, 2025