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

 

#Economics#AllYouNeedToKnow

“The Australian Federal Government is the sovereign issuer of the Australian dollar (AUD). It CREATES AUD when it spends and DESTROYS it when it taxes.” (Michael Sanderson)

That money is created out of nothing and backed by nothing is NOT the… pic.twitter.com/CYr6AtbPnA

— AXEC (@EgmontHandtke) April 10, 2025

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

 

#MMT#BadScienceBadPolicyBadPeople

“Government's red ink is the economy's black ink.” (Mark Flowerchild)

Wrong. The deception lies in the word “economy”. Correction “Government's red ink is the Oligarchy's black ink.” ⇓

For details see ⇒
Stephanie Kelton’s legendary… pic.twitter.com/z2iRpCWZ4X

— AXEC (@EgmontHandtke) April 9, 2025

Occasional Xs: Clueless economists / Money (XXII)

 

#Economics#AllYouNeedToKnow

“The US government does not "borrow" from foreign countries. Also, the US does not import goods by paying with "debt".” (Dirk Ehnts)

In a fiat money system, dollars are a liability of the Fed. When owned by foreigners it is “foreign debt”. Stop… pic.twitter.com/MlJRYREPFQ

— AXEC (@EgmontHandtke) April 9, 2025

 

“Go to the NewYorkFed with a $10 bill. What do they give you?” (D. Ehnts)

The friendly employee credits $10 to my NY Fed account. My demand deposit is a liability of the Fed. $ bills, demand deposits, time deposits, treasuries, government bonds in the hand of foreigners are just…

— AXEC (@EgmontHandtke) April 10, 2025

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

 

#Economics#AllYouNeedToKnow

“Milton Friedman explains why you should prefer freedom over fairness. “Fairness” means someone else is deciding for you what is “fair.” “Freedom” means that YOU get to make that decision.” (Students for Liberty)

Economics claims to be science but…

— AXEC (@EgmontHandtke) April 9, 2025

Occasional Xs: How it works (CCCXLXV)

 

#Economics#AllYouNeedToKnow

“As every textbook teaches us, the current account deficit is equal to the financial account surplus.” (Daron Acemoglu)

Yes, and the accumulated surpluses (= U.S. debt) eventuallly become unsustainable. This is Mr. Trump's predicament.

The… pic.twitter.com/DhvqHWE4aI

— AXEC (@EgmontHandtke) April 9, 2025

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

 

#MMT#BadScienceBadPolicyBadPeople

“Government's red ink is the economy's black ink.” (Mark Flowerchild)

Wrong. The deception lies in the word “economy”. Correction “Government's red ink is the Oligarchy's black ink.” For details see ⇒

Stephanie Kelton’s legendary… pic.twitter.com/slHrRNZae4

— AXEC (@EgmontHandtke) April 9, 2025

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

 

#Economics#AllYouNeedToKnow

“The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy.” (Milton Friedman)

Economics claims to be science but is NOT. The major…

— AXEC (@EgmontHandtke) April 8, 2025

Occasional Xs: Econ101― still proto-scientific garbage (VIII)

 

#Economics#AllYouNeedToKnow

“Something worth remembering in light of the tariffs discussion: Econ 101 gets far more right than it gets wrong.” (Chris Freiman)

Economists are still in the state of self-hallucination.

Since Adam Smith, economists have claimed to do science but… pic.twitter.com/pcr075E1tI

— AXEC (@EgmontHandtke) April 8, 2025

Occasional Xs: How it works (CCCXLXIV)

 

#Economics#AllYouNeedToKnow

“Trump says EU must buy $350B of US energy to get tariff relief. Trump seeking world domination …” (Prem Sikka)

No, actually Mr. Trump has his back to the wall.

The free-market economy runs on profit. Macroeconomic #Profit Qm is given by the… pic.twitter.com/TmoEFsrGYH

— AXEC (@EgmontHandtke) April 8, 2025

Occasional Xs: Clueless economists / Money (XXI)

 

#Economics#AllYouNeedToKnow

“It would be bullshit for us to eliminate our government debt. To do that we would be reducing the amount of money in the private sector.” (Allan McEwan)

That money is created out of nothing and backed by nothing is NOT the critical point of a fiat… pic.twitter.com/dtjBCsBsUP

— AXEC (@EgmontHandtke) April 8, 2025

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

 

#Economics#AllYouNeedToKnow

Macroeconomic profit Qm is given by the axiomatically correct Profit Law / Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0 which implies #PublicDeficitIsPrivateProfit Qm≡G−T>0. A government deficit is a free lunch for the Oligarchy. ⇒… pic.twitter.com/Cdugys7NYw

— AXEC (@EgmontHandtke) April 7, 2025

Occasional Xs: How it works (CCCXLXIII)

 

#Economics#AllYouNeedToKnow

Alex Tabarrok is one of those people who still have not realized that supply-demand-equilibrium analysis is manifest proto-scientific garbage. By painting and interpreting the SS-DD cross, he misses the exact point of Mr. Trump’s economic policy… pic.twitter.com/Sa9GKqWEdb

— AXEC (@EgmontHandtke) April 7, 2025

Occasional Xs: The representative economist is not a scientist but an agenda-pusher (XV)

 

#Economics#AllYouNeedToKnow

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

“Nobody can be a great economist who does… pic.twitter.com/j0jg1iTkMa

— AXEC (@EgmontHandtke) April 7, 2025

Occasional Xs: Paradigm Shift (XLXXII)

 

#Economics#AllYouNeedToKnow

“ … what are 20 canonical models budding economists should master …?” (Anup Malani)

I’ll start us off new school.

For 200+ years, economics has claimed to be Science but never was. The major approaches (Walrasianism, Keynesianism, Marxianism,… pic.twitter.com/pgLdjMm6nO

— AXEC (@EgmontHandtke) April 6, 2025

Related 'The great economic equations' and 'Understanding Profit and the Markets: The Canonical Model'.

Occasional Xs: How it works (CCCXLXII)

 

#Economics#AllYouNeedToKnow

“Taxpayer money is absolutely never a thing. Taxes destroy money. Spending creates new money.” (S.D. Grumbine)

As the simplified national accounts below ⇓ show, in period t the government spends G into the economy and this increases their… pic.twitter.com/CxxhGUBAlR

— AXEC (@EgmontHandtke) April 5, 2025

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

 

#MMT#BadScienceBadPolicyBadPeople

“More and more people are learning how Congress funds the nation. More and more are seeing the taxpayer myths for what they are. Nonsense …” (Stephanie Kelton)

As the simplified national accounts below ⇓ show, the government spends G into… pic.twitter.com/ZkkCJlPfoV

— AXEC (@EgmontHandtke) April 3, 2025

Occasional Xs: Paradigm Shift (XLXXI)

 

#Economics#AllYouNeedToKnow

“In social sciences, we should not celebrate authors who have written mathematical treatises on unidimensional individuals, out of history, who have never existed, but authors — regardless of their ideology — who like Schumpeter, Polanyi, Hayek,… pic.twitter.com/T3XdounAOk

— AXEC (@EgmontHandtke) April 3, 2025

Occasional Xs: Time to get the axioms of economics right (IV)

 

#Economics#AllYouNeedToKnow

“The first book is a perfect axiomatic statement—elegance like Euclid. The second has one of the most stunning theorems—originality like Archimedes.” (Kaushik Basu)

Economics is about how the economy works. It is a systems science and NOT a social… pic.twitter.com/tviO5gwJlH

— AXEC (@EgmontHandtke) April 3, 2025

For details see cross-references Axiomatization. 

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

 

#Economics#AllYouNeedToKnow

Keynes got macroeconomic #Profit wrong because he was too stupid for elementary Algebra. But After-Keynesians don't get it to this day. pic.twitter.com/Kr5RrxYkGe

— E.K-H (@AXECorg) April 2, 2025

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

 

#Economics#AllYouNeedToKnow

“Economists shouldn't play God and recommend policies they (think people should) want.” (Max Molden)

For 200+ years, economics claims to be Science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their…

— AXEC (@EgmontHandtke) April 2, 2025

Occasional Xs: What economists really do (CDXLV)

 

#Economics#AllYouNeedToKnow

“Capitalism is … confidence in humanity.” (Johan Norberg)

The free-market economy a.k.a. Capitalism runs on profit. Macroeconomic #Profit Qm is given by the axiomatically correct Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The… pic.twitter.com/6GS0nJiXRy

— AXEC (@EgmontHandtke) April 2, 2025

Occasional Xs: Clueless economists / Science (CXLXIX)

 

#Economics#AllYouNeedToKnow

“In October 1932, Keynes and several Cambridge economists sent a letter to the London Times encouraging public investment to fight the depression. Robbins, Hayek, and other LSE economists fired back a response that supported balanced budget… pic.twitter.com/tFxFZK4SpU

— AXEC (@EgmontHandtke) April 2, 2025

Occasional Xs: How it works (CCCXLXI)

 

#Economics#AllYouNeedToKnow

“Taxes dont fund the fucking state you div The state is a fiat currency issuer, it creates new £s, new purchasing power, taxes destroy pp.” (Phil Waller)

The free-market economy runs on profit. Macroeconomic #Profit Qm is given by the axiomatically… pic.twitter.com/NMNUVeizjs

— AXEC (@EgmontHandtke) April 1, 2025

Occasional Xs: What economists really do (CDXLIV)

 

#Economics#AllYouNeedToKnow

“This was a clean vote, democracy works!” (RelearningEcon)

Economics claims to be Science. But Science is about true/false and NOT about like/dislike or democracy. The fact is, economists are still unfit for science. pic.twitter.com/EC7EyDZPEN

— E.K-H (@AXECorg) April 1, 2025

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

 

#Economics#AllYouNeedToKnow

“It's true that some MMTers are more 'socialist' than others but MMT itself is not ideological …” (Richard Phillips)

MMT is practical money-making for WeTheOligarchy ⇒

Dear idiots, MMTers are Wall Street’s agenda pushershttps://t.co/WGuiYhKXI5 pic.twitter.com/yXu0UxSltP

— E.K-H (@AXECorg) March 31, 2025

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

 

#Economics#AllYouNeedToKnow

For 200+ years, economics claims to be Science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got… pic.twitter.com/AkQiPo51ch

— AXEC (@EgmontHandtke) March 30, 2025

Occasional Xs: The futile attempt to recycle Paul Samuelson (II)

 

#Economics#HallOfShame

Your “office colleague … who is basically a walking encyclopedia of economic theory knowledge” seems not to have realized that Paul Samuelson NEVER understood #Profit and how the economic system works. That's rather bad for an economist. For details see…

— AXEC (@EgmontHandtke) March 29, 2025

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

 

#Economics#AllYouNeedToKnow

“Happy birthday Prof. Steve Keen. We owe you. We love you.” (Shahin Ashkiani )

For 200+ years, economics claims to be Science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually… pic.twitter.com/C7YkUyk9jJ

— AXEC (@EgmontHandtke) March 29, 2025

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

 

#Economics#AllYouNeedToKnow

“I heard a lot about sensorship and self-sensorship among academics. But, until this year, I have never seen it in reality among the economists. Academic economists, at least those that I know, felt comfortable experessing publicly their opinions on… pic.twitter.com/nUm4W0cqCB

— AXEC (@EgmontHandtke) March 29, 2025

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

 

#Economics#AllYouNeedToKnow

“Prices are signals.” (Brian Albrecht)

The free-market economy is in the last instance a quasi-Darwinian selection mechanism, i.e., the economic analog to triage in medicine.

For example, during a famine, only the rich person can pay the high price…

— AXEC (@EgmontHandtke) March 28, 2025

Occasional Xs: How it works (CCCXLX)

 

#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/UeN7TnCaDR

— AXEC (@EgmontHandtke) March 28, 2025

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

 

#Economics#AllYouNeedToKnow

“It is shocking how poor MPs understanding of how government finances work is.” (David Evans)

It is even more shocking that economists' understanding is zero. MMT's foundational Balances Equation is provably false, so their whole macroeconomics is… pic.twitter.com/gJ0ltUUWIn

— AXEC (@EgmontHandtke) March 27, 2025

Occasional Xs: Clueless economists / Money (XX)

 

#Economics#AllYouNeedToKnow

“This needs to be hammered home until its embedded firmly within the brains long term memory storage and retrieval process. Yes, it's essentially a myth that the UK government needs to borrow pounds.” (Phil Waller)

Step 1: As the simplified national… pic.twitter.com/aW7vnWYmDu

— AXEC (@EgmontHandtke) March 27, 2025

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

 

#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/CNFDkXM1Ki

For the full-spectrum refutation see ⇒https://t.co/9Rldtrw2J1 pic.twitter.com/ZAjdQEATdn

— E.K-H (@AXECorg) March 26, 2025

Related 'MMT ― a conversation with DeepSeek' 

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

 

#MMT#BadScienceBadPolicyBadPeople

“Reminder: A government surplus is a non-government deficit. We’re the non-government. The accounting does not lie.” (MMT's Christian Reilly)

“Uncle Sam’s red ink is our black ink! His deficit is our financial surplus.” (MMT's Stephanie… pic.twitter.com/1wgvk2M7EG

— AXEC (@EgmontHandtke) March 26, 2025

Occasional Xs: How it works (CCCXLIX)

 

#Economics#AllYouNeedToKnow

“In 2020, billionaires' share of GDP was 14.1%. Now, it's 21.1%. The Fed increased the money supply, asset prices went up, & guess who owns the assets? Billionaires.” (Steve Hanke)

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

— AXEC (@EgmontHandtke) March 26, 2025

MMT ― a conversation with DeepSeek

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

#Economics#AllYouNeedToKnow

“[Anti-MMT] … this panel exposes flawed assumptions of Modern Monetary Theory.” (Mises Media)

MMT has been refuted on all counts, see cross-references ⇒https://t.co/eXlgPKrinA

The fact is, MMT is scientifically dead because it has been based on…

— AXEC (@EgmontHandtke) March 26, 2025

Occasional Xs: Clueless economists / Money (XIX)

 

#Economics#AllYouNeedToKnow

“A shopkeeper doesn't care whether a customer just cashed a Social Security check or a private sector paycheck.” (Stephanie Kelton)

A shopkeeper doesn't care, but for an economist it makes a big difference.

That money is created out of nothing and… pic.twitter.com/UCfknSK70N

— AXEC (@EgmontHandtke) March 25, 2025

Occasional Xs: Clueless economists / Money (XVIII)

 

#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.” (Perry Mehrling)

“In fact, our standard account of monetary…

— AXEC (@EgmontHandtke) March 25, 2025

Occasional Xs: How it works (CCCXLIX)

 

#Economics#AllYouNeedToKnow

“Balancing the budget is not optional. We MUST balance the budget.” (Charlie Kirk)

The free-market economy runs on profit. Macroeconomic #Profit Qm is given by the axiomatically correct Profit Law/Balances Equation… pic.twitter.com/GWTiE0xaeK

— AXEC (@EgmontHandtke) March 25, 2025

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

 

#MMT#BadScienceBadPolicyBadPeople

Whether the sequence is tax-and-spend or spend-and-tax is a matter of indifference. At the end of the day, all that counts is whether spending is greater than tax in a given period or vice versa.

As the simplified sectoral balances ⇓ show,… pic.twitter.com/wsZGPOMj8C

— AXEC (@EgmontHandtke) March 24, 2025

Occasional Xs: Clueless economists / Science (CXLXVIII)

 

#Economics#AllYouNeedToKnow

“Exzellenzinitiative hat bestehende Verhältnisse reproduziert. / The Excellence Initiative has reproduced existing conditions.” (Quoted by Sabine Döring)

No surprises here.

For 200+ years, economics has claimed to be Science but still is NOT. The…

— AXEC (@EgmontHandtke) March 24, 2025

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

 

#Economics#AllYouNeedToKnow

“Man kann diesen auch als die Folge eines Scheiterns der ökonomischen Politikberatung interpretieren.” (Jan Schnellenbach)

For 200+ years, economics has claimed to be Science but still is NOT. The major approaches (Walrasianism, Keynesianism,… pic.twitter.com/p2LkW8Cql9

— AXEC (@EgmontHandtke) March 24, 2025

Occasional Xs: MMT policy has no valid scientific foundations (II)

 

Q: The AXEC Project has refuted MMT (= Modern Monetary Theory) on all counts i.e. methodologically, axiomatically, politically. Please give a summary that laypeople can understand.

Grok:
Alright, let’s break this down simply for anyone who’s not an economist. The AXEC Project,…

— AXEC (@EgmontHandtke) March 23, 2025

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

 

#Economics#AllYouNeedToKnow

“I don't mind the strong accounting identities MMT postulates, but their rejection of solutions for the main economic problem of scarcity based on rigid accounting identities without behavioral dynamics is naive at best.” (Relearning Economics)

The… pic.twitter.com/ghosOr0Djk

— AXEC (@EgmontHandtke) March 23, 2025

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

 

#MMT#BadScienceBadPolicyBadPeople

“There is no such thing as tax and spend.” (Richard Phillips)

Tax and spend as well as spend and tax is a matter of indifference. At the end of the day, all that counts is whether spending is greater than tax in a given period or vice versa.… pic.twitter.com/6VAz4ZjDk5

— AXEC (@EgmontHandtke) March 22, 2025

Occasional Xs: How it works (CCCXLVIII)

 

#Economics#AllYouNeedToKnow

Since Adam Smith, economists have never understood profit and how the economic system works. When the foundational concepts of the subject matter are inconsistent the whole analytical superstructure is scientifically worthless.

This also has an…

— AXEC (@EgmontHandtke) March 22, 2025

Occasional Xs: What economists really do (CDXLIII)

 

#Economics#AllYouNeedToKnow

“People wildly overestimate profit margins.” (Chris Freiman)

“People wildly overestimate economists' scientific competence.” (AXEC)

For 200+ years, economics has claimed to be Science but still is NOT. The major approaches (Walrasianism,…

— AXEC (@EgmontHandtke) March 22, 2025

Occasional Xs: How MMTers serve the Oligarchy (IV)

 

#MMT#BadScienceBadPolicyBadPeople

“Taxes do not fund UK govt spending. Taxes are deleted on receipt. We don't need the taxes of millionaires to fund anything.” (Jon Camden)

Wrong.

As the simplified national accounts below ⇓ show, the government spends G into the economy and… pic.twitter.com/Zv9tGImfqJ

— AXEC (@EgmontHandtke) March 22, 2025

Occasional Xs: How it works (CCCXLVII)

 

#Economics#AllYouNeedToKnow

“German parliament passed a constitutional amendment that embraces military Keynesianism. Anything goes for the military, but fiscal austerity rules for climate & social issues.” (Tom Krebs)

Indeed. There is a Continuity of Agenda that only updates… pic.twitter.com/3dmXosZEpF

— AXEC (@EgmontHandtke) March 20, 2025

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

 

#Economics#AllYouNeedToKnow

“Capitalism, not socialism, produces abundance.” (Chris Freiman)

It is science, engineering, an intelligent/well-educated/dedicated labor force/management, a rich endowment with fertile land/mineral resources/energy, a favorable geographical…

— AXEC (@EgmontHandtke) March 20, 2025

Occasional Xs: Clueless economists / Money (XVII)

 

#Economics#AllYouNeedToKnow

“We found 14 magic money computers until now. Any computer which can just make money out of thin air is a magic money computer.” (Elon Musk)

“Yes... It's called Modern Monetary Theory.” (Relearning Economics)

Whenever the word “magic” is applied in…

— AXEC (@EgmontHandtke) March 20, 2025

Occasional Xs: How it works (CCCXLVI)

 

#Economics#AllYouNeedToKnow

“Annual government spending due to the new German fiscal package will be larger than the spending boom that came with the postwar Marshall Plan and with German Reunification in the early 1990s.” (Phillip Heimberger)

The free-market economy runs on…

— AXEC (@EgmontHandtke) March 19, 2025

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

 

#MMT#BadScienceBadPolicyBadPeople

Science is NOT about character attacks. That's the modus operandi of politics. According to Popper, science is about 'conjectures and refutations'. I have refuted MMT long ago ⇓ and none of the MMTers has ever come up with an answer to it.… pic.twitter.com/3l4Fk8mJuN

— AXEC (@EgmontHandtke) March 19, 2025

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

 

#Economics#AllYouNeedToKnow

“What’s a basic economic truth that most people still don’t get?” (Magatte Wade)

Economics is failed/fake science because economists are stupid or corrupt or both.

Reminder: Economics claims to be science but is NOT. The major approaches…

— AXEC (@EgmontHandtke) March 18, 2025

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

 

#Economics#AllYouNeedToKnow

“Diese Investitionen machen Deutschland stärker.” (SPD)

No.

The free-market economy runs on profit. Macroeconomic #Profit Qm is given by the axiomatically correct Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The Law implies… pic.twitter.com/RkHbCgt4rj

— AXEC (@EgmontHandtke) March 18, 2025

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

 

#Economics#AllYouNeedToKnow

“We found 14 magic money computers until now. Any computer which can just make money out of thin air is a magic money computer.” (Elon Musk)

That money is created out of nothing and backed by nothing is NOT the critical point of a fiat money system.… pic.twitter.com/qXN2ik1Sbm

— AXEC (@EgmontHandtke) March 18, 2025

Occasional Xs: Clueless economists / Money (XVI)

 

#Economics#AllYouNeedToKnow

“We found 14 magic money computers until now. Any computer which can just make money out of thin air is a magic money computer.” (Elon Musk)

That money is created out of nothing and backed by nothing is NOT the critical point of a fiat money system.… pic.twitter.com/3AD4OrSs1U

— AXEC (@EgmontHandtke) March 18, 2025

For more about magic in economics see AXECquery. 

Occasional Xs: Clueless economists / Money (XV)

 

#Economics#AllYouNeedToKnow

“We found 14 magic money computers until now. Any computer which can just make money out of thin air is a magic money computer.” (Elon Musk)

That money is created out of nothing and backed by nothing is NOT the critical point of a fiat money system.… pic.twitter.com/AANAekVfLO

— AXEC (@EgmontHandtke) March 18, 2025

Related: 'The Magic Money Tree is real ― too bad that the magic is a fraud'

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

 

#Economics#AllYouNeedToKnow

“I'm really happy to see Per trying so hard to bring some unity between the economics schools... He is a true academic.” (Relearning Economics)

For 200+ years, economics claims to be Science but is NOT. The major approaches (Walrasianism,… pic.twitter.com/OuTXgiaGMD

— AXEC (@EgmontHandtke) March 17, 2025

Occasional Xs: Clueless economists / Science (CXLXVII)

 

#Economics#AllYouNeedToKnow

“We need to be more modest when it comes to what we can possibly know.” (Tyler Cowen)

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

— AXEC (@EgmontHandtke) March 15, 2025

Occasional Xs: How it works (CCCXLV)

 

#Economics#AllYouNeedToKnow

“Geschafft! Mit der finanzpolitischen Einigung von gestern ist das Fundament für eine positive wirtschaftliche Entwicklung in Deutschland und Europa gelegt.” / “You made it! Yesterday's fiscal agreement has laid the foundations for positive economic… pic.twitter.com/DRb9tvrkku

— AXEC (@EgmontHandtke) March 15, 2025

Related 'Keynesianism as ultimate profit machine' and 'Keynes, Lerner, MMT, Trump, Biden, and exploding profit'

 

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

 

#Economics#AllYouNeedToKnow

“His [Marx's] work helps us not only understand capitalism but fight for a world free of exploitation and domination.” (Jacobin)

Marx never understood profit and how the economic system works. That's fatal for an economist. So, his work does not…

— AXEC (@EgmontHandtke) March 15, 2025

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

 

#Economics#AllYouNeedToKnow

“There is no art which government sooner learns of another than that of draining money from the pockets of the people.” (Adam Smith)

Adam Smith never understood profit and how the economy works. All he did was produce anti-State platitudes. 200+… pic.twitter.com/oZnMQUBQH7

— AXEC (@EgmontHandtke) March 14, 2025

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

 

#Economics#AllYouNeedToKnow

“In case you thought republicans cared about CBO scores or debt and deficits. What they care about is delivering on as much of their agenda as possible.” (Stephanie Kelton)

The free-market economy runs on profit. Macroeconomic #Profit Qm is given by… pic.twitter.com/Xk82U10dlT

— AXEC (@EgmontHandtke) March 14, 2025

Related 'MMT and the magical profit disappearance'. 

Occasional Xs: How it works (CCCXLIV)

 

#Economics#AllYouNeedToKnow

“In February the US budget deficit was BIGGER than ALL TAX REVENUE. Can we stop pretending this can ever be fixed?” (zerohedge)

The free-market economy runs on profit. Macroeconomic #Profit Qm is given by the axiomatically correct Profit… pic.twitter.com/eOa04kcsh5

— AXEC (@EgmontHandtke) March 13, 2025

Occasional Xs: Clueless economists / Science (CXLXVI)

 

#Economics#AllYouNeedToKnow

“We need to be more modest when it comes to what we can possibly know.” (Tyler Cowen)

Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually… pic.twitter.com/GX921GHGM5

— AXEC (@EgmontHandtke) March 12, 2025

Related 'Humble pie economics: the next fake' and 'Humbleness does not help, but scientific imagination could'. For details of the big picture see cross-references Failed/Fake Scientists. 

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

 

#Economics#AllYouNeedToKnow

“Gute Politikberatung ermöglicht es den Politikern, ausgewogene Entscheidungen zu treffen, …” / “Good policy advice enables politicians to make balanced decisions, ...” (Veronika Grimm)

For 200+ years, economics has claimed to be Science but still… pic.twitter.com/NbfZBr170g

— AXEC (@EgmontHandtke) March 12, 2025

Occasional Xs: How it works (CCCXLIII)

 

#Economics#AllYouNeedToKnow

“The market economy is a system of consumers’ supremacy.” (Ludwig von Mises)

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

The free-market economy runs on profit. Macroeconomic #Profit Qm is given… pic.twitter.com/u8dudq4bVc

— AXEC (@EgmontHandtke) March 12, 2025

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

 

#Economics#AllYouNeedToKnow

“Uncle Sam’s red ink is our black ink!” (Stephanie Kelton)

No! The government sector’s red ink is the business sector's black ink i.e. deficit spending is a free lunch a.k.a. surplus for the Oligarchy. See ⇒

The page where Stephanie Kelton gets… pic.twitter.com/bDYO6ZYqQS

— AXEC (@EgmontHandtke) March 12, 2025

Occasional Xs: Clueless economists / Profit (LXXXI)

 

#Economics#AllYouNeedToKnow

“He [Keynes] later discovered Marx's C―M―C and M―C―M+ framework and thought it was brilliant, and used it in an early draft of the GT.” (Prof. Dr. Steve Keen)

Both, Keynes and Marx got macroeconomic #Profit wrong because they were too stupid for…

— AXEC (@EgmontHandtke) March 11, 2025

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

 

#Economics#AllYouNeedToKnow

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

For 200+ years, economics has claimed to be Science but still is NOT. The major approaches (Walrasianism, Keynesianism,… pic.twitter.com/kb316EDrId

— AXEC (@EgmontHandtke) March 10, 2025

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

 

#Economics#AllYouNeedToKnow

“Uncle Sam’s red ink is our black ink!” (Stephanie Kelton)

No! The government sector’s red ink is the business sector's black ink i.e. deficit spending is a free lunch for the Oligarchy. See ⇒

The page where Stephanie Kelton gets macroeconomics… pic.twitter.com/e79EpPdySS

— AXEC (@EgmontHandtke) March 10, 2025

Occasional Xs: Clueless economists / Science (CXLXV)

 

#Economics#AllYouNeedToKnow

“Just pointing out that there is a "science" to economics.” (Jerome)

No.

Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory &… pic.twitter.com/Xk6VdGhxgk

— AXEC (@EgmontHandtke) March 10, 2025

Occasional Xs: How it works (CCCXLII)

 

#Economics#AllYouNeedToKnow

The free-market economy runs on profit. Macroeconomic #Profit Qm is given by the axiomatically correct Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The Law implies Qm≡G−T>0 i.e. macro profit is produced by… pic.twitter.com/jRU7ezh9FE

— AXEC (@EgmontHandtke) March 10, 2025

Related 'Schumpeter and the Essence of Profit'. 

Occasional Xs: What economists really do (CDXLII)

 

#Economics#HallOfShame

Two economists call each other imbecile and both are right.

“When I discussed economists with him [Keynes], I was taken aback when many surprising gaps in his knowledge appeared.” (Hayek)

Keynes on Hayek “... a remorseless logician can end up in…

— AXEC (@EgmontHandtke) March 9, 2025

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

 

#Economics#AllYouNeedToKnow

“Uncle Sam’s red ink is our black ink!” (Stephanie Kelton)

No! The government sector’s red ink is the business sector's black ink i.e. deficit spending is a free lunch for the Oligarchy. The deception is in the word “our” which seems to refer to… pic.twitter.com/YZ2m8k4hom

— AXEC (@EgmontHandtke) March 9, 2025

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

 

#Economics#AllYouNeedToKnow

“Uncle Sam’s red ink is our black ink!” (Stephanie Kelton)

No! The government sector’s red ink is the business sector's black ink i.e. deficit spending is a free lunch for the Oligarchy. The deception is in the word “our” which seems to refer to… pic.twitter.com/aELQSAbvoq

— AXEC (@EgmontHandtke) March 7, 2025

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

 

#Economics#AllYouNeedToKnow

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

— AXEC (@EgmontHandtke) March 7, 2025

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

 

#Economics#AllYouNeedToKnow

“It's shocking that some people think that economics is separate from politics.” (Jostein Hauge)

The principle of the separation of science and politics holds also for economics but economists don't get it to this day.

It has been known since the… pic.twitter.com/rHMDvMPlBh

— AXEC (@EgmontHandtke) March 6, 2025

For details of the big picture see cross-references Political Economics/Stupidity/Corruption. 

Occasional Xs: Religion, science, fake science, economics (II)

 

#Economics#AllYouNeedToKnow

Since the founding fathers, economists have had to make a profession of faith in Free Trade. ⇓

Reminder: Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives)… pic.twitter.com/zHoLjH6Qvb

— AXEC (@EgmontHandtke) March 6, 2025

Related 'Economics is not science, not religion, but proto-scientific garbage' 

Occasional Xs: How it works (CCCXLI)

 

#Economics#AllYouNeedToKnow

The free-market economy runs on profit. Macroeconomic #Profit Qm is given by the axiomatically correct Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The Law implies Qm≡G−T>0 i.e. macro profit is produced by… pic.twitter.com/3sUvRi3wNZ

— AXEC (@EgmontHandtke) March 6, 2025

Related 'Keynesianism as ultimate profit machine' 

Occasional Xs: How it works (CCCXL)

 

#Economics#AllYouNeedToKnow

The free-market economy runs on profit. Macroeconomic #Profit Qm is given by the axiomatically correct Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The Law implies Qm≡G−T>0 i.e. macro profit is produced by…

— AXEC (@EgmontHandtke) March 5, 2025

Occasional Xs: Economics is NOT a social science but a systems science (XIII)

 

#Economics#AllYouNeedToKnow

Economics is about how the economy works. It is a Systems Science and NOT a Social Science. Economists have messed it up since the founding fathers.

The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives)… pic.twitter.com/qkpxfM2erx

— AXEC (@EgmontHandtke) March 4, 2025

Occasional Xs: Clueless economists / Profit (LXXX)

 

#Economics#AllYouNeedToKnow

“Uncle Sam’s red ink is our black ink! His deficit is our financial surplus. Just follow the money: $100 goes into our bucket; $90 goes back out to pay taxes; $10 is left in our bucket.” (Stephanie Kelton)

Correction:

“Uncle Sam’s red ink is the…

— AXEC (@EgmontHandtke) March 4, 2025

Free-market alchemy: how the State produces macroeconomic profit, i.e. the black ink of the business sector Qm:

For details see cross-references Accounting.

Occasional Xs: Clueless economists / Inflation (XLIV)

 

#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/JoCiSW6RV7

— AXEC (@EgmontHandtke) March 4, 2025

Occasional Xs: Since Keynes' I=S, economists get saving and profit wrong (II)

 

#Economics#AllYouNeedToKnow

There is a grave error in Richard Wagner's attached statement on retirement saving.

It is NOT the case that saving governs investment or that investment governs saving or that both are equal by definition. Both are independent and they together… pic.twitter.com/euV9jsq8Nn

— AXEC (@EgmontHandtke) March 3, 2025

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

 

#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/Q2mx28GTaR

— AXEC (@EgmontHandtke) March 3, 2025

Deepseek's intermediate total of AXEC's refutation of MMT, the main point being inconsistent macrofoundations

Occasional Xs: Clueless economists / Profit (LXXIX)

 

#Economics#AllYouNeedToKnow

“It is the rate of investment which governs the rate of saving, and not vice versa.” (Joan Robinson)

NO, it is NOT the case that investment governs saving or that saving governs investment or that both are equal by definition. Both are independent… pic.twitter.com/Hiq3SpBgfL

— AXEC (@EgmontHandtke) March 3, 2025

Occasional Xs: Clueless economists / Profit (LXXVIII)

 

#Economics#AllYouNeedToKnow

von Mises never understood profit and how the economy works. Methodologically, macroeconomic #Profit Qm has to be determined first‡, subsequently the distribution between individual firms emerges through differentiation. The representative economist… pic.twitter.com/njmB7Z2YHG

— AXEC (@EgmontHandtke) March 2, 2025

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

 

#Economics#AllYouNeedToKnow

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

Whether Milton Friedman was the Last Conservative or a Classical Liberal is a senseless labelling exercise for a senseless political propaganda show.

Friedman…

— AXEC (@EgmontHandtke) February 28, 2025

Occasional Xs: Paradigm Shift (XLXX)

 

#Economics#AllYouNeedToKnow

“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.” (H. Minsky)

Yes, because mainstream economics failed at this task, a Paradigm Shift is inevitable. pic.twitter.com/qMTJ47nm2Q

— E.K-H (@AXECorg) February 28, 2025

Occasional Xs: How it works (CCCXXVIX)

 

#Economics#AllYouNeedToKnow

The free-market economy runs on #Profit. Macroeconomic profit is given by the axiomatically correct Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The Law implies Public Deficit = Private Profit, i.e. Qm≡G−T>0.‡ So,…

— AXEC (@EgmontHandtke) February 27, 2025

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

 

#Economics#AllYouNeedToKnow

As a scientist, Marx had been a total failure. He never understood #Profit and how the economic system works. ⇒

Karl Marx, fake scientisthttps://t.co/Ov4MWOqZNV

This is sufficient to flush him ― without further ado ― down the memory hole because…

— AXEC (@EgmontHandtke) February 27, 2025

Occasional Xs: How it works (CCCXXVIII)

 

Macroeconomic profit Qm is given by the Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0 which implies #PublicDeficitIsPrivateProfit Qm≡G−T>0. So, budget balancing means that the State vanishes as a source of macro profit. Details ⇒ https://t.co/hqVhuAXz8l

— E.K-H (@AXECorg) February 27, 2025

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

 

#Economics#AllYouNeedToKnow

Economics is about how the economy works. It is a Systems Science and NOT a Social Science. Economists have messed it up since the founding fathers.

The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives)…

— AXEC (@EgmontHandtke) February 26, 2025

Occasional Xs: How it works (CCCXXVII)

 

“The highest loss in the central bank's history … so far!” (Rudy Havenstein)

The free-market economy runs on #Profit. Macroeconomic profit is given by the axiomatically correct Profit Law/BalancesEquation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The Profit Law implies…

— AXEC (@EgmontHandtke) February 26, 2025

Occasional Xs: Clueless economists / Inflation (XLIII)

 

#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/m78iuOXovE

— AXEC (@EgmontHandtke) February 26, 2025

For more about inflation see AXECquery. 

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

 

#Economics#AllYouNeedToKnow

Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong.… pic.twitter.com/iYuG2XkWjd

— AXEC (@EgmontHandtke) February 26, 2025

Occasional Xs: How it works (CCCXXVI)

 

“OUCH! The Bundesbank reports a €19.2 billion loss for 2024—the first loss since 1979 and the largest in its history.” (Holger Zschaepitz )

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

— AXEC (@EgmontHandtke) February 25, 2025

Occasional Xs: What economists really do (CDXLI)

 

#Economics#AllYouNeedToKnow

Academia is not an institution funded by the taxpayer but by the Oligarchy. Rockefeller called the University of Chicago ‘the best investment’ he ever made. Academia ― as far as economics is concerned ― is expected to deliver free-market propaganda,…

— AXEC (@EgmontHandtke) February 25, 2025

Occasional Xs: What economists really do (CDXL)

 

#Economics#AllYouNeedToKnow

Hayek, Rand, Friedman, and Mises never understood #Profit and how the economic system works. They were neither scientists nor philosophers but pamphleteers / agenda-pushers / useful idiots / phrasemongers / clowns in the political Circus Maximus.…

— AXEC (@EgmontHandtke) February 25, 2025

Occasional Xs: Clueless economists / Science (CXLXIV)

 

#Economics#AllYouNeedToKnow

“Economics is an abhorrent field that, if any scientific scrutiny were applied to it, would not exist.” (Richard Field)

Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their… pic.twitter.com/W6cnlQZWKb

— AXEC (@EgmontHandtke) February 24, 2025

Occasional Xs: Clueless economists / Science (CXLXIII)

 

#Econ#HallOfShame

Keynes got macroeconomic #Profit wrong bc he was too stupid for elementary Algebra. Hayek, too, got the foundational concepts of economics wrong. Scientifically, both have been losers.⇒

Keynes, Hayek, Kanthttps://t.co/2zKozjSSiS pic.twitter.com/zFl2rqEXqz

— E.K-H (@AXECorg) February 23, 2025

Occasional Xs: Stephanie Kelton (II)

 

#Economics#AllYouNeedToKnow

Macroeconomic profit Qm is given by the Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0 which implies #PublicDeficitIsPrivateProfit Qm≡G−T>0. A government deficit is a free lunch for the Oligarchy. Economically, Elon Musk's policy…

— AXEC (@EgmontHandtke) February 23, 2025

For more about Stephanie Kelton see AXECquery.