Occasional Xs: Clueless economists / Science (CLXXXIV)

 

#Economics#AllYouNeedToKnow

“Thomas Sowell, Milton Friedman, Fredrich Hayek, and John Maynard Keynes ranked by number of publication mentions (Google Book Ngram Viewer).” (Jon Hartley)

The problem with the U.S. is that it is a show-biz culture. Accordingly, popularity is the…

— AXEC (@EgmontHandtke) August 15, 2025

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

#MMT#BadScienceBadPolicyBadPeople

“China's top economists have turned to Ray Dalio and Modern Monetary Theory in search of intellectual support for their arguments over debt-fuelled fiscal spending.” (Shahin Ashkiani)

Dear China's top economists, MMT cannot give you any…

— AXEC (@EgmontHandtke) August 14, 2025

Occasional Xs: Clueless economists / Science (CLXXXIII)

#Economics#AllYouNeedToKnow

“Fifty years of experience with academic economics has taught me that real change in economics will not come from conventional Economics departments.” (Steve Keen quoted by Steven Hail)

It's true that Orthodoxy is stone-dead, but the inevitable… pic.twitter.com/Oh8ybWo2Fa

— AXEC (@EgmontHandtke) August 14, 2025

Related Cross-References Heterodoxy.

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

#Economics#AllYouNeedToKnow

“Capitalism made it possible to become wealthy by serving your fellow man.” (Michael Arouet)

As an economist, Michael Arouet should understand how wealth is created in a capitalist system. He should also understand that serving one's fellow man is…

— AXEC (@EgmontHandtke) August 13, 2025

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

#Economics#AllYouNeedToKnow

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

Economics is the study of how economic systems work. However, even today, economists do not fully understand it. Ludwig von Mises is a case in point. He never…

— AXEC (@EgmontHandtke) August 13, 2025

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

#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/BatM5SHRPW

— AXEC (@EgmontHandtke) August 13, 2025

Occasional Xs: Clueless economists / Profit (CI)

#Economics#AllYouNeedToKnow

“Beyond the normative value considerations, Adam Smith’s understanding of ‘the economy,’ particularly the framing in terms of labor and production, has far more in common with Marx than what we see in contemporary economics.” (Jack Meyer)

Adam Smith…

— AXEC (@EgmontHandtke) August 12, 2025

Occasional Xs: How it works (CCCLXXXVI)

#Economics#AllYouNeedToKnow

“Seriously, just fire the whole Board of Governors at this point...” (E.J. Antoni)

No, these folks are just doing their job, which is to prevent the economic breakdown of the U.S. Seriously, E.J. Antoni has no clue how the economy works.

The U.S.…

— AXEC (@EgmontHandtke) August 12, 2025

Occasional Xs: Clueless economists / Science (CLXXXII)

#Economics#AllYouNeedToKnow

“Critics of economists’ models and abstract theories who insist on their own, alternative explanations of economic phenomena are like Molière’s Monsieur Jourdain: instead of speaking prose without knowing it, they concoct and apply abstract economic…

— AXEC (@EgmontHandtke) August 12, 2025

Occasional Tweets: How MMTers serve the Oligarchy (VIII)

#MMT#BadScienceBadPolicyBadPeople

“When we all say 'the Labour Party is dead' we should also remember that this is music to the ears of Keir Starmer and Peter Mandelson.” (MMT for Progressives)

“When we all say 'the Labour Party is dead' we should also remember that MMTers…

— AXEC (@EgmontHandtke) August 11, 2025

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

 

#Economics#AllYouNeedToKnow

“But all belie the conventional wisdom that no nation other than America has a booming entrepreneurial culture capable of creating serious wealth.” (FT, Ruchir Sharma)

The idea that America has an entrepreneurial culture is just another…

— AXEC (@EgmontHandtke) August 11, 2025

Occasional Xs: How it works (CCCLXXXV)

#Economics#AllYouNeedToKnow

“The rich are getting richer … quite literally.” (Lord Bebo)

No surprise for a competent economist.

Like all free-market economies, the U.S. economy runs on profit. Macroeconomic #Profit is given by the axiomatically correct Profit Law / Balances…

— AXEC (@EgmontHandtke) August 10, 2025

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

#Economics#AllYouNeedToKnow

“To understand the money system is key to being an informed citizen. To change the world, we have to persuade people to take an interest & provide the info. in an engaging way. The Deficit Myth and Finding the Money did that. I hope so will these…

— AXEC (@EgmontHandtke) August 9, 2025

Occasional Xs: Clueless economists / Science (CLXXXI)

#Economics#AllYouNeedToKnow

“Yes, Adam Smith endorsed a labor theory of value, but rejecting Smith’s labor theory of value does far less damage to his case for capitalism than rejecting Marx’s labor theory of value does to his case against capitalism.” (Chris Freiman)

Both… pic.twitter.com/KRlnIsasgh

— AXEC (@EgmontHandtke) August 9, 2025

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

#MMT#BadScienceBadPolicyBadPeople

“FGS, myopic people, MMT is not *the thing itself*. MMT is a critical *source material for* the thing. ” (James A. Robichaux )

MMT is nothing. MMTers got macroeconomics wrong. This makes their monetary theory scientifically worthless—only good… pic.twitter.com/yHwkqdkaHD

— AXEC (@EgmontHandtke) August 9, 2025

Occasional Xs: Clueless economists / Oligarchy-Democracy (II)

#Economics#AllYouNeedToKnow

“To avoid the semantic issues: I think of democracy as a system of checks and balances that tries to reflect the opinions of all, and find the best compromise. I think of autocracy as the destruction of such checks and balances. … I shall freely…

— AXEC (@EgmontHandtke) August 7, 2025

Occasional Tweets: How MMTers serve the Oligarchy (VII)

#MMT#BadScienceBadPolicyBadPeople

“I suspect the Soros-type people of the world created the marketing brand 'MMT' from post-Keynesian economists …” (Sahin Ashkiani quotes Richard Werner)

Yes, MMTers got macroeconomics wrong. This makes their monetary theory scientifically… pic.twitter.com/f0EoBXYUO7

— AXEC (@EgmontHandtke) August 6, 2025

Related 'The Dark-Matter Theory of Fiat Money' 

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

#Economics#AllYouNeedToKnow

MMTers have the sequence of money creation and destruction wrong. For the axiomatically correct monetary theory, see

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

— AXEC (@EgmontHandtke) August 6, 2025

For the full-spectrum refutation of MMT, see cross-references

Occasional Xs: How it works (CCCLXXXIV)

#Economics#AllYouNeedToKnow

“Javier Milei has achieved a $64 billion surplus so far this year. Meanwhile, the United States is projected to have a $1.9 trillion deficit for the year 2025.” (Bryce Lipscomb)

Javier Milei is a proponent of Austrianism. This alone tells one that…

— AXEC (@EgmontHandtke) August 6, 2025

Occasional Tweets: The mystery of wealth creation unveiled (IV)

#Economics#AllYouNeedToKnow

“The top 1% now owns more than $54 trillion in wealth. That’s 468 times more than the bottom 50%. One man — Elon Musk — owns more than the bottom half COMBINED. This is what I mean when I talk about oligarchy.” (Sen. Bernie Sanders)

As a…

— AXEC (@EgmontHandtke) August 6, 2025

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

#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/YLfivKEqHG

— AXEC (@EgmontHandtke) August 5, 2025

Occasional Tweets: Gatekeepers (II)

#Economics#AllYouNeedToKnow

For over 200 years, economics has claimed to be a science, but it still isn't. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are are mutually contradictory and axiomatically false and… pic.twitter.com/XXSIm5nmTS

— AXEC (@EgmontHandtke) August 5, 2025

Occasional Tweets: The mystery of wealth creation unveiled (III)

#Economics#AllYouNeedToKnow

“As socialists are not able to create anything, they always follow two paths: more debt, and 'tax the rich'.” (Michael Arouet)

Actually, 'more debt' is the life formula of capitalists.

As an economist, Michael Arouet should understand how the U.S.…

— AXEC (@EgmontHandtke) August 5, 2025

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

#Economics#AllYouNeedToKnow

“The BLS data can not be politicized, period.” (Roger Altman)

The whole of economics is politicized. That's why it is a failed/fake science.

For over 200 years, economics has claimed to be a science, but it still isn't. The major approaches… pic.twitter.com/1U04yp4L9n

— AXEC (@EgmontHandtke) August 4, 2025

Related 'What is economics? (I)'. 

Occasional Xs: Clueless economists / Money (XLI)

#Economics#AllYouNeedToKnow

For your full mental recovery, the economics doctor prescribes:

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

— AXEC (@EgmontHandtke) August 4, 2025

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

#Economics#AllYouNeedToKnow

“System dynamics models do not require or assume equilibrium. They explicitly model the processes of adjustment—often long, delayed, and unstable—that shape real systems.” (John Sterman)

Yes, dear Relearning crowd, this has already been done. It's…

— AXEC (@EgmontHandtke) August 4, 2025

Occasional Xs: Clueless economists / Money (XL)

#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/Tt961xKamp

— AXEC (@EgmontHandtke) August 4, 2025

Occasional Xs: Paradigm Shift (LXXI)

#Economics#AllYouNeedToKnow

“The solutions offered by economists were no less delusory than those of the theologians that they displaced.” (Joan Robinson)

To make matters worse, they had the audacity to tout their brainless babble as scientific progress.

Economics claims to… pic.twitter.com/A3goMLV8w7

— AXEC (@EgmontHandtke) August 3, 2025

Occasional Xs: Clueless economists / Money (XXXIX)

#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…

— AXEC (@EgmontHandtke) August 3, 2025

Occasional Xs: Clueless economists / Science (CLXXX)

#Economics#AllYouNeedToKnow

“If you do not like the statistics (job numbers), discredit the statistical agency and fire the statistical director. A pattern in authoritarian regimes.” (Philip Heimberger)

First, the reference to “authoritarian regimes” is a semantic shell game.…

— AXEC (@EgmontHandtke) August 2, 2025

Occasional Xs: Clueless economists / Science (CLXXIX)

#Economics#AllYouNeedToKnow

“This is awful. Reliable economic data is a key strength of the US economy. … I don't think Trump will be able to fake the data given the procedures. But there is now a risk plus an awful appearance.” (Jason Furman)

Reliable economic data has never…

— AXEC (@EgmontHandtke) August 2, 2025

Additional information, X, Aug 8, 2025 

Occasional Xs: Clueless economists / Money (XXXVIII)

#Economics#AllYouNeedToKnow

To learn more about the pivotal role of the central bank in the free market economy, as well as its licit and illicit creation of money and macroeconomic profit, see

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

— AXEC (@EgmontHandtke) August 2, 2025

Occasional Xs: How it works (CCCLXXXIII)

#Economics#AllYouNeedToKnow

“Firing the head of a key government agency because you don’t like the numbers they report, which come from surveys using long established procedures, is what happens in authoritarian countries not democratic ones. This is surely not the most serious…

— AXEC (@EgmontHandtke) August 2, 2025

Related 'The trouble with counting to 3' 

Occasional Xs: How it works (CCCLXXXII)

#Economics#AllYouNeedToKnow

“What we are watching is POTUS rebuilding the greatest economy in the history of the world and simultaneously proving the so-called 'economic experts' wrong at every turn.” (@PressSec)

No, there is no rebuilding. President Trump is simply adhering…

— AXEC (@EgmontHandtke) August 1, 2025

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

#Economics#AllYouNeedToKnow

“Happy Birthday Milton Friedman! Late stage Capitalism? We're just getting started.” (Chris Freiman)

Economics claims to be a science, but it is not. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives)…

— AXEC (@EgmontHandtke) August 1, 2025

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

#Economics#AllYouNeedToKnow

“Milton Friedman didn’t just destroy public education. He rewired how Americans think about everything from housing to health to patriotism.” (William Huo)

Economists think of themselves as having a powerful influence on people's thinking:…

— AXEC (@EgmontHandtke) August 1, 2025

Occasional Xs: Scrap the EconNobel (XXXVII)

#Economics#AllYouNeedToKnow

To this day, economics does not satisfy the well-defined criteria of science, i.e., material and formal consistency.

The major approaches (Walrasianism, Keynesianism, Marxianism, and Austrianism, as well as their derivatives) are mutually…

— AXEC (@EgmontHandtke) July 31, 2025

Occasional Xs: Clueless economists / Science (CLXXXIII)

#Economics#AllYouNeedToKnow

“Are Economists Architects or Auditors?” (Project Syndicate)

Neither. Next question.

“Are economists stupid or corrupt?”

Both.

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

— AXEC (@EgmontHandtke) July 31, 2025

Occasional Xs: Clueless economists / Money (XXXVII)

#Economics#AllYouNeedToKnow

“There is much to be learnt about money before entering upon those abstruse questions, which barely admit of decided answers. In studying a language, we begin with the grammar before we try to read or write. In mathematics, we practice ourselves in…

— AXEC (@EgmontHandtke) July 31, 2025

Occasional Xs: Clueless economists / Profit (C)

#Economics#AllYouNeedToKow

“Unless we understand what it is that leads to economic and financial instability, we cannot prescribe policy to modify or eliminate it.” (Hyman Minsky)

True, right policy depends on true theory. The bad news is, that economists do not have the true… pic.twitter.com/VtJo43kW4r

— AXEC (@EgmontHandtke) July 31, 2025

Occasional Xs: How it works (CCCLXXXI)

#Economics#AllYouNeedToKnow

“Why is it so difficult for socialists to understand that one becomes super rich when one creates a product or service billions of people want to use? This is how progress works. Life without the super rich would be miserable.” (Michael Arouet)

As…

— AXEC (@EgmontHandtke) July 30, 2025

Occasional Xs: Clueless economists / Profit (LXXXIX)

#Economics#AllYouNeedToKnow

The history of economic thought is a history of scientific failure. It begins with David Ricardo and continues to the Foundation for Economic Education, whose mission is “connecting future leaders with the principles of a free society.”

That's a…

— AXEC (@EgmontHandtke) July 30, 2025

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

#Economics#AllYouNeedToKnow

“If you know economics and nothing else, you will be a bane to mankind, good, perhaps, for writing articles for other economists to read, but for nothing else.” (Friedrich Hayek)

“If you know Hayek and nothing else, you will be a bane to mankind,…

— AXEC (@EgmontHandtke) July 30, 2025

Occasional Xs: Clueless economists / Philosophy (IX)

#Economics#AllYouNeedToKnow

“One of Nozick’s great insights was that simply examining how much the rich have is insufficient—we also need to examine *how* they got rich. Creating wealth via positive-sum market activity is morally good.” (Chris Freiman)

So, let uns examine for…

— AXEC (@EgmontHandtke) July 29, 2025

Occasional Xs: Economics curriculum ― the transmutation of plain morons to graduate morons (X)

#Economics#AllYouNeedToKnow

“Lessons for the Young Economist.” (Jonathan Newman)

AXEC Lessons for the Young Economist
1: Economics is failed/fake science.
2: Economists have always been incompetent scientists.
3: Stop thinking like an economist, start thinking like a… pic.twitter.com/aI4YgLyv3y

— AXEC (@EgmontHandtke) July 29, 2025

Occasional Xs: Clueless economists / Profit (LXXXVIII)

#Economics#AllYouNeedToKnow

“When something's 'free,' who really pays—and how? This EconLog post reminds us why prices matter and 'free' isn’t always a bargain.” (Econlib)

For 200+ years, economists have told WeThePeople that there is no such thing as a free lunch. Actually,… pic.twitter.com/XRXHjfMttI

— AXEC (@EgmontHandtke) July 29, 2025

Occasional Xs: Clueless economists / Science (CLXXXII)

#Economics#AllYouNeedToKnow

“That stunning puzzle is the central challenge of economics. Economics exists to help us see the imperatives of capitalism in the turbulence of the business world.” (Mathew Forstater)

No, the task of economics is to figure out how the economy works.… pic.twitter.com/Jt9EicXIdk

— AXEC (@EgmontHandtke) July 29, 2025

Occasional Xs: Clueless economists / Employment (XIX)

#Economics#AllYouNeedToKnow

“There is no empirical basis for placing unemployment at the center of macro causality. Credit → GDP → Employment is the dominant chain — with unemployment adjusting to the financial cycle, not driving it.” (James Young)

The theoretical basis for… pic.twitter.com/2BgVvPuBA1

— AXEC (@EgmontHandtke) July 28, 2025

Occasional Xs: How it works (CCCLXXX)

 

#Economics#AllYouNeedToKnow

“For 50 years, we've been telling you that the French deficit is a disgrace. The reality? It's the norm for 80% of the world's countries.” (Robert Cauneau)

Well observed, but here is your analytical blunder: “But how do we interpret the third…

— AXEC (@EgmontHandtke) July 26, 2025

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

#Economics#AllYouNeedToKnow

“…those dollars (i.e., public debt, i.e., cumulated deficit-spending not yet taxed away) are part of OUR savings, part of OUR wealth …” (Stephanie Kelton)

Who is OUR? WeThePeople or WeTheOligarchy? Let's do some real economics!

The U.S. economy…

— AXEC (@EgmontHandtke) July 26, 2025

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

#MMT#BadScienceBadPolicyBadPeople

It is very doubtful whether Mr. Corbyn needs another MMT backstabbing.

MMT: Corbynism is dead, British Labour is nexthttps://t.co/hFfWVeCoEb

How Bill Mitchell stalks Jeremy Corbynhttps://t.co/Mi2IUQFbpg

Mr. Corbyn and the perils of…

— AXEC (@EgmontHandtke) July 26, 2025

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

#Economics#AllYouNeedToKnow

“Ludwig von Mises in his book on Bureaucracy and on socialism, made the really important observation that bureaucracy is the sine qua non – it is the essential form of organization for the territorial extensive state.” (Econlib)

Bureaucracy is just…

— AXEC (@EgmontHandtke) July 26, 2025

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

#Economics#AllYouNeedToKnow

“We need to do better in the journals and in the classroom.” (Peter Boettke)

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

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

— AXEC (@EgmontHandtke) July 26, 2025

Occasional Xs: Clueless economists / Science (CLXXXI)

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) July 25, 2025

Occasional Xs: Clueless economists / Money (XXXVI)

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) July 25, 2025

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

 

#Economics#AllYouNeedToKnow

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

— AXEC (@EgmontHandtke) July 25, 2025

Occasional Xs: Clueless economists / Profit (LXXXVII)

#Economics#AllYouNeedToKnow

“It is the export surplus and the budget deficit which enable the capitalists to make profits over and above their own purchases of goods and services. The connection between 'external' profits and imperialism is obvious.” (Michał Kalecki)

The… pic.twitter.com/JfIpcVXzCU

— AXEC (@EgmontHandtke) July 25, 2025

Occasional Xs: Clueless economists / Money (XXXV)

#Economics#AllYouNeedToKnow

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

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

The Fed's core mission is (in cooperation…

— AXEC (@EgmontHandtke) July 25, 2025

Occasional Xs: Paradigm Shift (LXX)

 

#Economics#AllYouNeedToKnow

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

— AXEC (@EgmontHandtke) July 25, 2025

Occasional Xs: Clueless economists / Science (CLXXX)

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) July 24, 2025

Also at Brian Albrecht. 

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

#Economics#AllYouNeedToKnow

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

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

Since the founding fathers,…

— AXEC (@EgmontHandtke) July 24, 2025

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

#Economics#AllYouNeedToKnow

The axiomatically correct macroeconomic Law of Supply and Demand ⇓ tells one how ― in the elementary case ― the avg price P moves under the condition of market clearing as a function of avg wage rate W, inverse avg productivity R, and… pic.twitter.com/AGpcvh6g3Y

— AXEC (@EgmontHandtke) July 24, 2025

Occasional Xs: Clueless economists / Money (XXXIV)

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) July 24, 2025

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

#Economics#AllYouNeedToKnow

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

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

Here are the…

— AXEC (@EgmontHandtke) July 23, 2025

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

#Economics#AllYouNeedToKnow

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

— AXEC (@EgmontHandtke) July 23, 2025

Related 'Barzilai and the crumbling of the unsafe citadel' 

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

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) July 23, 2025

Occasional Xs: How it works (CCCLXXIX)

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) July 23, 2025

Occasional Xs: Clueless economists / Money (XXXIII)

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) July 22, 2025

Occasional Xs: Clueless economists / Money (XXXII)

#Economics#AllYouNeedToKnow

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

Scientifically, they have not been successful.

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

— AXEC (@EgmontHandtke) July 21, 2025

Occasional Xs: Clueless economists / Money (XXXI)

#Economics#AllYouNeedToKnow

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

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

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

— AXEC (@EgmontHandtke) July 21, 2025

Occasional Xs: How it works (CCCLXXVIII)

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) July 21, 2025

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

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) July 21, 2025

Occasional Xs: Clueless economists / Employment (XVIII)

#Economics#AllYouNeedToKnow

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

— AXEC (@EgmontHandtke) July 21, 2025

Occasional Xs: Clueless economists / Breakdown (XII)

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) July 21, 2025

Occasional Xs: Clueless economists / Science (CLXXIX)

#Economics#AllYouNeedToKnow

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

Keynes… pic.twitter.com/Dgp1e2c0x9

— AXEC (@EgmontHandtke) July 21, 2025

Occasional Xs: Clueless economists / Inflation (XLV)

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) July 20, 2025

Occasional Xs: Clueless economists / Breakdown (XI)

 

#Economics#AllYouNeedToKnow

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

Yes, and why is this so?

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

— AXEC (@EgmontHandtke) July 20, 2025

Occasional Xs: How it works (CCCLXXVII)

#Economics#AllYouNeedToKnow

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

— AXEC (@EgmontHandtke) July 19, 2025

Related 'The Dark-Matter Theory of Fiat Money' 

Occasional Xs: How it works (CCCLXXVI)

#Economics#AllYouNeedToKnow

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

Murray Rothbard…

— AXEC (@EgmontHandtke) July 19, 2025

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

#Economics#AllYouNeedToKnow

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

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

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

When…

— AXEC (@EgmontHandtke) July 19, 2025

Occasional Xs: Clueless economists / Money (XXX)

#Economics#AllYouNeedToKnow

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

True until now ⇒
The…

— AXEC (@EgmontHandtke) July 18, 2025

Occasional Xs: Clueless economists / Money (XXIX)

#Economics#AllYouNeedToKnow

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

— AXEC (@EgmontHandtke) July 18, 2025

Occasional Xs: Clueless economists / Money (XXVIII)

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) July 18, 2025

Occasional Xs: Clueless economists / Science (CLXXVIII)

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) July 17, 2025

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

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) July 17, 2025

Occasional Xs: How it works (CCCLXXV)

#Economics#AllYouNeedToKnow

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

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

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

— AXEC (@EgmontHandtke) July 17, 2025

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

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) July 16, 2025

Occasional Xs: How it works (CCCLXXIV)

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) July 16, 2025

#MMT#BadScienceBadPolicyBadPeople

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

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

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

Warren…

— AXEC (@EgmontHandtke) July 16, 2025

#MMT#BadScienceBadPolicyBadPeople

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

— AXEC (@EgmontHandtke) July 16, 2025

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

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) July 15, 2025

Occasional Xs: Clueless economists / Science (CLXXVII)

 

#Economics#AllYouNeedToKnow

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

— AXEC (@EgmontHandtke) July 15, 2025

Correction typo: it's Luhmann

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

Occasional Xs: Paradigm Shift (LXIX)

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) July 14, 2025

Occasional Xs: How cargo cult science works (III)

 

#Economics#AllYouNeedToKnow

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

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

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

— AXEC (@EgmontHandtke) July 14, 2025

Occasional Xs: Clueless economists / Science (CLXXVI)

 

#Economics#AllYouNeedToKnow

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

— AXEC (@EgmontHandtke) July 13, 2025

Occasional Xs: How it works (CCCLXXIII)

 

#Economics#AllYouNeedToKnow

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

Ok, sit down and listen.

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

— AXEC (@EgmontHandtke) July 12, 2025

 

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

— AXEC (@EgmontHandtke) July 13, 2025

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

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) July 12, 2025

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

 

#Economics#AllYouNeedToKnow

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

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

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

— AXEC (@EgmontHandtke) July 11, 2025

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

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) July 11, 2025

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

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) July 10, 2025

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

 

#Economics#FailedFakeScience

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

— AXEC (@EgmontHandtke) July 10, 2025

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

 

#Economics#AllYouNeedToKnow

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

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

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

— AXEC (@EgmontHandtke) July 9, 2025

Occasional Xs: How it works (CCCLXXII)

 

#Economics#AllYouNeedToKnow

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

True.…

— AXEC (@EgmontHandtke) July 9, 2025

X, Jul 25, 2025 

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

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) July 6, 2025

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

 

#Economics#AllYouNeedToKnow

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

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

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

— AXEC (@EgmontHandtke) July 2, 2025

Occasional Xs: How it works (CCCLXXI)

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) July 1, 2025

Occasional Xs: Clueless economists / Science (CLXXV)

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) June 30, 2025

Occasional Xs: How it works (CCCLXX)

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) June 30, 2025

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

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) June 28, 2025

Occasional Xs: Clueless economists / Science (CLXXIV)

 

#Economics#AllYouNeedToKnow

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

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

The history…

— AXEC (@EgmontHandtke) June 26, 2025

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

 

#Economics#AllYouNeedToKnow

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

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

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

— AXEC (@EgmontHandtke) June 20, 2025

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

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) June 15, 2025

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

 

#Economics#AllYouNeedToKnow

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

The page where Stephanie Kelton gets macroeconomics wrong https://t.co/fSdHhHXvl3

When the foundational concepts of the subject matter are…

— AXEC (@EgmontHandtke) June 14, 2025

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

 

#Economics#AllYouNeedToKnow

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

Ricardo has never understood #Profit and how…

— AXEC (@EgmontHandtke) June 14, 2025

Occasional Xs: Clueless economists / Science (CLXXIII)

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) June 13, 2025

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

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) June 11, 2025

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

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) June 11, 2025