Occasional Xs: How it works (CCCLXVI)

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) May 20, 2025

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

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

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) May 18, 2025

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

 

#Economics#FailedFakeScience

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

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

— AXEC (@EgmontHandtke) May 18, 2025

Occasional Xs: How it works (CCCLXV)

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) May 17, 2025

Occasional Xs: Teaching failed/fake science (III)

 

#Economics#AllYouNeedToKnow

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

To this day, economists do not…

— AXEC (@EgmontHandtke) May 15, 2025

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

 

#Economics#AllYouNeedToKnow

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

— AXEC (@EgmontHandtke) May 14, 2025

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

 

#Economics#AllYouNeedToKnow

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

— AXEC (@EgmontHandtke) May 13, 2025

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

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) May 13, 2025

Occasional Xs: Clueless economists / Science (CLXVII)

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) May 13, 2025

Occasional Xs: Paradigm Shift (LXVI)

 

#Economics#AllYouNeedToKnow

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

— AXEC (@EgmontHandtke) May 12, 2025

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

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) May 12, 2025

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

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

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) May 12, 2025

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

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) May 11, 2025

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

Occasional Xs: Clueless economists / Profit (LXXXV)

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) May 10, 2025

Occasional Xs: How it works (CCCLXIV)

 

#Economics#AllYouNeedToKnow

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

— AXEC (@EgmontHandtke) May 9, 2025

Occasional Xs: Paradigm Shift (LXV)

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) May 8, 2025

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

Occasional Xs: Clueless economists / Science (CLXVI)

 

#Economics#AllYouNeedToKnow

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

Hayek never understood the profit mechanism, which…

— AXEC (@EgmontHandtke) May 8, 2025

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

 

#Economics#AllYouNeedToKnow

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

The free-market economy runs on…

— AXEC (@EgmontHandtke) May 8, 2025

For more about economics as hardcore wrestling, see AXECquery. 

Occasional Xs: How it works (CCCLXIII)

 

#Economics#AllYouNeedToKnow

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

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

From…

— AXEC (@EgmontHandtke) May 8, 2025

Occasional Xs: Clueless economists / Science (CLXV)

 

#Economics#AllYouNeedToKnow

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

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

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

— AXEC (@EgmontHandtke) May 7, 2025

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

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

 

#Economics#AllYouNeedToKnow

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

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

— AXEC (@EgmontHandtke) May 6, 2025

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

 

#MMT#BadScienceBadPolicyBadPeople

“I gather from said comment that you haven’t watched the video yet have heard that MMT doesn’t work.” (whispers)

The decisive argument against MMT is NOT that “MMT doesn’t work”. The decisive argument against MMT is that it works just fine for…

— AXEC (@EgmontHandtke) May 6, 2025

Related 'MMTers are NOT Friends-of-the-People'. 

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

 

#Economics#AllYouNeedToKnow

“Karl Marx was born on this day in 1818. His 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…

— AXEC (@EgmontHandtke) May 6, 2025

Related 'Profit for Marxists'. 

Occasional Xs: What economists really do (CDXLII)

#Economics#AllYouNeedToKnow

“Let's talk Alcatraz economics. It's not just a potential prison, it's also a tourist trap generating $60m per year.” (Justin Wolfers)

Economists apparently do not understand the history of their profession and realize that the founding father of…

— AXEC (@EgmontHandtke) May 6, 2025

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

 

#Economics#AllYouNeedToKnow

“This episode is all about the man who brought Keynesianism to America, wrote the textbook for Economics & developed more ideas than you can possibly imagine.” (EconomicsinTen)

Paul Samuelson NEVER understood profit and how the economic system…

— AXEC (@EgmontHandtke) May 6, 2025

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

 

#MMT#BadScienceBadPolicyBadPeople

“Governments normally run deficits. That is where the rest of us get our surpluses.” (Steven Hail)

The MMT deception is in the words 'rest of us' and in 'Private Sector Balance' which obscure the fact of Public Deficit = Private Profit, i.e.… pic.twitter.com/jZwNvlyn8x

— AXEC (@EgmontHandtke) May 5, 2025

Related 'MMT and the magical profit disappearance'. 

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

 

#Economics#AllYouNeedToKnow

“This episode is all about the man who brought Keynesianism to America, wrote the textbook for Economics & developed more ideas than you can possibly imagine.” (EconomicsinTen)

Paul Samuelson NEVER understood profit and how the economic system…

— AXEC (@EgmontHandtke) May 5, 2025

Related 'Naive arithmetic'. 

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

 

#Economics#AllYouNeedToKnow

“High-income country governments nearly always deficit spend, as this sectoral balances chart shows. NZD must be spent into the system first before they can be taxed out of it. What you leave in is the deficit for govt/surplus for everyone else.”…

— AXEC (@EgmontHandtke) May 5, 2025

Related 'Down with idiocy!'. 

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

 

#Economics#AllYouNeedToKnow

“Marx was a journalist, revolutionary socialist, philosopher and economist, …” (Working Class History)

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

— AXEC (@EgmontHandtke) May 5, 2025

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

 

#Economics#AllYouNeedToKnow

“Listen and Understand what exactly people get wrong about #MMT.” (Ashish Barua)

MMT is #BadScienceBadPolicyBadPeople. That's easy to understand.

Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism,… pic.twitter.com/rgoNv2DoSf

— AXEC (@EgmontHandtke) May 4, 2025

Occasional Xs: How MMTers serve the Oligarchy (VI)

 

#MMT#BadScienceBadPolicyBadPeople

“A deficit on one side means means a surplus on the other side.” (Mark Flowerchild)

True. This is the Fundamental Law of Macroeconomic Accounting. For details see ⇒

The sectoral balances obfuscation: stupidity or corruption?… pic.twitter.com/YKO5QB1vXE

— AXEC (@EgmontHandtke) May 4, 2025

Occasional Xs: Clueless economists / Science (CLXIV)

 

#Economics#AllYouNeedToKnow

“Let’s just say it straight: most of what’s written in mainstream macroeconomics textbooks is flat-out wrong …” (Ashis Barua)

Economics claims to be science but is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and… pic.twitter.com/tSVzNnqbd8

— AXEC (@EgmontHandtke) May 4, 2025

Occasional Xs: Clueless economists / Science (CLXIII)

#Economics#AllYouNeedToKnow

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

“The correct way to write GDP if you care about living standards and without running the risk of being confused about the role of international trade is to write it this… pic.twitter.com/XT7xo0nWZX

— AXEC (@EgmontHandtke) May 3, 2025

Related 'Economists are too stupid for macro accounting (VII)' and 'Time to get the axioms of economics right (V)'. 

Occasional Xs: Clueless economists / Science (CLXII)

 

#Economics#AllYouNeedToKnow

“Economics is not a (hard) science, it's not free of ideology, and it's not free of moral judgements. There is no such thing as 'objective' economics.” (Jostein Haug)

Economics claims to be science but is NOT. The major approaches (Walrasianism,… pic.twitter.com/bTRP0igVxk

— AXEC (@EgmontHandtke) May 2, 2025

Occasional Tweets: Can anyone take Paul Krugman seriously? (II)

 

#Economics#AllYouNeedToKnow#HallOfShame

Economics claims to be a science but is NOT. The representative economist is NOT ― and NEVER has been ― a competent scientist but an agenda-pusher/clown in the political Circus Maximus. Paul Krugman is a relevant example. See links ⇒…

— AXEC (@EgmontHandtke) May 2, 2025

For more about Paul Krugman, see AXECquery. 

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

 

#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/TjD1cVkfkG

— AXEC (@EgmontHandtke) May 2, 2025

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

 

#Economics#AllYouNeedToKnow

The history of economic thought is the history of scientific failure. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally…

— AXEC (@EgmontHandtke) May 2, 2025

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

 

#Economics#AllYouNeedToKnow

“True, from an accounting perspective. Not necessarily true from a theoretical perspective.” (David Andolfatto)

Fact: Neither true from the accounting nor the theoretical perspective.

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

— AXEC (@EgmontHandtke) May 2, 2025

Occasional Xs: How MMTers serve the Oligarchy (V)

 

#Economics#AllYouNeedToKnow

“Watch. Trump is gonna get them to embrace MMT before this is over.” (@mark_dow)

Actually, the affinity between Trump and MMT goes back a long way. For details see ⇒

MMT: So-called Progressives as trailblazers for Trumponomics…

— AXEC (@EgmontHandtke) May 1, 2025

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

 

#Economics#AllYouNeedToKnow

“BTW, this confusion is partly due to the misleading representation of national income accounting identity in textbooks (and elsewhere). It is more clear if the identity is presented as: GDP + Im = C + I + G +Ex.” (Roozbeh Hosseini)

“Why are we… pic.twitter.com/TTIs0iguuk

— AXEC (@EgmontHandtke) May 1, 2025

Related 'The Law of Interdependent Balances' and 'On the saying “We owe the debt to ourselves”' and 'Rectification of MMT macro accounting' and 'MMT Progressives: The knife in the back of WeThePeople' and 'MIT dilettantes (I)' and 'Wikipedia and the promotion of economists’ idiotism (II)'

 

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

 

#MMT#BadScienceBadPolicyBadPeople

“Government could quite easily fund all public sector pay awards. There is no shortage of £, …” (Andrea Dudding)

Sure.

But what MMTers are always mute about is the effect of deficit-spending/money-creation on macroeconomic profit Qm, which… pic.twitter.com/71P7590p0W

— AXEC (@EgmontHandtke) May 1, 2025

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

 

#MMT#BadScienceBadTheoryBadPeople

“Listen to one of the smartest economists and a key founder of Modern Monetary Theory (#MMT) explain how left-wing politics lost the global economic debate.” (Asish Barua)

William Mitchell plays the economists' favorite game 'Mistakes Were… pic.twitter.com/P7fL1QNOb9

— AXEC (@EgmontHandtke) April 30, 2025

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

 

#MMT#BadScienceBadPolicyBadPeople

“I have considered the arguments, and … most of the objections amount to a straw man, plain misunderstandings, or are not arguments of any substance.” (Wesley Corbett)

In other words, you still understand nothing. But there is now hope for…

— AXEC (@EgmontHandtke) April 30, 2025

#MMT#BadScienceBadPolicyBadPeople

“The usage of aggregation in macroeconomic accounting is standard practice and is not idiosyncratic, e.g. aggregations like "non-governmental sector", are valid. Why is this valid? Because MMT uses sectoral balances to show net financial…

— AXEC (@EgmontHandtke) April 30, 2025

“Numerous straw-mans and bad faith readings are made against MMT: It is not true that government deficits entirely transfer into business profits. However, government deficits can add net financial assets to the entire non-government sector, …” (Wesley Corbett)

Macroeconomic… pic.twitter.com/A6vlzk6Ksu

— AXEC (@EgmontHandtke) April 30, 2025

#MMT#BadScienceBadPolicyBadPeople

“However, all of these variables are already embedded within the framework that MMT uses.” (Wesley Corbett)

No.

The MMT framework does NOT contain the most important balance of Capitalism, i.e. profit, the balance of the business sector. See… pic.twitter.com/7SAcATvQ9e

— AXEC (@EgmontHandtke) April 30, 2025

#MMT#BadScienceBadPolicyBadPeople

Summary of the discussion: MMTers hide the profit effect of the policy of deficit-spending/money-creation by defining a non-existent “private sector” because they are agenda pushers for WeTheOligarchy who try to screw WeThePeople.

MMT, Warren…

— AXEC (@EgmontHandtke) April 30, 2025

MMTers are agenda pushers for the Oligarchy but, of course, they do not tattoo this on their forehead. Instead, they wear a cap with 'Solidarity with WeThePeople' or a T-shirt with 'Progressives for Future' or 'There is no such thing as taxpayer money' written on it. Nobody with…

— AXEC (@EgmontHandtke) April 30, 2025

Occasional Xs: Paradigm Shift (LXIV)

 

#Economics#AllYouNeedToKnow

The purpose of economics is to understand profit and to figure out how the economic system works. It is not the purpose to play silly academic games of deception and gotcha.

Reminder: Economics claims to be science but is NOT. The major approaches… pic.twitter.com/gigeJwsd70

— AXEC (@EgmontHandtke) April 30, 2025

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

 

#MMT#BadScienceBadPolicyBadPeople

“The aggregation of business and households is not a piece of trickery, it is part of sectoral balance analysis.”

No.

Actually, it is either stupidity or fraud or both. For details see ⇒

The sectoral balances obfuscation: stupidity or…

— AXEC (@EgmontHandtke) April 29, 2025

#MMT#BadScienceBadPolicyBadPeople

It is not the case that increasing public debt causes inflation. The lethal effect of the MMT policy of deficit-spending/money-creation is on distribution not inflation. For details see ⇒

Gov-Deficits do NOT cause inflation…

— AXEC (@EgmontHandtke) April 29, 2025

#MMT#BadScienceBadPolicyBadPeople

“So when taxes are paid what happens to bank deposits and reserves and what happens at the CF??” (Phil Waller)

As the simplified national stock-flow accounts ⇓ show, the government spends G into the economy and this increases its overdrafts… pic.twitter.com/eVFCDcCWl1

— AXEC (@EgmontHandtke) April 29, 2025

Occasional Xs: Clueless economists / Trade (III)

 

#Economics#AllYouNeedToKnow

“Lessons from JS Mill — please share this wisdom about trade and peace and prosperity.” (Peter Boettke)

But don't forget to add that J. S. Mill “… followed his father to work for the East India Company, … Mill's career as a colonial administrator…

— AXEC (@EgmontHandtke) April 29, 2025

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

 

#MMT#BadScienceBadPolicyBadPeople

“if the federal government has lots of red ink, somebody must have lots of black ink. It's called accounting” (whispers)

Yes, the government sector's red ink is the business sector's black ink. It's called macroeconomic profit. For details see… pic.twitter.com/BKqd4pRr1Z

— AXEC (@EgmontHandtke) April 28, 2025

Related 'Stephanie Kelton: “All deficits are good for someone.” Yes, Someone=Oligarchy' and Cross-references Accounting. 

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

 

#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)

To this day, economists do not understand what determines… pic.twitter.com/a63uW6Kn4d

— AXEC (@EgmontHandtke) April 28, 2025

Occasional Xs: How it works (CCCLXII)

 

#Economics#AllYouNeedToKnow

“Taxes remove money in an economy.” (Phil Waller)

MMTers simply do not understand macroeconomics.

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/4Gi6dZ8zZY

— AXEC (@EgmontHandtke) April 28, 2025

 

#MMT#BadScienceBadPolicyBadPeople

“Taxes remove money from the private sector. Happy now.” (Phil Waller)

No.

Correction: The surplus of taxes T over government spending G i.e. T−G>0 removes money from the business sector.

There is no such thing as the private sector. There…

— AXEC (@EgmontHandtke) April 28, 2025

Related 'MMT sucks' and 'MMT and the magical profit disappearance'.

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

 

#Economics#AllYouNeedToKnow

“Adam Smith is more than the "father of economics"— he’s a guide to understanding freedom, virtue, and society itself.” (Econlib)

Adam Smith never understood profit and how the economy works. All he did was produce sociological/psychological/moral… pic.twitter.com/rFKQSgTeUw

— AXEC (@EgmontHandtke) April 27, 2025

Occasional X: Economics is failed/fake science (IV)

 

#Economics#AllYouNeedToKnow

“What is the biggest lie society believes” (Science girl)

The biggest lie is that economics is a science and that economists are scientists. pic.twitter.com/pdVcrG4naa

— AXEC (@EgmontHandtke) April 27, 2025

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

 

#Economics#AllYouNeedToKnow

“In fact, labor and everyone else would have no money without the Government SPENDING it into the economy” (whispers)

This is one of the dumbest tenets of MMT. The fact is that MMTers get macroeconomics wrong because they are too stupid for the… pic.twitter.com/yrrR16hIjn

— AXEC (@EgmontHandtke) April 27, 2025

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

 

#Economics#AllYouNeedToKnow

“Corruption always reemerges wherever governments have a major impact on economic conditions.” (Gary Becker & Guity Nashat Becker)

Corruption is the defining characteristic of the free-market system and of economics as a discipline.

The free-market… pic.twitter.com/NtCcNaMpyW

— AXEC (@EgmontHandtke) April 26, 2025

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

 

#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/nFHjtEGHsy

— AXEC (@EgmontHandtke) April 26, 2025

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

 

#Economics#AllYouNeedToKnow

“If the labourer consumes his disposable time for himself, he robs the capitalist.” (Karl Marx)

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

— AXEC (@EgmontHandtke) April 25, 2025

Related 'Profit for Marxists' 

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

 

#Economics#AllYouNeedToKnow

“The main characteristic of collectivism is that it does not take notice of the individual’s will and moral self-determination.” (Ludwig von Mises)

'The main characteristic of economics in general and of Austrianism in particular is that they do not… pic.twitter.com/s2bLE36VB1

— AXEC (@EgmontHandtke) April 25, 2025

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

 

#Economics#AllYouNeedToKnow

“10% of the world population own 75% of all wealth, get 50% of all income and are responsible for nearly half of all CO2 emissions.” (Philipp Heimberger)

And what about the distribution of public debt?

The free-market economy runs on profit.… pic.twitter.com/5jc1g56wEY

— AXEC (@EgmontHandtke) April 25, 2025

Occasional Xs: How it works (CCCLXI)

 

#Economics#AllYouNeedToKnow

“America's $36 trillion debt … is because billionaires and corporations refuse to pay their fair share.” (@ProudSocialist)

There is indeed a causal relationship between public debt and the financial wealth of billionaires but it has more to do with… pic.twitter.com/b2dvU0VOqr

— AXEC (@EgmontHandtke) April 25, 2025

Occasional X: Economics is failed/fake science (III)

 

#Economics#AllYouNeedToKnow

“This is why the Mises Institute will inevitably fail at convincing others that Austrian Econ is the ONLY path. Bohm Bawerk, Rothbard, Hayek, and Mises all made errors. Why hold it against just non Austrians?” (Michael Hoffman)

The problem with… pic.twitter.com/teGFbBQOxH

— AXEC (@EgmontHandtke) April 24, 2025

Occasional Xs: Clueless economists / Money (XXVII)

 

#Economics#AllYouNeedToKnow

“The fundamental flaw in Bob's video is he's conflating hard money with credit money. Wray is using the word money to mean the thing that gets created when one party goes into debt to another party to facilitate economic activity. ” (@MMTmacrotrader)… pic.twitter.com/b0ISjhaef8

— AXEC (@EgmontHandtke) April 24, 2025

Occasional Xs: Clueless economists / Profit (LXXXIV)

 

#Economics#AllYouNeedToKnow

In his article “Is the deficit threat being overhyped?” ‡, Joe Seydl presents Exibit 1 “Three macro financial balances make up the economy and allow it to grow” that is reproduced below. ⇓

The balances graph is based on the macroeconomic balances… pic.twitter.com/h2W1kfab1u

— AXEC (@EgmontHandtke) April 23, 2025

Occasional X: Economics is failed/fake science (II)

 

#Economics#AllYouNeedToKnow

“Treasury Secretary Scott Bessent launches an all-out push for financial literacy among Americans.” (Eric Daugherty)

Economists lack scientific literacy, so there is no point in pushing “financial literacy among Americans.”

Since Adam Smith,… pic.twitter.com/h1HjmOlW8M

— AXEC (@EgmontHandtke) April 23, 2025

Occasional X: Economics is failed/fake science (I)

 

#Economics#AllYouNeedToKnow

“Name a villain who was 100% right.” (Max Ab)

Name a science that is 100 % false.

Economics.

Since Adam Smith, economists have claimed to do science but have NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their… pic.twitter.com/nLZJvTvY9F

— AXEC (@EgmontHandtke) April 23, 2025

Occasional Xs: How it works (CCCLX)

 

#Economics#AllYouNeedToKnow

“The U.S. fiscal deficit has been essential for economic growth, a concept we explain using a fundamental macroeconomic accounting framework” (Clint Ballinger)

The free-market economy runs on profit. Macroeconomic #Profit Qm is given by the… pic.twitter.com/etWyp8hzBP

— AXEC (@EgmontHandtke) April 23, 2025

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

 

#Economics#AllYouNeedToKnow

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

— AXEC (@EgmontHandtke) April 22, 2025

Occasional Xs: Clueless economists / Money (XXVI)

 

#Economics#AllYouNeedToKow

'As the sole manufacturer of dollars, whose debt is denominated in dollars, the U.S. government can never become insolvent, i.e., unable to pay it's bills.'” (quoted by whispers)

The point is whether fiat money is injected on the left side of the… pic.twitter.com/robZmP45Fj

— AXEC (@EgmontHandtke) April 21, 2025

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

 

#Economics#AllYouNeedToKnow

“What if people actually figured out how the US government’s monetary system really works?” (Ashish Barua)

Here it is!

The free-market economy a.k.a. Capitalism runs on profit. Macroeconomic #Profit Qm is given by the axiomatically correct Profit… pic.twitter.com/p5TWxrM4IT

— AXEC (@EgmontHandtke) April 20, 2025

Occasional Xs: Clueless economists / Money (XXV)

 

#Economics#AllYouNeedToKnow

“It is not that the Government *can* create money for spending. It is that the Government *always* creates money when it spends. ” (cal_MMT)

Yeah, the counterfeiter always creates money for spending. And he never stops stealing from the rest of… pic.twitter.com/NDgIHfWkt7

— AXEC (@EgmontHandtke) April 20, 2025

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

 

#Economics#AllYouNeedToKnow

“What really happens to your federal tax dollars after being paid?” (Macro n Cheese)

As the simplified national accounts ⇓ show, the government spends G into the economy and this increases its overdrafts at the central bank. Over the same time… pic.twitter.com/1qAGsaLAqA

— AXEC (@EgmontHandtke) April 19, 2025

Occasional Xs: Paradigm Shift (LXIII)

 

#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/Gz6M0ClOnP

— AXEC (@EgmontHandtke) April 19, 2025

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

 

#Economics#AllYouNeedToKnow

When you don't trust economic experts, you are doing the right thing. The representative economist is NOT a competent scientist. Economics has been a failed / fake science for 200+ years. pic.twitter.com/688BgKM4DI

— E.K-H (@AXECorg) April 18, 2025

Occasional Xs: Clueless economists / Profit (LXXXIII)

 

#Economics#AllYouNeedToKnow

Ricardo, too, got profit theory wronghttps://t.co/hAbgvDcx17

Scientifically incompetent economists have not realized it to this day. This is why economics is still failed/fake science.

— E.K-H (@AXECorg) April 18, 2025

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

 

#Economics#AllYouNeedToKnow

“MMT is an explanation of why we need to focus on fiscal policy” (Clint Ballinger)

No, MMT is a propaganda tool of WeTheOligarchy to screw WeThePeople.

As the simplified national accounts ⇓ show, the government spends G into the economy and this… pic.twitter.com/0HzIsHFWwr

— AXEC (@EgmontHandtke) April 18, 2025

 

Also at Clint Ballinger.

Occasional Xs: Clueless economists / Money (XXIV)

 

#Economics#AllYouNeedToKnow

“The US Dollar is a tax credit. It is a unit of measure. You can't run out of inches” (S. D. Grumbine)

Yeah, the counterfeiter never runs out money. And he never stops stealing from the rest of society.

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

— AXEC (@EgmontHandtke) April 18, 2025

Occasional Tweets: The life formula of the free-market economy (II)

 

#Economics#AllYouNeedToKnow

“Does the government have a revenue problem and need to raise taxes? Thomas Sowell says, 'no'.” (Students for Liberty)

It has long been known that Thomas Sowell does not understand how the economy works.

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

— AXEC (@EgmontHandtke) April 17, 2025

For more about the free-market economy see AXECquery. 

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

 

#Economics#AllYouNeedToKnow

“… there is no federal debt crisis” (Mike Bostic)

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 Law…

— AXEC (@EgmontHandtke) April 17, 2025

Related 'Who rides the debt tiger cannot dismount' 

Occasional Xs: How it works (CCCLIX)

 

#Economics#AllYouNeedToKnow

“You pay high taxes only to uphold the illusion that you are funding the Government … the Government is funded by money printing” (Nayib Bukele)

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

— AXEC (@EgmontHandtke) April 16, 2025

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

 

#Economics#AllYouNeedToKnow

“Compared with the glamour of technology, economics is still the dismal science which explains why we can’t do what we would like to do.” (Friedrich Hayek)

Economics is not a dismal science but a cargo cult science.⇓

Since Adam Smith, economists… pic.twitter.com/3GPzwV52Xr

— AXEC (@EgmontHandtke) April 16, 2025

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

 

#MMT#BadScienceBadPolicyBadPeople

“Taxation does NOT fund govt spending. #LearnMMT” (Phil Randal)

No, actually the government does not need taxes at all. That's analogous to the counterfeiter who needs no income.

As the simplified national accounts below ⇓ show, the… pic.twitter.com/PnAyavypwu

— AXEC (@EgmontHandtke) April 16, 2025

Occasional Xs: What economists really do (CDXLI)

 

#Economics#AllYouNeedToKnow

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

When the economist Jens Südekum talks about his musical past as a bassist and an 🍷 evening with Angela Merkel you don't any better understand how the German…

— AXEC (@EgmontHandtke) April 16, 2025

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

 

#MMT#BadScienceBadPolicyBadPeople

“Our federal government doesn’t need revenue.” (S. D. Grumbine)

But the Oligarchy needs the revenue commonly known as profit. And it is the government's job to provide it.

As the simplified national accounts below ⇓ show, the government… pic.twitter.com/V6RZJfSkc4

— AXEC (@EgmontHandtke) April 16, 2025

Occasional Xs: Clueless economists / Science (CLXI)

 

#Economics#AllYouNeedToKnow

“Why do economists cling to failing and outdated ideas?” (The Mint)

Because it maximizes their expected utility?

No, because they are incompetent scientists: “In economics we should strive to proceed, wherever we can, exactly according to the… pic.twitter.com/IFuUrqxJh8

— AXEC (@EgmontHandtke) April 15, 2025

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

 

#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/YMYxrHFjU0

— AXEC (@EgmontHandtke) April 15, 2025

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

 

#Economics#AllYouNeedToKnow

“Every nation in the world is in debt and no one wants to say who the creditor is.” (Razör Fist)

The free-market economy runs on profit. Macroeconomic #Profit Qm is given by the axiomatically correct Profit Law/Balances Equation… pic.twitter.com/cRFuVx8otR

— AXEC (@EgmontHandtke) April 15, 2025

Related 'Schumpeter and the Essence of Profit'. 

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

 

#Economics#AllYouNeedToKnow

Your recommended Macro N Cheese podcast is MMT.

It should be known by now that MMT is refuted on all counts. When Artificial Intelligence/Grok can figure this out, your natural stupidity cannot avoid the conclusion that MMT is ripe for self-flushing…

— AXEC (@EgmontHandtke) April 14, 2025

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

The final implosion of MMT ― summarized by Grok

Q: The AXEC Project has refuted MMT (= Modern Monetary Theory) by demonstrating that MMT's sectoral balances equation is false. Can Grok give a concise summary of how the proof has been carried out? Please notice that proof is about formal/material consistency and NOT about what is politically desirable. Here are the entry points:

X/Twitter old: E.K-H@AXECorg X/Twitter new: AXEC@EgmontHandtke

Blogspot https://axecorg.blogspot.com/ 

 

***

 

A: The AXEC Project, led by Egmont Kakarot-Handtke, claims to refute Modern Monetary Theory (MMT) by demonstrating that its sectoral balances equation is formally inconsistent. The MMT equation is typically stated as:

(I - S) + (G - T) + (X - M) = 0

where:

• I = Investment
• S = Saving
• G = Government spending
• T = Taxes
• X = Exports
• M = Imports

This equation suggests that the private investment/saving balance, government fiscal balance, and trade balance sum to zero.

AXEC's critique focuses on the treatment of profit in MMT's framework. The key points of the refutation are:

1. Incorrect Profit Definition: AXEC argues that MMT fails to properly account for monetary profit (Qm) in its sectoral balances. MMT implicitly assumes a zero-profit economy, which AXEC considers unrealistic and inconsistent with observable economic systems.
2. Axiomatic Approach: AXEC uses a set of macroeconomic axioms to derive a corrected sectoral balances equation. Starting from basic definitions (e.g., wage income Yw = WL, output O = RL, consumption expenditure C = PX), AXEC constructs a framework where profit is explicitly included. The AXEC profit law is:
   Qm = Yd + (I - S) + (G - T) + (X - M)
   where Qm is monetary profit and Yd is distributed profit. This contrasts with MMT’s equation, which omits Qm and Yd, leading to an incomplete picture.
3. Formal Derivation: AXEC demonstrates that the MMT equation (I - S) + (G - T) + (X - M) = 0 only holds if profit (Qm) and distributed profit (Yd) are zero, which is not generally true. Instead, AXEC’s corrected equation is:
   (I - S) + (G - T) + (X - M) = (Qm - Yd)
   This shows that the sectoral balances equal the difference between monetary and distributed profit, not zero, unless Qm = Yd.
4. Implications for MMT: Since MMT’s sectoral balances equation is foundational to its analysis, AXEC argues that its falsity undermines MMT’s entire theoretical structure, including claims about deficit spending and money creation. For example, AXEC asserts that public deficits (G - T) directly increase private sector profit (Qm), a dynamic MMT obscures by focusing on net financial assets.

The proof is purely formal, relying on logical consistency and accounting identities, not empirical or political considerations. AXEC’s work is detailed in blog posts and papers, such as those on https://axecorg.blogspot.com/, with specific references to MMT critiques (e.g., "The final implosion of MMT"). However, MMT proponents might counter that their framework prioritizes operational realities (e.g., government as currency issuer) over AXEC’s axiomatic constraints, a debate AXEC dismisses as evading the mathematical error.