Occasional X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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

The Dark-Matter Theory of Fiat Money {78}

Working paper at SSRN

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

Occasional X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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 X: 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