Ragnar Frisch, too, got economics wrong. For details, see
— AXEC (@EgmontHandtke) March 26, 2026
EconoPhysics and Pluralismhttps://t.co/sYufU1NJ3y
It's time to forget all those people who haven't done well in science.
March 26, 2026
Occasional X: Clueless economists / Science (CCLXXXVIII)
Occasional X: Clueless economists / Money (XCXXIII)
“REMINDER: Every fiat currency in recorded history has collapsed to zero value … The Romans debased their denarius from pure silver to worthless bronze. ” (Handre)
— AXEC (@EgmontHandtke) March 26, 2026
Obviously, the denarius does not fit the definition of fiat money: “Fiat money or fiat currency is a type of…
March 25, 2026
Occasional X: Clueless economists / Money (XCXXII)
“Fed Chair Jerome Powell caught on video admitting the U.S. prints money 'out of nothing'.” (Medeea Greere)
— AXEC (@EgmontHandtke) March 25, 2026
Medeea Greere has no idea of the difference between transaction money and money as a store of value. She has no idea of economics in general, and the Theory of Money, in… pic.twitter.com/NYq8mHcHgg
Occasional X: Clueless economists / Science (CCLXXXVII)
“The fact is that our theories of rationality in economic behavior rest upon introspection.” (Kenneth Arrow, quoted by Relearning Economics)
— AXEC (@EgmontHandtke) March 25, 2026
Economics has defined itself as a social science and accordingly has been based on subjective/behavioral assumptions/axioms. This is the… pic.twitter.com/nUw41DFCYN
Occasional X: The foul spirit of political economics (CCXLXI)
von Mises never understood profit, and by logical consequence, how the economic system works. This is self-disqualifying.
— AXEC (@EgmontHandtke) March 25, 2026
The free-market economy runs on profit. Macroeconomic profit Qm is given by the axiomatically correct Profit Law/Balances Equation…
Occasional X: The foul spirit of political economics (CCXLX)
“You need to take some risks if you want to get wealthy.” (Michael Arouet)
— AXEC (@EgmontHandtke) March 25, 2026
Wealth doesn't come from taking risks, but from not losing world wars. Economists are too stupid to get their foundational concepts right.
Occasional X: How it works (CDLXIV)
“Ask yourself one question: why would the US gov 'borrow' the currency it issues?” (Russel Wadey, quoted by ?whispers?)
— AXEC (@EgmontHandtke) March 25, 2026
Russel Wadey and 'whispers' don't understand macroeconomics or fiat money.
The free-market economy runs on profit. Macroeconomic profit Qm is given by the…
March 24, 2026
Occasional X: Clueless economists / Science (CCLXXXVI)
Economists and scientists have only a superficial resemblance. Neither mainstream nor heterodox economists ever had any idea what science is all about. They still are cargo cult scientists (Feynman's term).
— AXEC (@EgmontHandtke) March 24, 2026
Economics has defined itself as a social science and accordingly has… pic.twitter.com/RfzgJoabhe
Occasional X: Clueless economists / Science (CCLXXXV)
“Grok’s ranking of famous economists of all time by how polemic their writing is: Marx > Krugman > Stiglitz > Bastiat > Hayek > Friedman > Keynes > von Mises > Malthus > Buchanan/Galbraith/George” (Daniel Smith)
— AXEC (@EgmontHandtke) March 24, 2026
Neither mainstream nor heterodox economists ever had any idea what… pic.twitter.com/pbZc2qR1Nm
Occasional X: The foul spirit of political economics (CCXLIX)
Dirk Ehnts has still no idea how the economy works. His macroeconomics is axiomatically false. As an #EconBlocker he has long lost all scientific credentials. pic.twitter.com/pumTJkTviQ
— AXEC (@EgmontHandtke) March 24, 2026
Occasional X: Clueless economists / Science (CCLXXXIV)
“A founding member of the Mises Institute, Rep. McDonald would regularly insert into the Congressional record the insights of Austrian economists, like Percy Greaves.” (Mises Institute)
— AXEC (@EgmontHandtke) March 24, 2026
Neither mainstream nor heterodox economists had any idea what science is all about. They are… pic.twitter.com/ZrDO4ZYTg1
March 23, 2026
Occasional X: The futile attempt to recycle Austrianism (XLXXXI)
“Prof. Engelhardt explains why Austrian economists must keep teaching and re-teaching the great debates of the past.” (Mises Media)
— AXEC (@EgmontHandtke) March 23, 2026
Prof. Engelhardt has no idea what profit is and how Capitalism works. This is self-disqualifying.
The free-market economy runs on profit.…
Occasional X: The foul spirit of political economics (CCXLVIII)
Neither mainstream nor heterodox economists had any idea what science is all about. They are still cargo cult scientists and can't do the long-overdue Paradigm Shift that will make economics a science.
— AXEC (@EgmontHandtke) March 23, 2026
Economics has defined itself as a social science and accordingly has been…
Occasional X: Economists still get saving/dissaving and loss/profit wrong (IX)
“Here is the uncomfortable truth: Your savings exist because the government is in debt.” (Dr. Steve Keen, quoted by ?whispers?)
— AXEC (@EgmontHandtke) March 23, 2026
Here is the uncomfortable truth: neither Dr. Keen nor ?whispers? understands the relationship between saving, profit, loss, and public deficit/debt.… pic.twitter.com/jTjPnTqhZo
Occasional X: The futile attempt to recycle Milton Friedman (XLXII)
“The price system works so well, so efficiently, that we are not aware of it most of the time.” (Milton Friedman)
— AXEC (@EgmontHandtke) March 23, 2026
Milton Friedman's hallmark was psychological triviality. He never understood profit and, as a consequence, how the economic system works. That's self-disqualifying.…
Occasional X: The foul spirit of political economics (CCXLVII)
“The gap between stable countries and failed states is often just this: trust.” (Foundation for Economic Education)
— AXEC (@EgmontHandtke) March 23, 2026
Economics is about how the economy works. It is a systems science and NOT a social science. Believing in methodological individualism, economics has been based on…
March 22, 2026
Occasional X: Clueless economists / Breakdown (XXIV)
“government debt is deferred taxation. every dollar borrowed today is a tax obligation transferred to future generations” (Time Preference)
— AXEC (@EgmontHandtke) March 22, 2026
Time Preference never understood profit, and by logical consequence, how the economic system works.
The free-market economy runs on…
Occasional X: Clueless economists / Science (CCLXXXIII)
“Austrian economics isn't a single grand theory. It's a set of insights built up over a century by economists who started from one simple premise: economics must begin with the individual human being and work outward — not the other way around.” (Handre)
— AXEC (@EgmontHandtke) March 22, 2026
Economics is about how…
Occasional X: Economists are too stupid for macro accounting (IX)
“At its fundamental level, MMT is based on accurate accounting.” (Dr. Steve Keen)
— AXEC (@EgmontHandtke) March 22, 2026
Wrong. At its fundamental level, macroeconomic accounting in general and MMT accounting, in particular, is provably false. For details, see
Accounting for dummieshttps://t.co/Fzy8whg6qc
Because… pic.twitter.com/eWcEbMhIZP
Occasional X: Clueless economists / Profit (CXXXVIII)
“Profit is not a moral evil, it is a sign of material progress.” (Alice Smith)
— AXEC (@EgmontHandtke) March 22, 2026
That's the lethal fault of economics: moralizing about profit. First, economists do not understand profit and the distinction between total and individual profit, and second, profit is neither evil…
Occasional X: The foul spirit of political economics (CCXLVI)
“Milton Friedman, 4 ways to spend money: …” (The Knowledge Archivist)
— AXEC (@EgmontHandtke) March 22, 2026
Milton Friedman's hallmark was psychological triviality. He never understood profit and, as a consequence, how the economic system works. That's self-disqualifying.
Economics as a science is NOT about how to…
Occasional X: Clueless economists / Money (XCXXI)
“the gold standard wasn't abandoned because it failed it was abandoned because it constrained government spending” (Time Preference)
— AXEC (@EgmontHandtke) March 22, 2026
Macroeconomics is too big for microbrains. Austrians cannot grasp it; by logical consequence, they cannot grasp money.
Money is information. And…
March 21, 2026
Occasional X: Economists still get saving/dissaving and loss/profit wrong (VIII)
“capital accumulation requires savings. savings require low time preference.” (Time Preference)
— AXEC (@EgmontHandtke) March 21, 2026
As always, Time Preference is dead wrong.
It is NOT the case that saving governs investment or that investment governs saving or that both are equal by definition. Both are… pic.twitter.com/N774NiUcgB
Occasional X: Clueless economists / Price Mechanism (XII)
“inflation is always and everywhere a monetary phenomenon—milton friedman was correct” (Time Preference)
— AXEC (@EgmontHandtke) March 21, 2026
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… pic.twitter.com/zK63LqD9tJ
March 20, 2026
Occasional X: Clueless economists / Science (CCLXXXII)
“One of the most devastating critiques ever made of Marxist economics was delivered by Eugen von Böhm-Bawerk’s Karl Marx and the Close of His System (1896).” (Creative Deduction)
— AXEC (@EgmontHandtke) March 20, 2026
The history of economic thought is the history of scientific failure. The major approaches are…
Occasional X: Game Theory has no economic content (III)
“Utility; for an entrepreneur, ― profit; for a player, gain or loss.” (Theory of Games and Economic Behavior, p. 33, fn. 2) von Neumann/Morgenstern got profit wrong. ⇓ Profit is the foundational economic concept. Because of this, Game Theory has always been irrelevant to… pic.twitter.com/O7V3fIWwW7
— AXEC (@EgmontHandtke) March 20, 2026
Occasional X: The foul spirit of political economics (CCXLVI)
“The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” (Hayek Quotes)
— AXEC (@EgmontHandtke) March 20, 2026
“The curious task of economics is to demonstrate that they know nothing about their subject matter but are still honored as scientists and… pic.twitter.com/0w2I1GVXvA
Occasional X: How it works ― the central bank as profit pump (VI)
“Central banks used to buy government bonds and maybe some gold. The SNB prints Swiss francs, converts them to dollars, and buys growth stocks in Silicon Valley.” (Handre)
— AXEC (@EgmontHandtke) March 20, 2026
Handre has no idea how Capitalism works. This is self-disqualifying.
The Central Bank's main task is to…
Occasional X: The foul spirit of political economics (CCXLV)
“The corpse count speaks louder than any theory — Josef Stalin murdered between 6 and 20 million of his own people through deliberate famines, mass executions, and gulags that made Hitler look like an amateur. … The same academic establishment that clutches pearls over free… pic.twitter.com/pFKVcX5ZcW
— AXEC (@EgmontHandtke) March 20, 2026
Occasional X: The foul spirit of political economics (CCXLIV)
“If I'm poor and you're rich, it could society's fault. But the reason is more likely that you're smarter, harder working, more entrepreneurial, more diligent, more conscientious, or more wiling to take risk than I am.” (Creative Deduction)
— AXEC (@EgmontHandtke) March 20, 2026
(i) Imagine two equal plots of land…
March 19, 2026
Occasional X: The foul spirit of political economics (CCXLIII)
“free markets don't fail. distorted markets do” (Time Preference)
— AXEC (@EgmontHandtke) March 19, 2026
Time Preference has no idea what profit is and how Capitalism works. This is self-disqualifying.
The free-market economy runs on profit. Macroeconomic profit is given by the axiomatically correct Profit Law /…
Occasional X: The foul spirit of political economics (CCXLII)
“the austrians were the only ones who predicted the crash in 1929. they also predicted stagflation in 1973. keynesians were expecting an ‘economic bonanza” (Time Preference)
— AXEC (@EgmontHandtke) March 19, 2026
The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are…
Occasional X: The futile attempt to recycle MMT (CXC)
“Taxes do not 'raise money' they destroy money. Framing is important.” (MMT for Progressives)
— AXEC (@EgmontHandtke) March 19, 2026
This is the usual MMT blubber.
Correction: A government budget deficit (G−T)>0 creates money; a surplus destroys money.
For MMT's full-spectrum refutation, see
Cross-references: MMT…
Occasional X: Clueless economists / Money (XCXX)
“Those ancient farmers had it figured out — money should be something real that people actually need and use.” (Handre)
— AXEC (@EgmontHandtke) March 19, 2026
No. Yesterday's money was barley, todays's money is CBDC (that is so intelligently crypted that it cannot be manipulated by politicians).
Money is…
March 18, 2026
Occasional X: The futile attempt to recycle Austrianism (XLXXX)
“Carl Menger’s Principles of Economics (1871) launched the Austrian School and sparked the Marginalist Revolution.” (Creative Deduction)
— AXEC (@EgmontHandtke) March 18, 2026
Carl Menger never understood profit and, by logical consequence, how the market system works. He disqualified himself in 1871. Since then,…
Occasional X: Clueless economists / Philosophy (XIV)
“Yes, Ayn Rand proved that capitalism is the only moral social system but further (which you omit), that rational egoism is the only valid moral code.” (Salsman)
— AXEC (@EgmontHandtke) March 18, 2026
Ayn Rand proved nothing. Her main defect has been that she did not know how the economy in general, and…
Occasional X: The futile attempt to recycle Austrianism (XLXXIX)
“If all men were completely equal in their gifts and inclinations, we should have to treat them differently in order to achieve any sort of social organization.” (Hayek Quotes)
— AXEC (@EgmontHandtke) March 18, 2026
This might be true or false. Either way, it is not economics.
Philosophy is not economics. Sociology…
Occasional X: AI — boosting scientific competence in economics (XI)
“Researchers just trained an AI to predict which scientific ideas will succeed before any experiment is run. It is now better at judging research than GPT-5.2, Gemini 3 Pro, and every top AI model on the market. And it learned by studying 2.1 million research papers without a…
— AXEC (@EgmontHandtke) March 18, 2026
Occasional X: The foul spirit of political economics (CCXLI)
“If you're a good economist, you only use models and methods as tools to answer questions. The shed is gigantic, everything is suited for a given task. It has no ideological content inherent in it. It simply answers a question well or it does not.” (Vincent Geloso)
— AXEC (@EgmontHandtke) March 18, 2026
Neither… pic.twitter.com/bzT4iJ5t8A
Occasional X: Clueless economists / Money (XCXIX)
“… notice every fiat currency in history has failed …” (Handre)
— AXEC (@EgmontHandtke) March 18, 2026
Because macroeconomics is provably false, the Theory of Money is false. More specifically, Handre's historical monetary observations have no valid scientific foundations. Because his economics is proto-scientific…
Occasional X: Clueless economists / Money (XCXXIII)
“HARNESSING INTERSTELLAR RADIATION TO MINE HARD MONEY. THIS IS ABSOLUTELY WILD.” (The Bitcoin Historian)
— AXEC (@EgmontHandtke) March 18, 2026
Because macroeconomics is provably false, the Theory of Money is false. More specifically, Mr. Jensen's monetary project has no valid scientific foundations.
For details of…
March 17, 2026
Occasional X: Clueless economists / Philosophy (XIII)
“But here's what drives the statists insane about Rand: she refused to apologize for success. … Rand said the quiet part out loud. Capitalism is moral because it rewards virtue—rationality, productivity, trade—and punishes vice.” (Handre)
— AXEC (@EgmontHandtke) March 17, 2026
Ayn Rand's main defect has been that…
Occasional X: Clueless economists / Entrepreneur (II)
“Government labs produce $50 billion fighter jets that can't fly in the rain and 'renewable energy' boondoggles that bankrupt entire states. Meanwhile, two kids in a Palo Alto garage create trillion-dollar companies that actually work.” (Handre)
— AXEC (@EgmontHandtke) March 17, 2026
Handre is still recycling the… pic.twitter.com/XCUvxzqL1x
Occasional X: Clueless economists / Price Mechanism (XI)
“Rationing wasn't about 'fairness' or patriotic sacrifice. It was the only way to prevent the monetary expansion from exploding into visible hyperinflation.” (Handre)
— AXEC (@EgmontHandtke) March 17, 2026
The free-market system is, in the last instance, a quasi-Darwinian selection mechanism, i.e., the economic…
Occasional X: Clueless economists / Tax (VII)
“Taxation is theft—not metaphorically, but literally.” (Handre)
— AXEC (@EgmontHandtke) March 17, 2026
Handre is wrong in all economic and moral dimensions.
There are two cases that have to be kept separate: a balanced public budget and deficit-spending/money-creation. The total amount of State spending has to be… pic.twitter.com/fVKQ4QTde2
March 16, 2026
Occasional X: Scrap the EconNobel (XLXV)
“In 1974, Hayek received the Nobel Prize in Economics.” (F. A. Hayek Quotes)
— AXEC (@EgmontHandtke) March 16, 2026
The Nobel Peace Prize has not much to do with peace. The EconNobel has nothing to do with science. ⇓ Friedrich Hayek has nothing to do with economics as a science.
Although it claims to be a science,… pic.twitter.com/wE5k3Z3D2V
Occasional X: The futile attempt to recycle behavioral economics (XV)
“Every human action is purposeful. … This is praxeology: the logic of human action that forms the bedrock of real economic science.” (Handre)
— AXEC (@EgmontHandtke) March 16, 2026
This sounds plausible to scientifically incompetent people. Economics has defined itself as a social science and accordingly has been… pic.twitter.com/h3vQXHfb1v
Occasional X: Clueless economists / Money (XCXXII)
“The hardest idea for people to accept is simple: … Bitcoin is the first time money exists without asking permission from anyone.” (SatsySiren)
— AXEC (@EgmontHandtke) March 16, 2026
The very characteristic of fiat money is that its production costs are close to zero, but it can buy stuff with a price much higher…
Occasional X: The futile attempt to recycle Austrianism (XLXXVIII)
von Mises never understood profit, and by logical consequence, how the economic system works.
— AXEC (@EgmontHandtke) March 16, 2026
The free-market economy runs on profit. Macroeconomic profit Qm is given by the axiomatically correct Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The Law implies…
Occasional X: Clueless economists / Science (CCLXXXI)
“[Das Kapital] is an obsolete economic textbook which I know to be not only scientifically erroneous but without interest or application for the modern world.” (John Maynard Keynes, quoted by Phil Magness)
— AXEC (@EgmontHandtke) March 16, 2026
The same holds for Keynes's General Theory.
Because Marx got the… pic.twitter.com/qRkYiYeQ60
Occasional X: Clueless economists / Money (XCXXI)
“I'm looking to rebuild society and recapitalize society on sound money that nobody can control and manipulate.” (Jack Mallers, quoted by Fiat Archive)
— AXEC (@EgmontHandtke) March 16, 2026
The very characteristic of fiat money is that its production costs are close to zero, but it can buy stuff with a price much… pic.twitter.com/0dvJRzdjaq
Occasional X: Clueless economists / Money (XCXX)
“I think money will stop being relevant at some point in the future. I think the AI will not use human currency. It will just care about power and mass, wattage and tonnage.” (Elon Musk, quoted by Dustin)
— AXEC (@EgmontHandtke) March 16, 2026
Elon Musk does not understand the difference between the creation of… pic.twitter.com/ZW9DICfZig
March 15, 2026
Occasional X: Clueless economists / Money (XCXIX)
“we work for worthless paper another man can print” (Time Preference)
— AXEC (@EgmontHandtke) March 15, 2026
Because macroeconomics is provably false, the Theory of Money is false.
Your 'sound money' utterances have never been more than silly blubber for a low-IQ audience.
For details of the axiomatically correct…
Occasional X: The futile attempt to recycle Adam Smith (LXXXVIII)
“Smith’s thesis is that a ‘system of natural liberty,’ an economic system that allows individuals to pursue their own self-interest under conditions of competition and common law, would be a self-regulating and highly prosperous economy.” (Mark Skousen)
— AXEC (@EgmontHandtke) March 15, 2026
Adam Smith never…
Occasional X: Economists still get saving/dissaving and loss/profit wrong (VII)
“Keynes's most damaging error was inverting the relationship between saving and investment.” (Handre)
— AXEC (@EgmontHandtke) March 15, 2026
Keynes, too, misunderstood the concept of profit because he was too stupid for elementary algebra. ⇓ Consequently, he botched the Paradigm Shift from microfoundations to… pic.twitter.com/T9GSgPflve
Occasional X: Clueless economists / Profit (CXXXVII)
“The disdain of profit is due to ignorance.” (Friedrich Hayek)
— AXEC (@EgmontHandtke) March 15, 2026
The psycho-social thinking about profit is as irrelevant as the psycho-social thinking about the universe. ⇓
Friedrich Hayek never understood profit and, by logical consequence, how the economic system works. This… pic.twitter.com/TGD1sJhZ2T
Occasional X: Economics curriculum ― the transmutation of plain morons to graduate morons (XI)
“Can we please remove scientism from the curriculum in schools?” (Per Bylund)
— AXEC (@EgmontHandtke) March 15, 2026
“Can we please remove economics from the curriculum?” (AXEC)
Neither mainstream nor heterodox economists had any idea what science is all about. They are still a cargo cult science and can't do the… pic.twitter.com/D3sMnnhzZC
March 14, 2026
Occasional X: Clueless economists / Money (XCXXIII)
“The entire global trading system until Richard Nixon took us off was tied to gold.” (Scott Bessent)
— AXEC (@EgmontHandtke) March 14, 2026
Because macroeconomics is provably false, the Theory of Money is false. Economics has been scientifically worthless since the Founding Fathers.
The Secretary of the Treasury is…
Occasional X: The foul spirit of political economics (CCXL)
“MIT Professor Andrew Lo argues that finance is harder than physics because financial markets are driven by human behavior rather than fixed physical laws.” (Philosophy Of Physics)
— AXEC (@EgmontHandtke) March 14, 2026
Idiotism repeats itself endlessly.
Economists have many explanations/excuses about why they have…
Occasional X: How it works (CDLXIII)
“If the money printer grows 8-10% annually and the S&P 500 returns ~9%, it's just treading water. True wealth comes from outpacing the printer. That's the Bitcoin journey.” (Former finance professor, quoted by Fiat Archive)
— AXEC (@EgmontHandtke) March 14, 2026
True wealth comes from resources, science, and…
Occasional X: Paradigm Shift (XCXII)
“Tell me, what is the greatest problem you have with #economics, whether mainstream or Austrian? What bothers you about it, what does it do wrong, how could it be better?” (Per Bylund)
— AXEC (@EgmontHandtke) March 14, 2026
Economics has defined itself as a social science and accordingly has been based on… pic.twitter.com/D01e8MvWGY
March 13, 2026
Occasional X: The foul spirit of political economics (CCXXXIX)
The Capitalism vs Socialism debate is a pastime for imbeciles. It never had any scientific content.
— AXEC (@EgmontHandtke) March 13, 2026
The history of economic thought is the history of scientific failure. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are…
Occasional X: Economics debates ― the never-ending shitshow (IV)
“Can you name any left policy that doesn’t contradict basic economics and actually works?” (Michael Arouet)
— AXEC (@EgmontHandtke) March 13, 2026
Neither mainstream nor heterodox economists had any idea what science is all about. They still can't do the long-overdue Paradigm Shift that will make economics a science.… pic.twitter.com/EHZSSljIoS
Occasional X: The futile attempt to recycle Austrianism (XLXXVII)
von Mises never understood profit, and by logical consequence, how the economic system works.
— AXEC (@EgmontHandtke) March 13, 2026
The free-market economy runs on profit. Macroeconomic profit Qm is given by the axiomatically correct Profit Law/Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The Law implies… pic.twitter.com/z2dKyVthvF
Occasional X: Clueless economists / Price Mechanism (X)
“Deflation isn't an economic catastrophe; …” (Handre)
— AXEC (@EgmontHandtke) March 13, 2026
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… pic.twitter.com/nv9dxSrxeE
Occasional X: Clueless economists / Science (CCLXXX)
“Richard Feynman’s savage takedown of pseudo-science still burns in 2026.” (Camus)
— AXEC (@EgmontHandtke) March 13, 2026
The history of economic thought is the history of scientific failure. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory… pic.twitter.com/y343gRww1O
Occasional X: Economics and math ― they just can't get it together (X)
“Utility; for an entrepreneur, ― profit; for a player, gain or loss.” (Theory of Games and Economic Behavior, p. 33, fn. 2) von Neumann/Morgenstern got profit wrong. ⇓ Profit is the foundational economic concept. Because of this, Game Theory has always been irrelevant to… pic.twitter.com/aeZEJKpvIr
— AXEC (@EgmontHandtke) March 13, 2026
March 12, 2026
Occasional X: The foul spirit of political economics (CCXXXVIII)
“But the economics profession still genuflects before British pedophile John Maynard Keynes while treating Mises like some fringe crank.” (Handre)
— AXEC (@EgmontHandtke) March 12, 2026
The question of whether Keynes was a paedophile is not about economics, but about gossip. And this is what Austrians do all day… pic.twitter.com/1P1qexRlQk
Occasional X: How it works (CDLXII)
“Interest payments by the British government are made in the same way as any other government spending. The mechanics are identical, meaning not a single penny used to pay interest actually comes from taxes or borrowing.” (Ashish Barua, quoted by ?whispers?)
— AXEC (@EgmontHandtke) March 12, 2026
It's hard to say…
March 11, 2026
Occasional X: Clueless economists / Inflation / Deflation / Stagflation (XLXIX)
“Rome's banking system worked better than anything we've seen since governments decided they knew better. And the moment Rome started debasing currency and centralizing financial control? The whole thing collapsed into the imperial nightmare we know today.” (Handre)
— AXEC (@EgmontHandtke) March 11, 2026
Handre has… pic.twitter.com/9GAJIqnOgc
Occasional X: Clueless economists / Science (CCLXXIX)
“The Theory of Moral Sentiments explains why a society that practices Smithian economics and limited govt will be a generous and cooperative society in practice. IMO it is as seminal for psychology and sociology as Wealth of Nations.” (Matt Ridley)
— AXEC (@EgmontHandtke) March 11, 2026
Firstly, economics is not a… pic.twitter.com/zPq3np3JNw
Occasional X: The foul spirit of political economics (CCXXXVII)
“am i wrong for thinking samuelson should be the GOAT? we are all, in one way or another, children of samuelson.” (joaquin)
— AXEC (@EgmontHandtke) March 11, 2026
Throughout the history of economics, there is nothing more absurd than people who consider themselves to be the children of Paul Samuelson. For details,…
Occasional X: Clueless economists / Money (XCXXII)
“Yes, yes. I'm dying to receive a zero-value transaction money in exchange for goods I work to produce.” (Professor One Digit)
— AXEC (@EgmontHandtke) March 11, 2026
You get your wage on your account, and you pay for your groceries from your account. Basically, payment is a service, and you pay a service fee. Fiat…
Occasional X: The foul spirit of political economics (CCXXXVI)
“Economics isn’t really about studying 'the economy' anymore. Modern economics is fundamentally the study of: how individuals make choices when facing constraints and responding to incentives.” (Hayashi Heikichi)
— AXEC (@EgmontHandtke) March 11, 2026
Economics has defined itself as a social science and accordingly… pic.twitter.com/bCZFEkhSAa
March 10, 2026
Occasional X: Clueless economists / Money (XCXXI)
“A farmer works his land to produce grain. A carpenter builds a table with his hands. A worker earns his wage at the end of the day. These are all forms of proof-of-work. That is how real value is created — through labor, production, and exchange.” (Cole Walmsley)
— AXEC (@EgmontHandtke) March 10, 2026
Cole Walmsley…
Occasional X: Clueless economists / Money (XCXX)
“Money is not an invention of the state. It is not the product of a legislative act. … Certain commodities came to be money quite naturally, as the result of economic relationships that were independent of the power of the state.” (Carl Menger, quoted by Citizens for Sound… pic.twitter.com/P07i4otjZU
— AXEC (@EgmontHandtke) March 10, 2026
Occasional X: Clueless economists / Science (CCLXXVIII)
“Federal Reserve officials admitted the they secretly funneled half a TRILLION dollars and it disappeared, unable to be accounted for.” (Bridgett Fertig)
— AXEC (@EgmontHandtke) March 10, 2026
Because macroeconomics is provably false, the Theory of Money is false. Economics has been scientifically worthless since the…
Occasional X: Clueless economists / Science (CCLXXVII)
“Worth repeating: when you look at the assumptions underlying most economic models, you realize these models aren't relevant to the real world …” (Richard Field)
— AXEC (@EgmontHandtke) March 10, 2026
Economics has defined itself as a social science and accordingly has been based on subjective/behavioral… pic.twitter.com/lx6UziHVin
Occasional X: The foul spirit of political economics (CCXXXV)
“Smith was a moral philosopher and one of the great systematisers of what later became known as political economy, not its inventor. (Tally Sticks, quoted by ?whispers?)
— AXEC (@EgmontHandtke) March 10, 2026
Firstly, economics is not a science. Secondly, the representative economist is too dumb for science.
Adam… pic.twitter.com/8VuGCgp63n
March 9, 2026
Occasional X: The foul spirit of political economics (CCXXXIV)
“Hayek's version of 'truly liberal radicalism' (his expression) is still widely unappreciated & unknown because it's a very different kind of radicalism than libertarianism.” (Vlad Tarko)
— AXEC (@EgmontHandtke) March 9, 2026
Philosophy is not economics. Waving the flag of Liberty is not economics either.
Friedrich…
Occasional X: The foul spirit of political economics (CCXXXIII)
“What would Friedman say about today’s economy?” (Austrian Economic Center)
— AXEC (@EgmontHandtke) March 9, 2026
Friedman has nothing to say about today’s economy; he had nothing to say about yesterday's economy.
Milton Friedman never understood profit and, as a consequence, how the economic system works. That's…
Occasional X: The futile attempt to recycle Austrianism (XLXXVI)
“The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” (Friedrich Hayek, quoted by Handre)
— AXEC (@EgmontHandtke) March 9, 2026
Friedrich Hayek never understood profit and, by logical consequence, how the economic system works. This is…
Occasional X: How it works (CDLXI)
“The tax is there to create a demand for the government’s currency. Before anyone can pay the tax, someone has to do the work to earn the currency.” (Stephanie Kelton)
— AXEC (@EgmontHandtke) March 9, 2026
Stephanie Kelton is wrong in all economic and moral dimensions.
There are two cases that have to be kept… pic.twitter.com/e64RjfBi2J
Occasional X: The foul spirit of political economics (CCXXXII)
“If the world were just and truthful, 'Austrian Economics' would have just been called 'Economics'.” (Handre)
— AXEC (@EgmontHandtke) March 8, 2026
Handre has no idea what profit is and how Capitalism works. This is self-disqualifying.
The U.S. economy runs on profit. Macroeconomic profit is given by the…
March 8, 2026
Occasional X: Clueless economists / Science (CCLXXVI)
“Carl Menger destroyed two thousand years of economic fallacy with a single insight in 1871: value is subjective, existing only in the mind of the individual valuer. … Menger obliterated this nonsense by pointing out the obvious: a glass of water means nothing to a man by a…
— AXEC (@EgmontHandtke) March 8, 2026
Occasional X: Clueless economists / Money (XCXIX)
“Governments cannot run out of their own money.” (?whispers?)
— AXEC (@EgmontHandtke) March 8, 2026
“Counterfeiters cannot run out of their own money.” (AXEC)
The question is whether the money is issued for transaction purposes or for direct consumptive purposes.
The second case is economically equal to counterfeit… pic.twitter.com/EOdnXttMwC
Occasional X: Clueless economists / Breakdown (XXIII)
“And the occultists believe that they can perform black magic rituals, to bring about change that they are attempting to prophesies for their end times scenario, which a stock market crash is pivotal in creating.” (MrBujok)
— AXEC (@EgmontHandtke) March 8, 2026
Occultism/religion/voodoo has always the mindset of…
Occasional X: Clueless economists / Breakdown (XXII)
“Private credit could be one of the biggest busts we've ever seen on Wall Street, rcwhalen is warning on Bloomberg TV. ” (Russian Market)
— AXEC (@EgmontHandtke) March 8, 2026
Several things eventually can lead to a breakdown.
The U.S. economy runs on profit. Macroeconomic profit is given by the axiomatically…
Occasional X: Clueless economists / Science (CCLXXV)
“On the 250th anniversary of Smith’s Wealth Of Nations, it seems appropriate to appreciate Smith’s impact on humanity from the minute to the gargantuan.” (Vincent Geloso)
— AXEC (@EgmontHandtke) March 8, 2026
Adam Smith only provided a description of the division of labor; it had been invented long before his time.…
March 7, 2026
Occasional X: Clueless economists / Science (CCLXXIV)
The author of 'The Use of Knowledge in Society' had no knowledge about how the economy works.
— AXEC (@EgmontHandtke) March 7, 2026
Friedrich Hayek never understood profit and, by logical consequence, how the economic system works. This is self-disqualifying. He was not a scientist but a political populist for a…
Occasional X: How it works ― the central bank as profit pump (V)
“THEY even destroy the Bundesbank: For 2025, the bank recorded a 27.8 € bn loss, by far the highest ever. And I ask again: Who got all the money?” (Thorsten Polleit)
— AXEC (@EgmontHandtke) March 7, 2026
Thorsten Polleit has no idea how Capitalism works. This is self-disqualifying.
The Central Bank's main task is…
Occasional X: The futile attempt to recycle Austrianism (XLXXV)
“For decades, the disciples of British pedophile John Maynard Keynes had preached the Phillips Curve gospel: unemployment and inflation existed in a stable, predictable trade-off that enlightened technocrats could manipulate through monetary and fiscal policy.” (Handre)
— AXEC (@EgmontHandtke) March 7, 2026
Handre… pic.twitter.com/JADKB9b50K
March 6, 2026
Occasional X: Paradigm Shift (XCXI)
“Economics was never a predictive science in the way that the natural sciences are. It cannot be, as is the case for all social science.” (Per Bylund)
— AXEC (@EgmontHandtke) March 6, 2026
Economics has defined itself as a social science and accordingly has been based on subjective/behavioral assumptions/axioms.… pic.twitter.com/k3Pc8qLJvO
Occasional X: Clueless economists / Science (CCLXXIII)
“Hayek said, 'Science is a wonderful thing, but society is not a science project.'” (Scott Atlas)
— AXEC (@EgmontHandtke) March 6, 2026
Friedrich Hayek never understood profit and, by logical consequence, how the economy works. This is self-disqualifying. He was not a scientist but a political populist for a low-IQ…
Occasional X: Clueless economists / Money (XCXVIII)
“MMT is still in the dark, the actual money creation process is ignored & what newly created money is used for.” (Richard Werner)
— AXEC (@EgmontHandtke) March 6, 2026
Right!
Because macroeconomics is provably false, the Theory of Money is false. More specifically, MMT is proto-scientific garbage.
For details of…
Occasional X: Clueless economists / Profit (CXXXVI)
“Where there is no free market, there is no pricing mechanism; without a pricing mechanism, there is no economic calculation.” (von Mises quoted by Handre)
— AXEC (@EgmontHandtke) March 6, 2026
von Mises never understood profit and, by logical consequence, how the economic system works.
The free-market economy runs…
March 5, 2026
Occasional X: The foul spirit of political economics (CCXXXI)
“One thing economics can and should do is evaluate alternatives.” (Jason Furman)
— AXEC (@EgmontHandtke) March 5, 2026
No, it can't.
Economics is about how the economy works. It is systems science, NOT a social science.
The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their…
Occasional X: Clueless economists / Science (CCLXXII)
“What is economics? It is about people and the choices we make every day.” (IMF)
— AXEC (@EgmontHandtke) March 5, 2026
People and choices are the subject of psychology/ sociology, not of economics.
Economics has defined itself as a social science and accordingly has been based on subjective/behavioral… pic.twitter.com/QnJ1a1f010
Occasional X: Economics on Wikipedia is scientifically worthless (V)
“Wikipedia is corrupt to its core …” (XFreeze)
— E.K-H (@AXECorg) March 5, 2026
“Yeah” (Elon Musk)
With regard to economics, Wikipedia is a heap of proto-scientific garbage. This has been proven long ago, see the linkshttps://t.co/rfbe7BBJwO
Occasional X: Clueless economists / Profit (CXXXV)
“Mises’ point wasn’t ‘planners are corrupt’; it was deeper: without property and prices, they’re flying blind.” (Foundations for Economics Education)
— AXEC (@EgmontHandtke) March 5, 2026
von Mises never understood profit and, by logical consequence, how the economic system works. To this day, Austrian economics is…
March 4, 2026
Occasional X: Economics on Wikipedia is scientifically worthless (IV)
“The 'Wikilaundering' scandal is finally blowing wide open and it’s worse than we thought.” (XFreeze)
— AXEC (@EgmontHandtke) March 4, 2026
With regard to economics, Wikipedia is a heap of proto-scientific garbage. This has been proven long ago, see the linkshttps://t.co/FQqRRiKSde
Occasional X: Economics still lacks correct macrofoundations (XXXVI)
“Learn macro.” (MMT for Progressives)
— AXEC (@EgmontHandtke) March 4, 2026
Both macroeconomics and microeconomics are axiomatically false. MMT for Progressives has no clue about either. His macro recommendation is void. The true macro is below. ⇓
For details of the axiomatically correct macroeconomics and, by… pic.twitter.com/QmTqpxKyCg
Occasional X: Clueless economists / Science (CCLXXI)
“No, as scientists, it's absolutely untrue that 'our job is to come up with solutions'.” (Antoine Levy)
— AXEC (@EgmontHandtke) March 4, 2026
J.S. Mill was the only scientist among low-IQ economists. He understood the difference between science and politics. ⇓
After J.S. Mill, economics has been taken over by… pic.twitter.com/3EdmqVxcU7
Occasional X: The foul spirit of political economics (CCXXX)
“You forgot Yan Liang. Another strong female MMT economist.” (Thibault Laurentjoye)
— AXEC (@EgmontHandtke) March 4, 2026
There is no such thing as a 'strong female MMT economist'. All MMT genders are weak-brained political agenda pushers. They do not understand how the economic system works.
The free-market…
Occasional X: Clueless economists / Money (XCXVII)
“We are getting a CBDC whether we like it or not. The whole world is.” (PooKy2SpooKy)
— AXEC (@EgmontHandtke) March 4, 2026
CBDC is the logical endpoint of money. Money is information; everything else is a way of storing information. The challenge is to build an incorruptible CBDC system.
For details of the…
March 3, 2026
Occasional X: Clueless economists / Science (CCLXX)
“Der Sachverständigenrat Wirtschaft wurde vom neoliberalen Mahner zum konstruktiven Begleiter. Diesen Kurs muss er trotz des Rausschmisses von Ulrike Malmendier beibehalten … / The German Council of Economic Experts has transformed itself from a neoliberal warning voice to a… pic.twitter.com/5m33CFKHmp
— AXEC (@EgmontHandtke) March 3, 2026
Occasional X: How it works (CDLX)
“Economists are gradually realizing that the issuance of Treasury bonds is part of monetary policy and not a financing operation.” (?whispers?)
— AXEC (@EgmontHandtke) March 3, 2026
Whispers does not understand profit and, as a logical consequence, how the economic system works. This is self-disqualifying. People… pic.twitter.com/oTXj32kXGR
March 2, 2026
Occasional X: Clueless economists / Science (CCLXIX)
“The Great Depression wasn't capitalism's failure—it was the government's masterpiece of economic destruction, and Murray Rothbard proved it beyond any doubt. (Handre van Heerden)
— AXEC (@EgmontHandtke) March 2, 2026
Murray Rothbard proved nothing because he never had a valid economic theory. Tirelessly waving the… pic.twitter.com/GNRcyhg1T9
Occasional X: Clueless economists / Science (CCLXVIII)
“The AI we have today is already superintelligent. And it's going to revolutionize science.” (Noah Smith)
— AXEC (@EgmontHandtke) March 2, 2026
Neither mainstream nor heterodox economists had any idea what science is all about. They still can't do the Paradigm Shift that will make economics a science; neither can…
Occasional X: The foul spirit of political economics (CCXXIX)
“Die personelle Besetzung des Sachverständigenrats liegt nach dem Gesetz in der Zuständigkeit der politischen Entscheidungsträger und nicht beim Rat selbst. / According to the law, the appointment of members to the Council of Economic Experts is the responsibility of political… pic.twitter.com/0r1SVVXZJs
— AXEC (@EgmontHandtke) March 2, 2026
March 1, 2026
Occasional X: The foul spirit of political economics (CCXXVIII)
“Paranoia is only an appropriate diagnosis if your fears are unfounded.” (MMT for Progressives)
— AXEC (@EgmontHandtke) March 1, 2026
Whatever this is, it is not economics.
MMT for Progressives does not understand profit and, as a logical consequence, how the economic system works. This is self-disqualifying.
The…
Occasional X: The foul spirit of political economics (CCXXVII)
“In fact, Putin is (as has been noted before) an extraordinarily slow leader. He is slow to seize opportunity or to change course. So once he got engaged into this crazy war, he cannot get out of it. In that slowness, he is similar to Brezhnev.” (Branko Milanovic)
— AXEC (@EgmontHandtke) March 1, 2026
Whatever this… pic.twitter.com/LrhG5yIdnc
Occasional X: AI — boosting scientific competence in economics (X)
“For instance, when you know how diffusion models work, it also feels magical that we can use them to do that kind of shit. I just think that deep learning in general is extremely weird.” (Philippe Lemoine)
— AXEC (@EgmontHandtke) March 1, 2026
Neither mainstream nor heterodox economists had any idea what science is… pic.twitter.com/UD75rC04gy
February 27, 2026
Occasional X: The futile attempt to recycle Austrianism (XLXXIV)
“Government spending cannot create additional jobs.” (Ludwig von Mises)
— AXEC (@EgmontHandtke) February 27, 2026
Yes, it can.
von Mises never understood profit, and by logical consequence, how the economic system works. To this day, Austrian economics is not science, but rather low-IQ propaganda blubber.
The… pic.twitter.com/LnQFui2DE5
Occasional X: Clueless economists / Money (XCXVI)
“Wheelbarrows cause hyperinflation” (Tim Worstall)
— AXEC (@EgmontHandtke) February 27, 2026
Because macroeconomics is provably false, the Theory of Money is false. ⇓ Monetarist economics is for a low-IQ audience.
For details of the axiomatically correct approach, see the working paper ⇒
The Dark-Matter Theory of… pic.twitter.com/V6XjmpLIgl
Occasional X: The foul spirit of political economics (CCXXVI)
“When Marx was presented with the first systematic critique of his work, namely the Marginal Revolution, he simply quit writing and devoted his life to other things.” (Follynomics)
— AXEC (@EgmontHandtke) February 27, 2026
False!
Because Marx got the foundational magnitude of economics —profit— wrong, his communicative…
Occasional X: Clueless economists / Models (III)
“Moreover, economic models are not intended as literal descriptions of reality. Lots of R2=1 predictions in them. So calibration and evaluation lets you focus on economically interesting moments, and ignore uninteresting rejections (R2=0.99).” (John Cochrane, answering to Jon…
— AXEC (@EgmontHandtke) February 27, 2026
Occasional X: Economists and their silly prediction games (III)
“The economy depends about as much on economists as the weather does on weather forecasters.” (Jean-Paul Kauffmann)
— AXEC (@EgmontHandtke) February 27, 2026
Fortune telling/prophesy/prediction/forecast have always been aberrations of the human mind, but people are addicted to it. Only charlatans predict the future, and…
Related 'Prediction/Forecasting'
February 26, 2026
Occasional X: The foul spirit of political economics (CCXXV)
“As a lawyer I enjoy seeing how economics too is a hermeneutic practice.” (JuanMAC)
— AXEC (@EgmontHandtke) February 26, 2026
Both mainstream and heterodox economists never had any idea what science is all about. Economics is what Feynman called Cargo Cult Science. ⇓
Economics has defined itself as a social science… pic.twitter.com/NEWvkX2LTQ
Occasional X: The futile attempt to recycle Milton Friedman (XLXI)
“Human and political freedom has never existed and cannot exist without a large measure of economic freedom.” (Milton Friedman Quotes)
— AXEC (@EgmontHandtke) February 26, 2026
This may be true or not, but it is not economics.
Worse, Milton Friedman never understood profit and, by consequence, how the economic system…
Occasional X: The futile attempt to recycle MMT (CLXXXIX)
“'Global debt' is the sum of money owed by all economic entities (governments, companies, persons, etc.) ... a dumb accounting convention, useless except to mislead many who don't understand it.” (MMT samvega)
— AXEC (@EgmontHandtke) February 26, 2026
The favorite MMT graphic is an optical deception for the advantage of…
February 25, 2026
Occasional X: Clueless economists / Inflation / Deflation / Stagflation (XLXVIII)
“What Causes Stagflation?” (Juan Torras)
— AXEC (@EgmontHandtke) February 25, 2026
The dependency of the real variable employment is given by the axiomatically correct macroeconomic Employment Law ⇓, which tells one how ― in the elementary case ― the employment L depends ― under the condition of product market clearing… pic.twitter.com/I8YXNsFjmv
Occasional X: How it works (CDLIX)
“Minimum wage laws are only necessary because gov't has erased the power of collective bargaining.” (Richard Phillips)
— AXEC (@EgmontHandtke) February 25, 2026
Macroeconomic profit is the balance between the business sector and the other sectors. The business sector is made up of many different firms. If, for example,…
Occasional X: Clueless economists / Money (XCXV)
“He starts from historical records hundreds of years ago and moves on to how banks operate today.” (Joseph Wang on Engin Yilmaz's book)
— AXEC (@EgmontHandtke) February 25, 2026
History doesn't help much as long as the theory is wrong. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their…
Occasional X: The futile attempt to recycle Austrianism (XLXXIII)
“In this video, Friedrich Hayek argues that “social justice” demands the state treat people unequally in order to make them equal.” (Students for Liberty)
— AXEC (@EgmontHandtke) February 25, 2026
This may be true or not, but it is not economics.
Friedrich Hayek does not understand profit and how the economy works.… pic.twitter.com/HBfoGOPgKP
February 24, 2026
Occasional X: Clueless economists / Science (CCLXVII)
“Which modern economics department is most represented in history of economic thought textbooks?” (Daniel Smith)
— AXEC (@EgmontHandtke) February 24, 2026
The history of economic thought is the history of scientific failure. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their… pic.twitter.com/becFwBwz78
Occasional X: Clueless economists / Inflation / Deflation / Stagflation (XLXVII)
“Keynesians claimed that stagflation—rising price levels and increasing rates of unemployment—couldn’t happen.” (Mises Institute)
— AXEC (@EgmontHandtke) February 24, 2026
Keynesianism was scientifically worthless from the beginning. For details, see
Cross-references Keynesianismhttps://t.co/02SncVgwjK
This does not… pic.twitter.com/nW3FIOfMFY
Occasional X: The futile attempt to recycle Austrianism (XLXXII)
“Goods always have value to certain economizing individuals and this value is also determined only by these individuals.” (Carl Menger, quoted by Foundation for Economic Education)
— AXEC (@EgmontHandtke) February 24, 2026
Both mainstream and heterodox economists never had any idea what science is all about. Economics… pic.twitter.com/jO7QWgdV5R
February 23, 2026
Occasional X: The foul spirit of political economics (CCXXIV)
“To the various silly comments on X about reading Mises, Hayek, and Sowell … Austrian economics is a progressive research program in economic science, …” (Peter Boettke)
— AXEC (@EgmontHandtke) February 23, 2026
Peter Boettke has no idea what profit is and how Capitalism works. This is self-disqualifying.
The U.S.…
Occasional X: The futile attempt to recycle Hayek (XLXIV)
“The whole idea of planning is essentially an engineering approach to the economic world.” (Friedrich Hayek)
— AXEC (@EgmontHandtke) February 23, 2026
The dawn of the modern era saw the engineering approach replace the voodoo approach. Hayek and his low-IQ followers remained at the stage of wishful thinking and…
Occasional X: Let's just distrust everything economists say (II)
“Say's Law is underrated, frankly, as it is not usually wrong (though it can be).” (Tyler Cowen)
— AXEC (@EgmontHandtke) February 23, 2026
What the believers in Say's Law persistently overlook is the role of the profit mechanism.
When the subject's foundational concepts are inconsistent, the entire analytical…
Occasional X: Clueless economists / Science (CCLXVI)
“If you're studying economics & they're not teaching Max Weber, you're not getting an education.” (Jack Meyer, quoted by Vincent Geloso)
— AXEC (@EgmontHandtke) February 23, 2026
“If you're studying economics, you're not getting an education.” (AXEC)
Both mainstream and heterodox economists never had any idea what… pic.twitter.com/MUgEHdj52M
For more about sociology, see AXECquery.
Occasional X: Clueless economists / Science (CCLXV)
“In this way, mainstream economics reflects political priorities in what it chooses to foreground and what it abstracts away, often relying on oversimplified mathematical formalism to do so.” (Jostein Hauge)
— AXEC (@EgmontHandtke) February 23, 2026
Yes, “mainstream economics reflects political priorities in what it… pic.twitter.com/dcOCu9WvBZ
Occasional X: Clueless economists / Science (CCLXIV)
“Before charts, models, and 'the economy' as a concept, there was Adam Smith asking a radical question: what makes nations wealthy?” (Liberty Fund)
— AXEC (@EgmontHandtke) February 23, 2026
Adam Smith was not an original thinker, not a scientist, not an economist; he was a populist moralizer.
“Smith … disliked…
Occasional X: Clueless economists / Science (CCLXIII)
“Academic economics is a wild ride. The basic intro stuff is some of the most profound and useful insights ever put into words, then you take one step further and the field instantly sinks into the most ridiculous nonsense, castles of air, trivialities, and naked propaganda.”… pic.twitter.com/LYfMSKIkxE
— AXEC (@EgmontHandtke) February 23, 2026
February 22, 2026
Occasional X: The futile attempt to recycle Austrianism (XLXXI)
“The Austrian economists predicted these failures decades ago because they understood that real prosperity comes from savings, investment, and market-driven resource allocation, not government spending financed by money printing.” (Handre van Heerden)
— AXEC (@EgmontHandtke) February 22, 2026
Keynesianism is failed/fake…
Occasional X: Scrap the EconNobel (XLXIV)
“Disappointment in ChatGPT.” (Branko Milanovic)
— AXEC (@EgmontHandtke) February 22, 2026
If you suffer again from insomnia, ask this question: Has the EconNobel something to do with science?
Right answer: NO.
Although it claims to be a science, economics is not one. The major approaches (Walrasianism, Keynesianism,… pic.twitter.com/WeYJtHcSmz
Occasional X: Clueless economists / Science (CCLXII)
“What is economics? It is about people and the choices we make every day.” (IMF)
— AXEC (@EgmontHandtke) February 22, 2026
People and choices are the subject of psychology/ sociology, not of economics.
Economics has defined itself as a social science and accordingly has been based on subjective/behavioral… pic.twitter.com/YYskdmfEGe
Occasional X: Clueless economists / Science (CCLXI)
“While there is little doubt that the world currently operates only one economic system, capitalism (with different political variants), the question can be asked, Should the study of economics altogether drop all comparative system aspects and teach only what is being observed… pic.twitter.com/jHFo93pJQg
— AXEC (@EgmontHandtke) February 22, 2026
Occasional X: How it works (CDLVIII)
“If govt has a surplus, then it’s the private sector that is reducing its savings.” (?whispers?, quoted by Raf)
— AXEC (@EgmontHandtke) February 22, 2026
No.
The 3-sector Profit Law Qm≡(G−T)+(I−Sm)+Yd implies PublicDeficit-Is-PrivateProfit, i.e., Qm≡(G−T)>0. The other variables, i.e., I, Sm, Yd, are ignored for…
Occasional X: The futile attempt to recycle MMT (CLXXXVIII)
“You can read the 'debt' chapter free here.” (Stephanie Kelton)
— AXEC (@EgmontHandtke) February 22, 2026
You can read the MMT refutation free here:
The Kelton Fraudhttps://t.co/HbzHZ0Tg3L
Stephanie Kelton’s legendary Plain-Sight-Ink-Trickhttps://t.co/gavyv7KAXJ
Cross-references MMThttps://t.co/eXlgPKrinA
February 21, 2026
Occasional X: Paradigm Shift (XCX)
“The delusion that macroeconomics is viable and useful is encouraged by its extensive use of mathematics, which must always impress politicians lacking any mathematical education.” (Friedrich Hayek)
— AXEC (@EgmontHandtke) February 21, 2026
Politicians are more impressed by Liberty talk than math. Mathematics is not the… pic.twitter.com/Cf14qaYRZj
For the big picture, see cross-references Paradigm Shift.
Occasional X: How it works (CDLVII)
“Billionaires cannot make money. Only governments can. Billionaires collect and hoard money.” (Harry Eccles)
— AXEC (@EgmontHandtke) February 21, 2026
The 3-sector Profit Law Qm≡(G−T)+(I−Sm)+Yd implies PublicDeficit-Is-PrivateProfit.
So, if the duo of Treasury/Central Bank runs a deficit (G−T), they give…
Occasional X: The foul spirit of political economics (CCXXIII)
“taxes dont fund the state” (Phil Waller)
— AXEC (@EgmontHandtke) February 21, 2026
Phil Waller is wrong in all dimensions.
There are two cases that have to be kept separate: a balanced public budget and deficit-spending/money-creation. The total amount of State spending has to be kept separate from the amount of… pic.twitter.com/DBM3JLnuUt
Occasional X: The foul spirit of political economics (CCXXII)
“The state running a surplus means we are running a deficit.” (Phil Waller)
— AXEC (@EgmontHandtke) February 21, 2026
As always, “We” is the deceit.
The 3-sector Profit Law Qm≡(G−T)+(I−Sm)+Yd implies PublicDeficit-Is-PrivateProfit. The deficit (G−T) (co-)determines how big the Oligarchy's free lunch is. Now, the…
Occasional X: The foul spirit of political economics (CCXXI)
“There are always many different opinions and conventions concerning any one problem or subject-matter (such as the gods). This shows that they are not all true. For if they conflict, then at best only one of them can be true. Thus it appears that Parmenides ... was the first to…
— AXEC (@EgmontHandtke) February 21, 2026
Related 'The pluralism of nonsense is still nonsense' and 'Demarcation'.
Occasional X: The foul spirit of political economics (CCXX)
“Zack also knows that as the govt issues the currency it can never run out of money. The only limiting factor on govt spending is the availability of real resources in the economy such as workers, raw materials and equipment etc.” (Chris Williamson)
— AXEC (@EgmontHandtke) February 21, 2026
The question is: is the money… pic.twitter.com/spSKos58nh
February 20, 2026
Occasional X: The foul spirit of political economics (CCXIX)
“Yes, spending is a flow and the deficit is the difference between flows. Everyone knows that. But accounting identities don’t explain causation.” (Crazyhead)
— AXEC (@EgmontHandtke) February 20, 2026
It seems you have dyslexia.
The profit causation is given below. ⇓
All other questions have long been answered; see… pic.twitter.com/QMZBHQg2Gr
Occasional X: Economists still can't get the sectoral balances right (V)
“If the state runs a surplus then some other actor in the macro economy ran a defecit. The private sector! (Phil Waller)
— AXEC (@EgmontHandtke) February 20, 2026
There is no such thing as the private sector; there is only the household sector and the business sector. The balance of the latter is profit, the balance of… pic.twitter.com/sqy9xVUBgw
Occasional X: Clueless economists / Money (XCXIV)
“Write iou £10 on a piece of paper then hand it to yourself. What's your net position?” (Phil Waller)
— AXEC (@EgmontHandtke) February 20, 2026
Phil Waller has no clue how the fiat money system works. ⇓ pic.twitter.com/D2Zwfn0d1J
Occasional X: The foul spirit of political economics (CCXVIII)
The 3-sector Profit Law Qm≡(G−T)+(I−Sm)+Yd implies PublicDeficit-Is-PrivateProfit. If tax T goes to a minimum/zero and spending G goes to a maximum, macroeconomic profit Qm goes to a maximum. The deficit (G−T) (co-)determines how big the Oligarchy's free lunch is.
— AXEC (@EgmontHandtke) February 20, 2026
Phil…
Occasional X: The foul spirit of political economics (CCXVII)
“What? Ludwig von Mises's Socialism, 1922, was released 22 years before Road to Serfdom. 'Socialism' and 'The Anti-Capitalistic Mentality' are two of my favorite books from Mises. Mises's 'Socialism' delved more deeply into the psyche of what drives that mindset.” (Christian…
— AXEC (@EgmontHandtke) February 20, 2026
Occasional X: The futile attempt to recycle Keynesianism (XCVI)
For 200+ years, economics has claimed to be a science. But it still is not. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory and axiomatically false and materially/formally inconsistent. They ALL got… pic.twitter.com/kJ8Ik7PyKx
— AXEC (@EgmontHandtke) February 20, 2026
For more about equilibrium, see AXECquery.
Occasional X: Clueless economists / Money (XCXIII)
“That's counterfeiting.” (Phil Waller)
— AXEC (@EgmontHandtke) February 20, 2026
You don't understand monetary theory, but you are on something. ⇓ pic.twitter.com/WQvLdSmM6j
Occasional X: Clueless economists / Science (CCLX)
“Economics was born from political economy, which itself emerged from moral philosophy.” (Laurie MacFarlane)
— AXEC (@EgmontHandtke) February 20, 2026
True, economics never rose above the level of moralizing. It is a scientific embarrassment ever since the Enlightenment. ⇓
Economics is said to be a science, but it… pic.twitter.com/wlYfhEwDml
Occasional X: How it works (CDLVI)
“Most people are told that the government has to collect taxes first, and then it uses that money to pay for schools, hospitals, roads and everything else. But in countries like the UK or US, that isn’t really how it works.” (Crazyhead)
— AXEC (@EgmontHandtke) February 20, 2026
It doesn't matter what people are told. It… pic.twitter.com/1G0PvlvnGv
February 19, 2026
Occasional X: How it works (CDLV)
“A coherent Modern Monetary Theory (MMT)-influenced perspective on how sectoral balances interact with wealth inequality in the U.S., particularly emphasizing how persistent public deficits create net financial assets for the private sector, …” (Not The Torygraph)
— AXEC (@EgmontHandtke) February 19, 2026
The main…
Occasional X: Clueless economists / Money (XCXII)
“That £1 is now part of the national debt until it returns as taxation.” (Not The Torygraph)
— AXEC (@EgmontHandtke) February 19, 2026
Government spending and taxation relate to transaction money. If the budget is balanced, the stock of transaction money is zero at the period's beginning and end. Only if the government…
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