Occasional X: How it works (CDLXXXVII)

“The greenback is no longer a reserve currency — it has become a vehicle for unfettered capital accumulation.” (Adam Tooze)

The U.S. economy runs on profit. Macroeconomic profit is given by the axiomatically correct Profit Law / Balances Equation…

— AXEC (@EgmontHandtke) July 7, 2026

Occasional X: Clueless economists / Science (CCCXLXI)

 

“The biggest mistake economists make is treating people like particles. People don't obey equations. They learn, adapt and change their minds. That's why Ludwig von Mises believed economics requires a fundamentally different method.” (Creative Deduction)

Since J. S. Mill,…

— AXEC (@EgmontHandtke) July 6, 2026

For more about inexact and separate science, see AXECquery.

Occasional X: The foul spirit of political economics (CCXCXI)

“Ayn Rand's most important lesson: Production comes before distribution. You cannot divide a pie nobody baked.” (Handre)

True. Tautology has been Ayn Rand's main figure of speech. This makes it sound convincing.

Ayn Rand's main defect has been that she did not know how the…

— AXEC (@EgmontHandtke) July 5, 2026

Occasional X: The foul spirit of political economics (CCXCX)

“Seeing villagers taking part in a contest to guess the weight of a slaughtered ox, he decided to analyse the results. While individual guesses varied wildly, Galton realised that the mean of the guesses were remarkably close to the true weight of 1,198 pounds. In fact, the…

— AXEC (@EgmontHandtke) July 5, 2026

Occasional X: Clueless economists / Money (CXLV)

“God I love Hoppe. It’s such a simple yet obvious question. How can pieces of paper make a society richer? It can’t.” (Michael)

Hoppe never understood economics in general, and the Theory of Money in particular. He's the go-to guy for low-IQ philosophers.

For the axiomatically…

— AXEC (@EgmontHandtke) July 5, 2026

Related 'The objective value of money' 

Occasional X: The foul spirit of political economics (CCXCIX)

“The OG neoliberals had great wisdom.” (Joshi)

No!

Economics has defined itself as a social science and accordingly has been based on subjective/behavioral assumptions/axioms. This is the ur-mistake. Economics is about how the economy works. It is a systems science, not a… pic.twitter.com/MS8WA5j8vp

— AXEC (@EgmontHandtke) July 5, 2026

Occasional X: The futile attempt to recycle Austrianism (CXIV)

“The desirability of a particular object is not sufficient justification for the use of coercion.” (Friedrich Hayek)

Whatever this is, it is not economics.

Friedrich Hayek never understood the difference between science and politics. Worst of all, he never understood profit… pic.twitter.com/yJIYOP3p2Y

— AXEC (@EgmontHandtke) July 5, 2026

Occasional X: Scrap the EconNobel (XLXVII)

Prizes are often not based on true merit. Like the Oscar, they are mainly a marketing/PR instrument. Honoring the look-alike happens in all walks of life. Most economics prizes are a reward for political disinfotainment.

Although it claims to be a science, economics is not one.… pic.twitter.com/hhXBbAmG6w

— AXEC (@EgmontHandtke) July 4, 2026

Occasional X: The foul spirit of political economics (CCXCVIII)

“Pretty much the entire academic literature on 'neoliberalism' is a dumpster fire of bad history and even worse economics that should be jettisoned in its entirety for being built on an edifice of ideologically-motivated errors.” (Phil Magness)

Economics has defined itself as a… pic.twitter.com/eBsF7PBVgJ

— AXEC (@EgmontHandtke) July 3, 2026

Occasional X: Clueless economists / Science (CCCXLX)

“But there's a problem with economics, even first-year economics. Economics isn't settled. That's not all bad, or a disgraceful scandal in the science. Obviously, for one thing, economics involves issues of ethics about which humans disagree. For another, the disagreeing,… pic.twitter.com/I4MBm49Aky

— AXEC (@EgmontHandtke) July 3, 2026

Occasional X: The futile attempt to recycle Austrianism (CXIII)

“Readers interested in the complex relationship between state and market would be better served by the literatures in public choice and Law and Economics, where analytical clarity, empirical depth, and institutional realism offer a more accurate account of how government actually…

— AXEC (@EgmontHandtke) July 3, 2026

Occasional X: The futile attempt to recycle Austrianism (CXII)

“In The Theory of Money and Credit, Mises argued that money originates in indirect exchange, emerging from the marketability of particular commodities. Money does not begin as an abstract accounting unit imposed from above.” (Mises Institute)

The History of Money is interesting,… pic.twitter.com/MWIkziv2EC

— AXEC (@EgmontHandtke) July 2, 2026

Occasional X: The foul spirit of political economics (CCXCVII)

 

“Krugman boards the Trump train. Who could have predicted this?” (Mike, quoted by Albert Pinto)

Paul Krugman has always been at the lower bound of low-IQ economics. For details, see

Trump and the weaponizing of economicshttps://t.co/sPgTb0Jqmg

— AXEC (@EgmontHandtke) July 1, 2026

Occasional X: The foul spirit of political economics (CCXCVI)

“Most anti-immigration arguments about crime can be answered by having the state do the one job almost everyone agrees it should do: deter crime.” (Vincent Geloso)

Whatever this is, it's not economics.

For 200+ years, economics has claimed to be Science but still is not. The… pic.twitter.com/QwsqyS43Pz

— AXEC (@EgmontHandtke) July 1, 2026

Occasional X: Clueless economists / Breakdown (XXVII)

“Elon is a Hayekian, a cousin of Marxism, sharing its Anglo faith in Destiny — 'scientific history,' 'Whig history,' 'Divine Providence,' etc. Hayekian destiny is 'spontaneous order.'” (Curtis Yarvin)

Whatever this destiny blubber is, it is not economics.

Hayek never understood…

— AXEC (@EgmontHandtke) July 1, 2026

Occasional X: How it works (CDLXXXVI)

“The greatest Ponzi scheme in history was invented and covered up by the French state.” (Auguste Bardamu)

The greatest Ponzi scheme in history is currently being performed before all eyes by President Trump.

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

— AXEC (@EgmontHandtke) June 30, 2026

Occasional X: How it works (CDLXXXV)

 

“WE'VE FOUND 14 MAGIC MONEY COMPUTERS IN THE GOVERNMENT. THEY SEND MONEY OUT OF NOTHING.”
“I CALL A MAGIC MONEY COMPUTER ANY COMPUTER WHICH CAN JUST MAKE MONEY OUT OF THIN AIR. THAT'S MAGIC MONEY.” (Elon Musk)

Elon Musk never understood profit. Because profit is the foundational…

— AXEC (@EgmontHandtke) June 30, 2026

Occasional X: The foul spirit of political economics (CCXCV)

Bastiat had NO idea how the economy works; he was just another agenda pusher/clown in the political CircusMaximus.

“… I do not hold that Bastiat was a bad theorist. I hold that he was no theorist.” (Schumpeter)

Bastiat should not be included in the history of economic thought,…

— AXEC (@EgmontHandtke) June 30, 2026

Occasional X: The foul spirit of political economics (CCXCIV)

“When Pres Milei swept to power in Argentina, he promised to end corruption. Forget Milei's rhetoric.” (Steve Hanke)

No one ever took President Milei seriously, except for Austrians and other people who do not know the difference between politics and science.

The first thing…

— AXEC (@EgmontHandtke) June 30, 2026

Occasional X: The foul spirit of political economics (CCXCIII)

“After decades of strong growth, Poland is expected to continue as the growth champion in Europe. Entrepreneurialism, hard work and EU integration drive the Polish economic wonder. Without addressing the high fiscal deficit and demographics, the success story will end though.”…

— AXEC (@EgmontHandtke) June 30, 2026

Occasional X: Clueless economists / Entrepreneur (III)

“Six thousand years ago, someone invented the plow, and we all got wealthier. A gentle reminder that all civilizational wealth is driven by invention.” (Jeff Bezos)

Jeff Bezos does not understand the difference between productivity and financial wealth. Productivity comes from…

— AXEC (@EgmontHandtke) June 30, 2026

Occasional X: The foul spirit of political economics (CCXCII)

“Krugman boards the Trump train. Who could have predicted this?” (Mike)

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).… pic.twitter.com/B2reCkqvRb

— AXEC (@EgmontHandtke) June 30, 2026

Occasional X: The futile attempt to recycle Austrianism (CXI)

“Böhm-Bawerk explained it at the end of the nineteenth century: value does not arise from cost and rise up to price; it arises from the marginal utility that the consumer attributes to the good … ” (Miguel Hernández)

Neither Marxians nor Austrians ever understood profit and, by… pic.twitter.com/G1UPAoxrSI

— AXEC (@EgmontHandtke) June 28, 2026

Occasional X: Clueless economists / Money (CXLIV)

“You pay a premium to have things now rather than later. That premium has a name, and Eugen von Böhm-Bawerk built an entire theory of interest around it in 1889. He called it time preference.” (Handre)

The problem with time preference is that one has to clearly distinguish…

— AXEC (@EgmontHandtke) June 28, 2026

Occasional X: I=S ― the biggest idiocy in macroeconomics (V)

“Keynes built his entire system on a confusion a first-year student should catch: he treated saving and investment as enemies. Pull a dollar out of consumption and stuff it under the mattress, and the whole economy supposedly seizes up. Demand collapses. Workers get fired. The… pic.twitter.com/FORc3Ud6rs

— AXEC (@EgmontHandtke) June 26, 2026

Occasional X: Clueless economists / Employment (XXXVI)

“Sticky wages in most contemporary models assume that all workers belong to a union that has a labor monopoly and charges above market clearing wage. Reality, not many unions, and more worry about employer market power. Unreality of NK model assumptions at some point sticks in… pic.twitter.com/nSosg74tEM

— AXEC (@EgmontHandtke) June 26, 2026

Occasional X: Clueless economists / Employment (XXXV)

 

“Raising the minimum wage doesn't make workers more productive, but rather, it just makes them more expensive.” (infineo)

There is no behavioral relationship between the minimum wage and productivity. The employment theory has been false since Adam Smith.

Economics claims to be… pic.twitter.com/yaGH7r9myw

— AXEC (@EgmontHandtke) June 26, 2026

Occasional X: The foul spirit of political economics (CCXCI)

“Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery.” (Winston Churchill)

Psychologism is the method of choice in the political sphere. Scientists do not impute motives to other people; they… pic.twitter.com/Ox8yDOl8O6

— AXEC (@EgmontHandtke) June 26, 2026

Occasional X: Clueless economists / Science (CCCXLIX)

“While ‘progressives’ in this country and elsewhere were still deluding themselves that communism and fascism represented opposite poles, more and more people began to ask themselves whether these new tyrannies were not the outcome of the same tendencies.” (Hayek Quotes)…

— AXEC (@EgmontHandtke) June 26, 2026

Occasional X: The foul spirit of political economics (CCXC)

“The Book That Dismantled Marx Was Almost Never Published. He [Menger] Saved It.” (Peter Boettke)

Austrianism is failed/fake science to this day, but Peter Boettke is too stupid to get it.

Carl von Menger never understood profit, and by logical consequence, how the economic…

— AXEC (@EgmontHandtke) June 25, 2026

Occasional X: The futile attempt to recycle Keynesianism (C)

“John Maynard Keynes on Malthus and Eugenics, Introduction” (Phillip Magness)

Keynes, too, misunderstood the concept of profit because he was too stupid for elementary algebra. ⇓ Consequently, he botched the long-overdue Paradigm Shift from microfoundations to macrofoundations.… pic.twitter.com/FwU08UVEnz

— AXEC (@EgmontHandtke) June 25, 2026

Occasional X: The foul spirit of political economics (CCLXXXIX)

“Man has developed rules of conduct not because he knows but because he does not know what all the consequences of a particular action will be.” (Friedrich Hayek)

People, especially economists, don't know much.

Friedrich Hayek never understood profit and, by logical…

— AXEC (@EgmontHandtke) June 24, 2026

Occasional X: Clueless economists / Money (CXLIII)

“The velocity of money doesn’t have a life of its own. It is not an independent entity and, hence, it can’t cause anything. Contrary to popular thinking, money does not circulate.” (Mises Institute)

True, but it doesn't follow that Austrians ever understood how the economic… pic.twitter.com/81tj0azuEU

— AXEC (@EgmontHandtke) June 23, 2026

Occasional X: The foul spirit of political economics (CCLXXXVIII)

“You can create any number of jobs. Have people dig holes. Fill them back up. Repeat. That's employment. That's not prosperity.” (Milton Friedman, Free to Choose)

Milton Friedman never understood profit and, as a logical consequence, how the economic system works. That's…

— AXEC (@EgmontHandtke) June 23, 2026

Occasional X: Clueless economists / Money (CXLII)

 

“In fact, our standard account of monetary history is precisely backwards. We did not begin with barter, discover money, and then eventually develop credit systems. It happened precisely the other way around.” (David Graeber)

For the axiomatically correct Monetary Theory, see…

— AXEC (@EgmontHandtke) June 22, 2026

Occasional X: The foul spirit of political economics (CCLXXXVII)

 

“We are not governed by the people—that’s a myth that carries over from Abraham Lincoln’s day. We don’t have government of the people, by the people, for the people.”

“We have government of the people, by the bureaucrats, for the bureaucrats.” (Milton Friedman Quotes)

Whatever… pic.twitter.com/kiC9sYzIpq

— AXEC (@EgmontHandtke) June 21, 2026

Occasional X: Clueless economists / Science (CCCXLVIII)

“….we attack a 150 year old Walras question that's gone unanswered, not for lack of trying … Q: Is the market equilibrium stable or unstable?” (Ivan Werning)

There are multiple methodological faults with General Equilibrium Theory. One of them is time/simultaneity. It has to… pic.twitter.com/qfLcAXvFnB

— AXEC (@EgmontHandtke) June 21, 2026

Related 'AI: boosting scientific competence in economics (VI)' and 'Key Issues: Hilbert-Bourbaki-Mill and von Neumann's monster-structure'

Occasional X: Economics still lacks correct macrofoundations (XXXVII)

Robert Heilbroner saw the light for a short moment before he fell back into the darkness of political economics: “Surely the recognition of the inextricably social roots of all behavior leads to the view that macrofoundations must precede microbehavior, not the other way round,… pic.twitter.com/zNf9HppX8W

— AXEC (@EgmontHandtke) June 19, 2026

For more about Robert Heilbroner, see AXECquery. 

Occasional X: Clueless economists / Science (CCCXLVII)

 

Joan Robinson will always be remembered for calling for a Paradigm Shift: “Scrap the lot and start again.”

The representative economist still does not understand anything. The Paradigm Shift consists of the move from false microeconomic axioms and false macroeconomic axioms to…

— AXEC (@EgmontHandtke) June 19, 2026

Occasional X: Clueless economists / Science (CCCXLVI)

“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)

“… this one neat trick to control an entire population.” (Robert Murphy)

This is the usual psychologism,…

— AXEC (@EgmontHandtke) June 19, 2026

“How is what I said about Kelton any different from what you said about me?” (Robert Murphy)

As a matter of principle, what you or I or anybody else said about Stephanie Kelton is irrelevant. Economics is not gossip about people but an analysis of the economic system. As Ricardo…

— AXEC (@EgmontHandtke) June 19, 2026

The point is that your economics, and that of MMT, is proven to be false, and that you are engaging in silly psychologism. What anybody's motives are is irrelevant as far as economics as a science is concerned. Your posts are disinfotainment.

— AXEC (@EgmontHandtke) June 20, 2026

Occasional X: How it works (CDLXXXIV)

“The $1.5 trillion investment in our defense in FY27 is a MESSAGE TO THE WORLD.” (Pete Hegseth)

The message is that Pete Hegseth doesn't understand how the economy works.

(i) The increased military spending will increase the public deficit.

(ii) Macroeconomic profit Qm is…

— AXEC (@EgmontHandtke) June 18, 2026

Occasional X: Clueless economists / Science (CCCXLV)

“Kevin Warsh effectively just stated he doesn’t believe in the Phillips Curve trade-off between inflation and unemployment.” (Judy Shelton)

This proves 3 things
• Orthodox employment theory has always been false, i.e., never satisfied the criteria of Science;
• Heterodoxy… pic.twitter.com/zGd8sNOqRC

— AXEC (@EgmontHandtke) June 18, 2026

Occasional X: Clueless economists / Science (CCCXLIV)

“Economists like Harold Demsetz and Ronald Coase based their property rights views on utilitarianism. Murray Rothbard based his on justice.“ (Mises Institute)

Harold Demsetz, Ronald Coase, and Murray Rothbard got the subject's foundational economic concept — profit — wrong. This…

— AXEC (@EgmontHandtke) June 17, 2026

Occasional X: The futile attempt to recycle MMT (CCIV)

“Jay Forrester, the father of System Dynamics, believed that in order to change a state's course on an issue, you have to change public perception first. To me, this is exactly what MMT community and fantastic ppl such as Stephanie Kelton have been doing.” (Shahin Ashkiani)…

— AXEC (@EgmontHandtke) June 17, 2026

Occasional X: Clueless economists / Science (CCCXLIII)

“Tech change between 1870 and 1890 favored a slight shift to household production causing us to miss some gains in welfare that could not be measured.” (Vincent Geloso)

One characteristic problem of economics as a failed/fake science is that economists endlessly discuss minor…

— AXEC (@EgmontHandtke) June 17, 2026

“Biased measurement doesn't invalidate economics; …” (Sr simpático)

Clarification: Biased measurement is different from false numbers that are ultimately created by illicit operations. When somebody creates and uses counterfeit money in a big way, testing the Quantity Theory of…

— AXEC (@EgmontHandtke) June 17, 2026

“Distorted numbers from failed policies (like central bank's) will lead to an outcome that can me measured as has happened in 🇦🇷 for example.” (Sr simpático)

All policies have mesurable outcomes. This is trivial and has nothing to do with false data.

Example: If the govenment…

— AXEC (@EgmontHandtke) June 17, 2026

Occasional X: The futile attempt to recycle Austrianism (CX)

“If history could teach us anything, it would be that private property is inextricably linked with civilization.” (Ludwig von Mises)

'If history could teach us anything, it would be that Austrianism is inextricably linked with political agenda pushing.' (AXEC)

Austrians in…

— AXEC (@EgmontHandtke) June 16, 2026

Occasional X: The foul spirit of political economics (CCLXXXVI)

“The Liberal party I want defends … (Vincent Geloso)

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 look-alike scientists.

The representative economist… pic.twitter.com/V2fQRy6p1M

— AXEC (@EgmontHandtke) June 16, 2026

Occasional X: The foul spirit of political economics (CCLXXXV)

“From each according to his ability, to each according to his needs — my needs being quite considerable.” (Alex Tabarrok)

The fact that Marx requested financial assistance from Engels does not provide evidence that his economic theory was false. This requires a scientifically… pic.twitter.com/TpQwSc4I91

— AXEC (@EgmontHandtke) June 16, 2026

Occasional X: Clueless economists / Employment (XXXIV)

“What's wrong?” (Shahin Ashkiani)

The representative economist is wrong.

Economics claims to be Science but is NOT. The major approaches and their derivatives are mutually contradictory, axiomatically false, materially/formally inconsistent, and all got profit wrong. Because… pic.twitter.com/wq1AnJkszM

— AXEC (@EgmontHandtke) June 16, 2026

Occasional X: The foul spirit of political economics (CCLXXXIV)

“… all models are wrong，…” (Hayashi Heikichi)

No, not all models are wrong; only Walrasian, Keynesian, Marxian, and Austrian models are provably false. AXEC models are axiomatically true. ⇓

The representative economist is NOT, and never has been, a competent scientist but… pic.twitter.com/sIEl45f8Cg

— AXEC (@EgmontHandtke) June 15, 2026

Occasional X: The foul spirit of political economics (CCLXXXIII)

The crucial point with Marx/Socialism/Communism/Capitalism is whether Marx understood how the monetary economy works. This presupposes an understanding of the foundational economic concept of profit. The point is that Marx and Marxians have no idea what profit is. For proof, see… pic.twitter.com/vV6gN6BBee

— AXEC (@EgmontHandtke) June 15, 2026

Occasional X: The foul spirit of political economics (CCLXXXII)

Keynes, too, misunderstood the concept of profit because he was too stupid for elementary algebra. ⇓ Consequently, he botched the long-overdue Paradigm Shift from microfoundations to macrofoundations. This initial blunder means that the entire field of economics (both micro and… pic.twitter.com/Sv8IFnZhVW

— AXEC (@EgmontHandtke) June 15, 2026

Occasional X: Clueless economists / Production (I)

“The argument commits a category error: it confuses matter with value. The Earth is indeed a closed system of atoms. But economic growth does not count atoms — it counts the value those atoms deliver to human beings, and that value lives in arrangement and knowledge, not in… pic.twitter.com/SVvVM8znxg

— AXEC (@EgmontHandtke) June 15, 2026

Related 'Matter matters: productivity, profit, and non-marginal factor prices' 

Occasional X: Clueless economists / Distribution, Inequality (XX)

“Its a simple pitch: markets are egalitarian forces that improve living standards really fast. Markets minimize the need for the state to do things, complement some of its (the state) good things, and can offset some of the bad things it does.

The proof is the extended gilded…

— AXEC (@EgmontHandtke) June 15, 2026

Occasional X: Clueless economists / Science (CCCXLII)

“You don't save first and then create investment. In a modern monetary economy, investment comes first.” (Relearning Economics)

Wrong. Nothing comes first or second. The saving of the household sector is absolutely independent of the investment of the business sector.… pic.twitter.com/pwsOj0pFhm

— AXEC (@EgmontHandtke) June 14, 2026

Occasional X: How it works (CDLXXXIII)

“If you have any doubt about the mainstream econ psychosis, or in Romer's words, their 'noncommittal relationship with truth,' read their cultish rants about the Guardian piece. We are drowning in debt, fascism is rising and clowns warn about 'the danger of degrowth for…

— AXEC (@EgmontHandtke) June 13, 2026

Occasional X: I=S ― the biggest idiocy in macroeconomics (IV)

 

“Short version of many great points. If you redistribute wealth in order to support consumption, you get no wealth — no savings, investment, factories, etc. Poor people will not leave 99% of their new wealth invested in productive capital as billionaires do.” (John Cochrane)

It… pic.twitter.com/KbGzQa92Y2

— AXEC (@EgmontHandtke) June 13, 2026

Occasional X: The foul spirit of political economics (CCLXXXI)

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

Insane Economic Quotes is disinfotainment.

— AXEC (@EgmontHandtke) June 12, 2026

Occasional X: I=S ― the biggest idiocy in macroeconomics (III)

 

“You save money because you value future consumption over present consumption. That's time preference, and it drives everything in a capitalist economy. When you delay gratification, you create the capital that builds tomorrow's wealth.” (Handre)

This is the bedtime story that…

— AXEC (@EgmontHandtke) June 12, 2026

Occasional X: The foul spirit of political economics (CCLXXX)

“The bottom line is if you care about economic freedom, democracy is the way to go and if you care about democracy, economic freedom is the way to go.” (A. Tabarrok)

Economists knew that economically/spiritually capitalism is in itself a dead concept. So, they coupled it…

— AXEC (@EgmontHandtke) June 12, 2026

Occasional X: The foul spirit of political economics (CCLXXIX)

“The final outcome of the credit expansion is general impoverishment.” (Ludwig von Mises)

Austrians in general, and von Mises in particular, never understood the profit mechanism, which is the pivotal feature of the free-market economy.

The free-market economy runs on profit.…

— AXEC (@EgmontHandtke) June 12, 2026

Occasional X: Clueless economists / Science (CCCXLI)

“Property rights aren't some abstract legal concept. They're the operating system for human cooperation. When you can't secure the fruits of your labor, you stop producing beyond survival. Why build a better mousetrap when the village chief's nephew can just take it?” (Handre)…

— AXEC (@EgmontHandtke) June 12, 2026

To understand the difference between genuine science and cargo cult science, i.e., business with a lab coat, you just need to look at the long history of rivalry between Tesla and Edison.

“After Edison allegedly dismissed Tesla's AC ideas as impractical and reneged on a promised…

— AXEC (@EgmontHandtke) June 12, 2026

Related 'Toward the New Academy'  

Occasional X: The foul spirit of political economics (CCLXXVIII)

“Keynes, in The General Theory of Employment, Interest and Money, set forth a hypothesis which was a beautiful one, and it really altered the shape of economics. But it turned out that it was a wrong hypothesis.” (quoted by Milton Friedman Quotes)

Keynes, too, misunderstood the… pic.twitter.com/CAM0Kdk81p

— AXEC (@EgmontHandtke) June 11, 2026

Occasional X: The history of economic thought is the history of scientific failure (XLIV)

“… but that’s bookkeeping, not causation. ” (MacroMadeSimple)

(i) That's one of the dumbest sentences in economics. The speedometer shows exactly the speed of a car, but does not cause it. Likewise with accounting, it shows exactly the amount of macroeconomic profit, which is…

— AXEC (@EgmontHandtke) June 10, 2026

Yes, we can resume that Austrianism is failed/fake science and that Austrians are dumber than a sack of rocks.

— AXEC (@EgmontHandtke) June 10, 2026

Occasional X: Paradigm Shift (CXVIII)

I have summarized 7,354 posts, 78 papers, and 1 book in the table below. ⇓ If you still do not understand economics, your last hope is an excellent brain specialist. pic.twitter.com/wgU8kaQ27O

— AXEC (@EgmontHandtke) June 10, 2026

Occasional X: Clueless economists / Profit (CLIII)

“History shows capitalism generated profits and rising living standards long before chronic deficit spending.” (MacroMadeSimple)

History shows that you can tell people anything, as long as you make it sound that there is some authority behind it, be it god, holiness, a voice… pic.twitter.com/ab7F8X2G8n

— AXEC (@EgmontHandtke) June 10, 2026

Occasional X: The foul spirit of political economics (CCLXXVII)

 

“Venice built a Republic that lasted 1,100 Years. The United States is about to turn 250 years old.” (Students for Liberty)

Historically true, but from this does not follow that Austrianism is a scientifically true (materially/formally consistent) economic theory. Venice is an…

— AXEC (@EgmontHandtke) June 10, 2026

Occasional X: The foul spirit of political economics (CCLXXVI)

“John Maynard Keynes lived as a quintessential elitist who despised the very people his theories claimed to help.” (Handre)

Keynes, too, misunderstood the concept of profit because he was too stupid for elementary algebra. ⇓ Consequently, he botched the long-overdue Paradigm… pic.twitter.com/rAmWjwLNiA

— AXEC (@EgmontHandtke) June 9, 2026

Occasional X: Clueless economists / Distribution, Inequality (XIX)

“In 1879, JP Morgan paid a man to invent the lie that is the foundation of modern economics. A billionaire [Nick Hanauer],who helped start Amazon just exposed the whole thing on Diary of a CEO, and once you hear it you will never look at paychecks the same way again …So JP… pic.twitter.com/Bh7xeO5sRm

— AXEC (@EgmontHandtke) June 9, 2026

Occasional X: Clueless economists / Profit (CLII)

“Where do you get the money to save? If it is from your wage income then your spending won't allow the producers to save. Where the profit comes from?” (Shahin Ashkiani)

Neither Shahin Ashkiani nor Miguel Anxo Bastos ever understood profit. Both are scientifically very… pic.twitter.com/LiUSFUU6vF

— AXEC (@EgmontHandtke) June 9, 2026

 

Related 'Key Issues: Nature and causes of profit' and 'Key Issues: Profit'.

Occasional X: Clueless economists / Science (CCCXL)

“The standard of living of the common man is higher in those countries which have the greatest number of wealthy entrepreneurs.” (Ludwig von Mises)

Ludwig von Mises never understood profit and, by consequence, how the economic system works.

First of all, it is important to…

— AXEC (@EgmontHandtke) June 9, 2026

“The richness of America Is provided by NATURAL RESOURCES Like oil.” (Lawrence Widman)

The richness of America consists of valued natural resources, valued capital goods, and financial assets. The source of the latter is private/public deficit-spending, which materializes as…

— AXEC (@EgmontHandtke) June 10, 2026

Occasional X: Paradigm Shift (CXVII)

“My fav clown once again failed to understand that humans don't optimize and modelling human behavior should begin with observing them not with 'let's assume blah blah blah bc it is easier to model it in this way and aligned with our ideology'.” (Shahin Ashkiani)

That sentence… pic.twitter.com/qEizFdC3Iy

— AXEC (@EgmontHandtke) June 9, 2026

Occasional X: The futile attempt to recycle Austrianism (CIX)

“Rothbard didn't just publish another economics textbook in 1962. He torched the entire discipline and rebuilt it from first principles, using only logic and human action as his foundation. … he constructed economic theory the way Euclid built geometry: starting with…

— AXEC (@EgmontHandtke) June 8, 2026

“Profits arise from entrepreneurs satisfying consumers in voluntary markets.” (MacroMadeSimple)

If the entrepreneurs as a whole satisfy consumers in voluntary markets in the elementary production-consumption economy, but the household sector does not spend the whole period's… pic.twitter.com/S9tCtEPojR

— AXEC (@EgmontHandtke) June 10, 2026

Occasional X: Clueless economists / Employment (XXXIII)

“The 1970s obliterated the most cherished myth in mainstream economics: the Phillips Curve trade-off between unemployment and inflation. When stagflation hit America with double-digit inflation alongside soaring unemployment, Keynesian economists scrambled like cockroaches when… pic.twitter.com/d2EcTYKrtE

— AXEC (@EgmontHandtke) June 8, 2026

Occasional X: Clueless economists / Science (CCCXXXIX)

“Jia argued that the past two decades of Chinese academic economics have been dominated by western neoliberal economics and that needs to change.” (Peter Ryan)

True.

'Western neoliberal' economists are look-alike scientists. Economics is what Feynman called cargo cult science.… pic.twitter.com/CDrB6rXTg0

— AXEC (@EgmontHandtke) June 8, 2026

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

“Three Big Myths about What's Plaguing Higher Ed.” (Phil Magness)

As far as economics is concerned, higher ed has no scientific content.

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…

— AXEC (@EgmontHandtke) June 8, 2026

Occasional X: The futile attempt to recycle Kalecki (XVI)

There is no such thing as Kalecki's Paradoxes.

Kalecki got the subject's foundational economic concept — profit — wrong. ⇓ This is self-disqualifying. Even today, his followers are too stupid to understand the elementary algebra that underlies macroeconomic accounting.

For… pic.twitter.com/D0UhheECqs

— AXEC (@EgmontHandtke) June 8, 2026

Occasional X: Paradigm Shift (CXVI)

“The apriori trash they generate and call it economics: …” (Shahin Ashkiani)

It is not the question that microeconomics has been proto-scientific garbage since the beginning; the question is: what will take its place?

The founding fathers defined economics as a social science,… pic.twitter.com/hmDohkGRda

— AXEC (@EgmontHandtke) June 8, 2026

Occasional X: The foul spirit of political economics (CCLXXV)

“Marx never held a real job. Never met payroll. Never risked capital or faced bankruptcy. He spent decades theorizing about labor value while avoiding actual labor. His insights into production came from library books, not factory floors.” (Handre)

Whether this is correct or not… pic.twitter.com/mAmbxDDnoz

— AXEC (@EgmontHandtke) June 7, 2026

Occasional X: Paradigm Shift (CXV)

“If I wanted to catch up/refresh with the last ten years of macro, what is the best single resource?” (Vincent Geloso)

Start with the AXEC Blog ⇓https://t.co/4CPfqKAf89 pic.twitter.com/ddT7ekMUgj

— AXEC (@EgmontHandtke) June 7, 2026

Occasional X: Clueless economists / Science (CCCXXXVIII)

“This is Ricardo’s Vice. The practice of selecting your conclusion first, constructing assumptions that make your mathematics arrive there, and presenting the internally consistent logic as empirical truth about the world. Yet. Logic is not truth. If there is one thing worth…

— AXEC (@EgmontHandtke) June 7, 2026

Occasional X: How it works (CDLXXXII)

 

“Billionaires increased most in the two places where the economy grew and poverty drastically went down: South Asia and East Asia. The best solution to poverty is a freer, growing, dynamic economy.” (Luis Garicano)

Luis Garicano never understood profit and, by consequence, how…

— AXEC (@EgmontHandtke) June 7, 2026

Occasional X: Clueless economists / Science (CCCXXXVII)

“If an idea sounds compassionate but ignores incentives and basic market realities, it’s not an economic principle, it’s an emotional reaction dressed up as policy. That’s why left policies like minimum wage or rent controls, contradicting basic economics, just make things… pic.twitter.com/ltDKJtQZWP

— AXEC (@EgmontHandtke) June 6, 2026

For more about the Totem of the Micro, see AXECquery. 

Related 'Bang — the representative economist and supply-demand-equilibrium are dead'.

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

“Murray Rothbard, like other Austrian Economists, believed that the heavy use of mathematics in economic analysis damaged economic understanding instead of enhancing it. This wasn't science, he said; it was 'scientism'.” (Mises Institute)

True, economics is not yet a science,…

— AXEC (@EgmontHandtke) June 5, 2026

Occasional X: Clueless economists / Science (CCCXXXVI)

“Economics has never been, and never will be, a value-free science.” (Jostein Hauge)

Economics has never been a science. Since the Enlightenment, economists have never understood what science is. The comparison says it all: “But though the Wealth of Nations contained no really… pic.twitter.com/JgTR5hSXFy

— AXEC (@EgmontHandtke) June 5, 2026

Related 'The case for pure economics' and 'Separation of politics and economics' and 'Key Issues: Political economics ― at wits' end'.

Occasional X: How it works (CDLXXXI)

“… but saying Thomas Piketty is economically incompetent is not serious. ” (Hervé Joly)

No, Thomas Piketty is not the incompetent exception but the rule. The history of economic thought provides proof that the representative economist is NOT, and never has been, a competent…

— AXEC (@EgmontHandtke) June 5, 2026

Occasional X: The foul spirit of political economics (CCLXXIV)

“Smith never said incentives were enough. He said markets work when a society develops virtues. Prudence, justice, temperance, courage, faith, hope, love.” (Students for Liberty, quoting Deirdre McCloskey)

This may be true or false psychology/sociology, but it is not economics.… pic.twitter.com/HxSv607DxH

— AXEC (@EgmontHandtke) June 4, 2026

For more about McCloskey, see AXECquery.

Occasional X: The foul spirit of political economics (CCLXXIII)

“The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” (Friedrich Hayek)

The curious task of economics is to figure out how the economy works. Friedrich Hayek never understood profit and, by logical…

— AXEC (@EgmontHandtke) June 3, 2026

Occasional X: Paradigm Shift (CXIV)

“A great comment from hidetomitanaka on the magisterial paper by guido_lorenzoni and IvanWerning and one I endorse.” (Roger Farmer)

General Equilibrium Theory was dead from the start. It is the unassailable proof that the history of economic thought is the history of scientific… pic.twitter.com/mje42klaur

— AXEC (@EgmontHandtke) June 3, 2026

Related 'Still alive in some heads: equilibrium' 

Occasional X: Clueless economists / Price Mechanism (XVII)

“If this interpretation is correct, then the issue is not merely whether prices are flexible or sticky. The deeper issue concerns the social ontology of prices themselves. In the Walrasian tradition, prices are primarily signals. In the later Hicksian tradition, prices are also… pic.twitter.com/kBm1RSnCIg

— AXEC (@EgmontHandtke) June 3, 2026

Occasional X: Clueless economists / Price Mechanism (XVI)

“Prices diverge from labor values in proportion to the organic composition of capital.” (Students for Liberty, paraphrasing Marx)

Marx got profit wrong. As a logical consequence, he did not understand how the economy works — in particular, how the price mechanism works.

The… pic.twitter.com/4gl6R1bJnx

— AXEC (@EgmontHandtke) June 3, 2026

Occasional X: Clueless economists / Science (CCCXXXV)

“This comes from the tradition of econometrics. The idea is that everything in economics has to be measurable like in physics. So economists have to keep denying the inexact reality of economics at every turn. A good example of this is the most inexact field in economics: macro.”… pic.twitter.com/KCG3rw2NWU

— AXEC (@EgmontHandtke) June 2, 2026

 

Related Postmodernism — the philosophy of scientific write-offs

Occasional X: The foul spirit of political economics (CCLXXII)

“Many economists say that criticism in their discipline is very harsh and standards are very high.” (Ryan Briggs)

Economists are look-alike scientists. What they say about themselves and their discipline is hallucinatory.

The major approaches and their derivatives are mutually… pic.twitter.com/BN9UWCif4w

— AXEC (@EgmontHandtke) June 2, 2026

Occasional X: The foul spirit of political economics (CCLXXI)

“Hoppe refuted induction in 1985” (quoted by charsky)

No. He merely summarized the methodological flaws of Austrianism.

Austrianism has always been proto-scientific garbage. Educate yourself with the AXECqueryhttps://t.co/v8xOkJhaWn

Hoppe never understood profit. When the…

— AXEC (@EgmontHandtke) June 2, 2026

Occasional X: The foul spirit of political economics (CCLXX)

“We really need to do a thorough purging of the United States.” (Paul Krugman)

This may be right or wrong, but it's not economics.

Economists and scientists have only a superficial resemblance. Neither mainstream nor heterodox economists ever had any idea what science is all… pic.twitter.com/ltU9pfOB2A

— AXEC (@EgmontHandtke) June 2, 2026

Occasional X: The foul spirit of political economics (CCLXIX)

“'Economic theory' is a very strange beast—it has to be wrong, or else your map is the size of the territory, and hence is useless; …” (Brad DeLong)

Brad DeLong is again playing with the word 'wrong'. Wrong in science means material or logical inconsistency: “The chief demerit…

— AXEC (@EgmontHandtke) June 1, 2026

Occasional X: Paradigm Shift (CXIII)

It's nice when the Walrasian losers Albrecht and Werning offer each other emotional support. It does not help. Supply-demand-equilibrium has been dead from the beginning. If the axioms are false, the analytical superstructure is false. ⇓

For details, see
The monstrous… pic.twitter.com/R8cszi28Dw

— AXEC (@EgmontHandtke) June 1, 2026

Occasional X: Paradigm Shift (CXII)

“….we attack a 150 year old Walras question that's gone unanswered, not for lack of trying …” (Ivan Werning)

The founding fathers have defined economics as a social science, and accordingly, it has been based on subjective/behavioral assumptions/axioms. This has been the… pic.twitter.com/yXWQAFMsoo

— AXEC (@EgmontHandtke) June 1, 2026

Occasional X: How it works (CDLXXX)

“Musk warns: 'The entire existing economic system is on the verge of collapse, and no force can stop it.” (Trader)

True.

“Because artificial intelligence and robotics are not creating growth — they are destroying the 'scarcity framework' upon which economics is based.”

Not…

— AXEC (@EgmontHandtke) June 1, 2026

Occasional X: How it works (CDLXXIX)

“At the limit, firms automate their way to boundless productivity and zero demand.” (Falk, Tsoukalas, quoted by Jack)

AI brings employment again to the fore. Needless to emphasize that legacy Employment Theory has been axiomatically wrong since the founding fathers. For details,… pic.twitter.com/6bWcY0ZfFI

— AXEC (@EgmontHandtke) May 31, 2026

Occasional X: The foul spirit of political economics (CCLXVIII)

“Marx is actually far more popular in English and history departments than economics departments, which is telling.” (Chris Freiman)

Marx is only one example of economists' scientific incompetence, which is still the dominating mindset in economics departments.

The history of… pic.twitter.com/5eI5ZqjVC6

— AXEC (@EgmontHandtke) May 31, 2026

Occasional X: The foul spirit of political economics (CCLXVII)

When economists talk about the “top 4 leading figures of 20th century economics” one should never forget that economics has never reached the level of a science and that economists are not scientists but look-alikes. Feynman called it cargo cult science.

The major approaches… pic.twitter.com/Md177Ov5Cf

— AXEC (@EgmontHandtke) May 30, 2026

Occasional X: Economists’ eternal problem with methodology (XIV)

“The 'Methodenstreit' is back!” (Mises Institute)

No.

The founding fathers defined economics as a social science, and accordingly, it has been based on subjective/behavioral assumptions/axioms. This has been the methodological ur-mistake, and this is why economics is a… pic.twitter.com/W5XFaUPEoW

— AXEC (@EgmontHandtke) May 29, 2026

Occasional X: The history of economic thought is the history of scientific failure (XLIII)

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, and materially/formally inconsistent. They all got profit…

— AXEC (@EgmontHandtke) May 29, 2026

Occasional X: Clueless economists / Science (CCCXXXIV)

“250 years after The Wealth of Nations, William Easterly's Violent Saviors revives Smith's core insight: development must arise from voluntary cooperation, not expert design.” (Econlib)

This may be true or false sociology, but it is not economics.

Adam Smith was not an original… pic.twitter.com/LvINZkNrML

— AXEC (@EgmontHandtke) May 29, 2026

Occasional X: Clueless economists / Science (CCCXXXIII)

“The Austrian corpus is internally consistent.” (Rothbard, quoted by Law the Lawless)

No, Austrianism is axiomatically false and deductively inconsistent. It is based on the behavioral triviality that human wants have a priority order. ⇓ This is true, but leads to nothing of… pic.twitter.com/UPk1avP5Ih

— AXEC (@EgmontHandtke) May 29, 2026

Occasional X: The foul spirit of political economics (CCLXVI)

“But Marx is only important because his ideas literally changed the course of history!” (Matthew Cole's quote)

Changing the world is easy. Every moron can do it. Change is a weasel word that covers both improvement and deterioration. In public discourse, it is therefore…

— AXEC (@EgmontHandtke) May 28, 2026

Occasional X: The foul spirit of political economics (CCLXV)

“You can't study any branch of the social sciences without engaging Marx in some capacity. Hayek is a secondary figure even in 20th century political/economic thought.” (Matthew Cole)

Science is about true/false, not about left/right. This applies in particular to economics.… pic.twitter.com/qMGKbJ0Ljx

— AXEC (@EgmontHandtke) May 28, 2026

Occasional X: Clueless economists / Science (CCCXXXII)

 

“One of the most common conceptual errors in economics—the error that any economist knows they must explain to the public—is the confusion between identities and equilibrium conditions. It is an obvious error (to those who know the subject) and extremely serious because it easily… pic.twitter.com/M4Fu1GRkK7

— AXEC (@EgmontHandtke) May 28, 2026

Occasional X: Clueless economists / Science (CCCXXXI)

“We remember Voltaire as the Enlightenment philosopher. We forget that he was also a formidable businessman. (ANTITHÈSE)

A businessman is a very different person from somebody who exploits the construction fault of a lotterie.

Voltaire is an example of the economic construction…

— AXEC (@EgmontHandtke) May 28, 2026

Occasional X: The foul spirit of political economics (CCLXIV)

 

“Keynes is a gateway drug to Marx.“ (Mike Lee)

Mike Lee is a gateway drug to total brain evaporation.

In science, you have to materially/formally prove your case. Keynes was provably wrong, ⇓ but Hayek never proved it, because he was also scientifically incompetent.

For… pic.twitter.com/wnnEGa7vkZ

— AXEC (@EgmontHandtke) May 28, 2026

Occasional X: How it works (CDLXXVIII)

“I APPLAUD DAVID (SACKS’) NOBLE EFFORTS... BUT AT THE END OF THE DAY, IF YOU LOOK AT OUR NATIONAL DEBT... IF AI AND ROBOTS DON’T SOLVE OUR NATIONAL DEBT, WE’RE TOAST.” (Elon Musk, quoted by Vivek Sen)

AI and robots can't solve the debt problem.

The free-market economy runs on…

— AXEC (@EgmontHandtke) May 27, 2026

Occasional X: The foul spirit of political economics (CCLXIII)

“Marx the economist gave way to Marx the alienation theorist, but the policy prescriptions for fighting alienation are still taken from Marx the economist, although that econ analysis has long been debunked ….” (Vlad Tarko)

The crucial point with Marx/ Socialism/ Communism/… pic.twitter.com/lHGQ4r6uXS

— AXEC (@EgmontHandtke) May 27, 2026

Occasional X: The foul spirit of political economics (CCLXII)

“Ayn Rand on the Moral Purpose of Capitalism.” (Students for Liberty)

Ayn Rand's main defect has been that she did not know how the economy in general, and Capitalism/Socialism, in particular, works. She did not have much knowledge (episteme), but a lot of opinion (doxa).

Ayn… pic.twitter.com/8sPGOKKTg0

— AXEC (@EgmontHandtke) May 27, 2026

Occasional X: Clueless economists / Science (CCCXXX)

“The demand curve is the most basic object in economics.” (Brian Albrecht)

No, the demand curve is the most basic object in microeconomics. But microeconomics is axiomatically false. For methodological reasons, economics must be based on objective/systemic macrofoundations, not… pic.twitter.com/ZPYZBaHCTd

— AXEC (@EgmontHandtke) May 26, 2026

Occasional X: The foul spirit of political economics (CCLXI)

“ … so they [Marx, Keynes] provide you with useful tools you can use rather than eat your brain …” (Brad DeLong)

Keynes got macroeconomic profit wrong because he was too stupid for the elementary algebra that underlies macroeconomic accounting.

For details, see
The unfinished…

— AXEC (@EgmontHandtke) May 25, 2026

Occasional X: Clueless economists / Money (CXLI)

“Inflation is never an unavoidable natural disaster. It is always the result of the weakness or ignorance of those in charge of monetary policy.” (Friedrich Hayek)

Half true. Inflations are always engineered. The question is who plays which role. The Central Bank is just one…

— AXEC (@EgmontHandtke) May 25, 2026

Occasional X: Clueless economists / Science (CCCXXIX)

“Hyman Minsky's great insight was that stability is itself destabilizing: the credit system and the economy at large progress (or degenerate) through successive stages of high confidence and risk-taking.” (William Janeway)

As long as economists ignore scientific standards, the… pic.twitter.com/Bc0bBLCuQC

— AXEC (@EgmontHandtke) May 25, 2026

Occasional X: Economics • Communication • Disinfotainment (V)

“Today I learned JD Vance is a Marxist.” (Nathan Kalman-Lamb)

Those silly games go on as general stupidity increases.

Because Marx got the foundational concept of economics —profit— wrong, his communicative contribution reduces to psycho-social-political-philosophical blather.…

— AXEC (@EgmontHandtke) May 25, 2026

Occasional X: Clueless economists / Science (CCCXXVIII)

“The current common approach to paper-writing in economics is wasteful & annoying.” (Branko Milanovic)

Economics as a whole is failed/fake science; its study is wasteful & annoying. Strictly speaking, more than 100 years of papers (EJ exactly 1891) will go down the scientific… pic.twitter.com/gjkPlr46ze

— AXEC (@EgmontHandtke) May 25, 2026

Occasional X: Economics • Communication • Disinfotainment (IV)

“You must have the discipline that the Swiss have. Never run fiscal deficits. In other words, don't turn on the printing press. If you have a deficit, borrow, pay. Never print unbacked bills.” (Lee Kuan Yew)

Lee Kuan Yew never understood the profit mechanism, which is the…

— AXEC (@EgmontHandtke) May 24, 2026

Occasional X: The futile attempt to recycle Hayek (XLXV)

“Samuelson and Friedman ignorantly and falsely labeled Hayek a 'scholastic'. Hundreds of professors have fraudulently labeled Hayek a fascist, an opponent of the welfare state, a Nazi, and an opponent of democracy. Whatever the professors need to marginalize a scientific rival.”…

— AXEC (@EgmontHandtke) May 24, 2026

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

“Milton Friedman tells the story of 'I, Pencil, …'” (Foundations for Economic Education)

Milton Friedman was a storyteller, not a scientist. He never understood profit and, as a logical consequence, how the economic system works. That's self-disqualifying and is a shame for…

— AXEC (@EgmontHandtke) May 24, 2026

Occasional X: Clueless economists / Science (CCCXXVII)

“Smith did not invent free markets. He explained why the markets that already existed produced order without anyone intending it. The insight was descriptive before it was prescriptive. He was watching something happen and asking: why does this work? Most people who cite him have… pic.twitter.com/vYDVRUEi4s

— AXEC (@EgmontHandtke) May 24, 2026

Occasional X: The foul spirit of political economics (CCLX)

 

“This painful but necessary correction process would have restored the economy to health relatively quickly.” (Handre)

How could Handre possibly know this?

Keynes failed to understand the concept of profit because he was too stupid for the elementary algebra that underlies… pic.twitter.com/wF2FALWhNr

— AXEC (@EgmontHandtke) May 23, 2026

Occasional X: The foul spirit of political economics (CCLIX)

“Human dignity shall be inviolable. All persons shall be equal before the law. Men and women shall have equal rights.” (Veronika Grimm)

This may be right or wrong, but it's not economics.

Science is about true/false not about good/bad. This has been known since J. S. Mill, but… pic.twitter.com/9ALFAjxTrZ

— AXEC (@EgmontHandtke) May 23, 2026

Occasional X: The foul spirit of political economics (CCLVIII)

“In 1936, John Maynard Keynes published The General Theory of Employment, Interest and Money. It became the most influential economics book of the 20th century.” (Students for Liberty)

Neither Keynes ⇓ nor Hayek understood the concept of profit because both were too stupid for… pic.twitter.com/ijRlXYYQKp

— AXEC (@EgmontHandtke) May 23, 2026

Occasional X: The foul spirit of political economics (CCLVII)

“Tell me what you think a Marxist is, and I’ll tell you if that describes me.” (Greg)

The crucial point with Marx/Socialism/Communism/Capitalism is whether Marx understood how the monetary economy works. This presupposes an understanding of the foundational economic concept of…

— AXEC (@EgmontHandtke) May 23, 2026

Occasional X: Clueless economists / Science (CCCXXVI)

 

“AI can process information. It cannot replace the market process that creates it.” (Foundations for Economic Education)

The pivotal concept of economics is NOT information but profit. Austrians never understood the profit mechanism.

Even non-economists understand that… pic.twitter.com/aNpkV8zPgG

— AXEC (@EgmontHandtke) May 23, 2026

Occasional X: Clueless economists / Science (CCCXXV)

“Every model is wrong” (Econ-Meme, quoted by Shahin Ashkiani)

Somebody plays with the different meanings of 'wrong'. Economics is failed/fake science, and economists need tons of smart excuses. The ultimate reason why economics is 'wrong' is the scientific incompetence of the… pic.twitter.com/fSuxdJXvzR

— AXEC (@EgmontHandtke) May 20, 2026

Occasional X: The futile attempt to recycle Austrianism (CVIII)

 

“What Mises showed is that rational economic planning without prices can't be done.“ (Mises Media, Bob Murphy)

von Mises never understood profit, and by logical consequence, how the economic system works. The fundamental concept of economics is profit, and because von Mises gets… pic.twitter.com/S8TAHhRupa

— AXEC (@EgmontHandtke) May 19, 2026

Occasional X: The futile attempt to recycle Austrianism (CVII)

“Roger Garrison helped modernize one of the most important insights in Austrian macroeconomics.” (Foundations for Economic Education)

Austrians never understood the profit mechanism, which is the pivotal feature of the free-market economy.

Macroeconomic profit Qm is given by… pic.twitter.com/jLTnUdN3EY

— AXEC (@EgmontHandtke) May 19, 2026

Occasional X: The foul spirit of political economics (CCLVI)

“Friedman basically didn’t think that a democratic society could be liberal as a democratic majority could vote into power a socialist government.” (Daniel Steinmetz-Jenkins)

This may be right or wrong, but it's not economics.

Milton Friedman never understood profit and, as a… pic.twitter.com/3QEBQ5VgVL

— AXEC (@EgmontHandtke) May 19, 2026

Occasional X: How it works (CDLXXVII)

 

“You claim to have refuted Austrian methodology. … The disagreement is about where profit actually comes from.” (NReadmoore)

Yes, and I claim that you are unable to understand (i) science, (ii) economics, (iii) math/accounting, and (iv) profit.

You agree that profit is… pic.twitter.com/8uUNcRTQmN

— AXEC (@EgmontHandtke) May 19, 2026

Occasional X: Economic policy guidance has never had valid scientific foundations (XXIII)

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

Trivially true.

For over 200 years, economics has claimed to be a science, but it still isn't. The major approaches… pic.twitter.com/0tIV1BFSRp

— AXEC (@EgmontHandtke) May 18, 2026

Occasional X: The foul spirit of political economics (CCLV)

“And in real world, unlike to Mises' fantasy land, you can sell an inferior product using the power of marketing.“ (Shahin Ashkiani)

What von Mises said about marketing was incompetent enough, but what he said about profit is self-annihilation.

von Mises never understood… pic.twitter.com/BRhqfvNnUx

— AXEC (@EgmontHandtke) May 18, 2026

Occasional X: Great economic equations (II)

“Equations that transformed the world.” (MathFiles)

For the field of economics, see ⇒
The great economic equationshttps://t.co/sUiSaCV5G0 pic.twitter.com/SGH8ik9gdn

— AXEC (@EgmontHandtke) May 18, 2026

For more about equations, see AXECquery. 

Occasional X: Clueless economists / Science (CCCXXIV)

“Just calling a S-D association modelling a 'law' shows someone is illiterate. This level of positivist idiocy is criminally high.” (Shahin Ashkiani)

The founding fathers have defined economics as a social science, and accordingly, it has been based on subjective/behavioral… pic.twitter.com/yndknWkMlF

— AXEC (@EgmontHandtke) May 18, 2026

Occasional X: Economics debates ― nothing more than communicative hardcore wrestling (II)

“I was on the 'Team Hayek' side of a debate with Ned Phelps. 'Team Keynes' was Jamie Galbraith and some journalists.” (Lawrence White)

Lawrence White does not know the difference between political economics and economics as a science. ⇓ In the communicative Circus Maximus, it… pic.twitter.com/7OkAXC6v2O

— AXEC (@EgmontHandtke) May 18, 2026

For more about communicative hardcore wrestling, see AXECquery. 

Occasional X: The foul spirit of political economics (CCLIV)

“From just a cursory look at your site, it seems your economic worldview consists mainly of claiming other schools of thought are wrong and yours is right, but never saying what it is or giving even a small glimpse of it.” (Egon Alter)

Next time you better use Artificial… pic.twitter.com/4m1z8lUqGG

— AXEC (@EgmontHandtke) May 18, 2026

Occasional X: Clueless economists / Breakdown (XXVI)

“Your grandchildren won't even pay off Labour’s 100bn debt. The interest alone costs us about 5bn every single year. What did we get for all that money?” (NuZillund)

NuZillund has no clue how the economy works.

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

— AXEC (@EgmontHandtke) May 17, 2026

Occasional X: Clueless economists / Price Mechanism (XV)

 

“It is not people, it is your tool that is rubbish. It puts 'price' in the centre of attention, and not only that but a nonsensical concept: Equilibrium price.” (Shahin Ashkiani)

The supply-demand-equilibrium concept has been dead for more than 100 years.‡

For details, see… pic.twitter.com/BO2CEqDfV5

— AXEC (@EgmontHandtke) May 17, 2026

Occasional X: Clueless economists / Science (CCCXXIII)

“… and refusing to engage with any of the substantive points.” (NReadmoore)

The opposite is true. Summary of AXEC's argument:

(1) Premise: A monetary economy without profit cannot exist.

(2) In mathematical terms, the objective/systemic minimum requirement is Qm≥0.

(3) The…

— AXEC (@EgmontHandtke) May 17, 2026

Related 'The Profit Law' 

Occasional X: The futile attempt to recycle Austrianism (CVI)

“This is not a methodological disagreement. This is a direct denial of the actual subject matter of economics.“ (NReadMoore)

As a matter of fact, this is a refutation of Austrian methodology. The subject matter of economics is not Praxeology but the economic System. Human Nature…

— AXEC (@EgmontHandtke) May 16, 2026

Occasional X: The futile attempt to recycle Austrianism (CV)

“A professor proposed ethno-mathematics: maybe 2+2 could be something else in your culture.” (Mises Media)

Yes, question the premises, but don't stop there. Advance to the Paradigm Shift. The new premises represent the ultimate critique of the old ones.

This applies primarily…

— AXEC (@EgmontHandtke) May 16, 2026

Occasional X: Clueless economists / Science (CCCXXII)

 

“'Time preference' is one of the sharpest concepts in the Austrian School of Economics. … Those who exhibit 'high time preference' prioritize immediate gratification: consume today, go into debt, plunder the present. Those with 'low time preference' sacrifice current pleasures… pic.twitter.com/UaWMvDvQEx

— AXEC (@EgmontHandtke) May 16, 2026

Occasional X: Clueless economists / Money (CXL)

“'Monetary expansion' and 'quantitative easing' are just euphemisms for counterfeiting. Counterfeiting is evil.” (Joshia Lippincott, quoted by Mises Institute)

The Mises folks never understood profit. Because profit is the foundational economic concept, to get it wrong means to… pic.twitter.com/nYe9KDJQlJ

— AXEC (@EgmontHandtke) May 16, 2026

Occasional X: Clueless economists / Science (CCCXXI)

“Even supercomputers won’t solve the problems inherent to central planning.” (Jacobin)

Science is about true/false, not about left/right. This applies in particular to economics. Economists have never understood the difference between politics and science. This is why economics… pic.twitter.com/bmESIfmV2O

— AXEC (@EgmontHandtke) May 16, 2026