Occasional X: Clueless economists / Money (XCXXXIV)

“The natural tendency for prices is to go down. If you look at the CPI in 1900 and you look at it in 1800, it was down by 50%. So for a hundred years in America, prices went down. And during that time, we had the Industrial Revolution.” (Peter Schiff, quoted by Wall Street Mav)… pic.twitter.com/lAIFVj3K5m

— AXEC (@EgmontHandtke) April 15, 2026

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

 

“It may well be the task of a new generation of economists to produce that break with orthodox economics that was started, genuinely attempted, strongly pursued, but not accomplished by Keynes and the Keynesian group.” (Luigi Pasinetti, quoted by Relearning Economics)

Keynes got…

— AXEC (@EgmontHandtke) April 15, 2026

Occasional X: Clueless economists / Science (CCXCXX)

 

“By definition, science is never settled.” (Possum Reviews)

Science is never settled, but many scientific questions have been settled according to the principles of material/formal consistency. Moreover, economics is not yet a science.

The major approaches (Walrasianism,… pic.twitter.com/52vuPnZGd9

— AXEC (@EgmontHandtke) April 15, 2026

Occasional X: Clueless economists / Science (CCXCXIX)

 

“Reducing the govt's deficit is the same as reducing the non-govt's savings.” (MMT for Progressives)

No, that's a political deception.

It is well-known that MMT's macro accounting is provably false. Therefore, the whole of MMT is false. For the full-spectrum refutation, see… pic.twitter.com/wZGh1Z2ZwC

— AXEC (@EgmontHandtke) April 15, 2026

Related ' The page where Stephanie Kelton gets macroeconomics wrong' and 'Stephanie Kelton’s legendary Plain-Sight-Ink-Trick'.

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

From the beginning, economics meandered between sociology, psychology, jurisprudence, administration, politics, and what today is called macroeconomics.

“Mill had been engaged in a pen-friendship with Auguste Comte, the founder of positivism and sociology, since Mill first…

— AXEC (@EgmontHandtke) April 14, 2026

Occasional X: Clueless economists / Science (CCXCXVIII)

“I don’t believe that socialism is half right. I am convinced it’s all wrong, and that is my starting point.” (Hayek Quotes)

The distinction between Capitalism and Socialism is NOT the starting point of economics. Both are wrong. Both are politics.

The scientific starting point… pic.twitter.com/RokzSRjtyA

— AXEC (@EgmontHandtke) April 14, 2026

Occasional X: Clueless economists / Employment (XXIX)

 

“The macro question is whether the real/inflation adjusted deficit remains high enough to offset savings desires. Unemployment is the evidence.” (Warren Mosler)

Half true.

The dependency of the real variable employment is given by the axiomatically correct macroeconomic… pic.twitter.com/Xb7I6W1U9z

— AXEC (@EgmontHandtke) April 14, 2026

“My statement is true by identity.” (Warren Mosler)

No. Your macroeconomics is provably false. Therefore, your Employment Theory is false. The same holds for your Theory of Money.

MMT: The one deadly error/fraud of Warren Moslerhttps://t.co/wKI0WoOYzm

— AXEC (@EgmontHandtke) April 14, 2026

Occasional X: Clueless economists / Science (CCXCXVII)

“As Adam Smith recognized more than 230 years ago, economic freedom and the economic prosperity it brings work to the advantage of the poor.” ( Robert Lawson, quoted by Foundation for Economic Education)

Economists claim that they have scientifically discovered the mysteries of…

— AXEC (@EgmontHandtke) April 14, 2026

Occasional X: Paradigm Shift (XCXV)

“Macroeconomist: We develop a micro-founded model.” (Khoa Vu)

The Founding Fathers defined economics as a social science, and it has therefore been based on subjective/behavioral assumptions/axioms. This was the methodological ur-mistake. It led to microeconomics.

Keynes, too,… pic.twitter.com/VhKz2VPWjt

— AXEC (@EgmontHandtke) April 14, 2026

Occasional X: Clueless economists / Science (CCXCXVI)

 

“Nobody has ever been able to debunk Karl Marx.” (ironically quoted by Mises Institute)

Debunking has a scientific and a political dimension. The political dimension is for low-IQ agenda pushers like the Austrians. The Capitalism vs Socialism debate has never had scientific… pic.twitter.com/HRBZjvzY9x

— AXEC (@EgmontHandtke) April 14, 2026

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

“Keep your eye on how much the Government is spending because that is the true tax…as there IS NO SUCH THING as an unbalanced budget.” (Milton Friedman, quoted by Liz Churchill)

“ALL OF THIS IS TRUE…” (Liz Churchill)

No, not true. Milton Friedman never understood profit and,…

— AXEC (@EgmontHandtke) April 13, 2026

Occasional X: Paradigm Shift (XCXIV)

“Physicists, brought up on a diet of astounding theories and successful models, have the ability to distinguish a theory from a model and a good model from a bad one. Economists for the most part have never seen a genuine theory, and so discrimination is harder.” (Emanuel Derman,… pic.twitter.com/qLRO5Sx18q

— AXEC (@EgmontHandtke) April 13, 2026

Occasional X: How it works (CDLXIX)

“In most countries billionaires are self-made. They invent new products or services that drive progress.” (Michael Arouet)

Nice try to perpetuate a false narrative. That's not economics, but politics for a low-IQ audience. Michael Arouet never understood profit and, by logical…

— AXEC (@EgmontHandtke) April 12, 2026

Occasional X: Clueless economists / Money (XCXXXIII)

 

“INFLATION IS ALWAYS AND EVERYWHERE A MONETARY PHENOMENON.” (Steve Hanke)

All caps and still wrong.

The Theory of Money in general, and the Quantity Theory in particular, are false since the founding fathers, because macroeconomics has always been false.

For the consistent…

— AXEC (@EgmontHandtke) April 12, 2026

Occasional X: Clueless economists / Science (CCXCXV)

“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/Lys278lnmO

— AXEC (@EgmontHandtke) April 12, 2026

Also at Robert Murphy. 

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

“The gradual replacement of innate responses by learnt rules increasingly distinguished man from other animals.” (Friedrich Hayek quote)

Whatever this is, it is not economics.

Friedrich Hayek never understood profit and, by logical consequence, how the economic system works.…

— AXEC (@EgmontHandtke) April 11, 2026

Occasional X: Clueless economists / Science (CCXCXIV)

“This issue, I believe, is a (but not the) great divide between macroeconomic theories, with Keynes, Friedman, MMT in one camp and Menger, Bohm-Bawerk, Mises, Fetter, Hutt, Salerno in the other.” (Jonathan Newman, quoted by Robert Murphy)

The Founding Fathers defined economics… pic.twitter.com/HpBLd6t4Wr

— AXEC (@EgmontHandtke) April 11, 2026

Occasional X: Clueless economists / Science (CCXCXIII)

“Are you denying that the counterpart of a government liability is an asset held outside government, …?

The logic of differentiation is not so simple as it seems.‡ In any case, the idea of asset and liability presupposes two persons/entities.

Differentiation is an unfolding… pic.twitter.com/82s44G1R1z

— AXEC (@EgmontHandtke) April 10, 2026

“Aggregation is not nonsense; it is standard macro accounting.” (Tally Sticks)

You should know that “standard macro accounting” is provably false. Your argument is entirely beside the point. A false theory does not become true when referenced to another false theory. Both are…

— AXEC (@EgmontHandtke) April 10, 2026

Occasional X: Clueless economists / Inflation / Deflation / Stagflation (XLXX)

 

“Inflation occurs when total spending, from bank loans, state spending, or exports, exceeds what the economy can produce in goods, services, energy, and labour.” (?whispers?)

No! A price hike occurs – not inflation – when there is private or public deficit-spending.

The… pic.twitter.com/oiPk1HIseb

— AXEC (@EgmontHandtke) April 9, 2026

Occasional X: Clueless economists / Money (XCXXXII)

“Private banks create money when they issue a loan. This money is the same as state issued currency, …” (?whispers?)

?whispers? is wrong again. Problems arise, for example, if a private bank customer wants notes for his balance. Notes are Central Bank money, and the private…

— AXEC (@EgmontHandtke) April 9, 2026

Occasional X: How it works (CDLXVIII)

 

“From pound notes to gilts, Treasury bills, Premium Bonds, British Savings Bonds and Bank of England reserves, HM Government debt is private savings. Why are savings going to collapse us in misery?” (Tally Sticks)

In his confusion, Tally Sticks is messing up a lot of things. The…

— AXEC (@EgmontHandtke) April 9, 2026

“Government liabilities are still non-government financial assets.” (Tally Sticks)

Non-government is a weasel word. The correct sentence reads 'Government liabilities are either the Workers' or the Oligarchy's financial assets.' The Oligarchy's part is much, much bigger.

Why…

— AXEC (@EgmontHandtke) April 9, 2026

Correct macroeconomic accounting yields Qm≡–Sw+(G–T).

You rewrite it as Qm+Sw≡(G–T) and call the left side non-governmental. This vanishing of profit is a deception for the communicative advantage of WeTheOligarchy and the disadvantage of WeThePeople.

— AXEC (@EgmontHandtke) April 9, 2026

Occasional X: Clueless economists / Science (CCXCXII)

• “The primitive apparatus of the theory of supply and demand is scientific. But the scientific achievement is so modest, and common sense and scientific knowledge are logically such close neighbors in this case, that any assertion about the precise point at which the one turned… pic.twitter.com/tz1ld9gr2y

— AXEC (@EgmontHandtke) April 9, 2026

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

Occasional X: Clueless economists / Science (CCXCXI)

“The UK fiscal balance is not a morality tale about whether ministers have 'overspent' and 'run out of money'. It is the ex-post accounting outcome of the private sector’s saving behaviour, the external balance, and the government’s own fiscal and monetary stance.” (Tally Sticks)…

— AXEC (@EgmontHandtke) April 8, 2026

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

“The correct identity is (S−I)=(G−T)+(X−M).” (?whisper?)

No. The balance of the business sector Qm is missing. ⇓ Qm is the most important balance in Capitalism. MMT's equation was refuted long ago.

Rectification of MMT macro accountinghttps://t.co/zze3NFF9Ap

Learn to… pic.twitter.com/7snfViUJJi

— AXEC (@EgmontHandtke) April 8, 2026

Occasional X: Economists still get saving/dissaving and loss/profit wrong (XI)

 

“… but when you tell them that mathematically, new savings in the private sector mean a state deficit, they grimace.” (fiat money, quoted by ?whispers?)

Macroeconomic profit is given by the axiomatically correct Profit Law / Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0.… pic.twitter.com/aKGK5MRmWN

— AXEC (@EgmontHandtke) April 8, 2026

Occasional X: Clueless economists / Tax (IX)

Yes, case 1 is the uncorrupted starting case. The household sector's first choice is how many private goods and how many public goods they want. This is analogous to the choice between red wine and white wine. The obvious problem is that not all households have the same…

— AXEC (@EgmontHandtke) April 8, 2026

“Govt doesn't need tax revenue before it can spend. It spends by instructing the BoE to create central bank money (reserves) out of nothing, …” (?whispers?)

At this stage, the distinction between the Central Bank and the Commercial Banks is unnecessary. So, there are no…

— AXEC (@EgmontHandtke) April 8, 2026

“When the government runs a deficit (G > T), the non‑government sector as a whole receives net financial assets equal to that deficit.” (?whispers?)

There is no such thing as the non‑government sector. That's the big MMT swindle. There is only the household sector and the…

— AXEC (@EgmontHandtke) April 8, 2026

Occasional X: Clueless economists / Tax (VIII)

“You can’t take taxes out, before you have put money into the system.” (?whispers?)

The bath-tube crowd is a bunch of economic morons.

There are two cases that have to be kept separate: a balanced public budget and deficit-spending/money-creation. The total amount of State… pic.twitter.com/AEIq8XQKWj

— AXEC (@EgmontHandtke) April 8, 2026

Occasional X: Clueless economists / Science (CCXCX)

“This dude named Carl sits in his study in 1871, probably wondering why classical economists kept insisting that labor creates value when any fool could see that a glass of water means nothing to someone drowning but everything to someone dying of thirst.” (Handre)

Austrianism… pic.twitter.com/ASFn9zNZNV

— AXEC (@EgmontHandtke) April 8, 2026

Related 'The value of water and diamonds: back to square one' and 'Gold-making, wine from water, M―C―M', perpetuum mobile, free lunch, beating the stock market, and the perennial human dream'

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

“MMT isn’t left or right – it is simply an accurate description of the way our economy works since we left the gold standard.” (David McNab)

No! The description of the economy is not accurate; more specifically, MMTers messed up macroeconomics. Because MMTers are too stupid for…

— AXEC (@EgmontHandtke) April 7, 2026

Occasional X: Clueless economists / Science (CCXCIX)

 

“Ludwig von Mises: anti-positivist, apriorist. He grounded economics in praxeology, arguing that economic laws follow from the logic of human action, not from empirical measurement or statistical testing.” (Philippe Lemieux)

Economics has defined itself as a social science and… pic.twitter.com/wXwPKIwQk5

— AXEC (@EgmontHandtke) April 7, 2026

Occasional X: Great economic equations (I)

 

“17 equations that changed the world.” (The Math Flow)

The No. 18 is the First Economic Law. ⇓

For details, see ⇒
The great economic equationshttps://t.co/sUiSaCV5G0 pic.twitter.com/GQuibIzbRt

— AXEC (@EgmontHandtke) April 7, 2026

For more about equations, see AXECquery. 

Occasional X: Clueless economists / Money (XCXXXI)

 

“Deficit spending=money hoarding. By identity.” (Warren Mosler)

This is nonsensical. MMTers never understood the interaction of macroeconomic balances.

The free-market economy runs on profit. Macroeconomic profit is given by the axiomatically correct Profit Law / Balances… pic.twitter.com/Gc4HkTbs38

— AXEC (@EgmontHandtke) April 7, 2026

Occasional X: Clueless economists / Money (XCXXX)

“The state has no money.” (Glitch, quoted by Phil Waller)

In the beginning, the business sector has no money to pay wages, and the household sector has no money to buy bread. Transaction money gets the economy going; it is created out of nothing and vanishes after a short… pic.twitter.com/aPUGLLk6yI

— AXEC (@EgmontHandtke) April 7, 2026

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

“Liberty! That was the cry of all those who found their property confiscated by monopoly and privilege. Liberty! That was the burning aspiration of all those whose natural rights had been forcibly repressed.” (Gustave de Molinari, quoted by Foundation for Economic Education)…

— AXEC (@EgmontHandtke) April 6, 2026

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

“How do people ever take this guy seriously?” (Buddy Wells)

Milton Friedman still provides economic guidance for a low-IQ audience. It is not economics understood as a science, but resembles more advertizing. It has nothing to do with true or false, but the basic message…

— AXEC (@EgmontHandtke) April 6, 2026

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

“If Keynes had lived, he would greatly have modified his own ideas, …” (Hayek)

One could talk endlessly about hypothetical cases that are irrefutable in principle. The methodology of Austrianism is vacuous talk.

— AXEC (@EgmontHandtke) April 4, 2026

Occasional X: How it works (CDLXVII)

The US polity is an Oligarchy with President/ Congress/ Treasury/ Fed/ BigBusiness/ Agencies as integral parts. The macroeconomic Profit Law ⇓ implies Public-Deficit-Is-Private-Profit. Macroeconomic profit is currently mainly produced by deficit-spending/money-creation, i.e.,… pic.twitter.com/HwHHLfDn66

— AXEC (@EgmontHandtke) April 4, 2026

Occasional X: Clueless economists / Science (CCXCVIII)

 

“… he [Mises] rejected both anarchism & the assumption that pure capitalism isn’t sustainable because corporations will lobby for favors & generate 'crony capitalism.'” (Richard Salsman)

von Mises never understood profit, and by logical consequence, how the economic system…

— AXEC (@EgmontHandtke) April 4, 2026

Occasional X: The futile attempt to recycle von Mises (IX)

“Not a day goes by without critics making up fantasy reasons to dunk on Austrian Economics.” (Per Bylund)

von Mises never understood profit, and by logical consequence, how the economic system works. To this day, Austrian economics is not science, but propaganda for a low-IQ…

— AXEC (@EgmontHandtke) April 3, 2026

Occasional X: Clueless economists / Money (XCXXIX)

“Is money a creation of the State or the outcome of voluntary exchange?” (Foundation of Economic Education)

If you want to know the Laws of Thermodynamics, you don't need to know who invented fire. Likewise, in economics, in order to know how fiat money in a highly developed…

— AXEC (@EgmontHandtke) April 3, 2026

Related 'A historical misunderstanding' and 'Links on History and Economics' and 'History and future of the monetary economy' and 'Key Issues: Demarcation and the Midas Touch of science'.

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

The history of economic thought is the history of scientific failure. The major approaches are mutually contradictory, and axiomatically false, and materially/formally inconsistent. They ALL got profit wrong. Marx was NO exception.

For proof, see the working paper ⇒
Profit for…

— AXEC (@EgmontHandtke) April 3, 2026

Occasional X: Time to get the axioms of economics right (VII)

“I’m familiar with the position of praxeology I just find it baffling. It was refuted in Mises lifetime. Karl Menger showed praxeological arguments didn’t work, …” (Jules)

The Founding Fathers defined economics as a social science, and it has therefore been based on… pic.twitter.com/tXi1aNADBr

— AXEC (@EgmontHandtke) April 3, 2026

Related 'Axiomatized NONENTITIES and the failure of methodologists' and 'Key Issues: Demarcation and the Midas Touch of science'.

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

“Adam Smith’s The Wealth of Nations didn’t just explain the world – it changed it.” (Austrian Economics Center)

Change is a weasel word. Any moron can change the world. The point is to improve it. Economists failed at this task.

Adam Smith was not an original thinker, not a… pic.twitter.com/HUMyGBNxsJ

— AXEC (@EgmontHandtke) April 2, 2026

Occasional X: Clueless economists / Science (CCXCVII)

“Murray Rothbard referred to the Spooner–Tucker doctrine as the core insight of the individualist anarchists: that exploitation is not inherent to the market, but arises from State intervention.” (Philippe Lemieux)

The Spooner–Tucker doctrine is a corollary of the Supreme…

— AXEC (@EgmontHandtke) April 2, 2026

Occasional X: Clueless economists / Employment (XXVIII)

 

“Higher wages raise consumption and sales. Firms respond to demand, not just costs.” (Relearning Economics)

The axiomatically correct macroeconomic Employment Law ⇓ tells one how ― in the elementary case ― the employment L depends ― under the condition of product market… pic.twitter.com/NQAjgQpl5k

— AXEC (@EgmontHandtke) April 2, 2026

Occasional X: Clueless economists / Science (CCXCVI)

“It is my firm belief that Financial Literacy is what fuels the American Dream.” (Scott Bessent)

Financial Literacy is a hallucination. Scott Bessent doesn't understand how the economic system works. Neither do academic economists.

For 200+ years, economics has claimed to be a…

— AXEC (@EgmontHandtke) April 2, 2026

Occasional X: Clueless economists / Science (CCXCV)

“Especially recommend chapter 3 on why ideas like marginalism took so long to develop.” (Dwarkesh Patel)

Marginalism is the worst example of scientific failure.

For over 200 years, economics has said it is a science, but it isn't. The major approaches (Walrasianism,…

— AXEC (@EgmontHandtke) April 2, 2026

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

“The great tragedy of the global economic malaise is that it is caused by a shortage of something that is essentially costless to produce: money.” (Steve Keen, quoted by Relearing Economics)

“The great tragedy of the global economic malaise is that it is caused by a shortage of… pic.twitter.com/g7hl8wkMe7

— AXEC (@EgmontHandtke) April 2, 2026

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

“Collectivism is the enemy. Anyone prompting or spreading collectivist thought. That is your enemy.” (Handre)

Whatever this is, it is not science.

Economists have never understood the difference between politics and science. This is why economics is failed/fake science to this… pic.twitter.com/lwE1GmQEkw

— AXEC (@EgmontHandtke) April 2, 2026

Occasional X: Clueless economists / Profit (CXXXIX)

“The post-Keynesians were right about everything. Long live Kalecki and Robinson and death to Austroid and neoclassical slop.” (Nikolai Rostov)

Kalecki was a failed/fake economist because he got the subject's foundational concept — profit — wrong. This is self-disqualifying.…

— AXEC (@EgmontHandtke) April 1, 2026

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

 

The free-market economy runs on profit. Macroeconomic profit is given by the axiomatically correct Profit Law / Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The Profit Law implies PublicDeficit-is-PrivateProfit Qm≡G−T>0, i.e., macroeconomic profit is (co-)produced by…

— AXEC (@EgmontHandtke) April 1, 2026

Occasional X: Clueless economists / Employment (XXVII)

 

Representing the employment determination in the labor market with an SS-curve, a DD-curve, and an equilibrium has always been one of the most scientifically incompetent feats of economists. To get out of failed/fake employment theory requires nothing less than a Paradigm Shift.…

— AXEC (@EgmontHandtke) April 1, 2026

Related 'Keynes’ Employment Function and the Gratuitous Phillips Curve Disaster' and 'Key Issues: Axiomatization is still stuck at Keynes's juncture'

Occasional X: Clueless economists / Science (CCXCIV)

 

“Economists: We are a pure science that is above ideology.” (Mike Burnham, quoted by Vincent Geloso)

Just the opposite. Economics has never been a science. ⇓

The Founding Fathers defined economics as a social science, and it has therefore been based on subjective/behavioral… pic.twitter.com/6WfzEjyPBM

— AXEC (@EgmontHandtke) April 1, 2026

Occasional X: The futile attempt to recycle Adam Smith (LXXXIX)

Adam Smith was not an original thinker, not a scientist, not an economist; he was a populist moralizer. ⇓

Since Adam Smith, economists haven't had valid scientific knowledge.

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

— AXEC (@EgmontHandtke) March 31, 2026

Occasional X: Clueless economists / Price Mechanism (XIII)

The axiomatically correct macroeconomic Law of Supply and Demand ⇓ tells one how ― in the elementary case ― the avg price P moves under the condition of market clearing as a function of avg wage rate W, inverse avg productivity R, and deficit-spending/money-creation, i.e., the… pic.twitter.com/8pL2KErdHg

— AXEC (@EgmontHandtke) March 31, 2026

“Bro trademarked an accounting identity.” (Eloquentcafe)

Every variable in the price equation is measurable with the accuracy of two decimal places. Where is your testable hypothesis? You and the rest of look-alike scientists have none, and this is why economics is still…

— AXEC (@EgmontHandtke) April 1, 2026

Occasional X: How it works (CDLXVI)

Andreas Tiedtke never understood profit and, by logical consequence, how the economic system works.

The U.S. economy, as an example of a free-market economy, runs on profit. Macroeconomic profit is given by the axiomatically correct Profit Law / Balances Equation…

— AXEC (@EgmontHandtke) March 31, 2026

Occasional X: Clueless economists / Money (XCXXVIII)

“Inflation is made in Washington because only Washington can create money.” (Milton Friedman)

False. The private banking system, too, can create money. Most people cannot tell the difference between bank money and Central Bank money. For details, see

Basics of monetary theory:…

— AXEC (@EgmontHandtke) March 31, 2026

Occasional X: Clueless economists / Science (CCXCIII)

“Now, due to the toxic environment in American universities, top scientists are desperately leaving. The US empire is collapsing.” (Thomas Sargent, quoted by Furkan Gözükara)

The Founding Fathers defined economics as a social science, and it has therefore been based on… pic.twitter.com/oYl0ZfADA5

— AXEC (@EgmontHandtke) March 31, 2026

Occasional X: Economists still get saving/dissaving and loss/profit wrong (X)

 

You are an economist and do not understand profit. How embarrassing is this? Stop asking silly questions and do your research:

Profit and the collective failure of economistshttps://t.co/LrKtQwcuwV pic.twitter.com/t8SfJMFVlQ

— AXEC (@EgmontHandtke) March 31, 2026

Occasional X: Economists are too stupid for macro accounting (X)

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

As a consequence, the whole of macroeconomics is scientifically worthless. After-Keynesians NEVER got it.

For details, see
How Keynes messed up… pic.twitter.com/j5aY5TCQ9I

— AXEC (@EgmontHandtke) March 31, 2026

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

“Government corruption isn’t an anomaly. It is part of the system itself.” (Mises Institute)

It is well known that the state and the economy run on different principles. The state initially does not run on economic principles. This has behavioral consequences. The idea of the…

— AXEC (@EgmontHandtke) March 31, 2026

Occasional X: Clueless economists / Science (CCXCII)

“By claiming to be objective without any real contribution to this science, you are illustrating the criticism above.” (WatchOut)

You are illustrating your ignorance and are missing the methodological kicker.

Because the AXEC approach is objective/systemic, all statements…

— AXEC (@EgmontHandtke) March 31, 2026

Occasional X: Paradigm Shift (XCXIII)

“Economics does not exist without human behavior.” (alouette)

Flying does not exist without human behavior, but to understand flight, one needs to understand the laws of aerodynamics. Legacy economists do not understand how planes fly, but they understand why people buy tickets,… pic.twitter.com/pd86iGnDPx

— AXEC (@EgmontHandtke) March 30, 2026

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

 

For 200+ years, economics has claimed to be Science, but it is NOT. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory and axiomatically false and materially/formally inconsistent, and ALL got profit wrong.… pic.twitter.com/6DIqvCEiMy

— AXEC (@EgmontHandtke) March 30, 2026

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

“The problem with social sciences is not that they are "unreliable" but that they study things that all people have personal experience with and thus have strong opinions about.” (Per Bylund)

Economics is about how the economy works. It is a systems science and NOT a social…

— AXEC (@EgmontHandtke) March 30, 2026

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

“Ha-Joon Chang compares mainstream economics to Catholicism in the Middle Ages.” (Jostein Hauge)

Ha-Joon Chang is another clueless economist.

Economics is about how the economy works. It is a systems science and NOT a social science. This ur-mistake goes back to the Founding…

— AXEC (@EgmontHandtke) March 30, 2026

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

“Tyler Cowen in his new book on why economists write about topics outside their area of expertise: 'The dirty little secret is that what distinguishes economics as a field, right now, is a mix of higher standards, harder work, better math, and higher IQs.” (Richard Hanania)

The… pic.twitter.com/Fylf9wQpj8

— AXEC (@EgmontHandtke) March 30, 2026

Related 'Occasional Tweets: The dumb economist ― a jack of all trades'

Also at Stefan Schubert.

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

“Mercy to the guilty is cruelty to the innocent.” (Adam Smith, quoted by Elon Musk)

This may be true, but it is not economics.

Adam Smith was not an original thinker, not a scientist, not an economist; he was a populist moralizer. ⇓

Since Adam Smith, economists haven't had… pic.twitter.com/DRmbfHLasE

— AXEC (@EgmontHandtke) March 30, 2026

Occasional X: Clueless economists / Science (CCXCI)

“The statement is false. Ludwig von Mises refuted its core errors decades ago: (1) mathematics is unfit for economics, and (2) profit is misunderstood as a product of state deficits.” (Andreas Tiedtke)

(1) Economics has defined itself as a social science and accordingly has been…

— AXEC (@EgmontHandtke) March 30, 2026

Occasional X: Clueless economists / Science (CCXC)

 

“A real understanding of economics demands that one disabuses oneself of many dear prejudices and illusions.” (Walter Block, quoted by Friedrich Hayek)

Friedrich Hayek never understood profit and, by logical consequence, how the economic system works. This is self-disqualifying.… pic.twitter.com/DwCjC3hXRX

— AXEC (@EgmontHandtke) March 30, 2026

Occasional X: Clueless economists / Money (XCXXVII)

“I don't believe we shall have good money until we take it from the government. All we can do is, by a sly, roundabout way, introduce something they can't stop.” (Friedrich Hayek, quoted by Simply Bitcoin)

Friedrich Hayek has never had any idea of the difference between… pic.twitter.com/0qWkniOnkr

— AXEC (@EgmontHandtke) March 29, 2026

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

von Mises never understood profit, and by logical consequence, how the economic system works. This is self-disqualifying.

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

— AXEC (@EgmontHandtke) March 29, 2026

Occasional X: AI — boosting scientific competence in economics (XII)

“BREAKING: Claude has a secret mode called 'Aristotle First Principles Deconstructor.' It strips any complex problem down to its fundamental truths, eliminates every assumption you didn't know you were making, and rebuilds the solution from zero. Aristotle invented this method…

— AXEC (@EgmontHandtke) March 28, 2026

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

'If Hayekians understood economics, they wouldn't be Hayekians.' (AXEC's paraphrase)

Friedrich Hayek never understood profit, and by logical consequence, how the economic system works. This is self-disqualifying.

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

— AXEC (@EgmontHandtke) March 28, 2026

Occasional X: Clueless economists / Money (XCXXVI)

 

“While central bank bonds exist, they are not instruments that 'finance' central banks. Rather, they are issued 'in order to reduce counterparties’ holdings of excess reserves.'” (Dirk Ehnts, quoted by ?whispers?)

This is only half true. The macroeconomic details are long known,…

— AXEC (@EgmontHandtke) March 28, 2026

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

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).

Economics has defined itself as a social science and accordingly has… pic.twitter.com/79Jc5AyCaP

— AXEC (@EgmontHandtke) March 27, 2026

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

“One can definitely believe that something is the case and that it is self-evident. Then no empirical evidence is needed.” (Diana Pomeranz)

It is self-evident that, as an #EconBlocker, Diana Pomeranz has long lost all scientific credentials. pic.twitter.com/tMYm9PT8Uu

— AXEC (@EgmontHandtke) March 27, 2026

Occasional X: Clueless economists / Science (CCLXXXIX)

For more on economics and Vincent Geloso, see the queryhttps://t.co/dGtOn1YQ5a

— AXEC (@EgmontHandtke) March 27, 2026

Occasional X: Clueless economists / Money (XCXXV)

“Every penny the government spend is new money, created by the act of spending. Taxes are collected after the government has created the money.” (David McNab)

David McNab has no idea of the difference between transaction money and money as a store of value. He has no idea of… pic.twitter.com/LGe3250ntQ

— AXEC (@EgmontHandtke) March 27, 2026

Occasional X: How it works (CDLXV)

 

“Modern Capitalism resembles Feudalism more and more.” (David Graeber Institute)

David Graeber never understood profit and, by consequence, how the economic system works.

The U.S. economy, as an example of a free-market economy, runs on profit. Macroeconomic profit is given by…

— AXEC (@EgmontHandtke) March 27, 2026

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

Economists — the masters of platitudes.

It's time to forget all those people who haven't done well in science. ⇓ pic.twitter.com/QkhmFu76Wx

— AXEC (@EgmontHandtke) March 26, 2026

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

Economists have never understood the difference between politics and science. This is why economics is failed/fake science to this day.

Economics has defined itself as a social science and accordingly has been based on subjective/behavioral assumptions/axioms. This is the lethal… pic.twitter.com/xZDCwq3BeU

— AXEC (@EgmontHandtke) March 26, 2026

Occasional X: Clueless economists / Money (XCXXIV)

“No, morons. The government's role makes it impossible to become insolvent in the money it makes. You don't create money.” (Michael Edwards)

You don't, but your neighbor does. There has always been private and public counterfeit money. For the Central Bank, the question is…

— AXEC (@EgmontHandtke) March 26, 2026

Occasional X: Clueless economists / Science (CCLXXXVIII)

 

Ragnar Frisch, too, got economics wrong. For details, see

EconoPhysics and Pluralismhttps://t.co/sYufU1NJ3y

It's time to forget all those people who haven't done well in science.

— AXEC (@EgmontHandtke) March 26, 2026

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)

Obviously, the denarius does not fit the definition of fiat money: “Fiat money or fiat currency is a type of…

— AXEC (@EgmontHandtke) March 26, 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)

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

— AXEC (@EgmontHandtke) March 25, 2026

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)

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

— AXEC (@EgmontHandtke) March 25, 2026

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

von Mises never understood profit, and by logical consequence, how the economic system works. This is self-disqualifying.

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

— AXEC (@EgmontHandtke) March 25, 2026

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

“You need to take some risks if you want to get wealthy.” (Michael Arouet)

Wealth doesn't come from taking risks, but from not losing world wars. Economists are too stupid to get their foundational concepts right.

— AXEC (@EgmontHandtke) March 25, 2026

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?)

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…

— AXEC (@EgmontHandtke) March 25, 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).

Economics has defined itself as a social science and accordingly has… pic.twitter.com/RfzgJoabhe

— AXEC (@EgmontHandtke) March 24, 2026

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)

Neither mainstream nor heterodox economists ever had any idea what… pic.twitter.com/pbZc2qR1Nm

— AXEC (@EgmontHandtke) March 24, 2026

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)

Neither mainstream nor heterodox economists had any idea what science is all about. They are… pic.twitter.com/ZrDO4ZYTg1

— AXEC (@EgmontHandtke) March 24, 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)

Prof. Engelhardt has no idea what profit is and how Capitalism works. This is self-disqualifying.

The free-market economy runs on profit.…

— AXEC (@EgmontHandtke) March 23, 2026

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

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.

Economics has defined itself as a social science and accordingly has been…

— AXEC (@EgmontHandtke) March 23, 2026

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?)

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

— AXEC (@EgmontHandtke) March 23, 2026

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)

Milton Friedman's hallmark was psychological triviality. He never understood profit and, as a consequence, how the economic system works. That's self-disqualifying.…

— AXEC (@EgmontHandtke) March 23, 2026

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

“The gap between stable countries and failed states is often just this: trust.” (Foundation for Economic Education)

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…

— AXEC (@EgmontHandtke) March 23, 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)

Time Preference never understood profit, and by logical consequence, how the economic system works.

The free-market economy runs on…

— AXEC (@EgmontHandtke) March 22, 2026

Related 'Mathematical Proof of the Breakdown of Capitalism'

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)

Economics is about how…

— AXEC (@EgmontHandtke) March 22, 2026

Occasional X: Economists are too stupid for macro accounting (IX)

“At its fundamental level, MMT is based on accurate accounting.” (Dr. Steve Keen)

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

— AXEC (@EgmontHandtke) March 22, 2026

Occasional X: Clueless economists / Profit (CXXXVIII)

“Profit is not a moral evil, it is a sign of material progress.” (Alice Smith)

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…

— AXEC (@EgmontHandtke) March 22, 2026

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

“Milton Friedman, 4 ways to spend money: …” (The Knowledge Archivist)

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…

— AXEC (@EgmontHandtke) March 22, 2026

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)

Macroeconomics is too big for microbrains. Austrians cannot grasp it; by logical consequence, they cannot grasp money.

Money is information. And…

— AXEC (@EgmontHandtke) March 22, 2026

Occasional X: Economists still get saving/dissaving and loss/profit wrong (VIII)

“capital accumulation requires savings. savings require low time preference.” (Time Preference)

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

— AXEC (@EgmontHandtke) March 21, 2026

Occasional X: Clueless economists / Price Mechanism (XII)

 

“inflation is always and everywhere a monetary phenomenon—milton friedman was correct” (Time Preference)

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

— AXEC (@EgmontHandtke) March 21, 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)

The history of economic thought is the history of scientific failure. The major approaches are…

— AXEC (@EgmontHandtke) March 20, 2026

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)

“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

— AXEC (@EgmontHandtke) March 20, 2026

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)

Handre has no idea how Capitalism works. This is self-disqualifying.

The Central Bank's main task is to…

— AXEC (@EgmontHandtke) March 20, 2026

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)

(i) Imagine two equal plots of land…

— AXEC (@EgmontHandtke) March 20, 2026

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

 

“free markets don't fail. distorted markets do” (Time Preference)

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 /…

— AXEC (@EgmontHandtke) March 19, 2026

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)

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

— AXEC (@EgmontHandtke) March 19, 2026

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

“Taxes do not 'raise money' they destroy money. Framing is important.” (MMT for Progressives)

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…

— AXEC (@EgmontHandtke) March 19, 2026

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)

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…

— AXEC (@EgmontHandtke) March 19, 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)

Carl Menger never understood profit and, by logical consequence, how the market system works. He disqualified himself in 1871. Since then,…

— AXEC (@EgmontHandtke) March 18, 2026

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)

Ayn Rand proved nothing. Her main defect has been that she did not know how the economy in general, and…

— AXEC (@EgmontHandtke) March 18, 2026

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)

This might be true or false. Either way, it is not economics.

Philosophy is not economics. Sociology…

— AXEC (@EgmontHandtke) March 18, 2026

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)

Neither… pic.twitter.com/bzT4iJ5t8A

— AXEC (@EgmontHandtke) March 18, 2026

Occasional X: Clueless economists / Money (XCXIX)

“… notice every fiat currency in history has failed …” (Handre)

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…

— AXEC (@EgmontHandtke) March 18, 2026

Occasional X: Clueless economists / Money (XCXXIII)

“HARNESSING INTERSTELLAR RADIATION TO MINE HARD MONEY. THIS IS ABSOLUTELY WILD.” (The Bitcoin Historian)

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…

— AXEC (@EgmontHandtke) March 18, 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)

Ayn Rand's main defect has been that…

— AXEC (@EgmontHandtke) March 17, 2026

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)

Handre is still recycling the… pic.twitter.com/XCUvxzqL1x

— AXEC (@EgmontHandtke) March 17, 2026

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)

The free-market system is, in the last instance, a quasi-Darwinian selection mechanism, i.e., the economic…

— AXEC (@EgmontHandtke) March 17, 2026

Occasional X: Clueless economists / Tax (VII)

“Taxation is theft—not metaphorically, but literally.” (Handre)

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

— AXEC (@EgmontHandtke) March 17, 2026

Occasional X: Scrap the EconNobel (XLXV)

 

“In 1974, Hayek received the Nobel Prize in Economics.” (F. A. Hayek Quotes)

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

— AXEC (@EgmontHandtke) March 16, 2026

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)

This sounds plausible to scientifically incompetent people. Economics has defined itself as a social science and accordingly has been… pic.twitter.com/h3vQXHfb1v

— AXEC (@EgmontHandtke) March 16, 2026

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)

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…

— AXEC (@EgmontHandtke) March 16, 2026

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

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

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…

— AXEC (@EgmontHandtke) March 16, 2026

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)

The same holds for Keynes's General Theory.

Because Marx got the… pic.twitter.com/qRkYiYeQ60

— AXEC (@EgmontHandtke) March 16, 2026

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)

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

— AXEC (@EgmontHandtke) March 16, 2026

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)

Elon Musk does not understand the difference between the creation of… pic.twitter.com/ZW9DICfZig

— AXEC (@EgmontHandtke) March 16, 2026

Occasional X: Clueless economists / Money (XCXIX)

“we work for worthless paper another man can print” (Time Preference)

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…

— AXEC (@EgmontHandtke) March 15, 2026

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)

Adam Smith never…

— AXEC (@EgmontHandtke) March 15, 2026

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)

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

— AXEC (@EgmontHandtke) March 15, 2026

Occasional X: Clueless economists / Profit (CXXXVII)

“The disdain of profit is due to ignorance.” (Friedrich Hayek)

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

— AXEC (@EgmontHandtke) March 15, 2026

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)

“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

— AXEC (@EgmontHandtke) March 15, 2026

Occasional X: Clueless economists / Money (XCXXIII)

 

“The entire global trading system until Richard Nixon took us off was tied to gold.” (Scott Bessent)

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…

— AXEC (@EgmontHandtke) March 14, 2026

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)

Idiotism repeats itself endlessly.

Economists have many explanations/excuses about why they have…

— AXEC (@EgmontHandtke) March 14, 2026

Related 'Scientific ignorance is political strength' 

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)

True wealth comes from resources, science, and…

— AXEC (@EgmontHandtke) March 14, 2026

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)

Economics has defined itself as a social science and accordingly has been based on… pic.twitter.com/D01e8MvWGY

— AXEC (@EgmontHandtke) March 14, 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.

The history of economic thought is the history of scientific failure. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are…

— AXEC (@EgmontHandtke) March 13, 2026

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)

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

— AXEC (@EgmontHandtke) March 13, 2026

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

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

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

— AXEC (@EgmontHandtke) March 13, 2026

Occasional X: Clueless economists / Price Mechanism (X)

“Deflation isn't an economic catastrophe; …” (Handre)

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

— AXEC (@EgmontHandtke) March 13, 2026