Occasional X: How it works (DIII)

“Marx explained the basic contradiction over 150 years ago. Competition compels each capitalist to raise productivity and cheapen commodities because doing so increases relative surplus-value and gives them an advantage over competitors.” (Dohaciel Ygzgzot)

This is the problem… pic.twitter.com/pRePIrVMRd

— AXEC (@EgmontHandtke) August 17, 2026

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

“Ludwig von Mises rebuilt economics from the foundation up, and a comparison to Einstein is not flattery: …” (Handre)

Every comparison of economics with physics is an unforgivable insult to physics. Physics is science; economics is cargo cult science. ⇓

Austrians in general,… pic.twitter.com/idNYAHThKG

— AXEC (@EgmontHandtke) August 16, 2026

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

“'workers produce all the value, capitalists just own' is the labor theory of value. it's wrong. marx knew it was wrong. the entire economics profession knew it was wrong by 1871. value isn't determined by how much labor went into something. it's determined by how much someone…

— AXEC (@EgmontHandtke) August 16, 2026

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

“It is often in these dispersed observations made in his letters that we can better appreciate Ricardo, the man and the fundamental decency and gentleness of his character, and Ricardo, not only as one of the founders of political economy, but a deep thinker about the limits of…

— AXEC (@EgmontHandtke) August 16, 2026

Occasional X: There is an absolute limit to the growth of public debt (VI)

“Almost there ... $40 trillion. 42% of all income taxes collected goes to paying interest on the US National Debt. US govt debt growing at $2.1 trillion per year. Most and more of the US govt budget is being swallowed by interest payments.” (Wall Street Mav)

The debt debate…

— AXEC (@EgmontHandtke) August 16, 2026

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

 

“This SEP entry on Capitalism is garbage. I would recommend a full, clean reboot.” (Otto Letho)

The History of Economic Thought is the history of scientific failure.

Friedrich Hayek never understood profit and, by logical consequence, how the economic system works. This is… pic.twitter.com/lBv5n6DXWw

— AXEC (@EgmontHandtke) August 15, 2026

Occasional X: Clueless economists / Science (CCCLXXVI)

“The answer to the water-diamond paradox falsified Marx’s assumption that value is derived from labor. Adam Smith in 1776 couldn’t answer why diamonds cost a bundle whereas water costs almost nothing in comparison although it’s necessary for survival. Carl Menger figured out that… pic.twitter.com/Febjk7TCYX

— AXEC (@EgmontHandtke) August 15, 2026

Occasional X: The futile attempt to recycle Marx (LX)

“People are blowing this out of proportion because some economists got upset bc Marx, who is legitimately one of the greatest thinkers on capitalism, gets his proper place in the history of economics.” (Joshua)

The crucial point with Marx/ Socialism/ Communism/ Capitalism is…

— AXEC (@EgmontHandtke) August 14, 2026

Occasional X: Clueless economists / Science (CCCLXXV)

“A lot of negative comments by fellow economists on this interesting and engaging discussion of the topic of capitalism, …” (Matias Vernengo)

The History of Economic Thought is the history of scientific failure.

Economics has been failed/fake science since the founding…

— AXEC (@EgmontHandtke) August 14, 2026

Occasional X: Clueless economists / Science (CCCLXXIV)

“According to this account, the two necessary conditions for capitalism are the free market and private property. Arguably, Milton Friedman's (1962) and Friedrich Hayek's (1944) distinctive variants of this approach have been the most influential. For capitalism to exist, there…

— AXEC (@EgmontHandtke) August 13, 2026

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

The History of Economic Thought is the history of scientific failure.

Economics has been failed/fake science since the founding fathers. It has defined itself as a social science and accordingly has been based on subjective/behavioral assumptions/axioms. This is the… pic.twitter.com/siio7WsVM6

— AXEC (@EgmontHandtke) August 13, 2026

Occasional X: Clueless economists / Breakdown (XXVIII)

“Interest on the national debt will surpass $1.3 trillion this fiscal year; if Congress doesn't get its act together and cut spending, the bond vigilantes will eventually force that change; w/ $40 trillion in debt, it may come sooner than you think... Interest on the debt was a…

— AXEC (@EgmontHandtke) August 13, 2026

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

“NEW: income inequality in US & UK is so wide that while the richest are very well off, the poorest have a worse standard of living than the poorest in countries like Slovenia. Essentially, US & UK are poor societies with some very rich people.” (John Burn-Murdoch)

The…

— AXEC (@EgmontHandtke) August 13, 2026

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

 

“My new Conversation with Daron Acemoglu, most of all about his new book on liberalism, …” (Tyler Cowen)

Neither Daron Acemoglu nor Tyler Cowen ever understood profit and, consequently, how the economic system works. Their conversation is the usual political disinfotainment.… pic.twitter.com/jEr2cq1WrX

— AXEC (@EgmontHandtke) August 13, 2026

Occasional X: Clueless economists / Profit (CLX)

“The Marxian definition is the most parsimonious: a social-economic structure in which production (& hence human activity) is decided by the expansion of value in monetary form.” (bevelymantle)

The crucial point with Marx/Socialism/Communism/Capitalism is whether Marx understood…

— AXEC (@EgmontHandtke) August 12, 2026

Occasional X: Clueless economists / Profit (CLIX)

“Javier Milei names his favorite economists Murray Rothbard, Ludwig von Mises, Friedrich von Hayek, Henry Hazlitt, Gary Becker, Milton Friedman, etc.” (Hayek Quotes)

Murray Rothbard never understood profit. Consequently, he never understood how the economic system works. The… pic.twitter.com/sCcXwS0MnX

— AXEC (@EgmontHandtke) August 12, 2026

Related 'The futile attempt to recycle Austrianism (CXIX)' 

Occasional X: Clueless economists / Science (CCCLXXIII)

“Three years in the making, and it’s finally out!” (Chiara Cordelli)

The History of Economic Thought is the history of scientific failure.

Economics has been failed/fake science since the founding fathers. It has defined itself as a social science and accordingly has been based…

— AXEC (@EgmontHandtke) August 12, 2026

Occasional X: Scrap the EconNobel (XLXVIII)

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/PKzk1CA5ih

— AXEC (@EgmontHandtke) August 12, 2026

Occasional X: How it works (DII)

“The 2008 financial crisis did not appear out of nowhere. It was manufactured, step by step, by the Federal Reserve, Congress, and a constellation of Wall Street banks who all correctly understood that the government would socialize their losses.” (Handre)

Handre never…

— AXEC (@EgmontHandtke) August 12, 2026

Occasional X: Clueless economists / Employment (XXXVII)

“Hayek and Keynes are remembered as fierce intellectual rivals. What’s less known is that the two were actually friends who held each other in high regard.” (Hayek Quotes)

Neither Hayek nor Keynes got employment theory right. Scientific incompetence was what they had in common.… pic.twitter.com/YYG7YLRhKx

— AXEC (@EgmontHandtke) August 11, 2026

Occasional X: Clueless economists / Science (CCCLXXII)

“The Republic, written around 380 BC, describes a city where philosopher-kings govern by virtue of superior wisdom, where private property disappears for the guardian class, where poets get expelled for corrupting the young, and where eugenicists manage reproduction.” (Handre)… pic.twitter.com/ZHGyHTmZHP

— AXEC (@EgmontHandtke) August 10, 2026

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

“The biggest take away from Austrian economics is that the entire economy is made up of millions of small decisions by millions of humans minute by minute.” (Handre)

And the Austrians discovered that? WOW! That would be awesome if it weren't so trivial!

Of course, systemic… pic.twitter.com/CDbX1VEhnO

— AXEC (@EgmontHandtke) August 10, 2026

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

 

“Murray Rothbard sat down and wrote Man, Economy, and State in 1962, and produced what remains the most rigorous reconstruction of economic theory from first principles ever attempted by a single human mind. You should treat this book the way physicists treat Newton's Principia:… pic.twitter.com/ZKOJWJewyN

— AXEC (@EgmontHandtke) August 10, 2026

Occasional X: How it works (DI)

“Eugen von Böhm-Bawerk sat in Vienna in 1884 and published Capital and Interest, and in doing so dismantled every socialist theory of exploitation that Karl Marx spent decades constructing. His weapon was time preference. You value a dollar today more than a dollar next year.… pic.twitter.com/NnXyjdekOS

— AXEC (@EgmontHandtke) August 9, 2026

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

“We must look at the price system as such a mechanism for communicating information if we want to understand its real function.” (Friedrich Hayek, quoted by Foundations for Economic Education)

Don't look at the price system; that's Hayek's misdirection or communicative magic.…

— AXEC (@EgmontHandtke) August 9, 2026

Correction: “This core magic technique is called misdirection ..." is from the Google AI prompt.

 

Occasional X: Clueless economists / Profit (CLVIII)

“IN THIS HOUSE, WE DERIVE: THE INVISIBLE HAND THEOREM FROM THE RATIONAL CHOICE POSTULATE VIA INSTITUTIONAL ANALYSIS THAT'S THE MAINLINE OF ECONOMICS FROM ADAM SMITH TO VERNON SMITH.” (Nathan Goodman, quoted by Peter Boettke)

The mainline has always been false.

The founding… pic.twitter.com/qtfQTU0Ghd

— AXEC (@EgmontHandtke) August 8, 2026

Occasional X: Clueless economists / Money (CXLXI)

 

“The characteristic which has been traditionally supposed to render gold especially suitable for use as the standard of value, namely, its inelasticity of supply, turns out to be precisely the characteristic which is at the bottom of the trouble.” (J. M. Keynes, quoted by… pic.twitter.com/ecaeRq7A3M

— AXEC (@EgmontHandtke) August 8, 2026

Occasional X: Clueless economists / Money (CXLX)

“Mises argued that inflation is the increase in the money supply, not the resulting rise in consumer prices.” (Christina Pushaw)

von Mises's monetary theory is provably false.

For the axiomatically correct approach, see the working paper ⇒
The Dark-Matter Theory of Fiat Money…

— AXEC (@EgmontHandtke) August 7, 2026

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

 

“Milton Friedman on 4 ways to spend money:

1) Your money on yourself (you’re careful about both cost and quality)
2) Your money on others (you care about cost, less about quality)
3) Someone else’s money on yourself (you care about quality, not cost)
4) Someone else’s money on…

— AXEC (@EgmontHandtke) August 7, 2026

Occasional X: How it works (D)

“Capitalism is very good at producing wealth. What it is not particularly good at is making sure that wealth, productive capacity, and human needs actually line up. That was one of the lessons Keynes took from the Great Depression. …The conventional answer was that markets would… pic.twitter.com/LrAe3wZ6Fv

— AXEC (@EgmontHandtke) August 7, 2026

Occasional X: Clueless economists / Science (CCCLXXI)

“The market is essentially an ordering mechanism, growing up without anybody wholly understanding it, that enables us to utilize widely dispersed information about the significance of circumstances of which we are mostly ignorant.” (quoted by Hayek Quotes)

Friedrich Hayek never… pic.twitter.com/37QznhOuMk

— AXEC (@EgmontHandtke) August 6, 2026

Related 'Capitalism, poverty, exploitation, and cross-over exploitation'

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

“Economics as tool for the curious and compassionate.” (Peter Boettke)

“Economics as tool for the stupid and corrupt.” (AXEC)

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

— AXEC (@EgmontHandtke) August 6, 2026

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

“In terms of research, he made major contributions in multiple fields of economics. And, outside academia, he has arguably been the most influential economist of the past 60 years — and not just in the United States. Selling policy advice based on economic theory... We could use… pic.twitter.com/W72J5m2KQ6

— AXEC (@EgmontHandtke) August 5, 2026

Occasional X: How it works (CDXCIX)

 

“The first and most important equation in the world of money looks like this:

FV = PV × (1 + r)^n

That is it. Five symbols. Let me translate them into human.

FV = future value. What your money will be worth later.
PV = present value. What you have now.
r = rate of return per… pic.twitter.com/q7EJR3IjUc

— AXEC (@EgmontHandtke) August 5, 2026

Occasional X: Clueless economists / Science (CCCLXX)

“I think one thing Marxists would take good care to note is that Marx’s critique of political economy was primarily targeted towards the classicals, … but the Ecomomic Sciences has long moved on the Classicals.” (Nikolai Rostov)

Actually, this is irrelevant. What Marx wanted…

— AXEC (@EgmontHandtke) August 5, 2026

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

“Much of what is said about economics is little better than gaslighting....” (Richard Murphy)

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.… pic.twitter.com/HrCFYkAEX8

— AXEC (@EgmontHandtke) August 4, 2026

Occasional X: Clueless economists / Science (CCCLXIX)

“Ricardo begins with the simplest case: the commodities are produced by one type of labor alone, working perhaps on free land (I, 12 ff.) In this simplest case the relative values of commodities will clearly equal the relative quantities of labor necessary to produce them, and… pic.twitter.com/UWrvJdMR6x

— AXEC (@EgmontHandtke) August 4, 2026

For more on Ricardo, see the AXECblog. 

Occasional X: Clueless economists / Science (CCCLXVIII)

“The beauty of Austrian economics is that it springs from real human action and does not depend upon the construction of abstract mathematical models meant to parallel reality.” (James Anthony)

Austrianism is a cargo cult science, and Austrians are look-alike scientists. How do…

— AXEC (@EgmontHandtke) August 3, 2026

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

 

“Let me offer a sensible middle ground between rigid empiricism (inductivism) and Praxeology, which is rigid deductivism.” (Nikolai Rostov)

No, there is no middle ground between true and false. Austrianism is provably false. If Austrianism were to disappear overnight, this would… pic.twitter.com/b4REJ72Bze

— AXEC (@EgmontHandtke) August 3, 2026

Occasional X: Clueless economists / Value (II)

“In 1871, Menger published his groundbreaking Principles of Economics, arguing that the value of a good is not determined by the labour required to produce it, but by the subjective importance individuals place on it. Value is not objective or embodied in objects. It is marginal… pic.twitter.com/mRXVWf9BjI

— AXEC (@EgmontHandtke) August 3, 2026

Related 'The value of water and diamonds: back to square one' and 'Value — the Bermuda Triangle for economic theories'

Occasional X: Clueless economists / Science (CCCLXVII)

 

“Among the great economists of the Austrian School, Javier Milei is achieving something that seemed reserved for the dreams of a few idealists: uniting theory and practice on an unprecedented scale.” (Diego Angulo)

Austrianism is failed/fake science. Therefore, it's the usual… pic.twitter.com/ulwr8kdQiy

— AXEC (@EgmontHandtke) August 2, 2026

Occasional X: Clueless economists / Science (CCCLXVI)

“Economics is, as Knight, Mises, Hayek and Buchanan taught, is a science, just a unique science dealing with human action and social relations.” (Peter Boettke)

When economists are told that economics does not satisfy the scientific standards of material and formal consistency,… pic.twitter.com/XBzOtXaPV6

— AXEC (@EgmontHandtke) August 2, 2026

For more about J. S. Mill, see AXECquery. 

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

“As Ludwig von Mises showed, economics is the study of human behaviour. And the tools of economics can explain far more than markets, prices and production - they can illuminate almost every aspect of human behaviour.” (Creative Deduction)

No, economics is not 'the study of… pic.twitter.com/bExzWDLwM2

— AXEC (@EgmontHandtke) August 2, 2026

Occasional X: AI — boosting scientific competence in economics (XV) / Axiomatization

“AI is solving some of mathematics hardest long-running open problems (impressive indeed). Can it also solve some of the hardest open problems in economics?” (Atif Mian, quoted by Potus Rendahl)

No. This has already been tried, but AI is trained on the old stuff and cannot… pic.twitter.com/W8i6MTXMmi

— AXEC (@EgmontHandtke) August 2, 2026

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

“Milton Friedman gets a lot of cheap shots thrown at him, but he is the best communicator of economic ideas I have ever encountered.” (Peter Boettke)

After a lot of cheap shots, Milton Friedman got the refutation bullet right through his head.

Milton Friedman never understood… pic.twitter.com/pWyRa2BA6a

— AXEC (@EgmontHandtke) August 2, 2026

Occasional X: Clueless economists / Equilibrium (IV)

“My last update for my general proof/summary of general equilibrium.” (Nikolai Rostov)

Learn to read and think. Equilibrium is long gone.

For details, see
Forget equilibriumhttps://t.co/EUMjE0oyEM

— AXEC (@EgmontHandtke) August 2, 2026

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

“Upon rereading the works of Lord Keynes I can see his knack and aspirations for genuine innovation (in the economic sciences) but his language is extremely tortured, and oftentimes he falls to tautology.” (Nikolai Rostov)

Keynes, too, misunderstood the concept of profit because… pic.twitter.com/eHc1eDPxYG

— AXEC (@EgmontHandtke) August 2, 2026

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

“that moment as a kid when you realize that you're definitely an austrian” (Robert Murphy)

No competent scientist can ever become an Austrian. Robert Murphy never understood profit, and by logical consequence, how the economic system works. This is self-disqualifying and… pic.twitter.com/8jb8V2Q8uz

— AXEC (@EgmontHandtke) August 2, 2026

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

 

“I prefer true but imperfect knowledge, even if it leaves much indetermined and unpredictable, to a pretence of exact knowledge that is likely to be false.” (Friedrich Hayek)

This is one of the most revealing propositions in the field of methodology. It immediately proves that…

— AXEC (@EgmontHandtke) August 1, 2026

Occasional X: How it works (CDXCVIII)

“Argentina's Milei Borrows Warren Buffett's Idea To Punish Deficit-Spending Politicians.” (zerohedge)

Javier Milei never understood profit, and by logical consequence, how the economic system works. He bases his policies on Austrian economics. Austrianism has always been…

— AXEC (@EgmontHandtke) August 1, 2026

Occasional X: How it works (CDXCVII)

“Nobody will dare to stop inflation because to discontinue inflation will inevitably cause extensive unemployment. So assuming inflation stops it will quickly be resumed.” (Friedrich Hayek)

That's wrong. Friedrich Hayek never understood profit and, by logical consequence, how… pic.twitter.com/x8MXqOC0EX

— AXEC (@EgmontHandtke) August 1, 2026

Related 'Cross-references: Employment/Phillips Curve'

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

“Sometimes it amazes me how smart Friedman was despite having such retarded prioris. With his IQ level and math knowledge that he had he should have been Bob Lucas.” (Tabris)

Milton Friedman never understood profit, and by consequence, how the economic system works. Neither did…

— AXEC (@EgmontHandtke) July 31, 2026

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

“Modern mass democracy, especially when coupled with bureaucracy, creates uniquely powerful incentives for the production, consumption, and institutionalization of unreality.” (Joshua Mawhorter)

Economists are traditionally masters of institutionalized production of scientific…

— AXEC (@EgmontHandtke) July 31, 2026

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

“Government creates the inflation, then blames the market.” (Milton Friedman, quoted by The Atlas Society)

Milton Friedman never understood profit and, as a logical consequence, how the economic system works. That's self-disqualifying and a shame for academia.

As a result, his…

— AXEC (@EgmontHandtke) July 31, 2026

Occasional X: There is an absolute limit to the growth of public debt (V)

“Interesting new research by Barry Eichengreen et al.: governments undertake fiscal consolidation not when public debt is high, but when debt-service costs become burdensome.” (Phillip Heimberger)

Even people who are not very intelligent should have understood this from the post…

— AXEC (@EgmontHandtke) July 31, 2026

Occasional X: Clueless economists / Profit (CLVII)

“My firm is robots only, with no human living labour, and I produce suplus and profit....where does that come from? If not by living labour embedded within the commodity by the workers, then it should not be there, and yet it is. How?” (Kell Morr)

Too bad that your robots can't…

— AXEC (@EgmontHandtke) July 31, 2026

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

Sales promotions don't help.

Economics has been failed/fake science since the founding fathers. It has defined itself as a social science and accordingly has been based on subjective/behavioral assumptions/axioms. This is the methodological ur-mistake.

Economics is about how…

— AXEC (@EgmontHandtke) July 31, 2026

Occasional X: Clueless economists / Money (CXLIX)

“The scandal of the free banking era: you couldn't be sure bank notes were backed by gold.” (infineo, quoted by Robert Murphy)

The idea that transaction money has to be backed by gold ranks among the dumbest of all time. Transaction money is 'born' fiat money.

Robert Murphy's…

— AXEC (@EgmontHandtke) July 31, 2026

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

“Economists think about what people ought to do. Psychologists watch what they actually do.” (Daniel Kahneman, quoted by Robert Murphy)

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

— AXEC (@EgmontHandtke) July 31, 2026

Occasional X: How it works (CDXCVI)

 

“Muh profit is theft!!!! Whereas in the real world, Marx’s own labor theory of value was dead by volume 3 of Capital after treating it as iron law in volume 1. Böhm-Bawerk asked a simple question: why does capital earn a return at all?” (Rothmus)

The short answer is that both… pic.twitter.com/8iBg6rcYtJ

— AXEC (@EgmontHandtke) July 30, 2026

 

Notice: Improved version

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

“I cannot stand the AI generated posts from economicst here anymore. ” (Ivan Werning)

Economics has been failed/fake science before AI. ⇓ Social Media/AI change the form, not the substance. Scientifically, the representative economist is still a bad actor.

The major approaches… pic.twitter.com/6AnPgz31Lw

— AXEC (@EgmontHandtke) July 30, 2026

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

“stop pitting economic subfields against each other” (Khoa Vu)

The fact is that legacy economics is provably false. Therefore, its subfields are inconsistent. Contradictions are endless.

The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their… pic.twitter.com/Bv8k4BvqdV

— AXEC (@EgmontHandtke) July 29, 2026

Occasional X: How it works (CDXCV)

 

“Two economists published a mathematical proof that AI will destroy the economy. It’s called 'The AI Layoff Trap' and it exposes a devastating economic contradiction that every CEO can see coming, and none of them can stop.” (How to Prompt)

Actually, this is the old problem of a… pic.twitter.com/LpVeB5NCXJ

— AXEC (@EgmontHandtke) July 29, 2026

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

“Holy cow, I am older now than tylercowen was in this photo. I took his macro course the previous Fall semester.” (Jeremy Horpedahl)

Holy cow, macro was provably false when Tyler Cowen was a young man, and these days Jeremy Horpedahl is still groping in the scientific dark.… pic.twitter.com/y2b3L2Urph

— AXEC (@EgmontHandtke) July 28, 2026

Occasional X: How it works (CDXCIV)

“How did past societies end their disintegrative periods? A critical step is reversing the root cause of crisis—the perverse wealth pump that takes from the common people and gives to the elites. As described in End Times, good times breed complacency among the governing elites.”…

— AXEC (@EgmontHandtke) July 28, 2026

For more on the profit/wealth pump, see  AXECquery. 

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

“This was undoubtedly the best week of my life. All the knowledge acquired, people I met and the chats with the faculty will forever remain at my heart. Thank you a lot @mises and all the donors.” (João Weber)

It looks like the next generation of Austrians will be put in place…

— AXEC (@EgmontHandtke) July 28, 2026

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

“Taxation of earnings from labor is on a par with forced labor. Seizing the results of someone's labor is equivalent to seizing hours from him and directing him to carry on various activities.” (Robert Nozick)

Not true. Another philosophy built on provably false economics.

The…

— AXEC (@EgmontHandtke) July 27, 2026

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

“So, GDP can be measured also by adding up everyone’s incomes – wages, salaries, interests, profits, and government income. GDP and national income are therefore two sides of the same coin.” (Partha Dasgupta)

This is the foundational error of legacy economics. Partha Dasgupta's…

— AXEC (@EgmontHandtke) July 27, 2026

Occasional X: How it works (CDXCIII)

“Getting this under control is theoretically doable, but it would be extremely painful and politically difficult. In 2002, Britain's national debt was around £350 billion, representing roughly 29% to 30% of GDP. Fast-forward to now and the debt has surpassed £2.8 trillion.”…

— AXEC (@EgmontHandtke) July 27, 2026

Occasional X: Clueless economists / Science (CCCLXV)

“To understand our civilization, one must appreciate that the extended order resulted not from human design or intention but spontaneously.” (quoted by Hayek Quotes)

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

— AXEC (@EgmontHandtke) July 27, 2026

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

 

“I, quietly sitting in the back of the car, felt it like a force of nature, like hundreds of waterfalls dropping into the sea: the crystal sound of her voice, the verve and the high tones, the trailing off at the end of the sentences, the questions half-asked …” (Branko… pic.twitter.com/KwHhxsmtoL

— AXEC (@EgmontHandtke) July 27, 2026

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

 

“Of primary importance is thinking like an economist, that is to say, to think of what is an issue, what are potential explanations pertaining to it, and which explanation is the most tractable and intuitive.” (Nikolai Rostov)

The fact is that economics is provably false.…

— AXEC (@EgmontHandtke) July 26, 2026

Occasional X: Clueless economists / Science (CCCLXIV)

“Apparently close to 60% of academic Econs are 'all in' on using AI and agents in their research — at least according to a poll just now during the @nberpubs household finance talk by Paul Goldsmith-Pinkham.” (Stefanie Stantcheva, quoted by Ben Golub)

The founding fathers have…

— AXEC (@EgmontHandtke) July 26, 2026

For more on AI, see AXECquery. 

Occasional X: Clueless economists / Science (CCCLXIII)

“Virtually all economics since Ricardo been based on equilibrium paradigm.” (Richard Werner)

Richard Werner is right. Ricardo got methodology wrong. Moreover, he got the foundational concept of economics — profit — wrong. As a consequence, he never understood how the economic… pic.twitter.com/pCeqOGYt9d

— AXEC (@EgmontHandtke) July 25, 2026

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

 

“Everything I wrote here below is trivially true. I mean *trivially* … ” (Branko Milanovic)

The fact is that your Economics is provably false. Therefore, the probability that your History is accurate is approximately zero. Anybody with an “intelligence above 1/2 of the median… pic.twitter.com/5xr37efPY3

— AXEC (@EgmontHandtke) July 25, 2026

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

“Professor Walter E. Williams offers a simple but powerful reframe of something we do every day without thinking about it: buying something. When you hand over money for a gallon of milk, you're not just 'getting milk.' You're engaging in a mutual transfer of property rights. You… pic.twitter.com/Vauml6Sz39

— AXEC (@EgmontHandtke) July 24, 2026

Occasional X: Clueless economists / Science (CCCLXII)

“Price spikes don’t create shortages, they reveal them. ehsanmousavi4 explains why profits guide the market’s response when uncertainty hits.” (Foundations for Economic Education)

Friedrich Hayek never understood profit and how the markets function.

(i) The free-market system…

— AXEC (@EgmontHandtke) July 24, 2026

Occasional X: Economics is scientifically worthless, so are its prizes (IV)

 

“So this just happened.” (Vincent Geloso)

Economics is a cargo cult science; prizes are an important part of it. ⇓

Economics has been failed/fake science since the founding fathers. It has defined itself as a social science and accordingly has been based on… pic.twitter.com/hKANamkT9E

— AXEC (@EgmontHandtke) July 24, 2026

Occasional X: Clueless economists / Profit (CLVI)

 

“We contribute to the debate on the production of ideas by examining the scientific output of an entire field. We map the evolution of economic research by classifying 300,000 articles published in 1950–2020 using text analysis methods.” (Inclusive Productivity Network)

It's… pic.twitter.com/GPU6fs2kIw

— AXEC (@EgmontHandtke) July 23, 2026

Occasional X: How it works (CDXCII)

“Becoming wealthy is relatively easy. It requires hard work and discipline.” (Michael Arouet)

Wealth has not much to do with 'hard work and discipline'. Michael Arouet never understood profit and, by consequence, how the economic system works.

The U.S. economy is known to run…

— AXEC (@EgmontHandtke) July 22, 2026

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

“Boudreaux reflects on his many years teaching a graduate seminar on Smith at George Mason University, the layers of insight he continues to discover on each re-read …” (Hayek Program)

Next to discover: Adam Smith was not an original thinker, not a scientist, not an economist;… pic.twitter.com/CXRlrScVMn

— AXEC (@EgmontHandtke) July 22, 2026

Occasional X: How it works (CDXCI)

“The final stages of capitalism, Karl Marx predicted, would be marked by global capital being unable to expand and generate profits at former levels.” (Chris Hedges)

Actually, Capitalism can produce macroeconomic profit at will.

Chris Hedges does not understand profit, and by…

— AXEC (@EgmontHandtke) July 22, 2026

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

 

“Thanks for years of sharp monetary policy takes on Macro Musings. Here's to another year of great conversations!” (Macro Musing)

Economics has never been science, but disinfotainment. Macro Musings is proof.

Economics has been failed/fake science since the founding fathers. It… pic.twitter.com/ph4UJZfZrL

— AXEC (@EgmontHandtke) July 22, 2026

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

“The Welfare State is merely a method for transforming the market economy step by step into socialism.” (Ludwig von Mises)

Not true.

The simplified national accounts below ⇓ show two economies, one (0) without tax, and one (1) with tax.

In (0), the workers spend their entire… pic.twitter.com/FzHGABIYAj

— AXEC (@EgmontHandtke) July 21, 2026

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

“Still can't believe Paul Krugman of all people dared to write this, lol.” (Connor Boyack)

Economics has been failed/fake science since the founding fathers, and Paul Krugman was part of this. Moreover, he profited very much from being a failed/fake scientist. He was…

— AXEC (@EgmontHandtke) July 21, 2026

Occasional X: Clueless economists / Price Mechanism (XVIII)

“Marxists can never understand the functioning of the market. They believe it’s the costs which determine prices.” (Friedrich Hayek)

The question is whether Friedrich Hayek ever understood the 'functioning of the market'.

The social ontology of prices says that the free-market…

— AXEC (@EgmontHandtke) July 20, 2026

Occasional X: Clueless economists / Money (CXLVIII)

“EXTREMELY ALARMING. Jeffrey Epstein says there would be 'RUNS on the bank' if the public knew how the banking system works.” (Noah Price)

No, that's only alarming for half-brainers.

That money is created out of nothing and backed by nothing is NOT the critical point of a fiat… pic.twitter.com/SbO4SNjyOd

— AXEC (@EgmontHandtke) July 20, 2026

Occasional X: Clueless economists / Science (CCCLXI)

“The problem is the axiomatic approach. You have adopted it. You're not part of the solution.” (Richard Werner)

Actually, every scientist has adopted it. Axiomatisation means not much more than stating one's premises as clearly as possible.

“When the premises are certain, true,… pic.twitter.com/cIYtgekRJ4

— AXEC (@EgmontHandtke) July 20, 2026

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

Throughout the history of economics, there are few things that are more absurd than people who consider themselves as heirs/promoters of Paul Samuelson. For details, see

The father of modern economics and his imbecile kidshttps://t.co/MAgH2tehjm

— AXEC (@EgmontHandtke) July 20, 2026

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

“Okay, lets have some fun with this: …” (Thies)

Now comes the usual shell game with definitions, that has been typical for mathematically incompetent Keynesians since the beginning. All this kindergarten stuff was refuted a long time ago. See the working paper

Keynes’s Missing… pic.twitter.com/YeWK3S2Obx

— AXEC (@EgmontHandtke) July 19, 2026

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

“But for money, the whole economy (state and other countries included) is always zero sum. It just has to.” (Thies)

Yes, obviously you have not understood the chart. From the fact that the balances add up to zero (line 11) does NOT follow I=S, it follows Qm≔-Sm. See the… pic.twitter.com/p97m6fYmnF

— AXEC (@EgmontHandtke) July 19, 2026

 

***

Graphic AXEC143g  Standardization of the notation

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

“S = I is still true. If I falls below S, the economic output (y) adjusts (downwards) untill S = I aligns again.” (Thies)

Not true. The saving of the household sector is absolutely independent of the investment of the business sector.

The key concept for the understanding of… pic.twitter.com/nDC4h8cDcy

— AXEC (@EgmontHandtke) July 19, 2026

Occasional X: Clueless economists / Science (CCCLX)

 

“In both ecosystem and economy, survival rewards efficiency. Inefficiency is punished by extinction.” (Michael Rothschild)

Wrong analogy.

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

— AXEC (@EgmontHandtke) July 19, 2026

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

“If you put the federal government in charge of the Sahara Desert, in five years there’d be a shortage of sand.” (Milton Friedman)

“If you put academic economists in charge of Science, in five years there’d be a shortage of brains.” (AXEC)

— AXEC (@EgmontHandtke) July 18, 2026

Occasional X: Clueless economists / Profit (CLV)

“Will big-time deployment of AI increase the rate of profit or decrease it? Most people agree that total mass of profits will go up, and that the capital share of national income will increase. but that still does not guarantee rising rate of profit because the quantity and value… pic.twitter.com/lLfdsfkaOy

— AXEC (@EgmontHandtke) July 18, 2026

Occasional X: Clueless economists / Power (II)

“Tyranny is the exercise of power beyond right.” (John Locke)

Historically, there has been a decline in public tyranny and an increase in private tyranny. Economists warn against the wrong tyranny.

The U.S. economy runs on profit. Macroeconomic profit is given by the…

— AXEC (@EgmontHandtke) July 18, 2026

Occasional X: How it works (CDXC)

“While history runs its course, it is not history to us. It leads us into an unknown land, and but rarely can we get a glimpse of what lies ahead.” (Friedrich Hayek)

No true. We know from elementary math that the breakdown of Capitalism lies ahead.

Capitalism runs on profit.…

— AXEC (@EgmontHandtke) July 18, 2026

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

“China owns ~248,000 acres of American farmland. America owns 0 acres in China. Our past leaders sold us out. Time for Trump to take all of our land back for free.” (MAGA Posts)

The axiomatically correct macroeconomic profit formula is as follows: Qm:=Yd+(I−Sm)+(G−T)+(X−M).…

— AXEC (@EgmontHandtke) July 18, 2026

Occasional X: Clueless economists / Science (CCCLIX)

“A young friends graduating in STEM, but interested in economics/politics & Marxism, asked me for advice what to read, where to start.” (Branko Milanovic)

Forget legacy economics.

The founding fathers have defined economics as a social science, and accordingly, it has been… pic.twitter.com/a7VhrUxndL

— AXEC (@EgmontHandtke) July 18, 2026

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

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… pic.twitter.com/2ZqZ6BiYom

— AXEC (@EgmontHandtke) July 17, 2026

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

“As the father of modern economics Adam Smith wrote, we should “allow every man to pursue his own interest his own way, upon the liberal plan of equality, liberty and justice.” (Adam Smith, quoted by Foundations for Economic Education)

This may be true or false… pic.twitter.com/7S4foAMl5U

— AXEC (@EgmontHandtke) July 17, 2026

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

 

“Keynes was so convinced that he was more clever than all the other people that he thought his instinct told him what ought to be done, and he would invent a theory to convince people to do it.” (Friedrich Hayek)

Hayek never got it: “Economics is the study of the economy, not… pic.twitter.com/RitYaA9Xnf

— AXEC (@EgmontHandtke) July 17, 2026

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

“When leftists run out of arguments, which usually happens quite fast, they simply call their opponents 'far-right.' If freedom, reducing poverty, fighting bureaucracy, driving growth and prosperity for all are far-right, please call me far-right as well. Who else is with me?”… pic.twitter.com/lUJdSiauyc

— AXEC (@EgmontHandtke) July 16, 2026

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

“Does the free market naturally push prices down?” (Mises Media)

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… pic.twitter.com/1MZKRrfSQj

— AXEC (@EgmontHandtke) July 16, 2026

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

“Argentina as the ambivalence of the multipolar world. It (unjustifiably) defeats Egypt and thus the Global South. But then it defeats England and makes a point for the Global South.” (Branko Milanovic)

Whatever this is, it is not economics.

Economics has defined itself as a… pic.twitter.com/ErdM5EBwvR

— AXEC (@EgmontHandtke) July 16, 2026

Related 'From PsySoc to SysHum'

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

“In 1969, as America debated whether to end the military draft, a US Army general told a presidential commission he did not want to command an army of mercenaries. Milton Friedman answered him: 'General, would you rather command an army of slaves?'” (Milton Friedman, quoted by…

— AXEC (@EgmontHandtke) July 16, 2026

Occasional X: Clueless economists / Science (CCCLVIII)

 

“How is order produced from freedom of choice? That is a scientific mystery, and prices are the biggest clue to the solution.” (Tyler Cowen and Alex Tabarrok, quoting Vernon Smith)

Tyler Cowen and Alex Tabarrok never understood profit and, as a consequence, how the economic… pic.twitter.com/6UfXD9o0fj

— AXEC (@EgmontHandtke) July 15, 2026

 

Related 'Profit and the collective failure of economists' 

 

Occasional X: Clueless economists / Tax (X)

“Higher spending means that government will command a larger fraction of the nation’s resources, private individuals a smaller fraction.” (Milton Friedman)

This is the usual taxes-are-theft meme.

Taxes as such are not theft. Of course, they can become a kind of theft if, for… pic.twitter.com/JJRFv5P1Tg

— AXEC (@EgmontHandtke) July 15, 2026

Occasional X: Clueless economists / Money (CXLVII)

“You've always been told that the German hyperinflation of 1923 was a tragic economic accident. A natural catastrophe that befell the Weimar Republic. It's a lie.” (Auguste Bardamu)

Hyperinflation is not a 'natural catastrophe' but provably false theoretical economics.

The… pic.twitter.com/hKoaxYXns2

— AXEC (@EgmontHandtke) July 15, 2026

Occasional X: Clueless economists / Science (CCCLVII)

“Harvard anthropologist Joseph Henrich: 'The first problem is that many behavioral economists haven’t fully confronted what I call the WEIRD People problem. (Western, Educated, Industrialized, Rich and Democratic) Researchers often think they’re studying 'Homo sapiens', but… pic.twitter.com/HQmdecBNbr

— AXEC (@EgmontHandtke) July 15, 2026

Occasional X: Clueless economists / Profit (CLIV)

“It is a common complaint that many years ago Marx identified: all capitalists want that workers of other capitalists be paid higher wages so that they can become their customers, but they want their own workers to be paid as little as possible. This is exactly what the West is… pic.twitter.com/oh2xX3JcTp

— AXEC (@EgmontHandtke) July 14, 2026

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

“The essence of a capitalist system in its pure form is that it’s a system of cooperation without compulsion, of voluntary exchange, of free enterprise.” (Milton Friedman, quoted by Thomas Sowell Quotes)

Milton Friedman never understood profit and, as a consequence, how the…

— AXEC (@EgmontHandtke) July 13, 2026

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

“Economics is haunted by more fallacies than any other study known to man.” (Henry Hazlitt, quoted by Foundation for Economic Education)

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

— AXEC (@EgmontHandtke) July 13, 2026

Occasional X: Clueless economists / Science (CCCLVI)

“The private sector has become the largest funder of American R&D, by far. It funds over 1/3 of basic research, too.” (Russ Greene)

That scientists work for firms is a historical accident and in NO way intrinsic to science. Genuine scientists are fed up with working under the…

— AXEC (@EgmontHandtke) July 13, 2026

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

 

“Mamdani attacks Hayek and Vance attacks Friedman a few days apart.” (Phil Magness)

The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory, axiomatically false, and materially/formally inconsistent. They all… pic.twitter.com/gJfduCOMKs

— AXEC (@EgmontHandtke) July 12, 2026

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

“Socialists not only understand economics just as well as capitalists ... but can solve their years of mismanagement through an embrace of our principles.” (Zohran Mamdani)

There aren't many topics that are more ridiculous than Capitalism vs Socialism.

The major approaches… pic.twitter.com/XnUKlBwpQY

— AXEC (@EgmontHandtke) July 12, 2026

Occasional X: Clueless economists / Science (CCCLV)

“Former. US intelligence official: 'Every doctoral degree in this world, whether in medicine or science, has received false information about the last 1000 years about the universe, no matter what. The information (curriculum) all comes from the Draco reptiles and other entities.…

— AXEC (@EgmontHandtke) July 12, 2026

Occasional X: Clueless economists / Money (CXLVI)

 

“THE INFLATION STORY = A MONEY SUPPLY STORY.” (Steve Hanke)

Your monetary theory is provably false. ⇓

For the axiomatically correct approach, see the working paper ⇒
The Dark-Matter Theory of Fiat Moneyhttps://t.co/x4NOcsCBMS pic.twitter.com/vVrG2tkDsX

— AXEC (@EgmontHandtke) July 12, 2026

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

Zillionaire Nick Hanauer presents himself as a 'proud class traitor': “you show me a highly unequal society and I will show you a police state or an uprising.”

And

“I warned my fellow zillionaires: fix this rigged economy, or the pitchforks are coming. The pitchforks are…

— AXEC (@EgmontHandtke) July 11, 2026

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

“I still find it shocking that there's a strain of thought that considers working as an economist at an elite university or working at one of the biggest anti-poverty institutions in the world to be bad thing. ” (Ben Krauss, quoted by Vincent Geloso)

The major approaches… pic.twitter.com/q3DcfpapRv

— AXEC (@EgmontHandtke) July 11, 2026

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

Chris Freiman presents himself as 'Professor, John Chambers College of Business and Economics at WVU | Libertarianism, neoliberalism, effective altruism'.

Note that his economics argumentation has degenerated to a low-IQ meme.

Economics claims to be science but is NOT. The…

— AXEC (@EgmontHandtke) July 11, 2026

Related 'Economics is a disgrace ― now more than ever' 

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

 

“That even countries or groups which do not possess freedom can profit from many of its fruits is one of the reasons why the importance of freedom is not better understood.” (Hayek Quotes)

Hayek may have solved a pivotal question of epistemology, but he never understood how the…

— AXEC (@EgmontHandtke) July 10, 2026

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

“The market is the most efficient allocator of resources we have.” (Milton Friedman)

Milton Friedman never understood profit and, as a logical consequence, how the economic system works. That's self-disqualifying and a shame for academia.

As a result, economic policy guidance…

— AXEC (@EgmontHandtke) July 9, 2026

Occasional X: Clueless economists / Science (CCCLIV)

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/TNBlOOHmvJ

— AXEC (@EgmontHandtke) July 9, 2026

Occasional X: How it works (CDLXXXIX)

 

“There are only two options for France, Italy and Belgium: 1. They cut spending and implement business friendly pro-growth policies 2. They will face a debt crisis. The first Euro crisis was about hundreds of billions, the next one will be about trillions. Which one will it be?”…

— AXEC (@EgmontHandtke) July 9, 2026

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

“Contrary to a common—and incorrect—critique of Rothbard, he was not a fanciful purist who refused to support any political movement that failed to be perfectly libertarian in every way.” (Mises Institute)

As a scientist, the economist has no mandate for political… pic.twitter.com/kmfLmlqrX4

— AXEC (@EgmontHandtke) July 8, 2026

Occasional X: Clueless economists / Science (CCCLIII)

“GDP answers the question posed to it, as well as we know how: What is the total value of goods and services produced in the market economy, and what is the value of income earned by such production in the market economy? It is a terrible measure of things it wasn't designed to…

— AXEC (@EgmontHandtke) July 8, 2026

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

“Debates on what monies to include or not to include in GDP have been going on forever, some examples are about profits or interest/fees on usury(debt).” (Stefan Demetz)

Yes, economic debates go on endlessly without reaching a definite conclusion because economics is failed… pic.twitter.com/e7UcGTlYNN

— AXEC (@EgmontHandtke) July 8, 2026

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

“GDP(GNI/GNP) accounting is just a necessary evil, as other baseline measurement methods are worse.” (Stefan Demetz)

I do NOT say that GDP accounting is unnecessary; I say that it is done wrong because the representative economist is too stupid for elementary algebra. It is not…

— AXEC (@EgmontHandtke) July 8, 2026

Occasional X: Clueless economists / Science (CCCLII)

“Actually, GDP sucks. I say that as an expert on reconstructions of national accounting. But it sucks in the way that all critics never say: it understates the massive gains in wellbeing that humanity got.” (Vincent Geloso)

Yes, GDP sucks, because the 'expert on reconstructions… pic.twitter.com/vCGuuWx4Tr

— AXEC (@EgmontHandtke) July 8, 2026

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

“Ayn Rand saw capitalism as the social system of reason, production, and voluntary exchange.” (Foundations of Economic Education)

Ayn Rand has been a member of the intellectual current that says, with many words and thousands of examples, nothing more than 'All good things in…

— AXEC (@EgmontHandtke) July 8, 2026

Occasional X: How it works (CDLXXXVIII)

 

“Because the US government relied on neoliberal economists, who (in service of Wall Street) insisted that all of that cheap money should flow to the most profitable sectors, following the dogma of the 'free market'.” (Norton)

This is true from the practical standpoint. From the…

— AXEC (@EgmontHandtke) July 8, 2026

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

“Social justice does not belong to the category of error but to that of nonsense, like the term ‘a moral stone.'” (quoted by Hayek Quotes)

'Austrianism does not belong to the category of science but to that of mental deficiency, like the term 'moralizing scientist'.' (AXEC)… pic.twitter.com/JuzzT3DKAg

— AXEC (@EgmontHandtke) July 8, 2026

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

“Economics is a living thing, and to live implies both imperfection and change.” (Ludwig von Mises)

Another platitude from von Mises.

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

— AXEC (@EgmontHandtke) July 7, 2026

You contradict me, but what is needed is a refutation. This is the difference between politics and science. Austrianism is the senseless repetition of methodological garbage, i.e., confused storytelling instead of consistent science.

Come back if you can refute the macroeconomic…

— AXEC (@EgmontHandtke) July 8, 2026

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 (CCCLI)

 

“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 (CCCL)

“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