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

Occasional X: Clueless economists / Entrepreneur (III)

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

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

— AXEC (@EgmontHandtke) June 30, 2026

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

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

Economists and scientists have only a superficial resemblance. Neither mainstream nor heterodox economists ever had any idea what science is all about. They still are cargo cult scientists (Feynman's term).… pic.twitter.com/B2reCkqvRb

— AXEC (@EgmontHandtke) June 30, 2026

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

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

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

— AXEC (@EgmontHandtke) June 28, 2026

Occasional X: Clueless economists / Money (CXLIV)

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

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

— AXEC (@EgmontHandtke) June 28, 2026

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

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

— AXEC (@EgmontHandtke) June 26, 2026

Occasional X: Clueless economists / Employment (XXXVI)

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

— AXEC (@EgmontHandtke) June 26, 2026

Occasional X: Clueless economists / Employment (XXXV)

 

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

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

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

— AXEC (@EgmontHandtke) June 26, 2026

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

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

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

— AXEC (@EgmontHandtke) June 26, 2026

Occasional X: Clueless economists / Science (CCCXLIX)

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

— AXEC (@EgmontHandtke) June 26, 2026

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

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

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

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

— AXEC (@EgmontHandtke) June 25, 2026

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

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

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

— AXEC (@EgmontHandtke) June 25, 2026

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

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

People, especially economists, don't know much.

Friedrich Hayek never understood profit and, by logical…

— AXEC (@EgmontHandtke) June 24, 2026

Occasional X: Clueless economists / Money (CXLIII)

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

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

— AXEC (@EgmontHandtke) June 23, 2026

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

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

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

— AXEC (@EgmontHandtke) June 23, 2026

Occasional X: Clueless economists / Money (CXLII)

 

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

For the axiomatically correct Monetary Theory, see…

— AXEC (@EgmontHandtke) June 22, 2026

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

 

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

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

Whatever… pic.twitter.com/kiC9sYzIpq

— AXEC (@EgmontHandtke) June 21, 2026

Occasional X: Clueless economists / Science (CCCXLVIII)

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

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

— AXEC (@EgmontHandtke) June 21, 2026

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

Occasional X: Economics still lacks correct macrofoundations (XXXVII)

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

— AXEC (@EgmontHandtke) June 19, 2026

For more about Robert Heilbroner, see AXECquery. 

Occasional X: Clueless economists / Science (CCCXLVII)

 

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

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

— AXEC (@EgmontHandtke) June 19, 2026

Occasional X: Clueless economists / Science (CCCXLVI)

“The tax is there to create a demand for the government’s currency. Before anyone can pay the tax, someone has to do the work to earn the currency.” (Stephanie Kelton)

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

This is the usual psychologism,…

— AXEC (@EgmontHandtke) June 19, 2026

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

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

— AXEC (@EgmontHandtke) June 19, 2026

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

— AXEC (@EgmontHandtke) June 20, 2026

Occasional X: How it works (CDLXXXIV)

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

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

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

(ii) Macroeconomic profit Qm is…

— AXEC (@EgmontHandtke) June 18, 2026

Occasional X: Clueless economists / Science (CCCXLV)

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

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

— AXEC (@EgmontHandtke) June 18, 2026

Occasional X: Clueless economists / Science (CCCXLIV)

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

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

— AXEC (@EgmontHandtke) June 17, 2026

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

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

— AXEC (@EgmontHandtke) June 17, 2026

Occasional X: Clueless economists / Science (CCCXLIII)

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

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

— AXEC (@EgmontHandtke) June 17, 2026

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

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

— AXEC (@EgmontHandtke) June 17, 2026

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

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

Example: If the govenment…

— AXEC (@EgmontHandtke) June 17, 2026

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

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

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

Austrians in…

— AXEC (@EgmontHandtke) June 16, 2026

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

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

J.S. Mill was the only scientist among low-IQ economists. He understood the difference between science and politics. ⇓

After J.S. Mill, economics has been taken over by look-alike scientists.

The representative economist… pic.twitter.com/V2fQRy6p1M

— AXEC (@EgmontHandtke) June 16, 2026

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

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

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

— AXEC (@EgmontHandtke) June 16, 2026

Occasional X: Clueless economists / Employment (XXXIV)

“What's wrong?” (Shahin Ashkiani)

The representative economist is wrong.

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

— AXEC (@EgmontHandtke) June 16, 2026

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

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

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

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

— AXEC (@EgmontHandtke) June 15, 2026

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

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

— AXEC (@EgmontHandtke) June 15, 2026

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

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

— AXEC (@EgmontHandtke) June 15, 2026

Occasional X: Clueless economists / Production (I)

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

— AXEC (@EgmontHandtke) June 15, 2026

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

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

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

The proof is the extended gilded…

— AXEC (@EgmontHandtke) June 15, 2026

Occasional X: Clueless economists / Science (CCCXLII)

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

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

— AXEC (@EgmontHandtke) June 14, 2026

Occasional X: How it works (CDLXXXIII)

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

— AXEC (@EgmontHandtke) June 13, 2026

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

 

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

It… pic.twitter.com/KbGzQa92Y2

— AXEC (@EgmontHandtke) June 13, 2026

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

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

Insane Economic Quotes is disinfotainment.

— AXEC (@EgmontHandtke) June 12, 2026

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

 

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

This is the bedtime story that…

— AXEC (@EgmontHandtke) June 12, 2026

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

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

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

— AXEC (@EgmontHandtke) June 12, 2026

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

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

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

The free-market economy runs on profit.…

— AXEC (@EgmontHandtke) June 12, 2026

Occasional X: Clueless economists / Science (CCCXLI)

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

— AXEC (@EgmontHandtke) June 12, 2026

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

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

— AXEC (@EgmontHandtke) June 12, 2026

Related 'Toward the New Academy'  

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

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

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

— AXEC (@EgmontHandtke) June 11, 2026

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

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

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

— AXEC (@EgmontHandtke) June 10, 2026

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

— AXEC (@EgmontHandtke) June 10, 2026

Occasional X: Paradigm Shift (CXVIII)

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

— AXEC (@EgmontHandtke) June 10, 2026

Occasional X: Clueless economists / Profit (CLIII)

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

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

— AXEC (@EgmontHandtke) June 10, 2026

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

 

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

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

— AXEC (@EgmontHandtke) June 10, 2026

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

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

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

— AXEC (@EgmontHandtke) June 9, 2026

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

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

— AXEC (@EgmontHandtke) June 9, 2026

Occasional X: Clueless economists / Profit (CLII)

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

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

— AXEC (@EgmontHandtke) June 9, 2026

 

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

Occasional X: Clueless economists / Science (CCCXL)

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

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

First of all, it is important to…

— AXEC (@EgmontHandtke) June 9, 2026

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

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

— AXEC (@EgmontHandtke) June 10, 2026

Occasional X: Paradigm Shift (CXVII)

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

That sentence… pic.twitter.com/qEizFdC3Iy

— AXEC (@EgmontHandtke) June 9, 2026

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

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

— AXEC (@EgmontHandtke) June 8, 2026

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

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

— AXEC (@EgmontHandtke) June 10, 2026

Occasional X: Clueless economists / Employment (XXXIII)

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

— AXEC (@EgmontHandtke) June 8, 2026

Occasional X: Clueless economists / Science (CCCXXXIX)

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

True.

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

— AXEC (@EgmontHandtke) June 8, 2026

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

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

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

Neither mainstream nor heterodox economists had any idea what science is all about. They are still a cargo cult science and can't do the…

— AXEC (@EgmontHandtke) June 8, 2026

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

There is no such thing as Kalecki's Paradoxes.

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

For… pic.twitter.com/D0UhheECqs

— AXEC (@EgmontHandtke) June 8, 2026

Occasional X: Paradigm Shift (CXVI)

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

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

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

— AXEC (@EgmontHandtke) June 8, 2026

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

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

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

— AXEC (@EgmontHandtke) June 7, 2026

Occasional X: Paradigm Shift (CXV)

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

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

— AXEC (@EgmontHandtke) June 7, 2026

Occasional X: Clueless economists / Science (CCCXXXVIII)

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

— AXEC (@EgmontHandtke) June 7, 2026

Occasional X: How it works (CDLXXXII)

 

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

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

— AXEC (@EgmontHandtke) June 7, 2026