Occasional X: How it works (CDLVIII)

“If govt has a surplus, then it’s the private sector that is reducing its savings.” (?whispers?, quoted by Raf)

No.

The 3-sector Profit Law Qm≡(G−T)+(I−Sm)+Yd implies PublicDeficit-Is-PrivateProfit, i.e., Qm≡(G−T)>0. The other variables, i.e., I, Sm, Yd, are ignored for…

— AXEC (@EgmontHandtke) February 22, 2026

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

 

“You can read the 'debt' chapter free here.” (Stephanie Kelton)

You can read the MMT refutation free here:

The Kelton Fraudhttps://t.co/HbzHZ0Tg3L

Stephanie Kelton’s legendary Plain-Sight-Ink-Trickhttps://t.co/gavyv7KAXJ

Cross-references MMThttps://t.co/eXlgPKrinA

— AXEC (@EgmontHandtke) February 22, 2026

Occasional X: Paradigm Shift (XCX)

“The delusion that macroeconomics is viable and useful is encouraged by its extensive use of mathematics, which must always impress politicians lacking any mathematical education.” (Friedrich Hayek)

Politicians are more impressed by Liberty talk than math. Mathematics is not the… pic.twitter.com/Cf14qaYRZj

— AXEC (@EgmontHandtke) February 21, 2026

For the big picture, see cross-references Paradigm Shift. 

Occasional X: How it works (CDLVII)

“Billionaires cannot make money. Only governments can. Billionaires collect and hoard money.” (Harry Eccles)

The 3-sector Profit Law Qm≡(G−T)+(I−Sm)+Yd implies PublicDeficit-Is-PrivateProfit.

So, if the duo of Treasury/Central Bank runs a deficit (G−T), they give…

— AXEC (@EgmontHandtke) February 21, 2026

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

“taxes dont fund the state” (Phil Waller)

Phil Waller is wrong in all dimensions.

There are two cases that have to be kept separate: a balanced public budget and deficit-spending/money-creation. The total amount of State spending has to be kept separate from the amount of… pic.twitter.com/DBM3JLnuUt

— AXEC (@EgmontHandtke) February 21, 2026

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

“The state running a surplus means we are running a deficit.” (Phil Waller)

As always, “We” is the deceit.

The 3-sector Profit Law Qm≡(G−T)+(I−Sm)+Yd implies PublicDeficit-Is-PrivateProfit. The deficit (G−T) (co-)determines how big the Oligarchy's free lunch is. Now, the…

— AXEC (@EgmontHandtke) February 21, 2026

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

 

“There are always many different opinions and conventions concerning any one problem or subject-matter (such as the gods). This shows that they are not all true. For if they conflict, then at best only one of them can be true. Thus it appears that Parmenides ... was the first to…

— AXEC (@EgmontHandtke) February 21, 2026

Related 'The pluralism of nonsense is still nonsense' and 'Demarcation'.

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

 

“Zack also knows that as the govt issues the currency it can never run out of money. The only limiting factor on govt spending is the availability of real resources in the economy such as workers, raw materials and equipment etc.” (Chris Williamson)

The question is: is the money… pic.twitter.com/spSKos58nh

— AXEC (@EgmontHandtke) February 21, 2026

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

“Yes, spending is a flow and the deficit is the difference between flows. Everyone knows that. But accounting identities don’t explain causation.” (Crazyhead)

It seems you have dyslexia.

The profit causation is given below. ⇓

All other questions have long been answered; see… pic.twitter.com/QMZBHQg2Gr

— AXEC (@EgmontHandtke) February 20, 2026

Occasional X: Economists still can't get the sectoral balances right (V)

“If the state runs a surplus then some other actor in the macro economy ran a defecit. The private sector! (Phil Waller)

There is no such thing as the private sector; there is only the household sector and the business sector. The balance of the latter is profit, the balance of… pic.twitter.com/sqy9xVUBgw

— AXEC (@EgmontHandtke) February 20, 2026

Occasional X: Clueless economists / Money (XCXIV)

“Write iou £10 on a piece of paper then hand it to yourself. What's your net position?” (Phil Waller)

Phil Waller has no clue how the fiat money system works. ⇓ pic.twitter.com/D2Zwfn0d1J

— AXEC (@EgmontHandtke) February 20, 2026

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

The 3-sector Profit Law Qm≡(G−T)+(I−Sm)+Yd implies PublicDeficit-Is-PrivateProfit. If tax T goes to a minimum/zero and spending G goes to a maximum, macroeconomic profit Qm goes to a maximum. The deficit (G−T) (co-)determines how big the Oligarchy's free lunch is.

Phil…

— AXEC (@EgmontHandtke) February 20, 2026

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

“What? Ludwig von Mises's Socialism, 1922, was released 22 years before Road to Serfdom. 'Socialism' and 'The Anti-Capitalistic Mentality' are two of my favorite books from Mises. Mises's 'Socialism' delved more deeply into the psyche of what drives that mindset.” (Christian…

— AXEC (@EgmontHandtke) February 20, 2026

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

For 200+ years, economics has claimed to be a science. But it still is not. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory and axiomatically false and materially/formally inconsistent. They ALL got… pic.twitter.com/kJ8Ik7PyKx

— AXEC (@EgmontHandtke) February 20, 2026

For more about equilibrium, see AXECquery. 

Occasional X: Clueless economists / Money (XCXIII)

“That's counterfeiting.” (Phil Waller)

You don't understand monetary theory, but you are on something. ⇓ pic.twitter.com/WQvLdSmM6j

— AXEC (@EgmontHandtke) February 20, 2026

Occasional X: Clueless economists / Science (CCLX)

“Economics was born from political economy, which itself emerged from moral philosophy.” (Laurie MacFarlane)

True, economics never rose above the level of moralizing. It is a scientific embarrassment ever since the Enlightenment. ⇓

Economics is said to be a science, but it… pic.twitter.com/wlYfhEwDml

— AXEC (@EgmontHandtke) February 20, 2026

Occasional X: How it works (CDLVI)

“Most people are told that the government has to collect taxes first, and then it uses that money to pay for schools, hospitals, roads and everything else. But in countries like the UK or US, that isn’t really how it works.” (Crazyhead)

It doesn't matter what people are told. It… pic.twitter.com/1G0PvlvnGv

— AXEC (@EgmontHandtke) February 20, 2026

Occasional X: How it works (CDLV)

“A coherent Modern Monetary Theory (MMT)-influenced perspective on how sectoral balances interact with wealth inequality in the U.S., particularly emphasizing how persistent public deficits create net financial assets for the private sector, …” (Not The Torygraph)

The main…

— AXEC (@EgmontHandtke) February 19, 2026

Occasional X: Clueless economists / Money (XCXII)

“That £1 is now part of the national debt until it returns as taxation.” (Not The Torygraph)

Government spending and taxation relate to transaction money. If the budget is balanced, the stock of transaction money is zero at the period's beginning and end. Only if the government…

— AXEC (@EgmontHandtke) February 19, 2026

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

“The debt situation in the US and Europe is unsustainable, they say.” (Michael Arouet)

An important question to consider is whether the debt is consumptive or investive.

There’s a difference between borrowing for (i) infrastructure investment like railways/dams, or (ii) for war…

— AXEC (@EgmontHandtke) February 19, 2026

Occasional X: Clueless economists / Science (CCLIX)

“At its core, economics is political. It has never been — and never will be — a value-free science.” (Jostein Hauge)

Economists have never understood the difference between politics and science. This is why economics is failed/fake science to this day. At its core, economics is… pic.twitter.com/FrHkLKP9p1

— AXEC (@EgmontHandtke) February 19, 2026

Occasional X: Scrap the EconNobel (XLXIII)

“With so much disinformation, we need to recognize that the fake Nobel Prize for economics has been part of the problem.” (Elizabeth Glab, quoted by Raf)

The EconNobel has become one of the biggest PR disasters of all time. It has nothing to do with science.

Although it claims… pic.twitter.com/VIQKiPJDet

— AXEC (@EgmontHandtke) February 19, 2026

Occasional X: How it works (CDLIV)

 

“A WORLD WITHOUT BILLIONAIRES IS NOT A WORLD WHERE EVERYONE ELSE SHARES THE WEALTH BILLIONAIRES CREATED. IT'S A WORLD WITHOUT THE WEALTH, INNOVATION AND PROGRESS BILLIONAIRES CREATED.” (Meme, Michael Arouet)

Billionaires do not create wealth. Money-printers create billionaires.…

— AXEC (@EgmontHandtke) February 19, 2026

Occasional X: Clueless economists / Profit (CXXXIV)

“Identifying a phenomenon is not enough; we need a theory that makes instability a normal result in our economy and gives us handles to control it.” (Hyman Minsky)

That may be true, but the fact remains that Minsky's theory was way off the mark.

The major approaches… pic.twitter.com/ofgYOdMKh1

— AXEC (@EgmontHandtke) February 18, 2026

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

“Europa verliert nicht nur Talente, sondern Möglichkeitsräume. Gründer müssen hier oft zuerst regulierungsresilient sein und ein entmutigendes Klima der Risikoaversion aushalten. / Europe is losing not only talent, but also opportunities. Founders here often have to be resilient… pic.twitter.com/vtmogAqAAR

— AXEC (@EgmontHandtke) February 18, 2026

Occasional X: How it works (CDLIII)

“The problem is that the benefits of running surpluses are longer term and require long term thinking.” (Liam Hehir)

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

An important distinction is that government spending can be consumptive or investive.…

— AXEC (@EgmontHandtke) February 18, 2026

Occasional X: Economics still lacks correct macrofoundations (XXXV)

“#Macroeconomics is the curious statistical analysis of seemingly economy-relevant data under the unstated assumption that value is unproblematic or even automatic. Yet they want us to believe it is a type of 'economics.'” (Per Bylund)

Both macroeconomics and microeconomics are…

— AXEC (@EgmontHandtke) February 17, 2026

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

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

“Economic science does not belong to the category of error but to that of nonsense, like the term ‘true propaganda.’” (AXEC)

Economics has no…

— AXEC (@EgmontHandtke) February 17, 2026

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

“At risk of accusations of pedantry, I wish to make an important point:” that economics in general, monetary theory in particular, and Tally Sticks personally is failed/fake science.

Proofs are to be found in cross-references

Failed/Fake Scientistshttps://t.co/lDIqzDW50g

MMT…

— AXEC (@EgmontHandtke) February 17, 2026

Occasional X: How it works (CDLII)

“This idea that the Great Depression was just the market correcting malinvestment ignores what was actually happening in the 1920s. Before 1929 the federal government was running budget surpluses under Harding and Coolidge and reducing public debt.” (Relearning Economics)

The… pic.twitter.com/cuiMIoLLjZ

— AXEC (@EgmontHandtke) February 17, 2026

Occasional X: Clueless economists / Science (CCLVIII)

“In his book, The Great Transformation, Karl Polanyi describes perfectly how 'free markets' are products of state intervention.” (Jostein Hauge)

History can only tell us what went wrong with the economy, but science can tell us how the ideal economy works.

True/false is the…

— AXEC (@EgmontHandtke) February 17, 2026

Occasional X: Clueless economists / Science (CCLVII)

“The word ‘truth’ itself ceases to have its old meaning.” (Friedrich Hayek)

Yes, economics has no truth-value, only political use-value.

The free-market economy, a.k.a. Capitalism, runs on profit. Macroeconomic profit is given by the axiomatically correct Profit Law / Balances…

— AXEC (@EgmontHandtke) February 16, 2026

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

“Keynes studied mathematics at Cambridge under Alfred Marshall and was highly educated in mathematics.” (Mateusz Kardaś)

Science is about true/false. It is not about education, prestige, tutors, or name-dropping. Keynesianism is provably false, and it doesn't help that Keynes… pic.twitter.com/lSTnTUv85r

— AXEC (@EgmontHandtke) February 16, 2026

Occasional X: Clueless economists / Science (CCLVI)

“It is interesting though, that in economics even when famous papers fail to replicate, or fail to generalize as claimed, even when those rejoinders are published, the weight of opinion, citation, prizes, 'studies say' policy summaries, etc. remain with the original.” (John… pic.twitter.com/Y5fvZMyok8

— AXEC (@EgmontHandtke) February 16, 2026

Occasional X: Clueless economists / Money (XCXI)

“We didn't get inflation post 2008 even though Fed printed money on a scale that was not previously thought compatible with price stability ...” (Richard Fields)

You don't understand profit, and by logical consequence, how the economic system works, and by logical consequence,… pic.twitter.com/elF9iMp1TH

— AXEC (@EgmontHandtke) February 16, 2026

Occasional X: Clueless economists / Science (CCLV)

“Nice definition of the exceedingly narrow scope in which Economists might have any expertise. What Economists have is a great narrative with extremely limited real world application.” (Richard Field)

Economics is failed/fake science. Economists do not understand profit; by…

— AXEC (@EgmontHandtke) February 16, 2026

Occasional X: Clueless economists / Science (CCLIV)

“Repeating myself, but Economics profession needs to be shut down and removed from all policy discussions until it can prove it is actually capable of consistently outperforming Astrology ...” (Richard Field)

Economics has defined itself as a social science and accordingly has… pic.twitter.com/6ZzQoaBke3

— AXEC (@EgmontHandtke) February 15, 2026

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

“And there are still people out there taking loans to study law, finance, medicine, architecture, design, and engineering. These jobs will be gone when they finish.” (Michael Arouet)

Most important of all, economists in general will be gone, and Michael Arouet, in particular.… pic.twitter.com/IiBTzJ81BH

— AXEC (@EgmontHandtke) February 15, 2026

Occasional X: The futile attempt to recycle behavioral economics (XIV)

 

“It’s not simply a case of nudging people’s behaviour concerning purchases or credit cards, you can use these techniques to create a range of behavioural changes in people outside of economics, too. To a behavioural economist, people's actions are mappable.”

“The man who taught… pic.twitter.com/P30DZJLLCh

— AXEC (@EgmontHandtke) February 15, 2026

Occasional X: Clueless economists / Science (CCLIII)

Veblen + Keynes —> proto-scientific garbage
Keynes + Schumpeter —> proto-scientific garbage
Veblen + Schumpeter —> proto-scientific garbage ⇓

For details of the big picture, see
Cross-references Failed/Fake Scientistshttps://t.co/lDIqzDWCPO pic.twitter.com/bXKW75PUcf

— AXEC (@EgmontHandtke) February 15, 2026

Occasional X: How it works (CDLI)

“'High debt share hampers GDP growth' is still somehow a received wisdom preached to developing countries including China, yet just a boomer fat finger error” (Hongshen Zhu)

Not the debt share is relevant for economic growth, but the increase/decrease of the debt, i.e., the… pic.twitter.com/cztEqAFTfB

— AXEC (@EgmontHandtke) February 15, 2026

Occasional X: Clueless economists / Profit (CXXXIII)

You are provably wrong, and you are too stupid/lazy to get out of the mess.

The foreign sector is part of the Profit Law. ⇓ It is sometimes left out because it is not relevant to the question. Your argument is proof of utter ignorance.

The same holds for your statement, “The… pic.twitter.com/yNTc54BuSt

— AXEC (@EgmontHandtke) February 15, 2026

Related 'The Levy/Kalecki Profit Equation is false' 

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

“I'm with StephanieKelton on this one (even though I'm much more a fan of Coase than I think she is).” (Robert Murphy)

Both Stephanie Kelton and Robert Murphy are failed/fake scientists. Their personal stories are disinfotainment. What they like or not is irrelevant.

“Economics…

— AXEC (@EgmontHandtke) February 15, 2026

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

“Kalecki and DSGE models?” (lhan dögüs)

The representative economist NEVER understood profit/income and, by logical consequence, how the economic system works. Kalecki's system of equations is provably false. For details, see ⇒

Kalecki: the man who missed it by a hair's…

— AXEC (@EgmontHandtke) February 15, 2026

Occasional X: Clueless economists / Inflation / Deflation (XLXVI)

“China is stuck in its longest deflationary streak in decades: …” (Kobeissi Letter)

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… pic.twitter.com/6PrIam82cB

— AXEC (@EgmontHandtke) February 15, 2026

Occasional X: The futile attempt to recycle Bastiat (III)

“Perpetual motion, the philosopher’s stone, or the squaring of the circle have fallen into oblivion, but the theory of Advancement through theft is still in fashion.” (Frédéric Bastiat)

That's journalistic everyday psychology; it is not economics.

Bastiat had NO idea how the…

— AXEC (@EgmontHandtke) February 14, 2026

Occasional X: How it works ― the central bank as profit pump (IV)

 

“Even if the federalreserve remains operationally independent, the profit-and-loss-sharing arrangements between it and the USTreasury – its beneficial owner – is dangerously asymmetric, …” (Willem Buiter and Anne Sibert, quoted by Project Syndicate)

Some words are like a…

— AXEC (@EgmontHandtke) February 14, 2026

Occasional X: Clueless economists / Money (XCX)

“Once you understand that govt spending is money creation and that taxed money is destroyed, it follows that tax is only useful to limit inflation, inequality and harmful behaviour.” (Buddy Wells)

Buddy Wells does not understand profit, and by logical consequence, how the…

— AXEC (@EgmontHandtke) February 14, 2026

Occasional X: Clueless economists / Science (CCLII)

 

“Modern economics predominantly follows the deductive methodology of posing axioms and adding assumptions, which was originally introduced by City of London financier David Ricardo in the 19th century and advanced by him by financing other economists, such as John Stewart Mill.… pic.twitter.com/k2IOgn1T4p

— AXEC (@EgmontHandtke) February 13, 2026

Occasional X: Clueless economists / Inflation / Deflation (XLXV)

“Those calling for the Fed to cut rates should look again at the relationship between prices and productivity growth.” (Rafael Domenech)

Rafael Domenech has no clue how the economy works.

The axiomatically correct macroeconomic Law of Supply and Demand ⇓ tells one how ― in the… pic.twitter.com/jQ3ptZTpaX

— AXEC (@EgmontHandtke) February 13, 2026

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

“What do economics students learn – beyond models and methods? This new study examines how economics education shapes students’ beliefs, biases, and openness to competing ideas. ” (Mohsen Javdani and Ha-Joon Chang)

For 200+ years, economics has claimed to be a science. But it…

— AXEC (@EgmontHandtke) February 13, 2026

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

“I always dreamed of becoming a macroeconomist one day.” (Yanagizawa-Drott)

Dream on!

For 200+ years, economics has claimed to be a science. But it still is not. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually… pic.twitter.com/J8WyVqH7Nu

— AXEC (@EgmontHandtke) February 13, 2026

Occasional X: Scrap the EconNobel (XLXII)

“Israel Kirzner was a few times hinted for the Nobel within the mainstream — when Bill Baumol was still alive. There is still time!” (Vincent Geloso)

The EconNobel has become one of the biggest PR disasters of all time. It has nothing to do with science.

Although it claims to… pic.twitter.com/xkrOkbPaHp

— AXEC (@EgmontHandtke) February 13, 2026

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

“Why governments run deficits—to help the private sector net save.” (Steven Hail, quoted by Rachel Donald)

Steven Hail never understood profit and, as a logical consequence, how the economy works. That's self-disqualifying.

To start with, here is some elementary economics.…

— AXEC (@EgmontHandtke) February 13, 2026

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

“Shit jobs tend to be blue collar and pay by the hour, whereas bullshit jobs tend to be white collar and salaried.” (David Graeber)

“Shit economics tends to be social media and pay by the hour, whereas bullshit economics tends to be academic and salaried.” (AXEC)

For 200+…

— AXEC (@EgmontHandtke) February 13, 2026

Occasional X: Clueless economists / Inflation / Deflation (XLXIV)

“China is in the grip of a DEFLATION. In January, its Producer Price Index (PPI) was NEGATIVE at -1.42%/yr. If that's not bad enough, China's PPI has been negative for 3 STRAIGHT YEARS. DEFLATION = AN ANEMIC MONEY SUPPLY GROWTH STORY.” (Steve Hanke)

Steve Hanke has no clue how… pic.twitter.com/PPtiW03CtB

— AXEC (@EgmontHandtke) February 13, 2026

Occasional X: Clueless economists / Science (CCLI)

“New developments in Austrian economics appear regularly in the Quarterly Journal of Austrian Economics.” (Mises Scholars)

von Mises never understood profit, and by logical consequence, how the economic system works. To this day, Austrian economics is not science, but rather…

— AXEC (@EgmontHandtke) February 13, 2026

Occasional X: Clueless economists / Inflation / Deflation (XLXIII)

 

“Inflation. A short book draft, resulting from last fall's Brunner Lecture. Comments welcome. ” (John Cochrane)

You never understood profit, and by logical consequence, how the economic system works. Your book is a repetition of provably false theories with no hope of ever…

— AXEC (@EgmontHandtke) February 13, 2026

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

“I think one has to be curious and looking for the truth … I remember one of the books I started when I got involved in economics was Human Action, …” (Ron Paul)

von Mises never understood profit, and by logical consequence, how the economic system works. So, his book Human…

— AXEC (@EgmontHandtke) February 12, 2026

Occasional X: Clueless economists / Employment (XXVI)

“Full employment is an easy condition to attain.” (David Andolfatto)

Like other legacy economists, David Andolfatto doesn't know how the economy works. Therefore, his utterances are scientifically worthless.

The axiomatically correct macroeconomic Employment Law ⇓ tells one…

— AXEC (@EgmontHandtke) February 12, 2026

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

“The government creates money every time it spends. ” (MMTUK)

MMT is provably false monetary theory.

For details of the axiomatically correct Theory of Money, see ⇒
The Dark-Matter Theory of Fiat Moneyhttps://t.co/x4NOcsD9Cq pic.twitter.com/UF0eJ285k6

— AXEC (@EgmontHandtke) February 12, 2026

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

“Nobody has ever disproven Karl Marx.” (RTSG, quoted by Svanholm)

False!

Because Marx got the foundational magnitude of economics —profit— wrong, his communicative contribution reduces to psycho-social-political-philosophical blather. His followers stuck with him and stayed in…

— AXEC (@EgmontHandtke) February 12, 2026

Occasional X: The futile attempt to recycle Bastiat (II)

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

Bastiat had NO idea what profit is and how the economic system works. He was just another agenda pusher / phrase monger / useful idiot / clown in the political CircusMaximus.

The…

— AXEC (@EgmontHandtke) February 12, 2026

Occasional X: Clueless economists / Profit (CXXXII)

“Profit tells us where we can make the best contribution. By pursuing profit, we are as altruistic as we can possibly be.” (F.A. Hayek Quotes)

Friedrich Hayek never understood profit, and consequently, how the economy works. ⇓ He cannot be considered an economist.

The… pic.twitter.com/4FzymIBhxA

— AXEC (@EgmontHandtke) February 12, 2026

Occasional X: Clueless economists / Inflation / Deflation (XLXII)

 

“The mystery of China's 15 years of deflation, and how its economy continues to defy Milton Friedman's monetarist doctrine.” (China Banking News)

Actually, there is no mystery, but only provably false legacy economics.

The axiomatically correct macroeconomic Law of Supply and… pic.twitter.com/aOZLhT5mE3

— AXEC (@EgmontHandtke) February 12, 2026

Occasional X: Clueless economists / Multiplier (II)

 

“Keynesian economists perform elaborate mathematical gymnastics to 'prove' that $1 of government spending magically becomes $1.50 of economic growth. This fiscal multiplier fairy tale …” (Handre van Heerden)

Keynes misunderstood the concept of macroeconomic profit because he… pic.twitter.com/S8OikzATDw

— AXEC (@EgmontHandtke) February 12, 2026

Occasional X: Clueless economists / Money (XCIX)

“…and everything we today call New Keynesian economics is actually a version of monetarism that dates back to David Hume.” (Roger Farmer)

Roger Farmer never understood profit and, as a consequence, how the economic system works. That's self-disqualifying. Because his economic… pic.twitter.com/wI80S0DccP

— AXEC (@EgmontHandtke) February 11, 2026

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

“In 1936, Keynes famously wrote that paying people to dig holes and fill them back up would boost the economy. Meanwhile, French economist Bastiat was spinning in his grave, having warned a century earlier about the 'broken window fallacy' — the illusion that destruction creates… pic.twitter.com/TiOnQtJJAC

— AXEC (@EgmontHandtke) February 11, 2026

Occasional X: Clueless economists / Science (CCL)

 

“Economics is mostly a bullshit field of study. It is specifically for people who can do a little bit of stats and calc and want to feel smart but too dumb to study physics or math.” (Mayukh)

Unfortunately, a lot of physicists/mathematicians tried to make economics a science,… pic.twitter.com/qw8YfIdWRJ

— AXEC (@EgmontHandtke) February 11, 2026

Occasional X: Clueless economists / Science (CCXLIX)

“Economics is very underrated tbh. The longer I’ve been in the financial industry the sillier it is I find all the jeering of economics by finance bros who got B+ in their undergrad advanced micro.” (Steve Hou)

The history of economic thought is the history of scientific… pic.twitter.com/6mRxhokN6T

— AXEC (@EgmontHandtke) February 11, 2026

Occasional X: How it works (CDL)

“According to Greg Ip, in the US economy today, 'rewards are going disproportionately toward capital instead of labor. Profits have soared since the pandemic. The result: Capital is triumphant, while the average worker ekes out marginal gains.'” (Michael Pettis)

Michael Pettis… pic.twitter.com/flPU2mXmsG

— AXEC (@EgmontHandtke) February 11, 2026

Occasional X: Clueless economists / Science (CCXLXVIII)

#Economics#AllYouNeedToKnow

“Utility; for an entrepreneur, ― profit; for a player, gain or loss.” (Theory of Games and Economic Behavior, p. 33, fn. 2) von Neumann/Morgenstern got profit wrong. ⇓ Because of this, Game Theory has always been irrelevant to economics.

The major… pic.twitter.com/OFHgkbxtnE

— AXEC (@EgmontHandtke) February 11, 2026

Occasional X: How it works (CDXLIX)

“This is the result of decades of political choices that rig the system in favor of the wealthy and powerful while leaving workers behind. It does not have to be this way.” (Robert Reich)

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

The Central…

— AXEC (@EgmontHandtke) February 11, 2026

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

“Most of the statist arguments that we hear day in and out are easily refuted as more or less economic nonsense.” (Hans-Hermann Hoppe)

“Most of the anti-statist arguments that we hear day in and out are easily refuted as economic nonsense.” (AXEC)

Austrians in general, and… pic.twitter.com/jLwtOyQbM9

— AXEC (@EgmontHandtke) February 11, 2026

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

“The source of tolerance is the recognition that none of us have the absolute truth. There can be no tolerance without humility.” (Milton Friedman Quotes)

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

— AXEC (@EgmontHandtke) February 10, 2026

Occasional X: How it works (CDXLVIII)

 

“When the Federal Reserve prints money, it doesn’t create wealth. It creates debt with compound interest and transfers the liability to the middle class through inflation. … That’s not policy. That’s socialism.” (Black Swan Capitalist)

Black Swan Capitalist has no idea how…

— AXEC (@EgmontHandtke) February 10, 2026

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

#Economics#AllYouNeedToKnow

“GOAT economist according to 44 history of economic thought textbooks published between 1901 and 2023 as measured by percentage of total pages? Adam Smith." (Daniel Smith)

Adam Smith was not an original thinker, not a scientist, not an economist; he… pic.twitter.com/i4wO62Adb7

— AXEC (@EgmontHandtke) February 10, 2026

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

“Most UK political debate gets shut down by one question: 'How will you pay for it?'. … That’s the wrong way to think about money.” (MMTUK Policy Research Group)

MMTers have no idea how the monetary economy works. More precisely, MMT is provably false. It's not science, but…

— AXEC (@EgmontHandtke) February 10, 2026

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

“Rothbard understood what most economists refuse to acknowledge: governments are fundamentally incompatible with sound money.” (Handre van Heerden)

Murray Rothbard never understood profit and, as a consequence, how the economic system works. That's self-disqualifying.

Economics…

— AXEC (@EgmontHandtke) February 10, 2026

Occasional X: Clueless economists / Money (XCVIII)

#Economics#AllYouNeedToKnow

“Mises understood what modern economists refuse to acknowledge: fiat currencies have a 100% historical failure rate.” (Handre van Heerden)

Ludwig von Mises never understood profit and, as a consequence, how the economic system works. That's…

— AXEC (@EgmontHandtke) February 9, 2026

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

#Economics#AllYouNeedToKnow

“The mechanism behind grade inflation is the same as the mechanism behind inflation.” (Olivier Blanchard)

“Olivier makes a key point: The issue really is grade *inflation* not just grade *levels*. ” (Jason Furman)

Olivier Blanchard never understood… pic.twitter.com/PWk8Ooj2Uv

— AXEC (@EgmontHandtke) February 9, 2026

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

 

“Milton, I was blessed to be a student of his and when he came here, he had a huge effect on not just me, but generations of students that followed.” (Kevin Marsh)

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

— AXEC (@EgmontHandtke) February 9, 2026

Occasional X: Clueless economists / Science (CCXLXVII)

#Economics#AllYouNeedToKnow

“In the courts of princes, in the drawing-rooms of the great, where success depends not upon merit but upon favour, truth is seldom heard. This disposition to admire, and almost to worship, the rich and the powerful… is the great and most universal… pic.twitter.com/5AiANQadH8

— AXEC (@EgmontHandtke) February 9, 2026

Occasional X: Clueless economists / Profit (CXXXI)

#Economics#AllYouNeedToKnow

“One reason why it’s important to defend billionaires is because, as Deirdre McCloskey has argued, a key ingredient of a prosperous society is regarding “trade-tested” profit—profit earned by producing valued goods and services—as something honorable… pic.twitter.com/fgkM2BM7vV

— AXEC (@EgmontHandtke) February 8, 2026

Occasional X: Clueless economists / Money (XCVII)

#Economics#AllYouNeedToKnow

“Remember that ALL private savings are 'part of GB National Debt', they are the £ issued by central bank that have yet to be taxed back.” (various MMT economists)

Not true!

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

— AXEC (@EgmontHandtke) February 8, 2026

Occasional X: Clueless economists / Breakdown (XXI)

#Economics#AllYouNeedToKnow

There is an absolute upper limit for the growth of public debt, which is given by public_debt times avg_interest ≦wage_income. Economic problems, though, start much earlier because of other irreducible items in the budget.

Analogous to private…

— AXEC (@EgmontHandtke) February 8, 2026

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

#Economics#AllYouNeedToKnow

“The horrid nineties. If I had enough time & energy, I would create a compendium of the most nonsensical and yet widely believed and admired statements of famous economists and political scientists made in the 1990s. It would be a long book.” (Branko…

— AXEC (@EgmontHandtke) February 8, 2026

Occasional X: Clueless economists / Money (XCVI)

#Economics#AllYouNeedToKnow

“The problem is that economists fight over MONETARY THEOLOGY while ignoring the real economy—ENERGY & MATERIALS. You can’t print oil, copper, or diesel. That’s inflation.” (Art Berman)

Almost true.

The Central Bank's main task is to produce…

— AXEC (@EgmontHandtke) February 8, 2026

Occasional X: Clueless economists / Money (XCV)

#Economics#AllYouNeedToKnow

“Fiscal rules and balanced budgets are nonsense. Governments that issue their own currency don't need to borrow.” (MMT10, quoted by ?whispers?)

Neither MMT101 nor ?whispers? understand economics. The Monetary Theory has been false since the Founding…

— AXEC (@EgmontHandtke) February 8, 2026

Occasional X: Clueless economists / Tax (VI)

 

#Economics#AllYouNeedToKnow

“The government doesn’t have any money. Only people have money.” (Milton Friedman)

“People don’t have any money. Only people who work for the Oligarchy get money.” (AXEC)

Milton Friedman never understood profit and, by consequence, how the economic… pic.twitter.com/nUNsgFv4gn

— AXEC (@EgmontHandtke) February 8, 2026

Also at Thomas Sowell Quotes 

Occasional X: Clueless economists / Science (CCXLXVI)

#Economics#AllYouNeedToKnow

“I don’t think there’s a 'problem with economics,' in the sense that the discipline regularly produces useful and interesting results. But there is a problem with economists.” (njp)

Economics has defined itself as a social science and accordingly… pic.twitter.com/cL9lSEdQt1

— AXEC (@EgmontHandtke) February 7, 2026

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

#Economics#AllYouNeedToKnow

“John Maynard Keynes's book General Theory was published 90 years ago in February 1936. My article on the 90th anniversary of the book that changed and divided the world of economics …” (Amol Agrawal)

For 200+ years, economics has claimed to be a… pic.twitter.com/syciX13x6d

— AXEC (@EgmontHandtke) February 7, 2026

Occasional X: How it works (CDXLVII)

#Economics#AllYouNeedToKnow

“A former World Bank president has sounded the alarm, revealing that the Federal Reserve has lost over a trillion dollars—and counting—turning it into nothing more than a massive hedge fund for the rich and powerful.” (redpillbot)

Even former World…

— AXEC (@EgmontHandtke) February 7, 2026

Occasional X: Clueless economists / Profit (CXXX)

#Economics#AllYouNeedToKnow

“Why did Engels lie then?” (Phil Magness)

Marxism is discredited because it is failed/fake science. Economics professors are discredited because they are too stupid for science.

Because Marx got the foundational magnitude of economics —profit—… pic.twitter.com/VpZ9WBwLzj

— AXEC (@EgmontHandtke) February 7, 2026

Occasional X: Clueless economists / Science (CCXLXV)

#Economics#AllYouNeedToKnow

“Jon Stewart’s astonishment when he realizes that economics isn’t an unprincipled defense of greedy capitalism is frankly priceless.” (Mario Macis)

Economics has defined itself as a social science and accordingly has been based on… pic.twitter.com/53BhhNQdFW

— AXEC (@EgmontHandtke) February 7, 2026

Occasional X: The futile attempt to recycle Milton Friedman (XLX)

#Economics#AllYouNeedToKnow

“Remember when Milton Friedman would go around and explain basic economic principles clearly and broadly to the public? We need more of that. ” (Alex Imas)

“'The person who writes for fools is always sure of a large audience' is a famous quote by…

— AXEC (@EgmontHandtke) February 6, 2026

Occasional X: Clueless economists / Tax (V)

#Economics#AllYouNeedToKnow

“Inflation didn’t arise from war or pestilence. At the risk of speaking plainly, inflation arose from a government that spent too much and a central bank that printed too much. If the government lived with less, its citizens would live with more.”… pic.twitter.com/E01FBupFns

— AXEC (@EgmontHandtke) February 6, 2026

Occasional X: Clueless economists / Science (CCXLXIV)

“AI must pass the Galileo test” (Elon Musk)

Here it is!

Prompt: Which of the following profit definitions is scientifically true?

Smith: Wages, profit, and rent are the three original sources of all revenue as well as of all exchangeable value.

Ricardo: … profits would be…

— AXEC (@EgmontHandtke) February 6, 2026

Occasional X: Scrap the EconNobel (XLXI)

 

#Economics#AllYouNeedToKnow

“Hayek receiving his Nobel Prize (Econ, 1974).” (F.A. Hayek Quotes)

The EconNobel has become one of the biggest PR disasters of all time. It has nothing to do with science.

Although it claims to be a science, economics is not one. The major… pic.twitter.com/9xpmf6wJ6W

— AXEC (@EgmontHandtke) February 6, 2026

Related 'Economists: scientists or political clowns?' 

Occasional X: Clueless economists / Science (CCXLXIII)

#Economics#AllYouNeedToKnow

“All features and achievements of modern civilization are, directly or indirectly, the products of the capitalist process.” (Joseph Schumpeter)

If this is true, it does not apply to economics. ⇓ pic.twitter.com/aD0nMSXJhH

— AXEC (@EgmontHandtke) February 6, 2026

Occasional X: Clueless economists / Money (XCIV)

#Economics#AllYouNeedToKnow

“If the last 20 years has taught us anything, it should be that the 'money printing' the Treasury does is far more important to the macro trajectory than the asset swaps the Federal Reserve does.” (Douglas)

The monetary theory has been false since…

— AXEC (@EgmontHandtke) February 6, 2026

Occasional X: Clueless economists / Money (XCIII)

#Economics#AllYouNeedToKnow

“The National debt is simply the money in circulation.” (Erin Remblance, quoted by ?whispers?)

False. Erin Remblance has no idea of the difference between transaction money and money as a store of value. He has no idea of the economics in general,… pic.twitter.com/il4MzUoX7f

— AXEC (@EgmontHandtke) February 6, 2026

Occasional X: Clueless economists / Science (CCXLXII)

 

#Economics#AllYouNeedToKnow

“A key feature of ergodicity economics is its focus on external reality — the wealth process, for instance — not on internal states such as subjective utility.” (Ole Peters)

Economics has defined itself as a social science and accordingly has been… pic.twitter.com/4yBjJ7faRA

— AXEC (@EgmontHandtke) February 5, 2026

Occasional X: Clueless economists / Money (XCII)

#Economics#AllYouNeedToKnow

“Reassessing Milton Friedman’s monetarism, showing how its core ideas persist in modern macro models and policy rules, and why monetary aggregates still matter as a cross-check against incipient high inflation, …” (Michael Bordo)

Monetarism is… pic.twitter.com/6wZHO2drZr

— AXEC (@EgmontHandtke) February 5, 2026

For more about Friedman, see AXECquery. 

Occasional X: The futile attempt to recycle behavioral economics (XIII)

#Economics#AllYouNeedToKnow

“Ronald Coase set out to prove that Socialism was superior to the chaos of the market. So he went to America to see how giant industries were actually managed.” (Students for Liberty)

Ronald Coase was a representative microbrain. He didn't know the…

— AXEC (@EgmontHandtke) February 5, 2026

Occasional X: Clueless economists / Philosophy (XII)

#Economics#AllYouNeedToKnow

“Hayek quoting Taoist philosopher Lao Tzu. Murray Rothbard once called Lao Tzu the world’s 'first libertarian intellectual' (Hayek Quotes)

Whatever he was, Lao Tzu was not a scientist, and he was definitely not an economist.

Hayek never understood… pic.twitter.com/kGn15IJTab

— AXEC (@EgmontHandtke) February 5, 2026

Occasional X: Clueless economists / Science (CCXLXI)

#Economics#AllYouNeedToKnow

“We rarely think of economics as scandalous, but maybe we should.” (Sam Bowles)

Economics has defined itself as a social science and accordingly has been based on subjective/behavioral assumptions/axioms. This is the first methodological mistake,… pic.twitter.com/hrzhAR882u

— AXEC (@EgmontHandtke) February 4, 2026

See also Isabella Weber.

See also Steven Durlauf.

Occasional X: Paradigm Shift (XCIX)

 

#Economics#AllYouNeedToKnow

“Neither Chicago theorists or Austrian theorists hold any of the elements of the position described. Like...none of it.” (Vincent Geloso)

Economics has defined itself as a social science and accordingly has been based on subjective/behavioral… pic.twitter.com/m3RwUVmQUB

— AXEC (@EgmontHandtke) February 4, 2026

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

#Economics#AllYouNeedToKnow

“This is your periodic reminder that professors at leading universities still view Marx as an economist worthy of consideration.” (Daniel Lemire)

Marxism is discredited because it is failed/fake science. Economics professors are discredited because…

— AXEC (@EgmontHandtke) February 4, 2026

Occasional X: Clueless economists / Science (CCXLX)

#Economics#AllYouNeedToKnow

“The study of the human sciences can produce wisdom, routine predictions. It cannot produce profitable prediction and godlike control.” (Deirdre McCloskey)

Economics has defined itself as a social science and accordingly has been based on… pic.twitter.com/eEzsk85mTx

— AXEC (@EgmontHandtke) February 4, 2026

Related 'Prediction/Forecasting' 

Occasional X: Clueless economists / Money (XCI)

#Economics#AllYouNeedToKnow

“The old dispute between the Monetarists and the Keynesians was resolved when the Keynesians conceded all the substantive points and the Monetarists agreed to be called New Keynesians.” (quoted by neocentrist)

Both Monetarism and Keynesianism are… pic.twitter.com/Kq8GmO1it3

— AXEC (@EgmontHandtke) February 4, 2026

Related 'Economics debate ― just another variant of hardcore wrestling' 

Occasional X: Clueless economists / Science (CCXLIX)

#Economics#AllYouNeedToKnow

“About time the Priesthood of the Economic PhDs was significantly reduced ... while I champion a 99.9999999% reduction in the number of Economists, this is at least a start ...” (Richard Field)

The history of economic thought is the history of… pic.twitter.com/AaNwML8NtR

— AXEC (@EgmontHandtke) February 4, 2026

Occasional X: Clueless economists / Science (CCXLVIII)

 

#Economics#AllYouNeedToKnow

“Marxism isn’t discredited because Marx was a bad husband or father.” (Rock Chartrand)

No, Marxism is discredited because it is failed/fake science.

Because Marx got the foundational magnitude of economics —profit— wrong, his communicative…

— AXEC (@EgmontHandtke) February 3, 2026

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

#Economics#AllYouNeedToKnow

“This is simply an axiomatic statement: it illustrates the fact that if you issue your own currency you can’t run out of it.” (MMT101)

It is becoming increasingly unlikely that economics is still at a level where it can be considered intelligent.…

— AXEC (@EgmontHandtke) February 3, 2026

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

#Economics#AllYouNeedToKnow

“What is good in Marx is available in others in far more efficient forms (critics of crises, inequality, bits of ecology).” (Vincent Geloso)

Because Marx got the foundational magnitude of economics—profit—wrong, his communicative contribution…

— AXEC (@EgmontHandtke) February 3, 2026

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

#Economics#AllYouNeedToKnow

“Ayn Rand sold over 37 million books.” (Students for Liberty)

“'The person who writes for fools is always sure of a large audience' is a famous quote by German philosopher Arthur Schopenhauer. Found in his essay 'The Art of Reading' (from Parerga… pic.twitter.com/46L59XkqVq

— AXEC (@EgmontHandtke) February 2, 2026

Occasional X: Clueless economists / Money (XC)

#Economics#AllYouNeedToKnow

“And once they capture the state, they get their hands on the ultimate cheat code: the government’s unlimited power to create money.” (Adhish Barua)

That money is created out of nothing and backed by nothing is NOT the critical point of a fiat money…

— AXEC (@EgmontHandtke) February 2, 2026

Related 'The right and the wrong way to bring money into the economy' 

Occasional X: Clueless economists / War (VII)

#Economics#AllYouNeedToKnow

“To win WW2, the British Empire liquidated its entire gold reserves, …” (Calum Douglas)

To this day, economists have not solved the profession's age-old core question.

How to pay for the war and to be bamboozled by economists…

— AXEC (@EgmontHandtke) February 2, 2026

Occasional X: The futile attempt to recycle behavioral economics (XII)

#Economics#AllYouNeedToKnow

“The future is unknowable, but not unimaginable.” (Ludwig Lachmann)

Remembering Ludwig M. Lachmann, … a thinker who illuminated the role of expectations in economic life.” (Econlib)

Economics has defined itself as a social science and accordingly… pic.twitter.com/A6jpPevRdX

— AXEC (@EgmontHandtke) February 2, 2026

Occasional X: Clueless economists / Money (LXXXIX)

#Economics#AllYouNeedToKnow

“It was Fed Groupthink that brought us Team Transitory & slow response to 2020s inflation. Challenging that kind of Groupthink is needed at the Fed.” (Jon Hartley, quoted by Jon Steinsson)

The Fed's problem is NOT groupthink, it is the provably…

— AXEC (@EgmontHandtke) February 2, 2026

For more about profit pump, see AXECquery 

For more about illicit operations, see AXECquery.

***

Twitter/X Feb 2, 2026

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

 

#Economics#AllYouNeedToKnow

“Just returned from another great LF experience wrestling with serious issues with serious thinkers.” (Peter Boettke)

As far as economics is concerned, the people at the Liberty Fund are not serious thinkers. They do not understand profit and, by… pic.twitter.com/sEEqtKi7BM

— AXEC (@EgmontHandtke) February 1, 2026