“These clowns! We all live in this society which shows us exactly how capitalism works. And, it doesn’t work for most of us.” (Todd Wolfson)
— AXEC (@EgmontHandtke) April 21, 2026
“Would the professors Wolfson supposedly represents agree that students sufficiently understand capitalism without studying it?” (Steve… pic.twitter.com/8qHtk1jD3d
April 21, 2026
Occasional X: Clueless economists / Science (CCLXXVIII)
April 20, 2026
Occasional X: Clueless economists / Employment (XXX)
“Everyone’s debating unemployment, but few are talking about the policies causing it.” (Foundation for Economic Education)
— AXEC (@EgmontHandtke) April 20, 2026
The dependency of the real variable employment is given by the axiomatically correct macroeconomic Employment Law ⇓, which tells one how ― in the…
Related 'Schumpeter and the essence of profit'
Occasional X: The foul spirit of political economics (CCLXXX)
“Name a huge scam that has been normalised?” (Dear Son, quoted by Bostic)
— AXEC (@EgmontHandtke) April 20, 2026
Economics claims to be science, but it is cargo cult science (Feynman's term)
The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory,… pic.twitter.com/R5kaawvrTf
Occasional X: Clueless economists / Science (CCLXXVII)
“In the long run we are all dead.” (J. M. Keynes, quoted by Relearning Economics)
— AXEC (@EgmontHandtke) April 20, 2026
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… pic.twitter.com/clxEfbiVLD
Occasional X: The foul spirit of political economics (CCLXXIX)
“On the contrary I think it’s because they *have* been taught how capitalism works, although perhaps not by an economist.” (Marshall Steinbaum)
— AXEC (@EgmontHandtke) April 20, 2026
Economics cannot be made a College requirement because it is failed/fake science.
The major approaches (Walrasianism, Keynesianism,… pic.twitter.com/xsEXvmmQbX
Occasional X: The foul spirit of political economics (CCLXXVIII)
“What I’d like young people to know is that markets work and that they work best if they are freest.” (Milton Friedman)
— AXEC (@EgmontHandtke) April 20, 2026
Milton Friedman never understood profit and, as a consequence, how the economic system works. That's self-disqualifying and is a shame for academia.
The major…
Occasional X: The foul spirit of political economics (CCLXXVII)
“The first socialists were the intellectuals; they and not the masses are the backbone of Socialism. The power of Socialism too, is like any other power ultimately spiritual; and it finds its support in ideas proceeding from the intellectual leaders, who give them to the people.”…
— AXEC (@EgmontHandtke) April 20, 2026
Occasional X: The foul spirit of political economics (CCLXXVI)
“hayek showed that the most sophisticated coordination mechanisms arise from voluntary interaction, not design.” (Time Preference)
— AXEC (@EgmontHandtke) April 20, 2026
Hayek never understood profit, and by logical consequence, how the economic system works. This is self-disqualifying. To this day, Austrian…
April 19, 2026
Occasional X: Clueless economists / Value (I)
“subjective value theory destroyed classical economics” (Time Preference)
— AXEC (@EgmontHandtke) April 19, 2026
Time Preference doesn't understand profit and, by logical consequence, how the market system works. This is self-disqualifying.
Economics has defined itself as a social science and accordingly has been… pic.twitter.com/EnxnmhCwcj
For more about value, see AXECquery.
Occasional X: Can anyone take Paul Krugman seriously? (III)
“Krugman was entirely vindicated for this quote so I’m not sure how this addresses the point.” (Token Analytical Marxist)
— AXEC (@EgmontHandtke) April 19, 2026
Economics is not yet a science. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory,…
Occasional X: Econ 101― still proto-scientific garbage (XV)
“Me on a daily basis.” (Vincent Geloso quotes:)
— AXEC (@EgmontHandtke) April 19, 2026
“My students are embracing democratic socialism because they've never been taught how capitalism works.” (Samuel Abrams)
Vincent Geloso has no clue how the economy works. Economics is not much more than a centuries-old interaction…
Occasional X: Clueless economists / Science (CCLXXVI)
“Austrians alone grasp profit as a market reward of entrepreneurial foresight amid uncertainty.” (Lenio)
— AXEC (@EgmontHandtke) April 19, 2026
Profit is a mathematically well-defined balance, not the outcome of an occult psychological operation called foresight. Austrians, too, do not understand profit, and by…
Occasional X: The foul spirit of political economics (CCLXXV)
KI “ ... John Maynard Keynes wrote this critique of Friedrich Hayek in a 1931 letter regarding Hayek's monetary theory, noting it was an 'extraordinary example of how, starting with a mistake, a remorseless logician can end up in Bedlam.'” (see also Moggridge, 1976, p. 36)
— AXEC (@EgmontHandtke) April 19, 2026
For…
Occasional X: How it works (CDLXXII)
von Mises never understood profit, and by logical consequence, how the economic system works. This is self-disqualifying. To this day, Austrian economics is not science, but storytelling.
— AXEC (@EgmontHandtke) April 19, 2026
Austrian economic policy has no valid scientific foundations. Psychological plausibility is… pic.twitter.com/naKAElEA4U
April 18, 2026
Occasional X: The futile attempt to recycle Austrianism (XC)
“Credit expansion is the governments’ foremost tool in their struggle against the market economy.” (Ludwig von Mises)
— AXEC (@EgmontHandtke) April 18, 2026
Actually, it is FOR the market economy.
The free-market economy runs on profit. Macroeconomic profit is given by the axiomatically correct Profit Law / Balances…
Occasional X: Clueless economists / Money (CXXXI)
“Mises demonstrated in 1912 that every generalized medium of exchange requires, in its historical origin, a prior non-monetary value.” (Miguel Hernández)
— AXEC (@EgmontHandtke) April 18, 2026
von Mises never understood profit, and by logical consequence, how the economic system works. This is self-disqualifying. To…
Occasional X: The futile attempt to recycle Austrianism (LXXXIX)
“The intellectual has very strongly this feeling that what is not comprehensible must be nonsense.” (Hayek Quotes)
— AXEC (@EgmontHandtke) April 18, 2026
This might be true or false. Either way, it is not economics.
Sociology is not economics. Psychology is not economics. Philosophy is not economics. Waving the flag…
Occasional X: Economists still can't get the sectoral balances right (VII)
“Do you understand balance sheets? What happens when Govt goes into debt (the pink bars). Does the private sector get wealthier or poorer?” (Musical Chair)
— AXEC (@EgmontHandtke) April 18, 2026
There is no such thing as the private sector; there is only the household sector and the business sector. The axiomatically… pic.twitter.com/t8UhlF8hgO
Occasional X: The foul spirit of political economics (CCLXXIV)
“A Pillar of the Economics Establishment Admits That It Was Wrong” (The Atlantic, quoted by Robert Murphy)
— AXEC (@EgmontHandtke) April 18, 2026
Economics is not yet a science. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory, axiomatically… pic.twitter.com/WHj0OwJAcd
Occasional X: The foul spirit of political economics (CCLXXIII)
In economics, there are a lot of people who say a lot of things. That's disinfotainment. For 200+ years, economics has been cargo cult science, not science. The representative economist doesn't understand the difference.
— AXEC (@EgmontHandtke) April 18, 2026
If you were intelligent, you would have realized that…
Read this, and come back if you have a valid refutation.
— AXEC (@EgmontHandtke) April 18, 2026
Cross-references: Political Economics/ Stupidity/ Corruptionhttps://t.co/MWTxdbFDwu
“If one takes seriously what Popper says about falsifiability and the critical attitude, then the methodological practice of economics is not only mistaken, it is stupid and intellectually reprehensible.” (Hausman, 1992, p. 275)
— AXEC (@EgmontHandtke) April 18, 2026
“Now the rationality principle, which in the social sciences plays a role somewhat analogous to the universal laws of the natural sciences, is false, and if, in addition, the situational models are also false, then both the constituent elements of social theory are false.”…
— AXEC (@EgmontHandtke) April 18, 2026
For a theory, it matters whether it is true or false. It does not matter whether it is published by a renowned publishing house, on toilet paper, or on social media.
— AXEC (@EgmontHandtke) April 18, 2026
“A critical discussion is well-conducted if it is entirely devoted to one aim: to find a flaw in the claim that a…
Kuhn's key methodological concept is the Paradigm Shift. In economics, it consists of moving from false (subjective/behavioral) microfoundations and false (Keynesian) macrofoundations to true (objective/systemic) macrofoundations. The new Paradigm ⇓ satisfies the methodological… pic.twitter.com/g1XUiDKcCq
— AXEC (@EgmontHandtke) April 18, 2026
Occasional X: Clueless economists / Money (CXXX)
“Certain commodities came to be money quite naturally, as the result of economic relationships that were independent of the power of the state.” (Carl Menger, quoted by Foundation of Economic Education)
— AXEC (@EgmontHandtke) April 18, 2026
If you want to know how to melt steel, you need to know the laws of…
April 17, 2026
Occasional X: How it works (CDLXXI)
“Students are 'arriving to campus not only skeptical of free markets, but openly embracing democratic socialist ideas. The problem isn’t that students have rejected capitalism. It’s that many have never been taught how it works or why it matters.'” (Steve McGuire, quoting WSJ)…
— AXEC (@EgmontHandtke) April 17, 2026
Occasional X: Paradigm Shift (XCXVII)
“Economists think about what people ought to do. Psychologists watch what they actually do.” (Daniel Kahneman)
— AXEC (@EgmontHandtke) April 17, 2026
More than 200 years ago, economics has defined itself as a social science and accordingly has been based on subjective/behavioral assumptions/axioms. This is the… pic.twitter.com/5dIVYHspdY
Occasional X: The foul spirit of political economics (CCLXXII)
The Theory of Money in general, and the Quantity Theory in particular, are false since the founding fathers, because macroeconomics has always been false. The proof is available, but economists cannot understand it because they are too stupid for elementary algebra.
— AXEC (@EgmontHandtke) April 17, 2026
The…
Occasional X: Clueless economists / Science (CCXCXXIII)
“Abolish patent law! Patents are nothing other than state-created monopolies on ideas. Ideas are not scarce – they can be used simultaneously by any number of people, without anything being taken away from anyone.” (Junge Libertäre für Freiheit)
— AXEC (@EgmontHandtke) April 17, 2026
Patents have to be transferred…
Occasional X: Paradigm Shift (XCXVI)
“austrian economics understands what mainstream models miss: economic value is subjective, not objective.” (Time Preference)
— AXEC (@EgmontHandtke) April 17, 2026
Yeah, but at some point, the subjective value is transformed into an objective price. Most economists never get from inconclusive subjective blubber to…
Occasional X: The futile attempt to recycle Austrianism (LXXXVIII)
“If someone really wants to understand economics, they don’t start with Mankiw or Krugman. They start with Man, Economy, and State.” (Miguel Hernández)
— AXEC (@EgmontHandtke) April 17, 2026
Economics has defined itself as a social science and accordingly has been based on subjective/behavioral assumptions/axioms.… pic.twitter.com/aHurKYcGxe
Occasional X: The futile attempt to recycle Austrianism (LXXXVII)
“name 1 socialist with nobel prize and 1 socialistic country with good life quality” (stas)
— AXEC (@EgmontHandtke) April 17, 2026
The question is whether economics is a science. The answer is no. Austrianism, in particular, is proto-scientific blubber.
The major approaches (Walrasianism, Keynesianism, Marxianism,… pic.twitter.com/2yBKnPCOeC
April 16, 2026
Occasional X: Economists still can't get the sectoral balances right (VI)
“We're repeating it for the umpteenth time to see if some people will stop being economic flat-earthers: Public debt is not debt; it is simply the amount of money injected by the States through their public spending and which becomes savings for families and businesses.” (Eduardo… pic.twitter.com/xVljXhFVRy
— AXEC (@EgmontHandtke) April 16, 2026
Occasional X: The futile attempt to recycle Austrianism (LXXXVI)
'If Austrians understood economics, they wouldn't be Austrians.'
— AXEC (@EgmontHandtke) April 16, 2026
Hayek never understood profit and, by consequence, how the economic system works. That's self-defeating.
When the foundational concepts are inconsistent, the entire analytical framework is scientifically…
Occasional X: The futile attempt to recycle Austrianism (LXXXV)
“A firm doesn’t 'just emerge.' Someone imagines it, builds it, and risks getting it wrong.” (Mises Media)
— AXEC (@EgmontHandtke) April 16, 2026
These days, the entrepreneur is no longer the mystical figure of creative destruction, innovation, and progress, but the well-paid employee of some hidden agency. Most of…
Occasional X: Clueless economists / Science (CCXCXXII)
“Public debt is not debt; it is simply the amount of money injected by the States through their public spending and which becomes savings for families and businesses.” (Eduardo Garzon, quoted by ?whispers?)
— AXEC (@EgmontHandtke) April 16, 2026
No, that's decrepid macroeconomics. The axiomatically correct… pic.twitter.com/UOP4NeVPpS
Occasional X: How it works (CDLXX)
“Almost 5% on 10 year gilts. Not good. Those still clamouring for higher spending and/or lower taxes funded by additional borrowing should take note. There is a big price to pay.” (Paul Johnson)
— AXEC (@EgmontHandtke) April 16, 2026
The question is, who pays the big price?
The Central Bank's main task is to…
Occasional X: Clueless economists / Science (CCXCXXI)
“Economics is revealed as the story of human cooperation, with division of labour, profit and loss guiding us toward more productive activity.” (Foundation for Economic Education)
— AXEC (@EgmontHandtke) April 16, 2026
Economics is revealed as failed/fake science because economists do not understand how the economic…
Occasional X: Economics is scientifically worthless, so are its prizes (III)
In economics, prizes are not given for any scientific merit. Samuelson is a good example of this. For details, see
— AXEC (@EgmontHandtke) April 16, 2026
The father of modern economics and his imbecile kidshttps://t.co/MAgH2tehjm
The trouble with economics prizeshttps://t.co/JqpGIJZJFr
Links on the Economics…
Occasional X: The futile attempt to recycle MMT (CXCIII)
MMTers are confusing sequence with balance.
— AXEC (@EgmontHandtke) April 16, 2026
Whether spending G or taxes T comes first is a liquidity issue. In a period of given length, not the sequence but the balance between the household sector and the government sector is relevant. The 3-sector Profit Law…
April 15, 2026
Occasional X: Clueless economists / Money (CXXIX)
“The natural tendency for prices is to go down. If you look at the CPI in 1900 and you look at it in 1800, it was down by 50%. So for a hundred years in America, prices went down. And during that time, we had the Industrial Revolution.” (Peter Schiff, quoted by Wall Street Mav)… pic.twitter.com/lAIFVj3K5m
— AXEC (@EgmontHandtke) April 15, 2026
Occasional X: The futile attempt to recycle Keynesianism (XCVII)
“It may well be the task of a new generation of economists to produce that break with orthodox economics that was started, genuinely attempted, strongly pursued, but not accomplished by Keynes and the Keynesian group.” (Luigi Pasinetti, quoted by Relearning Economics)
— AXEC (@EgmontHandtke) April 15, 2026
Keynes got…
Occasional X: Clueless economists / Science (CCXCXX)
“By definition, science is never settled.” (Possum Reviews)
— AXEC (@EgmontHandtke) April 15, 2026
Science is never settled, but many scientific questions have been settled according to the principles of material/formal consistency. Moreover, economics is not yet a science.
The major approaches (Walrasianism,… pic.twitter.com/52vuPnZGd9
Occasional X: Clueless economists / Science (CCXCXIX)
“Reducing the govt's deficit is the same as reducing the non-govt's savings.” (MMT for Progressives)
— AXEC (@EgmontHandtke) April 15, 2026
No, that's a political deception.
It is well-known that MMT's macro accounting is provably false. Therefore, the whole of MMT is false. For the full-spectrum refutation, see… pic.twitter.com/wZGh1Z2ZwC
Related ' The page where Stephanie Kelton gets macroeconomics wrong' and 'Stephanie Kelton’s legendary Plain-Sight-Ink-Trick'.
April 14, 2026
Occasional X: The foul spirit of political economics (CCLXXI)
From the beginning, economics meandered between sociology, psychology, jurisprudence, administration, politics, and what today is called macroeconomics.
— AXEC (@EgmontHandtke) April 14, 2026
“Mill had been engaged in a pen-friendship with Auguste Comte, the founder of positivism and sociology, since Mill first…
Occasional X: Clueless economists / Science (CCXCXVIII)
“I don’t believe that socialism is half right. I am convinced it’s all wrong, and that is my starting point.” (Hayek Quotes)
— AXEC (@EgmontHandtke) April 14, 2026
The distinction between Capitalism and Socialism is NOT the starting point of economics. Both are wrong. Both are politics.
The scientific starting point… pic.twitter.com/RokzSRjtyA
Occasional X: Clueless economists / Employment (XXIX)
“The macro question is whether the real/inflation adjusted deficit remains high enough to offset savings desires. Unemployment is the evidence.” (Warren Mosler)
— AXEC (@EgmontHandtke) April 14, 2026
Half true.
The dependency of the real variable employment is given by the axiomatically correct macroeconomic… pic.twitter.com/Xb7I6W1U9z
“My statement is true by identity.” (Warren Mosler)
— AXEC (@EgmontHandtke) April 14, 2026
No. Your macroeconomics is provably false. Therefore, your Employment Theory is false. The same holds for your Theory of Money.
MMT: The one deadly error/fraud of Warren Moslerhttps://t.co/wKI0WoOYzm
Occasional X: Clueless economists / Science (CCXCXVII)
“As Adam Smith recognized more than 230 years ago, economic freedom and the economic prosperity it brings work to the advantage of the poor.” ( Robert Lawson, quoted by Foundation for Economic Education)
— AXEC (@EgmontHandtke) April 14, 2026
Economists claim that they have scientifically discovered the mysteries of…
Occasional X: Paradigm Shift (XCXV)
“Macroeconomist: We develop a micro-founded model.” (Khoa Vu)
— AXEC (@EgmontHandtke) April 14, 2026
The Founding Fathers defined economics as a social science, and it has therefore been based on subjective/behavioral assumptions/axioms. This was the methodological ur-mistake. It led to microeconomics.
Keynes, too,… pic.twitter.com/VhKz2VPWjt
Occasional X: Clueless economists / Science (CCXCXVI)
“Nobody has ever been able to debunk Karl Marx.” (ironically quoted by Mises Institute)
— AXEC (@EgmontHandtke) April 14, 2026
Debunking has a scientific and a political dimension. The political dimension is for low-IQ agenda pushers like the Austrians. The Capitalism vs Socialism debate has never had scientific… pic.twitter.com/HRBZjvzY9x
April 13, 2026
Occasional X: The foul spirit of political economics (CCLXX)
“Keep your eye on how much the Government is spending because that is the true tax…as there IS NO SUCH THING as an unbalanced budget.” (Milton Friedman, quoted by Liz Churchill)
— AXEC (@EgmontHandtke) April 13, 2026
“ALL OF THIS IS TRUE…” (Liz Churchill)
No, not true. Milton Friedman never understood profit and,…
Occasional X: Paradigm Shift (XCXIV)
“Physicists, brought up on a diet of astounding theories and successful models, have the ability to distinguish a theory from a model and a good model from a bad one. Economists for the most part have never seen a genuine theory, and so discrimination is harder.” (Emanuel Derman,… pic.twitter.com/qLRO5Sx18q
— AXEC (@EgmontHandtke) April 13, 2026
April 12, 2026
Occasional X: How it works (CDLXIX)
“In most countries billionaires are self-made. They invent new products or services that drive progress.” (Michael Arouet)
— AXEC (@EgmontHandtke) April 12, 2026
Nice try to perpetuate a false narrative. That's not economics, but politics for a low-IQ audience. Michael Arouet never understood profit and, by logical…
Occasional X: Clueless economists / Money (CXXVIII)
“INFLATION IS ALWAYS AND EVERYWHERE A MONETARY PHENOMENON.” (Steve Hanke)
— AXEC (@EgmontHandtke) April 12, 2026
All caps and still wrong.
The Theory of Money in general, and the Quantity Theory in particular, are false since the founding fathers, because macroeconomics has always been false.
For the consistent…
Occasional X: Clueless economists / Science (CCXCXV)
“Utility; for an entrepreneur, ― profit; for a player, gain or loss.” (Theory of Games and Economic Behavior, p. 33, fn. 2) von Neumann/Morgenstern got profit wrong. ⇓ Profit is the foundational economic concept. Because of this, Game Theory has always been irrelevant to… pic.twitter.com/Lys278lnmO
— AXEC (@EgmontHandtke) April 12, 2026
Also at Robert Murphy.
April 11, 2026
Occasional X: The futile attempt to recycle Austrianism (LXXXIV)
“The gradual replacement of innate responses by learnt rules increasingly distinguished man from other animals.” (Friedrich Hayek quote)
— AXEC (@EgmontHandtke) April 11, 2026
Whatever this is, it is not economics.
Friedrich Hayek never understood profit and, by logical consequence, how the economic system works.…
Occasional X: Clueless economists / Science (CCXCXIV)
“This issue, I believe, is a (but not the) great divide between macroeconomic theories, with Keynes, Friedman, MMT in one camp and Menger, Bohm-Bawerk, Mises, Fetter, Hutt, Salerno in the other.” (Jonathan Newman, quoted by Robert Murphy)
— AXEC (@EgmontHandtke) April 11, 2026
The Founding Fathers defined economics… pic.twitter.com/HpBLd6t4Wr
April 10, 2026
Occasional X: Clueless economists / Science (CCXCXIII)
“Are you denying that the counterpart of a government liability is an asset held outside government, …?
— AXEC (@EgmontHandtke) April 10, 2026
The logic of differentiation is not so simple as it seems.‡ In any case, the idea of asset and liability presupposes two persons/entities.
Differentiation is an unfolding… pic.twitter.com/82s44G1R1z
“Aggregation is not nonsense; it is standard macro accounting.” (Tally Sticks)
— AXEC (@EgmontHandtke) April 10, 2026
You should know that “standard macro accounting” is provably false. Your argument is entirely beside the point. A false theory does not become true when referenced to another false theory. Both are…
April 9, 2026
Occasional X: Clueless economists / Inflation / Deflation / Stagflation (XLXX)
“Inflation occurs when total spending, from bank loans, state spending, or exports, exceeds what the economy can produce in goods, services, energy, and labour.” (?whispers?)
— AXEC (@EgmontHandtke) April 9, 2026
No! A price hike occurs – not inflation – when there is private or public deficit-spending.
The… pic.twitter.com/oiPk1HIseb
Occasional X: Clueless economists / Money (CXXVII)
“Private banks create money when they issue a loan. This money is the same as state issued currency, …” (?whispers?)
— AXEC (@EgmontHandtke) April 9, 2026
?whispers? is wrong again. Problems arise, for example, if a private bank customer wants notes for his balance. Notes are Central Bank money, and the private…
Occasional X: How it works (CDLXVIII)
“From pound notes to gilts, Treasury bills, Premium Bonds, British Savings Bonds and Bank of England reserves, HM Government debt is private savings. Why are savings going to collapse us in misery?” (Tally Sticks)
— AXEC (@EgmontHandtke) April 9, 2026
In his confusion, Tally Sticks is messing up a lot of things. The…
“Government liabilities are still non-government financial assets.” (Tally Sticks)
— AXEC (@EgmontHandtke) April 9, 2026
Non-government is a weasel word. The correct sentence reads 'Government liabilities are either the Workers' or the Oligarchy's financial assets.' The Oligarchy's part is much, much bigger.
Why…
Correct macroeconomic accounting yields Qm≡–Sw+(G–T).
— AXEC (@EgmontHandtke) April 9, 2026
You rewrite it as Qm+Sw≡(G–T) and call the left side non-governmental. This vanishing of profit is a deception for the communicative advantage of WeTheOligarchy and the disadvantage of WeThePeople.
Occasional X: Clueless economists / Science (CCXCXII)
• “The primitive apparatus of the theory of supply and demand is scientific. But the scientific achievement is so modest, and common sense and scientific knowledge are logically such close neighbors in this case, that any assertion about the precise point at which the one turned… pic.twitter.com/tz1ld9gr2y
— AXEC (@EgmontHandtke) April 9, 2026
April 8, 2026
Occasional X: Clueless economists / Science (CCXCXI)
“The UK fiscal balance is not a morality tale about whether ministers have 'overspent' and 'run out of money'. It is the ex-post accounting outcome of the private sector’s saving behaviour, the external balance, and the government’s own fiscal and monetary stance.” (Tally Sticks)…
— AXEC (@EgmontHandtke) April 8, 2026
Occasional X: The futile attempt to recycle MMT (CXCII)
“The correct identity is (S−I)=(G−T)+(X−M).” (?whisper?)
— AXEC (@EgmontHandtke) April 8, 2026
No. The balance of the business sector Qm is missing. ⇓ Qm is the most important balance in Capitalism. MMT's equation was refuted long ago.
Rectification of MMT macro accountinghttps://t.co/zze3NFF9Ap
Learn to… pic.twitter.com/7snfViUJJi
Occasional X: Economists still get saving/dissaving and loss/profit wrong (XI)
“… but when you tell them that mathematically, new savings in the private sector mean a state deficit, they grimace.” (fiat money, quoted by ?whispers?)
— AXEC (@EgmontHandtke) April 8, 2026
Macroeconomic profit is given by the axiomatically correct Profit Law / Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0.… pic.twitter.com/aKGK5MRmWN
Occasional X: Clueless economists / Tax (IX)
Yes, case 1 is the uncorrupted starting case. The household sector's first choice is how many private goods and how many public goods they want. This is analogous to the choice between red wine and white wine. The obvious problem is that not all households have the same…
— AXEC (@EgmontHandtke) April 8, 2026
“Govt doesn't need tax revenue before it can spend. It spends by instructing the BoE to create central bank money (reserves) out of nothing, …” (?whispers?)
— AXEC (@EgmontHandtke) April 8, 2026
At this stage, the distinction between the Central Bank and the Commercial Banks is unnecessary. So, there are no…
“When the government runs a deficit (G > T), the non‑government sector as a whole receives net financial assets equal to that deficit.” (?whispers?)
— AXEC (@EgmontHandtke) April 8, 2026
There is no such thing as the non‑government sector. That's the big MMT swindle. There is only the household sector and the…
Occasional X: Clueless economists / Tax (VIII)
“You can’t take taxes out, before you have put money into the system.” (?whispers?)
— AXEC (@EgmontHandtke) April 8, 2026
The bath-tube crowd is a bunch of economic morons.
There are two cases that have to be kept separate: a balanced public budget and deficit-spending/money-creation. The total amount of State… pic.twitter.com/AEIq8XQKWj
Occasional X: Clueless economists / Science (CCXCX)
“This dude named Carl sits in his study in 1871, probably wondering why classical economists kept insisting that labor creates value when any fool could see that a glass of water means nothing to someone drowning but everything to someone dying of thirst.” (Handre)
— AXEC (@EgmontHandtke) April 8, 2026
Austrianism… pic.twitter.com/ASFn9zNZNV
Related 'The value of water and diamonds: back to square one' and 'Gold-making, wine from water, M―C―M', perpetuum mobile, free lunch, beating the stock market, and the perennial human dream'
April 7, 2026
Occasional X: The futile attempt to recycle MMT (CXCI)
“MMT isn’t left or right – it is simply an accurate description of the way our economy works since we left the gold standard.” (David McNab)
— AXEC (@EgmontHandtke) April 7, 2026
No! The description of the economy is not accurate; more specifically, MMTers messed up macroeconomics. Because MMTers are too stupid for…
Occasional X: Clueless economists / Science (CCXCIX)
“Ludwig von Mises: anti-positivist, apriorist. He grounded economics in praxeology, arguing that economic laws follow from the logic of human action, not from empirical measurement or statistical testing.” (Philippe Lemieux)
— AXEC (@EgmontHandtke) April 7, 2026
Economics has defined itself as a social science and… pic.twitter.com/wXwPKIwQk5
Occasional X: Great economic equations (I)
“17 equations that changed the world.” (The Math Flow)
— AXEC (@EgmontHandtke) April 7, 2026
The No. 18 is the First Economic Law. ⇓
For details, see ⇒
The great economic equationshttps://t.co/sUiSaCV5G0 pic.twitter.com/GQuibIzbRt
For more about equations, see AXECquery.
Occasional X: Clueless economists / Money (CXXVI)
“Deficit spending=money hoarding. By identity.” (Warren Mosler)
— AXEC (@EgmontHandtke) April 7, 2026
This is nonsensical. MMTers never understood the interaction of macroeconomic balances.
The free-market economy runs on profit. Macroeconomic profit is given by the axiomatically correct Profit Law / Balances… pic.twitter.com/Gc4HkTbs38
Occasional X: Clueless economists / Money (CXXV)
“The state has no money.” (Glitch, quoted by Phil Waller)
— AXEC (@EgmontHandtke) April 7, 2026
In the beginning, the business sector has no money to pay wages, and the household sector has no money to buy bread. Transaction money gets the economy going; it is created out of nothing and vanishes after a short… pic.twitter.com/aPUGLLk6yI
April 6, 2026
Occasional X: The foul spirit of political economics (CCLXIX)
“Liberty! That was the cry of all those who found their property confiscated by monopoly and privilege. Liberty! That was the burning aspiration of all those whose natural rights had been forcibly repressed.” (Gustave de Molinari, quoted by Foundation for Economic Education)…
— AXEC (@EgmontHandtke) April 6, 2026
Occasional X: The foul spirit of political economics (CCLXVIII)
“How do people ever take this guy seriously?” (Buddy Wells)
— AXEC (@EgmontHandtke) April 6, 2026
Milton Friedman still provides economic guidance for a low-IQ audience. It is not economics understood as a science, but resembles more advertizing. It has nothing to do with true or false, but the basic message…
April 4, 2026
Occasional X: The foul spirit of political economics (CCLXVII)
“If Keynes had lived, he would greatly have modified his own ideas, …” (Hayek)
— AXEC (@EgmontHandtke) April 4, 2026
One could talk endlessly about hypothetical cases that are irrefutable in principle. The methodology of Austrianism is vacuous talk.
Occasional X: How it works (CDLXVII)
The US polity is an Oligarchy with President/ Congress/ Treasury/ Fed/ BigBusiness/ Agencies as integral parts. The macroeconomic Profit Law ⇓ implies Public-Deficit-Is-Private-Profit. Macroeconomic profit is currently mainly produced by deficit-spending/money-creation, i.e.,… pic.twitter.com/HwHHLfDn66
— AXEC (@EgmontHandtke) April 4, 2026
Occasional X: Clueless economists / Science (CCXCVIII)
“… he [Mises] rejected both anarchism & the assumption that pure capitalism isn’t sustainable because corporations will lobby for favors & generate 'crony capitalism.'” (Richard Salsman)
— AXEC (@EgmontHandtke) April 4, 2026
von Mises never understood profit, and by logical consequence, how the economic system…
April 3, 2026
Occasional X: The futile attempt to recycle von Mises (IX)
“Not a day goes by without critics making up fantasy reasons to dunk on Austrian Economics.” (Per Bylund)
— AXEC (@EgmontHandtke) April 3, 2026
von Mises never understood profit, and by logical consequence, how the economic system works. To this day, Austrian economics is not science, but propaganda for a low-IQ…
Occasional X: Clueless economists / Money (CXXIV)
“Is money a creation of the State or the outcome of voluntary exchange?” (Foundation of Economic Education)
— AXEC (@EgmontHandtke) April 3, 2026
If you want to know the Laws of Thermodynamics, you don't need to know who invented fire. Likewise, in economics, in order to know how fiat money in a highly developed…
Occasional X: The foul spirit of political economics (CCLXVI)
The history of economic thought is the history of scientific failure. The major approaches are mutually contradictory, and axiomatically false, and materially/formally inconsistent. They ALL got profit wrong. Marx was NO exception.
— AXEC (@EgmontHandtke) April 3, 2026
For proof, see the working paper ⇒
Profit for…
Occasional X: Time to get the axioms of economics right (VII)
“I’m familiar with the position of praxeology I just find it baffling. It was refuted in Mises lifetime. Karl Menger showed praxeological arguments didn’t work, …” (Jules)
— AXEC (@EgmontHandtke) April 3, 2026
The Founding Fathers defined economics as a social science, and it has therefore been based on… pic.twitter.com/tXi1aNADBr
April 2, 2026
Occasional X: The foul spirit of political economics (CCLXV)
“Adam Smith’s The Wealth of Nations didn’t just explain the world – it changed it.” (Austrian Economics Center)
— AXEC (@EgmontHandtke) April 2, 2026
Change is a weasel word. Any moron can change the world. The point is to improve it. Economists failed at this task.
Adam Smith was not an original thinker, not a… pic.twitter.com/HUMyGBNxsJ
Occasional X: Clueless economists / Science (CCXCVII)
“Murray Rothbard referred to the Spooner–Tucker doctrine as the core insight of the individualist anarchists: that exploitation is not inherent to the market, but arises from State intervention.” (Philippe Lemieux)
— AXEC (@EgmontHandtke) April 2, 2026
The Spooner–Tucker doctrine is a corollary of the Supreme…
Occasional X: Clueless economists / Employment (XXVIII)
“Higher wages raise consumption and sales. Firms respond to demand, not just costs.” (Relearning Economics)
— AXEC (@EgmontHandtke) April 2, 2026
The axiomatically correct macroeconomic Employment Law ⇓ tells one how ― in the elementary case ― the employment L depends ― under the condition of product market… pic.twitter.com/NQAjgQpl5k
Occasional X: Clueless economists / Science (CCXCVI)
“It is my firm belief that Financial Literacy is what fuels the American Dream.” (Scott Bessent)
— AXEC (@EgmontHandtke) April 2, 2026
Financial Literacy is a hallucination. Scott Bessent doesn't understand how the economic system works. Neither do academic economists.
For 200+ years, economics has claimed to be a…
Occasional X: Clueless economists / Science (CCXCV)
“Especially recommend chapter 3 on why ideas like marginalism took so long to develop.” (Dwarkesh Patel)
— AXEC (@EgmontHandtke) April 2, 2026
Marginalism is the worst example of scientific failure.
For over 200 years, economics has said it is a science, but it isn't. The major approaches (Walrasianism,…
Occasional X: The foul spirit of political economics (CCLXIV)
“The great tragedy of the global economic malaise is that it is caused by a shortage of something that is essentially costless to produce: money.” (Steve Keen, quoted by Relearing Economics)
— AXEC (@EgmontHandtke) April 2, 2026
“The great tragedy of the global economic malaise is that it is caused by a shortage of… pic.twitter.com/g7hl8wkMe7
Occasional X: The foul spirit of political economics (CCLXIII)
“Collectivism is the enemy. Anyone prompting or spreading collectivist thought. That is your enemy.” (Handre)
— AXEC (@EgmontHandtke) April 2, 2026
Whatever this is, it is not science.
Economists have never understood the difference between politics and science. This is why economics is failed/fake science to this… pic.twitter.com/lwE1GmQEkw
April 1, 2026
Occasional X: Clueless economists / Profit (CXXXIX)
“The post-Keynesians were right about everything. Long live Kalecki and Robinson and death to Austroid and neoclassical slop.” (Nikolai Rostov)
— AXEC (@EgmontHandtke) April 1, 2026
Kalecki was a failed/fake economist because he got the subject's foundational concept — profit — wrong. This is self-disqualifying.…
Occasional X: The futile attempt to recycle Austrianism (LXXXIII)
The free-market economy runs on profit. Macroeconomic profit is given by the axiomatically correct Profit Law / Balances Equation (I−Sm)+(G−T)+(X−M)−(Qm−Yd)≐0. The Profit Law implies PublicDeficit-is-PrivateProfit Qm≡G−T>0, i.e., macroeconomic profit is (co-)produced by…
— AXEC (@EgmontHandtke) April 1, 2026
Occasional X: Clueless economists / Employment (XXVII)
Representing the employment determination in the labor market with an SS-curve, a DD-curve, and an equilibrium has always been one of the most scientifically incompetent feats of economists. To get out of failed/fake employment theory requires nothing less than a Paradigm Shift.…
— AXEC (@EgmontHandtke) April 1, 2026
Occasional X: Clueless economists / Science (CCXCIV)
“Economists: We are a pure science that is above ideology.” (Mike Burnham, quoted by Vincent Geloso)
— AXEC (@EgmontHandtke) April 1, 2026
Just the opposite. Economics has never been a science. ⇓
The Founding Fathers defined economics as a social science, and it has therefore been based on subjective/behavioral… pic.twitter.com/6WfzEjyPBM
Subscribe to:
Comments (Atom)