“Sometimes it amazes me how smart Friedman was despite having such retarded prioris. With his IQ level and math knowledge that he had he should have been Bob Lucas.” (Tabris)
— AXEC (@EgmontHandtke) July 31, 2026
Milton Friedman never understood profit, and by consequence, how the economic system works. Neither did…
July 31, 2026
Occasional X: The foul spirit of political economics (CCCXXXVIII)
Occasional X: The futile attempt to recycle Austrianism (CXVI)
“Modern mass democracy, especially when coupled with bureaucracy, creates uniquely powerful incentives for the production, consumption, and institutionalization of unreality.” (Joshua Mawhorter)
— AXEC (@EgmontHandtke) July 31, 2026
Economists are traditionally masters of institutionalized production of scientific…
Occasional X: The foul spirit of political economics (CCCXXXVII)
“Government creates the inflation, then blames the market.” (Milton Friedman, quoted by The Atlas Society)
— AXEC (@EgmontHandtke) July 31, 2026
Milton Friedman never understood profit and, as a logical consequence, how the economic system works. That's self-disqualifying and a shame for academia.
As a result, his…
Occasional X: There is an absolute limit to the growth of public debt (V)
“Interesting new research by Barry Eichengreen et al.: governments undertake fiscal consolidation not when public debt is high, but when debt-service costs become burdensome.” (Phillip Heimberger)
— AXEC (@EgmontHandtke) July 31, 2026
Even people who are not very intelligent should have understood this from the post…
Occasional X: Clueless economists / Profit (CLVII)
“My firm is robots only, with no human living labour, and I produce suplus and profit....where does that come from? If not by living labour embedded within the commodity by the workers, then it should not be there, and yet it is. How?” (Kell Morr)
— AXEC (@EgmontHandtke) July 31, 2026
Too bad that your robots can't…
Occasional X: Econ 101― still proto-scientific garbage (XIX)
Sales promotions don't help.
— AXEC (@EgmontHandtke) July 31, 2026
Economics has been failed/fake science since the founding fathers. It has defined itself as a social science and accordingly has been based on subjective/behavioral assumptions/axioms. This is the methodological ur-mistake.
Economics is about how…
Occasional X: Clueless economists / Money (CXLIX)
“The scandal of the free banking era: you couldn't be sure bank notes were backed by gold.” (infineo, quoted by Robert Murphy)
— AXEC (@EgmontHandtke) July 31, 2026
The idea that transaction money has to be backed by gold ranks among the dumbest of all time. Transaction money is 'born' fiat money.
Robert Murphy's…
Occasional X: The foul spirit of political economics (CCCXXXVI)
“Economists think about what people ought to do. Psychologists watch what they actually do.” (Daniel Kahneman, quoted by Robert Murphy)
— AXEC (@EgmontHandtke) July 31, 2026
Economics has defined itself as a social science and accordingly has been based on subjective/behavioral assumptions/axioms. This is the… pic.twitter.com/XwwPqfXFKj
July 30, 2026
Occasional X: How it works (CDXCVI)
“Muh profit is theft!!!! Whereas in the real world, Marx’s own labor theory of value was dead by volume 3 of Capital after treating it as iron law in volume 1. Böhm-Bawerk asked a simple question: why does capital earn a return at all?” (Rothmus)
— AXEC (@EgmontHandtke) July 30, 2026
The short answer is that both… pic.twitter.com/8iBg6rcYtJ
Notice: Improved version
Occasional X: The foul spirit of political economics (CCCXXXV)
“I cannot stand the AI generated posts from economicst here anymore. ” (Ivan Werning)
— AXEC (@EgmontHandtke) July 30, 2026
Economics has been failed/fake science before AI. ⇓ Social Media/AI change the form, not the substance. Scientifically, the representative economist is still a bad actor.
The major approaches… pic.twitter.com/6AnPgz31Lw
July 29, 2026
Occasional X: The foul spirit of political economics (CCCXXXIV)
“stop pitting economic subfields against each other” (Khoa Vu)
— AXEC (@EgmontHandtke) July 29, 2026
The fact is that legacy economics is provably false. Therefore, its subfields are inconsistent. Contradictions are endless.
The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their… pic.twitter.com/Bv8k4BvqdV
Occasional X: How it works (CDXCV)
“Two economists published a mathematical proof that AI will destroy the economy. It’s called 'The AI Layoff Trap' and it exposes a devastating economic contradiction that every CEO can see coming, and none of them can stop.” (How to Prompt)
— AXEC (@EgmontHandtke) July 29, 2026
Actually, this is the old problem of a… pic.twitter.com/LpVeB5NCXJ
July 28, 2026
Occasional X: The foul spirit of political economics (CCCXXXIII)
“Holy cow, I am older now than tylercowen was in this photo. I took his macro course the previous Fall semester.” (Jeremy Horpedahl)
— AXEC (@EgmontHandtke) July 28, 2026
Holy cow, macro was provably false when Tyler Cowen was a young man, and these days Jeremy Horpedahl is still groping in the scientific dark.… pic.twitter.com/y2b3L2Urph
Occasional X: How it works (CDXCIV)
“How did past societies end their disintegrative periods? A critical step is reversing the root cause of crisis—the perverse wealth pump that takes from the common people and gives to the elites. As described in End Times, good times breed complacency among the governing elites.”…
— AXEC (@EgmontHandtke) July 28, 2026
For more on the profit/wealth pump, see AXECquery.
Occasional X: The futile attempt to recycle Austrianism (CXV)
“This was undoubtedly the best week of my life. All the knowledge acquired, people I met and the chats with the faculty will forever remain at my heart. Thank you a lot @mises and all the donors.” (João Weber)
— AXEC (@EgmontHandtke) July 28, 2026
It looks like the next generation of Austrians will be put in place…
July 27, 2026
Occasional X: The foul spirit of political economics (CCCXXXII)
“Taxation of earnings from labor is on a par with forced labor. Seizing the results of someone's labor is equivalent to seizing hours from him and directing him to carry on various activities.” (Robert Nozick)
— AXEC (@EgmontHandtke) July 27, 2026
Not true. Another philosophy built on provably false economics.
The…
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)
— AXEC (@EgmontHandtke) July 27, 2026
This is the foundational error of legacy economics. Partha Dasgupta's…
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)
— AXEC (@EgmontHandtke) July 27, 2026
Friedrich Hayek never understood profit and, by logical consequence, how the economic system works. His sociology…
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
July 26, 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)
— AXEC (@EgmontHandtke) July 26, 2026
The fact is that economics is provably false.…
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)
— AXEC (@EgmontHandtke) July 26, 2026
The founding fathers have…
For more on AI, see AXECquery.
July 25, 2026
Occasional X: Clueless economists / Science (CCCLXIII)
“Virtually all economics since Ricardo been based on equilibrium paradigm.” (Richard Werner)
— AXEC (@EgmontHandtke) July 25, 2026
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
Occasional X: The foul spirit of political economics (CCCXXIX)
“Everything I wrote here below is trivially true. I mean *trivially* … ” (Branko Milanovic)
— AXEC (@EgmontHandtke) July 25, 2026
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
July 24, 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)
— AXEC (@EgmontHandtke) July 24, 2026
Friedrich Hayek never understood profit and how the markets function.
(i) The free-market system…
Occasional X: Economics is scientifically worthless, so are its prizes (IV)
“So this just happened.” (Vincent Geloso)
— AXEC (@EgmontHandtke) July 24, 2026
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
July 23, 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)
— AXEC (@EgmontHandtke) July 23, 2026
It's… pic.twitter.com/GPU6fs2kIw
July 22, 2026
Occasional X: How it works (CDXCII)
“Becoming wealthy is relatively easy. It requires hard work and discipline.” (Michael Arouet)
— AXEC (@EgmontHandtke) July 22, 2026
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…
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)
— AXEC (@EgmontHandtke) July 22, 2026
Next to discover: Adam Smith was not an original thinker, not a scientist, not an economist;… pic.twitter.com/CXRlrScVMn
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)
— AXEC (@EgmontHandtke) July 22, 2026
Actually, Capitalism can produce macroeconomic profit at will.
Chris Hedges does not understand profit, and by…
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)
— AXEC (@EgmontHandtke) July 22, 2026
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
July 21, 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)
— AXEC (@EgmontHandtke) July 21, 2026
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
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)
— AXEC (@EgmontHandtke) July 21, 2026
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…
July 20, 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)
— AXEC (@EgmontHandtke) July 20, 2026
The question is whether Friedrich Hayek ever understood the 'functioning of the market'.
The social ontology of prices says that the free-market…
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)
— AXEC (@EgmontHandtke) July 20, 2026
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
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)
— AXEC (@EgmontHandtke) July 20, 2026
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
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
— AXEC (@EgmontHandtke) July 20, 2026
The father of modern economics and his imbecile kidshttps://t.co/MAgH2tehjm
July 19, 2026
Occasional X: I=S ― the biggest idiocy in macroeconomics (VIII)
“Okay, lets have some fun with this: …” (Thies)
— AXEC (@EgmontHandtke) July 19, 2026
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
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)
— AXEC (@EgmontHandtke) July 19, 2026
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
***
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)
— AXEC (@EgmontHandtke) July 19, 2026
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
Occasional X: Clueless economists / Science (CCCLX)
“In both ecosystem and economy, survival rewards efficiency. Inefficiency is punished by extinction.” (Michael Rothschild)
— AXEC (@EgmontHandtke) July 19, 2026
Wrong analogy.
The U.S. economy is known to run on profit. Macroeconomic profit is given by the axiomatically correct Profit Law / Balances Equation…
July 18, 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)
— AXEC (@EgmontHandtke) July 18, 2026
“If you put academic economists in charge of Science, in five years there’d be a shortage of brains.” (AXEC)
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)
— AXEC (@EgmontHandtke) July 18, 2026
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…
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)
— AXEC (@EgmontHandtke) July 18, 2026
No true. We know from elementary math that the breakdown of Capitalism lies ahead.
Capitalism runs on profit.…
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)
— AXEC (@EgmontHandtke) July 18, 2026
The axiomatically correct macroeconomic profit formula is as follows: Qm:=Yd+(I−Sm)+(G−T)+(X−M).…
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)
— AXEC (@EgmontHandtke) July 18, 2026
Forget legacy economics.
The founding fathers have defined economics as a social science, and accordingly, it has been… pic.twitter.com/a7VhrUxndL
July 17, 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)
— AXEC (@EgmontHandtke) July 17, 2026
This may be true or false… pic.twitter.com/7S4foAMl5U
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)
— AXEC (@EgmontHandtke) July 17, 2026
Hayek never got it: “Economics is the study of the economy, not… pic.twitter.com/RitYaA9Xnf
July 16, 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)
— AXEC (@EgmontHandtke) July 16, 2026
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
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)
— AXEC (@EgmontHandtke) July 16, 2026
Whatever this is, it is not economics.
Economics has defined itself as a… pic.twitter.com/ErdM5EBwvR
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
July 15, 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)
— AXEC (@EgmontHandtke) July 15, 2026
Tyler Cowen and Alex Tabarrok never understood profit and, as a consequence, how the economic… pic.twitter.com/6UfXD9o0fj
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)
— AXEC (@EgmontHandtke) July 15, 2026
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
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)
— AXEC (@EgmontHandtke) July 15, 2026
Hyperinflation is not a 'natural catastrophe' but provably false theoretical economics.
The… pic.twitter.com/hKoaxYXns2
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
July 14, 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
July 13, 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)
— AXEC (@EgmontHandtke) July 13, 2026
Milton Friedman never understood profit and, as a consequence, how the…
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)
— AXEC (@EgmontHandtke) July 13, 2026
The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory, axiomatically…
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)
— AXEC (@EgmontHandtke) July 13, 2026
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…
July 12, 2026
Occasional X: The foul spirit of political economics (CCCVIII)
“Mamdani attacks Hayek and Vance attacks Friedman a few days apart.” (Phil Magness)
— AXEC (@EgmontHandtke) July 12, 2026
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
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)
— AXEC (@EgmontHandtke) July 12, 2026
There aren't many topics that are more ridiculous than Capitalism vs Socialism.
The major approaches… pic.twitter.com/XnUKlBwpQY
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)
— AXEC (@EgmontHandtke) July 12, 2026
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
July 11, 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.”
— AXEC (@EgmontHandtke) July 11, 2026
And
“I warned my fellow zillionaires: fix this rigged economy, or the pitchforks are coming. The pitchforks are…
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)
— AXEC (@EgmontHandtke) July 11, 2026
The major approaches… pic.twitter.com/q3DcfpapRv
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'.
— AXEC (@EgmontHandtke) July 11, 2026
Note that his economics argumentation has degenerated to a low-IQ meme.
Economics claims to be science but is NOT. The…
July 10, 2026
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)
— AXEC (@EgmontHandtke) July 10, 2026
Hayek may have solved a pivotal question of epistemology, but he never understood how the…
July 9, 2026
Occasional X: The foul spirit of political economics (CCCII)
“The market is the most efficient allocator of resources we have.” (Milton Friedman)
— AXEC (@EgmontHandtke) July 9, 2026
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…
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.
— AXEC (@EgmontHandtke) July 9, 2026
Although it claims to be a science, economics is not one.… pic.twitter.com/TNBlOOHmvJ
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
July 8, 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)
— AXEC (@EgmontHandtke) July 8, 2026
As a scientist, the economist has no mandate for political… pic.twitter.com/kmfLmlqrX4
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)
— AXEC (@EgmontHandtke) July 8, 2026
Yes, economic debates go on endlessly without reaching a definite conclusion because economics is failed… pic.twitter.com/e7UcGTlYNN
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)
— AXEC (@EgmontHandtke) July 8, 2026
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…
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)
— AXEC (@EgmontHandtke) July 8, 2026
Yes, GDP sucks, because the 'expert on reconstructions… pic.twitter.com/vCGuuWx4Tr
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)
— AXEC (@EgmontHandtke) July 8, 2026
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…
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)
— AXEC (@EgmontHandtke) July 8, 2026
This is true from the practical standpoint. From the…
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)
— AXEC (@EgmontHandtke) July 8, 2026
'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
July 7, 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)
— AXEC (@EgmontHandtke) July 7, 2026
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.…
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.
— AXEC (@EgmontHandtke) July 8, 2026
Come back if you can refute the macroeconomic…
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)
— AXEC (@EgmontHandtke) July 7, 2026
The U.S. economy runs on profit. Macroeconomic profit is given by the axiomatically correct Profit Law / Balances Equation…
July 6, 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)
— AXEC (@EgmontHandtke) July 6, 2026
Since J. S. Mill,…
For more about inexact and separate science, see AXECquery.
July 5, 2026
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)
— AXEC (@EgmontHandtke) July 5, 2026
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…
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)
— AXEC (@EgmontHandtke) July 5, 2026
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…
Related 'The objective value of money'
Occasional X: The foul spirit of political economics (CCXCIX)
“The OG neoliberals had great wisdom.” (Joshi)
— AXEC (@EgmontHandtke) July 5, 2026
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
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)
— AXEC (@EgmontHandtke) July 5, 2026
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
July 4, 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.
— AXEC (@EgmontHandtke) July 4, 2026
Although it claims to be a science, economics is not one.… pic.twitter.com/hhXBbAmG6w
July 3, 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)
— AXEC (@EgmontHandtke) July 3, 2026
Economics has defined itself as a… pic.twitter.com/eBsF7PBVgJ
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
July 2, 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)
— AXEC (@EgmontHandtke) July 2, 2026
The History of Money is interesting,… pic.twitter.com/MWIkziv2EC
July 1, 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)
— AXEC (@EgmontHandtke) July 1, 2026
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
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)
— AXEC (@EgmontHandtke) July 1, 2026
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
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)
— AXEC (@EgmontHandtke) July 1, 2026
Whatever this destiny blubber is, it is not economics.
Hayek never understood…
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