“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)
— AXEC (@EgmontHandtke) February 21, 2026
Politicians are more impressed by Liberty talk than math. Mathematics is not the… pic.twitter.com/Cf14qaYRZj
This blog connects to the AXEC Project which applies a superior method of economic analysis. The following comments have been posted on selected blogs as catalysts for the ongoing Paradigm Shift. The comments are brought together here for information. The full debates are directly accessible via the Blog-References. Scrap the lot and start again―that is what a Paradigm Shift is all about. Time to make economics a science.
February 21, 2026
Occasional X: Paradigm Shift (XCX)
February 4, 2026
Occasional X: Paradigm Shift (XCIX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) February 4, 2026
“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
January 20, 2026
Occasional X: Paradigm Shift (XCVIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) January 20, 2026
“Although Keynes’s General Theory provides the foundation for much of our current understanding of economic fluctuations, it is important to remember that classical economics provides the right answers to many fundamental questions.” (Greg Mankiw,… pic.twitter.com/pzAdgkeqmL
January 10, 2026
Occasional X: Paradigm Shift (XCVII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) January 10, 2026
“Economist: 'Assume full employment, perfect competition, and no money.'” (Relearning Economics)
It's clear that there's been a mistake in the assumptions, and it cannot be rectified with math. What is needed is a Paradigm Shift.
Economics has… pic.twitter.com/Gu7tIKDglZ
December 31, 2025
Occasional X: Paradigm Shift (XCVI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 31, 2025
2. “AXEC confuses 'axioms I dislike' with 'false'.”
Axioms have nothing to do with like or dislike. This is moronic methodological nonsense.
Joan Robinson clearly recognized that economics was proto-scientific garbage. So, she proposed a Paradigm… pic.twitter.com/p5zDTiDgGX
Occasional X: Clueless economists / Equilibrium (III)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 31, 2025
3. Equilibrium has been put into the premises of legacy economics. ⇓ Methodologically, this is a petitio principii, but economists have never had any scientific instincts. Equilibrium goes down the scientific drain with the Paradigm Shift.
For… pic.twitter.com/Oz2a8gnIUp
December 29, 2025
Occasional X: Paradigm Shift (XCV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 29, 2025
“Keynesianism has conquered the hearts and minds of politicians and ordinary people alike because it provides a theoretical justification for irresponsible behavior.” (Zingales)
Obviously, this is not economics but psycho-social-moral blather. It's… pic.twitter.com/vmbcnZmXHu
December 23, 2025
Occasional X: Paradigm Shift (XCIV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 23, 2025
“Macroeconomics is in a state of chronic disarray. As its mathematical sophistication has intensified, its contribution to our understanding of the real world has diminished.” (Basil Moore quoted by ?whispers?)
Complaining won't help.
The… pic.twitter.com/I07gimZBqS
Occasional X: Paradigm Shift (XCIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 23, 2025
“The macroeconomic literature repeatedly encounters credit as an empirical anomaly.... ... but systematically reframes it as a secondary mechanism in order to preserve marginalist equilibrium foundations, …” (James Young)
Marginalist equilibrium… pic.twitter.com/D56wXgGUA3
December 17, 2025
Occasional X: Paradigm Shift (XCII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 17, 2025
“Representative agent (RA) models remain a foundational device in New Keynesian macroeconomics, enabling aggregation and equilibrium analysis via a single optimizing household.” (James Young)
Representative agent (RA) models are still scientifically… pic.twitter.com/Q7MtRZTXWG
December 10, 2025
Occasional X: Paradigm Shift (XCI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 10, 2025
“The Lucas Critique was not about the number of parameters in econometric models, but the nature of parameters (structural vs reduced form); and his advice was not to simplify models, but to build them from assumptions on economic primitives like… pic.twitter.com/XBGSWnVU5i
December 9, 2025
Occasional X: Paradigm Shift (XC)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 9, 2025
“Economic questions haven’t suddenly become irrelevant and I don’t see any other field that replaces economics.” (Itai Sher)
Another field will not replace economics. However, legacy economics will be replaced by a new approach. This change is known… pic.twitter.com/gbRW4jEz61
December 7, 2025
Occasional X: Paradigm Shift (LXXXIX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 7, 2025
Modern economics is, what Feynman called, a cargo cult science. Real economists are not interested in how individuals behave; only PsySocs are. Economists are interested in how economic systems behave.
Economics has defined itself as a social… pic.twitter.com/rf1ZtqYZQs
December 3, 2025
Occasional X: Paradigm Shift (LXXXVIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 3, 2025
“Macro without microfoundations needs to be expelled from the field.” (Sid Gundapaneni)
Actually, legacy microfoundations need to be expelled from the field.
Modern economics is, what Feynman called, a cargo cult science. Real economists are not… pic.twitter.com/PUd97myYLo
December 2, 2025
Occasional X: Paradigm Shift (LXXXVII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 2, 2025
“The trouble with macroeconomics is worse. I have observed more than three decades of intellectual regress.” (Paul Romer, quoted by Clint Ballinger)
For 200+ years, economics has claimed to be a science. But it still is not. The major approaches… pic.twitter.com/SjtIa6y7Xa
December 1, 2025
Occasional X: Paradigm Shift (LXXXVI)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) December 1, 2025
“Jesús has shown single handedly that econ Twitter is alive and well! … Nothing of what he says is wrong or even controversial in economics.” (Luis Garicano)
Everything Jesús says is proto-scientific garbage.
Modern economics is, what Feynman… pic.twitter.com/Yp5eple7ox
November 27, 2025
Occasional X: Paradigm Shift (LXXXV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 27, 2025
“Spending time tonight at one of my safest and most inspiring places in the UK @GirtonCollege to discuss meaningful and purposeful economics, grounded in the rich intellectual legacy of Joan Robinson!” (Caroline Alves)
Joan Robinson clearly… pic.twitter.com/1qt0KF5mld
November 24, 2025
Occasional X: Paradigm Shift (LXXXIV)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 24, 2025
“The Conceptual Flaw in the Microeconomic Foundations of Dynamic Stochastic General Equilibrium Models” (quoted by Clint Ballinger)
It is NOT enough to prove that economics has been proto-scientific garbage since Adam Smith.
For 200+ years,… pic.twitter.com/vgXLDHFSvL
November 20, 2025
Occasional X: Paradigm Shift (LXXXIII)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 20, 2025
“Mainstream economists get far more wrong, and when they do happen to be right, which is rare, it's a result of chance than any result derived their idealist ontology and epistemology.” (David Fields)
For 200+ years, economics has claimed to be a… pic.twitter.com/IjJJE8iFyn
November 15, 2025
Occasional X: Clueless economists / Money (LIX)
#Economics#AllYouNeedToKnow
— AXEC (@EgmontHandtke) November 15, 2025
Don't waste your time refuting legacy economics. It's all proto-scientific garbage ⇓. Go straight to the Paradigm Shift.
For details of monetary theory, see SSRN
The Dark-Matter Theory of Fiat Moneyhttps://t.co/A5k0pCTfrV pic.twitter.com/ZQOgLq4g7y