AXEC provides the correct formal foundations of theoretical economics.
The elementary economy is given with this axiom set
Y: total income, W: wage rate, L: labor input, D: dividend, N: number of shares, O: output, R: productivity, C: consumption expenditure, P: price, X: quantity bought, Z: placeholder for elementary and composed variables, Q: profit (total, monetary, nonmonetary), S: saving. In the path representation of the axioms (right) the seven elementary variables run through t periods.
In the unit circle representation of the elementary economy (left) holds: market clearing X=O, budget balancing C=Y, and DN=0 in t=0. Total profit Q is zero.
At first glance, it is not immediately obvious what the axioms say. This is a quite normal effect. On closer inspection, though, axioms have in most cases been found to be exceedingly useful. As a matter of fact, a consistent set of axioms is indispensable as an analytical steppingstone. Nobody can do science without some clearly stated premises. This is the prime requisite. Therefore, the selection of axioms is all-important. The AXEC axiom set is new in theoretical economics. Each single axiom is objective and elementary — and this is exactly as it should be.
Axioms define a paradigm. The AXEC macrofoundations fully replace the failed Walrasian microfoundations and the failed Keynesian macrofoundations.