Nighty_Knight
Troubadour
In my opinion you both make good points. As for wielding, both are highly effective, and I think it depends on the user. I've competed against both and against someone better than yourself, you are equally dead. Axes are easier to defend against in my experience. But even in armor they hurt when they land and are deceptively fast. They are also used effectively for grappling at close range. (this just happened to me on Saturday) But with the negative that it's just as easy for the other person to grab the haft at close range. Swords are a little nastier to try to grab. Swords having the thrust factor make them pretty scary in my opinion, you need a lot more caution when closing distance than an opponent with an axe. Then there is halfswording if you are wearing armor, that can get around your gaps to stab you. Personally, in armor I would rather fight against a sword than an axe, with light or no armor, if rather fight against an axe than a sword.I comment too fast. I often edit mine as well to add more details.
I'd say you're right about the cost effectiveness and durability, and I would add that an axe is also far easier to repair. As for manoeuverability, I think it's debatable. While there are certain things you could do with an axe that you can't with a sword, the same applies vice versa. Perhaps someone on the forum is into HEMA who could confirm or deny that point. Malik maybe?