That is all true, but when I'm still able to produce axes I tend to train heaps of them to last for quite a time (actually, in my last Danish campaign I never ran out of huscarles until 1453!!!), and use them sparingly, preferably as an emergency unit. Moreover, in high and late I'm usually in possession of Switzerland, so I start pumping out Swiss halbs, which I use instead of axes against spears (plus against cavalry, of course). And I hire billmen whenver I come across them for the same purpose.