Overall axes aren't quite as good as swords BUT you can get some very good ones early on, for a very reasonable price. Stonefire is +3 and kills trolls easily due to the fire damage, and Azuredge is lethal against undead (especially since you can throw it, no need to get close to those nasty level-draining vampires). Both are about 3500GP which is a bargain for weapons that powerful.
Also, from a role-playing point of view, the axe is the quintessential dwarf weapon, could you imagine a dwarven warrior without an axe?
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