deshoebox, That’s an excellent up to date purpose for modern economics, but it’s not a new paradigm. A paradigm is a pattern, a complexity, and a new paradigm is a new single concept that applied changes the character of the pattern it applies to. It is helio-centrism vs terra-centrism, its agriculture, homesteading and urbanization vs nomadic hunting & gathering, it’s competition and cooperation vs monopoly and domination, it’s wisdom/integrative intellectual inquiry vs reductive scientism only and it’s monetary gifting vs debt only.
You will notice that on the surface these old/new paradigmatic examples are also conceptually opposed dualisms, but in actual fact the new paradigm concept is an integrative thirdness greater oneness of the particles of truth in the apparent contentious dualism enabled by a new insight and/or tool. For helio-centrism it was the invention of the telescope and the discovery of the ellipse, for homesteading/urbanization it was agriculture, for The Reformation it was the recognition that individual self actualization was epistemologically higher than enforced religiosity, for wisdom/integrative intellectual inquiry it is the insight that indeed scientific thinking is a wholly included set within the larger mindset of wisdom thinking and for monetary gifting it is the insight of the pattern changing power of the ending, summing and terminal factor expression point at retail sale of a 50% discount/rebate price and monetary policy.
Dave, the study of complexities is interesting, informative and necessary, but the key to discovering and understanding paradigms and especially new paradigms is discerning deep simplicities, i.e. wisdom and the efficacy of wisdom’s pinnacle concept, i.e grace as in love in action/systemic policy.
“There seems no early prospect of any kind of “technology” evolving that can be employed to address concrete problems. If I am wrong I’d be pleased to hear about it.”
The technology is the hiding in plain sight 500 year old discipline of double entry bookkeeping and its convention that equal debits and credits sum to zero. Steve Keen whose brilliant de-bunking of DSGE has recently re-discovered the importance of that discipline in following money flows, it’s just that focusing primarily on theoretical and mathematical abstraction he hasn’t looked at the economic/productive process itself and hence hasn’t recognized the point in that process where the convention could be applied for Ptolemaic to Copernican complexity exploding effect.
Are you pleased….or still caught up in epicycles as explanations?
Making Direct and Reciprocal Monetary Gifting the new financial and economic paradigm is the greatest advancement for the human species and for the planet because it is a direct way to acculturate and self actualize the pinnacle concept and experience of grace as in love in action. That’s deep, that’s broad, that’s penultimately progressive and it IS The Good.
That needs to be the singular focus, and while there are important things to consider regarding the implementation and regulation of the new paradigm, not firmly aligning oneself with it and working to get it recognized means you have not recognized that “…if I have the gift of prophecy, and know all mysteries and all knowledge; and if I have all faith, so as to remove mountains, but have not love, I am nothing.”
My spirituality (not religion) is I Cor 13…..and its active form grace, as in love in action…logically and philosophically applied to every aspect of life including economics and the money system.
I Cor 12 is actually a treatise on grace as in unity which as I have posted here many, many times is the thirdness greater oneness/synthesis aspect of the Christian Trinity, the dialectic, the unitary signature and phenomenon of paradigm changes, and of the discipline and mental action of Wisdom itself.
Power and control are the present ruling concept, i.e. zeitgeist. The idea describing the new zeitgeist is what? Like the new monetary, financial and economic paradigm…grace of course.
Bichler and Nitzan are correct that “All capital is finance and only finance” and for-profit finance has been given the powerful monopoly paradigm of Debt Only. As I have repeatedly posted here for years paradigm changes are characterized by conceptual opposition and temporal universe inversion of reality. Nomadic hunting and gathering gave way to homesteading, agriculture and urbanization, terra centrism and pre-scientific religiosity gave way to helio-centrism and scientific observation, The Reformation ended the monopoly power of Catholicism and Debt Only will give way to Direct and Reciprocal Monetary Gifting because it will resolve our major economic problems, enable many integrations of the best intentions and particles of truth of long standing economic and political perspectives and bring the same abundance, increased survival, rationality and increased ethical awareness that all of the above paradigm changes wrought.
Zeitgeists/mega paradigm changes being even bigger patterns than “mere” paradigms have even broader human and systemic effects and yet they express and follow the same logic, philosophical integrity and experiential results. Thus Faustian power and control gives way to grace as in love in action/policy.
This is no sectarian Sunday school religiosity as grace/love in action is as real a potential human reality as the dirt beneath one’s feet. You just have to look at it long enough to self actualize it.
HH: Thanks to Bichler and Nitzan. Yes, we at Ethical Markets agree with this analysis , yet since I have advised on developing ESG screens for corporation for 20 years, I realized that corporations are the puppets of finance. So I have moved my analysis up the food chain to examine central banks and the politics of money-creation, credit-allocation and demanding the asset purchases under Q.E. be disclosed for their climate risks and fossil content, as TFCD now demanding of corporate accountants.
Me: That is correct Hazel. Finance and its monopolistic paradigm of Debt Only is the deeper problem. Multi-national corporations with global reach are the temporal/structural means of Finance’s expression of that paradigmatic power.
And the way to bring about the revolt of the corporate bourgeoisie against Finance that will in fact lead to the thirdness greater oneness that is the synthesis of capitalist vs socialist ideologies is to recognize the new monetary and financial paradigm concept of Gifting…the policy expression of which are the universal dividend and the 50% Discount/Rebate policy at the points of retail sale and at the point of loan signing.
Monetary Gifting/Direct and Reciprocal Monetary Distributism intellectually INCLUDES and ENCOMPASSES complexity, evolution and emergence because it aligns with the thinking of the leading reformist movements like MMT, Minsky’s financial instability hypothesis, Public Banking and the various movements that advocate for UBI/Universal Dividend.
It systemically RESOLVES its major problems (individual and systemic monetary austerity and price and asset inflation) and hence TRANSFORMS it into a system of abundance and fluidity.
Economists and economic pundits need to cognite on the natural philosophical concept behind the above new paradigm, i.e. grace as in gifting, grace as in dynamic flow/process/evolution/emergence, grace as in unity/union of the particles of truth in opposites and grace as in ethical height and refinement. Then they will realize:
“Only the free-wheeling artist-explorer, non-academic, scientist-philosopher, mechanic, economist-poet who has never waited for patron-starting and accrediting of his co-ordinate capabilities holds the prime initiative today.”
R. Buckminster Fuller
And they may also realize that the natural philosophical concept of grace is actually the new cosmological paradigm.
The mathematical nature of the 50% Discount/Rebate policy and the place and time in the economic/productive process of its implementation (retail sale) absolutely makes it paradigm changing.
It resolves the deepest problems with general solutions for all legitimate economic agents both commercial and individual. It fulfills every one of the accomplished signatures of historical paradigm changes including philosophical/conceptual opposition, temporal reality inversion, new or re-discovered tool and/or insight, the ending of dominating conceptual and structural monopolies, integrative thirdness greater oneness of the particles of truth in dualing perspectives and increased abundance, freedom, survival and ethical awareness across bodies of knowledge/areas of human endeavor not directly related to the primary pattern change.
This latter signature is also that of the mega-paradigm change also known as a zeitgeist, that is, the primary spirit, mood and idea of the present age. In other words it is the new over all pattern of current patterns.
If such types (individually or commercially) (mistakenly) claim we’re forcing them to accept socialism, or complain its their right to refuse if it is contrary to their principles we can tell them: “Fine, you can opt out of the universal dividend and/or the 50% discount/rebate policies, but if you don’t opt in originally you have to wait 10 years before you can change your mind and opt back in.
AJ: Thank you, those who commented on my question about the purpose of an economy. Very interesting and helpful in my thinking. Responding to one of Craig’s points, though, I would say the major outness of our contemporary economies is the fact that it is entirely permissible to withhold what is essential for life for the sake of money. If I can find a way to make millions by starving people in remote lands (speculating on commodities futures, for example, or privatizing a water system) our present economic paradigm and our existing laws have no criticisms to offer. This is surely wrong and I don’t feel that a new paradigm is needed to know this.
Me: “I would say the major outness of our contemporary economies is the fact that it is entirely permissible to withhold what is essential for life for the sake of money.”
Correct. That is the result of the increasing financialization of the economy, and ending the monopoly creation of money by creating a publicly administered non-profit money and financial system aligned with the gracious and wise policies of Wisdomics-Gracenomics would end Finance’s monopoly paradigm of Debt Only, create economic democracy, greater general prosperity and enable ecological sanity.
“This is surely wrong and I don’t feel that a new paradigm is needed to know this.”
Correct again. But to ACTUALLY FIND a new paradigm concept you need to be aware of the signatures of historically accomplished paradigm changes like a new tool and/or insight, conceptual opposition, willingness and ability to embrace apparent illogic and/or orthodoxy and complete inversion of present pattern reality.