It’s good that you’re citing Steve Keen he’s the best and most insightful macro-economist on the planet. All he needs to do now is awaken to the single paradigm changing concept of Abundantly Direct and Reciprocal Monetary Gifting and also discover the exact point in the economic process to implement a monetary and pricing policy that exactly reflects that concept and by its actions will effect the new paradigm.
Directness of monetary gifting to the individual is one of the aspects the monetary system has always lacked, and a policy of reciprocal monetary gifting at a significant point in the economy is what will synergize the effects of the two policies. Then add abundance and many more of the supposedly necessary inflation fighting mechanisms will become redundant and governmental funding via taxation will be able to be vastly reduced. Paradigms are earth shaking and orthodoxy destroying events. Let us proceed with the one in economic theory, finance and the money system.
What if today’s current paradigm for inquiry is Science Only and the new paradigm is wisdom as in the inclusive integration of only the truths in opposing perspectives including the scientific method? And what if the philosophical concept of grace as in the dynamic, interactive, integrative and unitary free flow of everything is actually the best and most accurate scientific description of the physical/temporal universe which we and the entirety of the legitimate economic process is embedded in and must adhere to…if it indeed also wants to be gracefully, abundantly and stably free flowing?
Economics doesn’t need endless iconoclastic critique or equally endless theoretical tweaking, it needs philosophical search and exegesis for the concept that has been behind every historical paradigm change and that in fact is reflective of the concept behind every one of the cutting edge policy suggestions espoused by each of the cutting edge heterodox economists like UBI, government deficit spending and debt jubilees.
Once Galileo saw the moons of Jupiter he knew helio-centrism was almost certainly the defining single concept of the new cosmological paradigm and it was simply a straight forward rational if precarious process for him and a few others to affirm it in the minds of others. When economists focus in microscopically and analyze the summing, ending and terminal expression point significances of the point of retail sale and craft a reality inverting direct and reciprocal monetary and pricing policy there…they can all become Galileo’s.
and that is contemplate the many and various aspects of the pinnacle wisdom and natural philosophical concept of grace….until they’ve self actualized them.
Then they’d have enough of the integratively wise mindset to drop any obsessive and arrogant allegiances they might have to theories with only particles of truth and that might be based on any lesser concept than that pinnacle one….and we could all graciously/joyfully proceed toward humanity’s adulthood instead of lingering in an enforced adolescence in the failed experiment of homo economicus also enforced by the more than 5000 year old paradigm of Debt Only.
Profit making systems are inherently innovative and competitive and that won’t change with Wisdomics-Gracenomics despite it having a publicly administered directly distributive financial system because it would still remain a profit making economic system.
As the natural philosophical concept of grace is an inherently wise as in integrative of opposites type one, regulatory encouragements and sanctions would naturally follow on from it, and any unbalanced fall away from such could be met with appropriately gracious as in benevolent and yet sovereignly powerful means of enforcement.
Sin taxation and profitable virtue encouraging incentives in whatever area any such imbalance in the economy occurs would be a rather straight forward rational and ethical process….so long as it abided by any other relevant aspects of the concept of grace as well.
There would be no crowding out with a non-profit public banking and financial system….because everyone and every enterprise could borrow at 0%.
It is true that any unethical on its face predatory and/or destabilizing speculative purposes would not be funded by a system based on grace. Such speculative efforts on the system proper would be immediately declared “null and void”, and the compulsive gamblers and hard core pornographic enterprises would have to go to the remaining investment banks and pay interest on already saved money and profits in order to fund themselves. And of course any such investment enterprises will be closely scrutinized by the system as well.
The new paradigm policies of a universal dividend and 50% discount/rebate would be the best way to encourage individual national development and thus would be the best and fastest way toward balanced trade as opposed to the mercantilism of presently dominating export platform nations.
As economic sin taxation is a philosophically aligned aspect of Wisdomics-Gracenomics the idea of a time gap filling mechanism in the meantime, like Keynes’ bancor system for international exchange to encourage balanced trade, could be a temporary and/or intermitent one.