Posted To a SteveKeen youtube Video 10/16/2016

I learned something here. The Austrians actually aren’t believers in DSGE, but they are still market worshipers, and the extreme Austrians I have known are like the Randrhoids who neglect ethics almost entirely when you continue to confront them with any of the innate insensitivities that are a part of capitalism. Let me ask you this. What if a modern debt jubilee takes place and yet we don’t implement any policy along with it to combat the “naturally upward tendency of capitalism”? Wouldn’t that be an incomplete regimen that would simply re-initiate the apparent tendency toward equilibrium, but which because of the natural upward tendency of prices in a profit making system and also the increasing erosion of aggregate individual incomes by innovation and AI….also repeat the reversal you accurately describe in your videos? And if we implemented a variable but continuing monthly universal dividend and a general discount to prices at the very end of the economic/productive process, especially if these created what I refer to as “the higher disequilibrium” of more total individual incomes than total prices for a given period of time , i.e abundant incomes and yet continuing price deflation….would that not be a positive integration of Austrian intentions and disequilibrium theory? By the way, I’m not just some doctrinaire Social Crediter. I can see that they still tend to embrace a statistical equilibrium in computing their dividend and discount policies as well. That’s why I call my Social Credit aligned but transcending theory Wisdomics/Gracenomics. It fully embraces disequilibrium as in continuous process and rejects austerity in favor of the deeper philosophical concept of Grace as in disequilibrative abundance. What harm could price deflation wed to increased income and savings have? (Remember a monetary authority would reimburse merchants all of the gifted discounts they gave to the consumer and people have self determined control over their savings, not so with debt.)

Innovation obviously plays a role in the evolution of economics, but the innovation of monetary grace as in abundant costlessness/gifting is so deep a philosophical and policy change in economic theory that it is able to integrate and resolve the paradigms of scarcity and austerity.


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