Posted To Evonomics Website Regarding a David Graeber Article

You’re completely right that finance capitalism creates pointless jobs. It has to in the (vain) attempt to create a flow of total sufficient aggregate demand to liquidate total systemic costs which as a flow always exceeds the former. And that’s why all “dyed in the wool” capitalist theorists/pundits who ignore the problematic nature of the business model of finance are actually unconscious advocates of a socialist work state. Do I beat my drum for socialism? No, re-distribution of scarce demand is not the solution to an inherent scarcity of demand. However, if you integrated the dynamism and efficient allocation of resources of capitalism and the intention of economic democracy of socialism you would get a third more unified and whole monetarily gracious and abundant and yet efficient distributive economic system. Integration of the truths in opposites is always wisdom. What economists need is a new philosophy, an integrative Wisdomics that takes us out of the idiocies of obsessive theoretical contention and toward a new thirdness, wholeness and oneness of theory.

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