As Steve Keen has observed the economy is monetary not “a veil over barter” as neo-classical economic theory characterizes it. Money is actually one of the greatest and most useful inventions in history and for those reasons should not be abandoned. Money in fact is not the problem, but rather its virtual monopoly control by the business model of finance and its almost utter paradigmatic monopoly ideas of debt, loan and for production only by same.

The major problems with “the neo-classical synthesis” are its failure/refusal to confront these monopoly paradigms leaving the business model of finance curiously dominant in what is alleged to be a free and free flowing market, and its abstract and largely unconscious understanding of time as a mere flow of clock time instead of a flow of moments, each moment of which the vast majority of individuals and most enterprise, i.e the system, must endure a scarcity ratio of total individual income to total costs/prices enforced by the cost accounting convention that all costs must go into price, the continually rising depreciation costs of fixed capital, the continually rising costs of wasted energy enforced by the laws of thermo-dynamics and the inexorable wedding of profit making systems, obtainable (labor) cost efficiencies and now the coup de gras of AI which is posed to eliminate aggregate individual demand at a rate far exceeding the rate by which innovation has ever and always eliminated it since the industrial revolution.

And the way to eliminate these systemic problems including the dominance of the business model of finance is to wisely integrate a new paradigm/economic concept of monetary grace as in gifting into the debt based money system with strategically implemented policies specifically designed to rectify/invert the above scarcity ratio.