Over the last several years I have said Steve Keen deserves a Nobel Prize for his de-bunking of neo-liberal DSGE. Having said that, the fact remains that policy is the true test of theoretics and no one including Keen has come up effective policies to usher in the new paradigm that heterodox economists are still too unconscious of. Yes they’ve figured out half of the dual policies (a monthly universal dividend) that are necessary, and advocate one-off reflective actions like “a modern debt jubilee”, but because they’re too often caught up in some abstract theoretical three times removed semi-fugue they do not look directly at the day to day workings of commerce and also miss the fact that both the pricing system and the money system are digital in nature, hence they miss the complementary and synergistically effective policy of a discount to prices that is rebated back to merchants participating in those discounts. So even the best economists need to get their heads around the new paradigm necessary to greatly stabilize the economy, namely Direct and Reciprocal Monetary Gifting.
Knowledgeable economic historians will recognize these policies as those of one of your own past UK citizens C. H. Douglas and his Social Credit. But even the remaining torch bearers of Douglas’s theory often still have the orthodox stench of austerity, scarcity and equilibrium hanging around their thinking. My Wisdomics-Gracenomics makes a final break with these orthodoxies, innovates Social Credit’s already pungent policies and fully fleshes out the concept behind the new paradigm it expressed 100 years ago so that economists and politicians can become fully conscious of it and act to implement it.