Posted To Steve Keen’s Patreon Page 12/10/2017

Reserves are necessary at the central bank account and in the repo market in a paradigm of Debt Only. Monetary gifts on the other hand are their own reserves, and appropriately and insight-fully integrated into the money system would end the primacy of the paradigm of Debt Only.

**************************************

DH:   I would argue that it is not that complexity arises as a result of energy flows, but rather the opposite. Energy flows are a result of complexity. Auto-creative systems, (i.e. complexity) appear to violate the 2nd law of thermodynamics, in that their development results in a decrease in entropy within the system. As such auto-creative systems are, in accordance with the 2nd law of thermodynamics, unstable. Indeed the fundamental requirement for auto-creativity is ‘constrained, or bounded, instability’. Complex abstract systems such as modern societies, economies or, on a smaller scale, individual production systems, are also auto-creative systems. iTes in a state of constrained instability.

Me:  Yes, that is actually the more integrative and naturalistic perspective on energy. The problem with any law is that it hardens into an orthodoxy and then is not looked at from a broader and more inclusive mindset. Authoritarianism is the hasty and intolerant dealing with such complexity. General Equilibrium largely became an orthodoxy in this way. Disequilibrium theory could actually fall prey to the same process unless it utilizes philosophy-ethics and paradigm perception to keep it open to fresh understanding. This way mere Disequilibrium theory can become “the higher Disequilibrium” (ethically its policies do more for the greatest number) and by realizing that the signature of paradigm change is an inversion of an essential reality and/or current orthodoxy….better enable theorists to perceive and expand upon the deepness of paradigm change.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s