Me: A reformation is only a list of reforms. Economics needs more than that. The two economists I have learned the most from define the problem, but not even they recognize the single concept that will integrate into the new pattern.
Keen says that as soon as the rate of change in credit falls the economy will enter recession which is just a macro-economic way of saying that aggregate free and available individual income is scarce in ratio to prices and as debt is virtually the only way that money can can currently be injected into the economy and it will incur additional costs even at 0% interest…we’re caught between the rock of treading water forever until the build up of debt overwhelms the ability to service it and the hard place of a recession if we don’t….unless we integrate monetary gifting into the system as the new paradigm for the form and vehicle for monetary distribution in an abundant way.
Michael Hudson accurately describes finance as the parasitical behemoth that sucks huge amounts of monetary profit out of the economy and sucks just as much vitality and human hope out of it as well. But he doesn’t see the new paradigm.
Debt Only, as the paradigm for the form and vehicle of monetary distribution IS.THE. PROBLEM. The solution is the intelligent implementation of a sufficient abundance of gifted individual income and a strategically implemented unobtrusive and generally beneficial reduction to prices that ongoingly inverts the scarcity ratio into one of abundance.
If you’re not thrice removed into some abstraction or wed to some orthodoxy of economics or of mindset….the answer is plain as day.
FS: The single most important concept is analysis dealing rigorously with historical time. Then the results of decisions made become predicable. That is a paradigm change.
Me: If by historical time you mean the temporal universe effects of policy I completely agree with you. I’ve given everyone here my policies a hundred times and have shown them the what and why of their temporal universe effects would be to resolve the two most basic and chronic problems of modern economies. I’ve also defined what a paradigm is, namely a single concept that describes the new paradigm, fits within the complexities of the economy and also creates an entirely new pattern. What are your policies? What are everyone’s policies? Everyone here should get up off their theoretical backsides and declare their new paradigm policies and how they will resolve the economy’s problems. All most of us here do is go on and on about theory. What are your policies?
FS: To Craig: Unfortunately policy arguments for me are a total irrelevancy. I am not in power, neither are you. The only effects I might achieve are through developing valid economic theory and then making others recognise what those theories imply. It takes many people to vote for politicians to achieve meaningful change.
That’s my method. Your reiterating the same for hundreds of times seems to me like an exercise in futility.
Me: Well, I’m sorry, that’s just what we used to call a cop out. Theories without policies is mere mental wandering. What are your policies everyone? The what, the why, the where and the when of your policies….just so we can be sure they are relevant and effective in the temporal universe….where we all exist. Is that scientific enough for us all to agree upon?