A lot of good analysis. My take is that reforms are well intentioned but incomplete and shallow in their effects. All of the economic and mathematical analysis in the world, even of the heterodox variety, won’t get us to where we need to be which is a new economic philosophy that has an overweening concept that accomplishes the paradigm change and hence deep and long term positive change. This is why a guy like Steve Keen, whose economic knowledge and mathematical skills are probably a notch above every other hetrodox economist’s, still apparently doesn’t have the philosophical chops to recognize that what limited policy prescriptions he does advocate…philosophically dovetail with the concept I keep pushing here.
This is likely also due to the fact that he’s only taking an abstract look at the problem instead of an integrated one of abstraction and empirical analysis. He discovered the importance of the utterly integrated empirical tool of accounting and its subset cost accounting a few years ago, but failed to follow through by digging deeper into it’s and the money system’s digital nature as well as an analysis of the significance of the “triple power point” (summing point of all costs, ending point of the entire economic process and terminal expression point for all forms of inflation) of retail sale), hence he doesn’t see how these facts expose the fallacy of the quantity theory of money and remedy the boogeyman of “monetary” inflation with a digital monetary policy at that triple power point.
So if you see neither the single concept that describes the paradigm nor the seamlessly integrated tool, its digital nature and its economic significances for the implementation of policy that reflects that single philosophical concept….you’re condemned to being thwarted by the fog of complexities instead of awakening to the new paradigm’s elegant problem resolving simplicity.
Wisdom and its pinnacle concept is depth, resolution of opposites and so thirdness greater pragmatic oneness no matter whether it is applied personally, systemically, scientifically or cosmically.