Me: Micro and macro-economics are like quantum and temporal reality…seemingly unresolvable…until one cognites on the single concept capable of uniting the two into a separate third reality of its own while simultaneously respecting the realities of each/all three. A concept of Twoness/Duality within THIRDNESS/Greater ONENESS. The scientistic will never countenance this even though its staring them in the face all over nature and the cosmos. It’s the problem of the experience of consciousness itself as opposed to mere computation, of mental figure-figure-figure versus beingness.
This is where economic theory is. It’s stuck in Duality.
JV: Seeking micro foundations for macro economics is insurmountable, or perhaps better said a dead end, because the economy is inherently an accounted-for social structure. Only when linear self-production is the norm, instead of the non-linear reciprocal process of providing hopefully-demanded output for others, would micro foundations be applicable. Hardly worthy of a pursuit by progressives isn’t it?
Furthermore, what are “normal” savings? What part of the expended income, i.e. disbursed costs by employers, can safely be “saved” so as not to cause a shortfall in aggregate demand? A badly needed theory of money is missing here. Is money an independently existing wealth or not?
Me: Not a new theory of money…a new monetary paradigm that resolves the problems of systemic austerity and individual scarcity. Why do we allow the most important and potent factor in a monetary economy (money, and its creation and distribution) to be monopolized by a single self interested business model? JUST HOW GD STUPID IS THAT?????