What is being discussed here is the need for a new economic philosophy AND even more importantly….a new scientific philosophy. I have posted the following ascending scale of scientific actions here several times: research/data gathering, theorizing, philosophy, paradigm perception/change/the deeper, fuller more complete understanding AKA wisdom.

I have heard Steve Keen, who I consider probably the most astute economist on the planet, say we need a new economic philosophy….and then go right back to posting mathematics until in his own words MEGO (my eyes glaze over) occurs. And there of course isn’t anything wrong with research/data gathering and theorizing….it’s just that it’s important to know when to go to a more integrative level of understanding.

We need to go from the invalidated DSGE to “a philosophy of the higher disequilibrium” and then paradigm change. And we need to go from the intellectually delicious and necessary mode of inquiry of Science ONLY to the science inclusive and more mentally integrative level of wisdom.