I agree with alot of what MMT has to say and its general thrust toward increased fiscal deficit spending, but it is only the latest REFORM. Steve Keen comes closest to recognizing the real problem when he correctly states that neo-classicalism’s basic problem is it ignores money, debt and banks. To be precise it ignores and obscures the present paradigm of Debt Only, and fails to recognize the new monetary, financial and banking paradigm of Abundantly Direct and Reciprocal Monetary Gifting.
Economics has been broken since before the reform of The New Deal and the monetary and financial paradigm has not changed since the inception of human civilization in the paradigm change from Hunting and Gathering to Agriculture/Homesteading. Keynesianism was a fall back second reform to C. H. Douglas’s burgeoning world wide movement of Social Credit whose advocates themselves did not recognize how to take the correctly aligned philosophical concept of the new paradigm and turn it into a paradigm change with its policies. As we all know Keynesianism got morphed into neo-classicalism betraying the fact that it was just a reform. A paradigm change for all practical purposes is a permanently progressive historical occurrence.
Isn’t it about time this blog begins to seriously discuss the history, signatures and necessity for discovering the new paradigm?