RL: No paradigm has been established in economics, even its just simplification, without merit.
Me: In the first place the necessary new paradigm is in money and finance. This blog hasn’t even isolated that fact, that rather obvious fact, despite the fact that supposed contributors here like Steve Keen, Michael Hudson, Edward Fullbrook, Warren Mosler and Randall Wray etc. have shown that Minsky’s FINANCIAL Instability Hypothesis, FINANCIAL Parasitism and Modern MONETARY Theory are the major and most relevant aspects of the ECONOMIC problem.
Only when the new tool/new insight that resolves the problematic areas in the old/current paradigm is discovered, honestly confronted and accepted will that new single concept ….clearly be the change necessary in economics.
The inverse of the old buddhist saying still applies: The 5000 year old journey ends with the CORRECT final step.