Steve Keen: New Cognition Is Everything With Paradigms

Keen is my pick for the best economist on the planet. His work de-bunking DSGE is excellent and identifies the theory’s major problems.

His only problem? He talked about a new paradigm, but even though he pointed directly at the problems (money, private debt and banks) he didn’t recognize the current problematic paradigm, apparently doesn’t have a knowledge of the signatures of historical paradigm changes and so didn’t know how to formulate the new paradigm concept.

He even had another brush with cognition about the means of implementing that new paradigm when he correctly stated that economists could get their Phd.s in economics without so much as taking an elementary course in accounting.

So astute, so close, but close only counts in horse shoes, while new cognition is everything with paradigms.

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