On October 10, 2022, I realised that there was no hope of ever reforming mainstream economics, since on that date, Ben Bernanke and two other Neoclassicals were awarded the "Nobel" Prize in economics for their work on banking. They assumed the validity of the "loanable funds" model of how banks operate—as Bernanke said in his biographical note on the Nobel website, "banks and other lenders are themselves borrowers, since they must raise funds from deposits or in capital markets in order to lend".
I affirm everrything you say in this post. My only question is does it help us move from the domination of Finance capitalism to industrial capitalism, make the money system truly serve Man and also enable the kind of fiscal deficits that will give us a chance to confront and handle climate change?
The money system and the economy require a true paradigm change, i.e. a thorough application of a new idea. Theoretical reforms are all well and good, but paradigm changes are orders of magnitude greater and better because they permanently resolve the anomalies of the current/old paradigm and hence change the realities of entire patterns.
Very comprehensible article!
It seems that the comparison in the last paragraph should point to Ptolemy's *Geocentric* paradigm, doesn't it?
Whoops! And thanks.
This happens when you're trying to do too many things at once. Fixed.
I affirm everrything you say in this post. My only question is does it help us move from the domination of Finance capitalism to industrial capitalism, make the money system truly serve Man and also enable the kind of fiscal deficits that will give us a chance to confront and handle climate change?
The money system and the economy require a true paradigm change, i.e. a thorough application of a new idea. Theoretical reforms are all well and good, but paradigm changes are orders of magnitude greater and better because they permanently resolve the anomalies of the current/old paradigm and hence change the realities of entire patterns.