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.
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.