Steve Keen gave a recent talk in Norway at the Oslo University on banking, credit and economic cycles:
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Keen is probably the best economist on the planet. Unfortunately we have to "up our game" several integrations higher than mere mathematical and economic abstraction in order to perceive the solutions to our many converging modern problems, economic and monetary systems being the most urgently needed application of those further integrations.
ReplyDeleteKeen called for "a new economic philosophy" about a year ago, and then went right back to utilizing only mathematics to ploddingly attempt to decipher economic truth from economic fiction. In order to discern and create a new economic philosophy you have to philosophize, that is entertain ideas, preferably new ideas at least so far as their application to economic and monetary systems is concerned. Then, if you really want to be radical and outside of the box you have look past the modern religion of science (while still retaining it as the excellent temporal universe but limited tool for deciphering wholistic truth that indeed it is) and integrate one's thinking with spirituality (not religion, you'll pardon the expression, god no!). Keen in calling for "a modern debt jubilee" and now many other economists in their entertaining the idea of a universal basic income are just beginning to awaken to the philosophical and spiritual concept necessary to fully become conscious of if we are to actually solve our economic and monetary problems. If anyone wants to begin to fully understand that concept they can read a couple of years worth of posts fully fleshing it out on my blog wisdomicsblog.com and hopefully reading about it soon in two books I'm compiling entitled Wisdomics/Gracenomics and The Cosmic Code: The Formulaic Integration of Cutting Edge Science and Spirituality.