Monday, September 29, 2008

Deep Thoughts

Robert Samuelson says that it's the discipline of economics that is bankrupt, with little understanding of how things have developed in the modern globalized, financialized economy.

That's right. The conventional wisdom (CW) is often wrong, and it may be time for a 'paradigm shift' in economics. Long overdue.

But please, in the process, don't forget the looming ecological and energy crises, as well as the forgotten moral wisdom of the past, because unless these aspects of reality are taken into consideration, any new economic paradigm won't be worth two cents.

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