Economics and the Powerful - INET Hong Kong

Panel titled "Economics and the Powerful: Faulty Analysis, Economic Advice, and the Imperatives of Power" at the Institute for New Economic Thinking's "Changing of the Guard?" conference in Hong Kong. Featured panelists include Norbert Haring, INET Grantee Steve Keen, and INET Advisory Board member Robert Lord Skidelsky, with INET Executive Director Rob Johnson moderating.

Norbert Haring Paper322.38 KB
Steve Keen Paper776.97 KB
Robert Lord Skidelsky Paper158.88 KB
Norbert Haring Prepared Text61.67 KB
Steve Keen Slides782.5 KB



Very good forum and very, very good Q & A period. I particularly want to compliment Steve Keen on asserting the idea of paying off "unrepayable" debt. It's anascent recognition of much of what will follow in this comment.

Both the French philosopher's question and the Japanese? commenter particularly approached the real problems of economics and economic theory.....and all of our modern systems for that matter. They lack integration.

If Wisdom is the science (and it is really quite psychologically scientific) of integrative thinking AND acting.....then why is IT not the answer to the idiocies and inhumanities of all of our systems, most specifically the economic, financial and monetary? Economics needs to go deeper, not just in its economic analysis, but in the philosophical and existential (experiential)ones as well.

Some ideas and experiences ARE transformational IN NATURE and BY DEFINITION....and policies accurately reflecting those same ideas....would enable, encourage and solidify those same transformational experiences.

Let me preface what I am going to say next so as to attempt to short circuit one of the primary biases of the age, namely scientism, by saying that none of the primary words that follow have necessarily anything whatsoever to do with religion, or religious dogmas. They can be thought of as existing completely in the already naturally evolved psychology of Man...or not...just to be thoroughgoingly tolerant.

Faith as in Confidence, Hope, Love and a very strong sense of Grace are precisely the deeper transformational ideas, experiences, purposes and policies that are required....if we want to get past modernity's rut in general, and economics' etc.'s specific problems. True paradigm (ideational/experiential)changes transform and transcend structure...and yet leave the better part of structural changes intact. And of course some regulatory changes, even if they are of a lesser depth are also there to make the transformational ideas and policies more long as they are truly aligned with the new ideas/policies.

Now a thorough fleshing out of these assumptions is beyond this comment, but just a few additional thoughts here. If nature and all the cosmos has symmetry (balance), wholeness (inclusiveness)....then why are Economics, Finance and Money systems allowed to be so imbalanced and exclusionary in favor of ONLY production as opposed to consumption, the loan as opposed to the gift and the will to power of the system as opposed to the will to freedom of the individual? Integration is the quintessential both/and experience. Which brings us back to Wisdom and its distillations above. Derive policy from new and transformational ideas like Faith, Hope, Love and Grace....and you'll see some of the same old economic concepts become "new under the sun". The right PRIMARY ideas include and allow for the old primary and now secondary ones. It's just a bigger and better, higher set.

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