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<p>[QUOTE="V. Kurt Bellman, post: 3079794, member: 71723"]I agree that current major economic paradigms are “insufficient” due to fundamental changes coming. Adam Smith “invisible hand” economics worked really well when we were agrarian, but became “insufficient” with the Industrial Revolution. New economics were needed. Even what I call “book Keynesianism” starts to break down as international trade becomes more and more a proportion of economic output. The Keynesian system worked beautifully to “fix” the world economy after the 2008-09 shock. It greatly improved life for workers who made the goods we bought - Asian workers in Asian economies. We now face a world in which there may not be enough work for everybody (human) to do worldwide. That’s never been close to true before. It’ll need a new economics too, but not the one that created the robber barons of the 19th to 20th century transition.[/QUOTE]</p><p><br /></p>
[QUOTE="V. Kurt Bellman, post: 3079794, member: 71723"]I agree that current major economic paradigms are “insufficient” due to fundamental changes coming. Adam Smith “invisible hand” economics worked really well when we were agrarian, but became “insufficient” with the Industrial Revolution. New economics were needed. Even what I call “book Keynesianism” starts to break down as international trade becomes more and more a proportion of economic output. The Keynesian system worked beautifully to “fix” the world economy after the 2008-09 shock. It greatly improved life for workers who made the goods we bought - Asian workers in Asian economies. We now face a world in which there may not be enough work for everybody (human) to do worldwide. That’s never been close to true before. It’ll need a new economics too, but not the one that created the robber barons of the 19th to 20th century transition.[/QUOTE]
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