Flogging the 99%. Keen explaining his reasons for pursuing his dynamic systems modelling with the importance of debt & money factored in . Is There a God of Markets

rogerglewis June 7, 2018 2 Comments

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This Blog is based on an old discussion on the LinkedIn Philosophy Network.

http://letthemconfectsweeterlies.blogspot.com/2013/09/capitalist-dead-horse-flogs-99.html 23 September 2013

That people exchange things , trade things gift things and so forth is quite natural to say that this is a behavior ascribable to a market or that due to the nature of or existence of markets, people do these things is non-nonsensical .The concept of the Market in a Capitalist sense gets further away from human nature. Commerce exchange and trade would exist without capitalism and without our conception of Market.

The Free Market is a chimera one of many reflections we prisoners interpret on The wall of plato´s cave according to our own belief systems. The exercise of free will by individuals is a completely separate question for which any concept of markets is wholly unnecessary. That all things boil down to a Market and that Capitalism is the best way for Markets to do what they do best is the basis of a particular way of looking at the world as one group of people think it is best looked at.

the word Market is unnecessary, the sense in which the word Market is usually used has a lot of baggage. Kind of off topic but not completely this post from here.

http://www.golemxiv.co.uk/2013/09/my-interview-about-syria-on-npr/#comment-139605

´´Heads up on a new must watch lecture series (for the Ecuadoran gov) by Steve Keen. Starting here:

“This is Keen explaining his reasons for pursuing his dynamic systems modelling with the importance of debt & money factored in drawing on, well, his entire academic career.
I think Keen is miles ahead in understanding how a real macro economy works & why the present mainstream thinking is so utterly crap & deeply corrupted by vested interests. Keen’s distinction between the ‘dynamic’ (mathematically ‘chaotic’) system that is reality versus the ‘equilibrium’ or static system it is assumed to be, is massively important in considering macro policy.
Engineers & mathematicians should grasp this immediately. But Keen makes a good effort at explaining this for others, and I think he absolutely nails probably the most important aspects of money & macro, drawing on insights & critiques of Marx, Schumpeter, Keynes, Fisher, Kalecki, Goodwin, Minsky and others. Top stuff”

Mike Hall ( pre MMT is the truth and Light Cnversion) .

´´ I am a big fan of Steve Keen and particularly his work on Minsky’s instability hypothesis. Ceteris paribus, is an analysis tool it has nothing to do with natural systems where Pante Rhei rules

http://en.wikipedia.org/wiki/Heraclitus#Panta_rhei.2C_.22everything_flows.

I accept what freedom is about, but not that Freedom qua free is what ´´Free Market ´´is about. I do not know if that is so. In a pure sense of a perfect knowledge where all transactions are fully informed of all the facts and all participants participate on their own terms, would that or could that ever exist?

Steve Keen provides a valid criticism of modern main stream economics in that its models are both static and ignore banks and their role in the money creation process. Keen following up on the work of Minsky shows that these over simplifications lead to the boom and bust cycles which are inherent to the capitalist system. If your models do not include the components which are causing the instability then they will be of no use for forecasting and avoiding choke points in the system. Keen is largely pro Capitalism and Markets and I personally find his analysis compelling but do not think his solutions are nearly bold or radical enough. Keen is a professor of Economics he is not a politician he studies in an intellectually honest way and reveals some inconvenient truths that the main stream and less plain speaking branches of his profession steer clear of , in my opinion in a fear of losing patronage ( funding).

Keens Blog is linked here I have been reading it for several years http://www.debtdeflation.com/blogs/

In a nutshell Keen and many others such as Michael Hudson single out the Federal reserve and its role on the Debt Fiat money swindle for particular criticism. My first introduction was through Tomlinson who has an excellent online book that can be downloaded here.

http://www.honest-money.com/

My favourite author on the subject is James Robertson and his book future Money.

1. http://www.jamesrobertson.com/futuremoney.htm 1. http://letthemconfectsweeterlies.blogspot.se/2011/11/james-robertson-real-critical-thought.html

David Greibers Debt the first 5000 years is also a classic on the subjects of the debt money artifice into which we have all been tricked.

https://en.wikipedia.org/wiki/Debt:_The_First_5000_Years

If capitalism is what it does and has done then the current problems which we face are due to Capitalism as it is practiced. To say what is practiced is not Capitalism is disingenuous, The Soviet Union Failed due to the Failure of Communism, most Capitalists have little problem claiming a victory over Communism of course the current troubles are due to what ( Communism dressed up in Capitalist clothing?)

Things To Know.

know exactly how the Fed says it works and how it actually works,

have a sound knowledge of Economics, Economic Geography and various different schools of thoughts in Politics( both National and International) Economics and Philosophy. It is a multi faceted world in which we live and a dualist left / right , Capitalist /communist , red / blue fairy tale is not helpfulfor anyone

look for some real answers. On the over simplifications in Economic modeling , leaving Banks and Money out of Economic modeling is something of an over simplification wouldn’t you say? how can one make oneself any clearer than that.

Capitalism as I state above is the Ownership of the Means of Production by private interests for private benefit. It excludes in its deliberations externalities or costs to wider society. We have very little to be grateful to Capitalism for even though it is preached otherwise. Free Market or Laizzez faire Capitalism is an anachronistic and wasteful system of distributing wealth it is a destroyer of wealth not a creator of wealth and the financialisation of the Economy is similarly destructive.Having established that neither of the two great tyrannical systems of the past 200 years are actually fit for purpose to serve the greatest benefit as custodians of the future husbandry of the common wealth for now and future generations what is needed is thought outside of the antiquated paradigm.

People like Charles Eisenstein have made a start in this direction talking of Resource based economics, Roy Madron with his Gain Economics, Robertsons future Money, Wilkinson and Pickets Spirit Level, Toby Russel and Econosophy with his writings on Guaranteed income and Ralph Boes and the Hertz iv laws in Germany

(http://thdrussell.blogspot.de/2012/03/ralph-boes-my-new-hero-part-i.html)

Now to the point of concision and the mindless shorthand of dishonest narratives parroted in Main Stream media and by main stream media wannabees. Here is Noam

Chomsky.http://www.youtube.com/watch?v=A_gkS2ai3Wo