Recently a host of publications have appeared, devoted to re-thinking macroeconomics. What rethinking? It is necessary to re-think the current re-thinking about macroeconomics. Why?

Re-thinking is too much concerned with symptoms of current mainstream neo classical/neo liberal thinking rather than root latent influences. Re-thinking re-thinking involves a kind of meta cognition and deconstruction. At the first level, there is thinking, macroeconomic and business policy based on mainstream notions. At the second level, is re-thinking the notions on which first level notions and policies are based. At the third level, is re-re-thinking, which is recognizing latent influences on the two other layers.

The meta cognition referred to here is recognizing that:

  1. The macroeconomy is a complex adaptive system operating far from equilibrium. So current notions based on equilibrium should be abandoned when constructing models on which policies are based.
  2. The macroeconomy is an open subsystem, interacting with other open complex subsystems, including technology, politics, international relations, ecology, cultures and societies. As part of opening the macro economy to other systems, it should extend the disciplines it draws upon.
  3. The face of Singularity.
  4. Layer upon layer of Unreality.   




Saturday June 9 2018 01:27

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