Assessing A New Paradigm
any new paradigm
Many people are calling these days for a new economic paradigm to transform the outcomes for society of the existing economy — in addition to those who want a fundamentally different economy, like the Marxists or the more radical libertarians among us. It is becoming more and more certain that if we do nothing, total disaster, however it might start, is in the offing. How should we choose among our options to determine which new paradigm to effect?
Any new economic paradigm entails unknowns. The economy is a complex set of relationships among factors, forces, and above all people. It would be impossible even to list all of the interactions that would be affected by a new paradigm, much less what the effects on each would be.
In evaluating any new paradigm the best we can do is to determine what its benefits could be and the probability that those benefits will be realized. (Even then, what is a benefit to one person might not be viewed as such by another.) That evaluation can then be considered against the probable outcome of doing nothing and the probable outcomes of other alternatives.
The way things are at present with the existing economy makes doing nothing the riskiest proposition of all. So we really have no choice but to choose from among our available options and institute a new paradigm.
The options that are available that do not entail establishing a fundamentally different economy include some form of ‘social dividend’ (a category in which I include a UBI), MMT (i.e. using the insights of MMT to change the outcomes for society, such as using it to eliminate poverty), and “just money.” All can be found and studied using the internet. I have studied all of them.
I am among those proffering a new paradigm: a “democratically distributed income” (DDI). It is at bottom a different way of supplying the existing economy with money. The money for that income would be created as needed. It would form the supply of money (as currency) for the economy. (If it matters, I do have an M.A. in economics.)
Needless to say, that would have ripple effects throughout the economy, but it would still be the same economy that we have now, only with some vastly different outcomes for society — outcomes that are absolutely, positively guaranteed. It could be enacted in any nation, with the same outcomes, through a single legislative Act. Anyone interested can learn all about it (via a brief summary and provided links) here in Medium.
We simply have to do something. Any of the options noted would be better than going over the cliff by ‘staying the course’. Each of us must become an advocate for some different paradigm. My studies have taught me that a DDI offers the most benefits for society — with complete certainty.