by From Ikonoclast “If we choose to continue to produce with the techniques we have developed, then our society and earth will disappear faster than if we introduce small-scale production, resource-saving technologies and limited consumption.” – Lars Syll. Correct! The hubris, arrogance and blindness of the neoclassical or neoliberal economic view is well exemplified by the anecdote about the member of the Nobel prize committee. The blindness of the modern conventional economic view is stunning. It possesses no way to analyze or even acknowledge the crucial nature of the sustaining biosphere system. This includes no way to analyze or acknowledge the thermodynamic and waste / entropy issues related to running the economy which is a dissipative system. Of course, a dissipative system is a
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Lars Pålsson Syll writes Cutting-edge macroeconomics …
from Ikonoclast
“If we choose to continue to produce with the techniques we have developed, then our society and earth will disappear faster than if we introduce small-scale production, resource-saving technologies and limited consumption.” – Lars Syll.
Correct! The hubris, arrogance and blindness of the neoclassical or neoliberal economic view is well exemplified by the anecdote about the member of the Nobel prize committee. The blindness of the modern conventional economic view is stunning. It possesses no way to analyze or even acknowledge the crucial nature of the sustaining biosphere system. This includes no way to analyze or acknowledge the thermodynamic and waste / entropy issues related to running the economy which is a dissipative system. Of course, a dissipative system is a thermodynamically open system which is operating out of, and often far from, thermodynamic equilibrium in an environment with which it exchanges energy and matter. The crucial words to express today’s situation would be these: “operating out of and far from thermodynamic equilibrium and in a completely unsustainable manner now confronted by near term limits and hence by near term catastrophe”.
The level of blindness shown by neoclassical or neoliberal economics is total. It will only be cured by the demonstration effect of the natural-law-determined collapse of the system they advocate. No amount of science, philosophy, logic or (valid and appropriate) mathematics can convince these indoctrinated people of the blindness of their own discipline. New theory must be prepared against the day when new theory will be accepted (as well as needed). Watching and experiencing the current system collapse will perforce convince people it is a system built on completely false premises and that we need a new system backed by new theories.