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Economics for 2011

Obviously traditional economic theory is no longer applicable as the basis for policy in the 21st century. Policy makers and bureaucrats who do not realise this need some degree of re-education.

Unfortunately there is no place where policy makers can go to receive new theoretical training. Why? Simply because the received doctrine of Economics does not accomodate a shift in its paradigm, but rather makes marginal tweaks to its doctrine, that are not effective as policy tools. To learn why this is the case one needs to review the development of Economic theory from at least the 1940’s in western societies.