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Neoclassical Economics from an Integral Perspective — 1 Comment

  1. A very intelligent analysis of Von Mises and neoclassical economics – and their shortcomings. The world has changed. Today, wealth resides more in money than in land, and there is globalization. The premise that private ownership of property is a better garantee of wise stewardship than public ownership is still a good one. Look at how people treat the homes they own as opposed to rentals. I know, because I used to own and rent out a bunch of condominiums!
    Moving beyond the neoclassical paradigm is a good idea, but to what? I for one am simply not smart enough to come up with the ideal solution, which will avoid the mistakes of both classical economics and Keynesianism. Also, while Socialism may have been relegated to the garbage heap of history, social democracy has not. The economies of countries such as Germany and the Netherlands still function fairly effectively, and for the greater good of the population, not just a plutocracy. So the question is not whether or not there should be government intervention in the economy, but how much. For example, regulating the banks and Wall Street seems to be a good idea.

    http://european-americanblog.blogspot.com/

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