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A Cybernetic Approach to Economics

Since the meltdown of the global financial system in 2008 triggered by the sub-prime mortgage bubble in the United States, there is an emerging consensus, even among economists, that there is a need for new economic thinking2 (See Stiglitz, 2010 & Kaletsky, 2010). The economic thinking that has prevailed in postwar capitalist societies is based on the neo-classical – Keynesian synthesis, hereafter mainstream economics. Judged from within its own frame of reference, mainstream economics has been enormously successful. Over the postwar years in North America and Europe, economic growth measured in terms of GDP, has been sufficient to deliver increased prosperity and to maintain near full employment. However, judged from outside of its own frame of reference, it is clear that mainstream economics has failed to address the following issues: