Crime Against Humanity: Pensée Unique in Economics, 74

The first door reveals that its disclosure is just as important: “given the importance of credit variables, they also call for comprehensive disclosure by central banks of timely and detailed high−frequency credit data.”
The second door reveals that, contrary to the – however false – myth of the central bank “independence”, “for policy−makers … it is imperative to monitor the allocation of credit”; after all, the importance of this factor for the lives of people most definitely entitles them to have a say in the matter, at the very least indirectly through a hopefully representative democracy.
The third door reveals that booms and busts, inflation, speculations and their ensuing casualties, can be even prevented: “this can be done by using suitably designed direct intervention in the credit market in order to influence both quantity and allocation of credit and ensure that credit creation is mainly used productively. This ensures inflation−free, stable growth.”
The fourth door reveals that thriving free of suppression is possible, if anything because it has been done already: “By ensuring that credit creation is mainly used for productive purposes, high real growth rates without inflation can be generated. As Japan’s case of the 1960s demonstrated, even double−digit economic growth rates are possible. It is not a coincidence that Korea, Taiwan and, most recently, China, have been using credit controls and the selective allocation of credit as key policy tools. These produced high growth rates.”
The fifth door reveals that “with appropriate credit policies, the only limit to growth becomes the human creativity in inventing new ideas, new technologies and new recipes of organizing inputs. If there is much such creativity, very high growth is possible.” After all, as expressed in the modest parlance of economists, “among all inputs into the production function, human resources are by far the most important.” Which incidentally puts the human factor – otherwise known as “You” – back to where it belongs: at the core. And in doing so it exposes a suppressive facet of the neoclassical Pensée Unique: that which nullifies it.
The sixt door reveals how “given the importance in creativity to provide the ideas that allow productive investments, our framework also shows that know−how, education and information are crucial for successful economic development – areas that were neglected in traditional theories, where agents were simply assumed to already know everything.” Which puts the other vital factor, knowledge, back where it belongs, at che core, close to the human factor. And in doing so it exposes another suppressive facet of the neoclassical Pensée Unique: that which nullifies it too.