Old institutions and new paradigms - where to from here?

One of the most famous economists of the 20th century, John Maynard Keynes, once said ...

"the ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed, the world is ruled by little else. Practical men who believe themselves to be quite exempt from any intellectual influence are usually the slaves of some defunct economist ..."

The economic theories of Keynes dominated the policies of western democracies from the 1930s to the 1970s. From the 1980s through to the beginning of the 21th century, another theorist, Friedrich Hayek, equally famous and Keynes' most potent rival dominated economic thought and the thinking of governments, including our own. Rogernomics was little more than Hayek in a localised version ... READ MORE