An economics that realizes the centrality of debt would devote its attention to resolving this problem, no matter the difficulty. Instead, orthodox economics largely -- believe it or not -- ignores debt unless it is on the public balance sheets. It is the enormous private debt that created the crisis and continues to burden it. That debt is not shrinking, but growing. Absent a direct confrontation with this debt, there is no recovery. Obstructing the way are interests of an enormously powerful financial sector protecting huge and fragile banks.
An economics that acknowledges that money is created through the credit process is not forever waiting for baffled central bankers to make a difference. We would not be stuck in neutral with our foot on the accelerator, creating enormous action in financial markets, but going nowhere in the real economy, where real people and businesses are struggling.
An economics that realizes a return to normal is not guaranteed in a dynamic system like the economy, but is a hope based on faith in disproven theory and unrealistic assumptions, would rapidly be installing the alternative. Instead TINA rules. There is No Alternative.
In this work, the appropriate appeal is to the evidence as judge, not to political visions nor academic speculation. History and data are the test of explanations and predictions. If the explanations are valid, the predictions will be valid. If not, they need to be revised. It is the scientific method, and it needs to return to economics. IDEA intends to be a destination source for relevant data, as well as for valid assumptions.