Paradigm lost.

• Author: Rock, Robert H.
• Position: Column

As A HARVARD UNDERGRADUATE I majored in what at the time was a new concentration, "History and Science," which had an overarching field of study, the history of science. In the late 1960s the seminal work in this field was a recently published book by Thomas S. Kuhn entitled The Structure of Scientific Revolutions. In Kuhn's structure, there are "puzzle-solvers" who do "normal science" by making incremental advancements within the borders of the prevailing world view, and there are "paradigm-builders" who question conventional thinking and look beyond these borders, ultimately effecting a "paradigm shift" that replaces one conceptual world view with another. Kuhn builds his argument around three scientific revolutions, namely the Copernican revolution in 16th and 17th century astronomy, the Darwinian revolution in 19th century biology, and the Einsteinian revolution in 20th century physics. These three scientists thought outside the box and envisioned a fundamentally new, and more powerful, paradigm.

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In terms of economics, where are the paradigm-builders of the 21st century? As the world struggles with the current meltdown, our leaders seem constrained within a paradigm defined 80 years ago by the English economist John Maynard Keynes. Today's policy makers, like FDR's New Deal brain trust, believe that massive government spending is the solution. However, like their predecessors, these modern-day Keynesians do not have a playbook; they are offering up an assortment of sometimes contradictory stimulus measures. No one, not even the policy makers themselves, are conveying any sense of confidence that these measures will work.

Along with this deficit-spending approach is the presumption...