The debt issue in Neoclassical economics
My presentation at the Rosa Luxembourg Foundation in Berlin today on how Neoclassical economics misunderstands the role of private debt in a capitalist economy. I show how to use my Minsky program to model both the Neoclassical “Loanable Funds” vision of lending and the empirically-informed Post Keynesian “Endogenous Money” model.
I’m also about to start a Kickstarter campaign to raise additional funds to develop Minsky. Please “watch this space” and be ready to help promote this campaign and help fund it. Minsky as it stands has been written by one programmer in about 800 hours. I want to be able to hire 3 programmers for a minimum of 2 years to fully develop the program.