These are two lectures on endogenous money in macroeconomics from the Kingston University Political Economy Masters module “Economic Change and Ideas”, which I gave yesterday (Friday March 6th). I will wait till next year before posting the entire lecture series, since I’m giving them for the first time this year and they are a bit rough. But one student couldn’t make yesterday, and I had two lectures in one day to make up for my absence next week when I’m attending my niece’s wedding in Sydney. So these are posted for my absent student and anyone else who is interested.
I cover Graziani’s brilliant insights into “What is money?”, the arguments Neoclassicals use to not consider banks, debt and money in macroeconomics, use my Minsky software to compare Loanable Funds to Endogenous Money, explain how change in debt contributes to both aggregate expenditure and aggregate income, and derive a dynamic quantity equation for money in place of Friedman’s static equation.
The Powerpoint file can be downloaded from here. The Minsky files I use in the presentation are embedded in this file; if you want to access them, install Minsky and then run the presentation in Slideshow mode. When they bounce onto the screen, click on them to open them in Minsky. You can then run them, download them to your own computer, edit them, etc.