Kingston Lectures on Endogenous Money & Modelling with Minsky

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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.

From “What is Money?” to modelling money using Minsky

From the Neoclassical “Loanable Funds” model to the real world of Endogenous Money

Reconciling Aggregate Expenditure is Income with a role for debt

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About Steve Keen

I am Professor of Economics and Head of Economics, History and Politics at Kingston University London, and a long time critic of conventional economic thought. As well as attacking mainstream thought in Debunking Economics, I am also developing an alternative dynamic approach to economic modelling. The key issue I am tackling here is the prospect for a debt-deflation on the back of the enormous private debts accumulated globally, and our very low rate of inflation.