Lecture 2 in “Becoming an Economist” at Kingston University

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Becom­ing an Econ­o­mist is the intro­duc­tory course on eco­nom­ics for under­grad­u­ates at Kingston Uni­ver­sity. This is the sec­ond of 11 lec­tures in the sub­ject; I’ll post the oth­ers as I write them over the next few months. This lec­ture dis­cusses why the Main­stream approach, start­ing from the fun­da­men­tal ques­tion Wal­ras posed “Can a sys­tem of free mar­kets reach a set of prices that ensures that sup­ply equals demand in all mar­kets?”

The answer was “No”, but that did­n’t stop the “Equi­lib­ri­um Fetish Jug­ger­naut” that Wal­ras unleashed.

This is the Pow­er­point file for the lec­ture.

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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.