Becom­ing An Econ­o­mist Lec­ture 4: Post Key­ne­sians

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This lec­ture cov­ers the Post Key­ne­sian school of thought in eco­nom­ics, focus­ing mainly on its mod­ern empha­sis upon endoge­nous money, sec­toral bal­ances, and Minsky’s Finan­cial Insta­bil­ity Hypoth­e­sis. I also show how to do non-equi­lib­rium mod­el­ing (using my Open Source mod­el­ing pro­gram Min­sky of course).

Click here to down­load the Pow­er­point slides.

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.
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  • The prob­lem with the “endoge­nous money” the­ory is that, it’s not money. The laws that gov­ern what is money and frac­tional reserve bank­ing dic­tates that it can be noth­ing other than asset backed, debt based credit, an oblig­a­tion or assump­tion that money will even­tu­ally be paid. An oblig­a­tion to pay money can­not be money.

    The biggest fail­ing of all econ­o­mists is their con­fla­tion of money and credit, and as long as they con­tinue to do this, they’re going to get their the­o­ries and analy­sis wrong.