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Becoming and Economist Lecture 7 Mainstream Modeling (01)

Summary:
This lecture for my first year (“Level 4”) students at Kingston covers Neoclassical modeling from its microeconomic beginnings to the evolution of macroeconomics in response to the Great Depression, Hicks’s Neoclassical IS-LM general equilibrium model of Depressions versus “normal times”, and ultimately the development of Real Business Cycle models. The next lecture covers the development ...

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This lecture for my first year (“Level 4”) students at Kingston covers Neoclassical modeling from its microeconomic beginnings to the evolution of macroeconomics in response to the Great Depression, Hicks’s Neoclassical IS-LM general equilibrium model of Depressions versus “normal times”, and ultimately the development of Real Business Cycle models. The next lecture covers the development of DSGE models and the crisis in modelling when these models completely failed to anticipate the Great Recession.


Steve Keen
Steve Keen (born 28 March 1953) is an Australian-born, British-based economist and author. He considers himself a post-Keynesian, criticising neoclassical economics as inconsistent, unscientific and empirically unsupported. The major influences on Keen's thinking about economics include John Maynard Keynes, Karl Marx, Hyman Minsky, Piero Sraffa, Augusto Graziani, Joseph Alois Schumpeter, Thorstein Veblen, and François Quesnay.

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