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Keen Behavioural Finance 2011 Lecture 09 Extending Endogenous Money Model Part 1

Summary:
I continue the development of the QED model of a pure credit economy began in the last lecture, including modelling production and developing a pricing equation to produce a combined monetary-physical model. The initial model has a fixed wage, population and labor productivity. To prepare the way for making these variables, I explain what Bill ...

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I continue the development of the QED model of a pure credit economy began in the last lecture, including modelling production and developing a pricing equation to produce a combined monetary-physical model.



The initial model has a fixed wage, population and labor productivity. To prepare the way for making these variables, I explain what Bill Phillips of “The Phillips Curve” was really trying to do: to drag economists into the modern era by teaching them how to model the economy dynamically.



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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