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If you enjoyed this video, you might also like my most popular video, "Don't Study Economics, Study THIS Instead." https://www.youtube.com/watch?v=oO7iCv_NsPE -- Who is Dr. Steve Keen? Dr. Steve Keen is an influential economist who has dedicated over 50 years to challenging mainstream economic theories. Since his days as a university student, he has been engaged in a David vs. Goliath battle against conventional economic models. Holding a Ph.D. in economics, Dr. Keen is well-known for his critical analysis and advocacy for more realistic economic approaches. His work emphasizes the importance of accounting for financial instability and incorporates elements of complex systems theory. Engineers, finance professionals, and IT experts will appreciate his methodical breakdown of economic
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If you enjoyed this video, you might also like my most popular video, "Don't Study Economics, Study THIS Instead." https://www.youtube.com/watch?v=oO7iCv_NsPE -- Who is Dr. Steve Keen? Dr. Steve Keen is an influential economist who has dedicated over 50 years to challenging mainstream economic theories. Since his days as a university student, he has been engaged in a David vs. Goliath battle against conventional economic models. Holding a Ph.D. in economics, Dr. Keen is well-known for his critical analysis and advocacy for more realistic economic approaches. His work emphasizes the importance of accounting for financial instability and incorporates elements of complex systems theory. Engineers, finance professionals, and IT experts will appreciate his methodical breakdown of economic
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New Economics Foundation writes Is the Labour government delivering on its promises?
John Quiggin writes Dispensing with the US-centric financial system
New Economics Foundation writes Whose growth is it anyway?
Matias Vernengo writes What is heterodox economics?
| If you enjoyed this video, you might also like my most popular video, "Don't Study Economics, Study THIS Instead." https://www.youtube.com/watch?v=oO7iCv_NsPE -- Who is Dr. Steve Keen? Dr. Steve Keen is an influential economist who has dedicated over 50 years to challenging mainstream economic theories. Since his days as a university student, he has been engaged in a David vs. Goliath battle against conventional economic models. Holding a Ph.D. in economics, Dr. Keen is well-known for his critical analysis and advocacy for more realistic economic approaches. His work emphasizes the importance of accounting for financial instability and incorporates elements of complex systems theory. Engineers, finance professionals, and IT experts will appreciate his methodical breakdown of economic phenomena and his development of the Minsky software, which models financial crises. Dr. Keen's contributions are crucial for anyone seeking a deeper understanding of how economic systems can impact technological and financial environments. His teachings offer valuable insights into the economic forces shaping our world. By following his analysis, professionals can gain a better grasp of economic dynamics that influence their fields. |
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You explained nothing.
Dr. Keen- Inflation hurts, but the price of housing doubling in four years is truly what is excruciating to most people. I don’t know why no one talks about this? Commercial & private investors bought up a couple million units but we created a need to house 13 million new people visa via the open border of the past four years which has decimated supply of affordable housing- skyrocketing price on cities and out.
How do you adjust for the fact over the period of time the measure of inflation has changed materially and the current context of the CPI seemingly not lining up with the growth across the essential cost categories of food, insurance, health and education. If that is not relevant why?
This Guy: Higher prices cause inflation.
Inflation Definition – Inflation is the rate of increase in prices over a given period of time.
👀😮💨😐
All these economists ignore the demand of money.
How can you focus on drawing out positively correlated events in time series data but not consider the potential for time lag between cause and effect? Insufficient rigour, please try harder. C+
Comparing past events is not always the best measure when looking to the future. If the government does not stop creating money to pay its bills the entire system will collapse. There are so many future factors which will dwarf the cost of oil and peoples credit card debt that one cannot even begin to touch on in a comment to a video. Being an economist please explain what the world looks like if the US debt hits 120 trillion. Actually I can explain, it will never happen as the entire world economy will collapse before then. We will not be on the gold or crypto standard, we will be on the lead standard.
You can guarantee that if Elonia said something, she's wrong about it.
So if this model is true, and price increases are what generates inflation, and money creation is a symptom thereof, then we should reevaluate how we think about the rampant inflation in the 3rd and early 4th century. Traditionally, the argument is that debasement of imperial currently created too
Much money and caused the inflation. However, if I understand the thesis of this video; it would be more correct to say that in the crisis of the 3rd century, there was less security across the Empire, so merchants increased the prices of goods to offset risk, which meant people wanted to be paid more, and ultimately the Roman state needed to issue more money. If that is true, Diocletian’s edict of Maximum prices makes a lot of sense. By stymieing the increase of prices through legislation, he effectively ended inflation at the source.
(Also… the 4th century sees in increase in Roman goods and lifestyles outside its borders. Could that be an indication that merchants were selling their goods outside of the empire without a price cap.)
Yes because massive wasteful spending or fraud in every single federal agency and federal department has absolutely no affect on inflation. Trillions and trillions of dollars being printed up has nothing to do with inflation.
Top economist sureeeee you are.
You’re an not taking into account that there’s a lag effect between monetary debasement and inflation. You’re just another talking mouthpiece for big business.
I would argue that the American dollar coming off the gold standard in the early 70's was more responsible for Oil inflation than anything else in the Seventies. Once the dollar was no long back by gold Oil producing nations wanted more dollars because dollar value was no longer a certainty. After coming off the gold standard inflation started almost immediately. Higher inflation in the US devalued the dollar even more, thus provoking those oil producer to want even more dollars. Creating a decade of spiraling inflation. In the 80's we decided to treat the dollar as paper, thus we expanded revolving credit. That revolving credit fooled a generation that they were doing better than their parents, when in fact they were not. It was the expansion of Revolving credit that was responsible for the growth of the 80's and not tax cut for the rich, which Friedman and Reagan touted. America reclaiming it financial dominance in the world in the 80's would put those oil producing countries at ease. oil inflation subsided and actually to some degree deflated. Revolving credit by its very nature make people's future money the rich's money today. Reagan's tax cut gave those rich a win fall, thus they started buying up opportunity. The first step to and Oligarchy was now in place!
Governments can't create money. They can print notes, but the notes are essentially valueless until they are traded into the economy. At the moment they are traded into the economy, a debt obligation is created because there is a value difference between the printed notes and the bond that is purchased. The difference between the value of the note and the value of the bond is inflation because it is value that was created by government fiat. Due to the fungible nature of government printed notes, the difference between the value of the note and the bond will be subtracted from the value of the notes in circulation. This occurs as the new notes are used to bid up the price of goods and services above and beyond what could have occurred with the previous amount of notes in circulation.
True money can't be created, it must be found, it must have uses other than as money, and it must be fungible. Notes fail as money because they are not found and they have no other uses. As a result, notes are not true money, but a stand-in that is easier to manipulate.
Thank you for sharing this information
3:29 US GOVERNMENT debt is larger the public debt by: 36.2T (treasurey.gov) vs consumer at 20.3T (FactSet, FRB, JPMorgan Asset management)
Please get your facts straight before you do an analysis.
Americans are so gullible. They seem to equate wealth with intelligence. Familiarize your self with the Dunning Kruger effect, for whom which donald tRump is the poster boy, in business it is far more likely success is more attributed to timing and luck. Not raw intelligence.
Let me help Wikipedia : retires are suffering because extreme inflation was caused by Biden’s reckless spending which President Trump warned us about.
Now democrats refuse to accept responsibility for their stupid support of their purpose miscalculations.
Donations can be sent to any republican for truth, justice and the American way.
More importantly ,who created the MOST Government debt , Reagan and Trump of course. Makes you also wish Bush hadn’t wasted a trillion$ in Iraq chasing the mythical WMD.
The consumer price index is not representative of inflation anymore since the calculation was changed decades ago.
This seems like a logical fallacy. Oil prices go up correlates to inflation. Isn’t that like saying prices going up correlates to inflation ? Money creation lags inflation and I think an interesting chart to plot would be a government / bureaucracy expense and how that correlates. We know here in Australia over the past 4 years our government has created 10 public sector jobs for every private sector job.
Lets see. I can listen to this guy who HAS NEVER DONE A FUCKING THING WITH HIS LIFE, or I can listen to two of the wealthiest most powerfull men in the world who have done amazing things with their lives. The correct answer is easy if you are not a complete TDS suffering moron. Car prices are plummeting, right before they go up significantly because of the tarrif war. But whatever you do, dont buy anything now…….What a fucking idiot. Now IS the time to buy.
Musk is wrong, fire is hot, snownis cold. Any other breaking news? 😏
The cult just wants to blame the left, when corporate greed and price gauging are evident.
This is a heavily edited video. I can’t trust it’s original content
Everything going up what going on i though he going to bring price down