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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. |
This might work OK if nearly all of your own country's banks are not owned by another country as in New Zealand's case its banks are nearly all Australian owned and with billions in profits leaving the country every year.
I would like to see an animation to visualise the stock and flow concepts in the program. A container icon that fills and empties to represent stocks and arrows with dashes flowing with velocity to represent flows for example. To help illustrate whats happening when the simulation runs for educational purposes. The people posting comments about holes in the logic are being unreasonable. These short videos are to explain a piece of the puzzle, not how the whole economy works. To explain everything with all the nuances will be an endless meandering through weeds. Although it might be a good idea to show the whole thing like biochemists do with the krebs cycle and then learn each part in discrete blocks over many videos. I don't know I'm just rambling.
This video was a royal waste of my time. The guy spend most of the time explaining some software of questionable relevance. Excel can do the same with less hassle. As for answering the title, I don't think he answered it in non-abstract.
Not my style of storytelling. I am lost from the beginning.
And this is after watching a few previous videos using similar computer illustrations.
How many f'n idiots in this comment section fail to recognise this isn't about your personal f*cking household, or investment advice, it's about how the economy actually works…
f'ing mongs.
Good to see your channel's expanding Steve, as one of your early subscribers I'm happy to see the word spreading. Keep up the good work!!!
about money and debt, could steve explain usd reserve currency and us govt treasury debt and china's leverage, and brics prospects
god,I love when Steve use it's program, very not like college's economics course
This is why EVERYONE should be trained to understand programming and modelling like this. I think a lot of people qill just gife up while watching this because it goes over their heada. Programmers and engineers will understand that more easily even if the economic concepts might go over their heads
Agreed!
The advantage of Ravel is that, even if the concepts go over some people's heads initially, the GUI and double-entry tables enable people to see what's going on, better than they could in a slab of Python code. But I agree learning coding is essential now.
What the?
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09:30 – Genius !
09:40 – The older system dynamic software
10:05 – Godley Table Tool
Ive been mentioning your videos any time I see people confuse business banking with government banking. Heres hoping it changes their opinions
I appear to have a major problem in that I have no debt and am totally self sufficient and cash flow positive, can anyone help me to get out of this terrible mess?
How dreadful for you: I suffer from the same predicament! Maybe we should form Solvents Anonymous?
Holy crap!!… an honest economist who isn't a propogandist for big corporations and banks!!.
There used to be a little something called the "boom and bust cycles" of the 1800s which were
triggered almost like clockwork every 10 to 15 years. These cycles were often driven by greedy "robber barons" whose actions contributed to economic instability in several ways:
1. Monopolistic Practices: Many robber barons engaged in monopolistic practices, such as price-fixing and creating trusts, which stifled competition and led to market manipulation.
2. Speculative Investments: Speculative investments and financial manipulation by these industrialists often led to economic bubbles that eventually burst, causing financial panics and recessions.
3. Labor Exploitation: low wages imposed by some of these industrialists led to labor unrest which further destabilized the economy.
Sound familiar???
J.P. Morgan played a central role in stabilizing the U.S. financial system when things went off the rails. During the late 19th and early 20th centuries, Morgan was a dominant figure in American finance and often stepped in to provide liquidity and support during financial crises.
One notable example is the Panic of 1907, when a severe financial crisis threatened to collapse the banking system. J.P. Morgan organized a coalition of bankers and used his own money to provide emergency loans to struggling financial institutions. His actions helped restore confidence in the banking system and prevented a complete economic collapse.
Morgan's influence and ability to stabilize the financial system highlighted the need for a more formal and centralized approach to managing monetary policy and financial stability. This eventually led to the establishment of the Federal Reserve System in 1913, the very year Morgan died
Baffle them with bullshit
Faith in the money system is what makes the system work. The US debt is our surplus. The bigger the GDP the bigger the debt. If the US has no debt then we have no surplus. We hold the US debt as surplus.