Steve Keen’s Debt Watch

I think MOOCs (Massively Online Open Courses) are massively overhyped by university administrators who ignorantly fantasize that this will make for cheaper universities with more compliant academics. Doing MOOCs well in fact costs a fortune--far more than the per student cost of a good lecturer--because it costs serious programming dollars to do MOOCs well. That said, MOOCs do enable good academics to communicate to a wider audience, and I've done that moderately effectively via YouTube,...

This video is part of a blog post I'm writing to follow up on Nick Rowe's excellent work in putting my arguments about the role of the change in debt in effective demand into a form (a) that Neoclassical economists can understand and (b) that accounting zealots can accept does not violate any accounting identities. Here I build a model of Loanable Funds in Minsky, and then convert it into a model of Endogenous money. I'll later post another video that simulates both these models to contrast...

There's no such thing as a demo that works flawlessly when done live, and this is no exception: I made a few entry errors, and spotted a couple of new bugs in the process. But overall this still shows how easy it is to design a system dynamics model in Minsky.

The implications of endogenous money for macroeconomics, and plans for the development of Minsky over time

This final lecture covers the topic of money in economic instability--both the dispute over whether the Neoclassical Loanable Funds or the Post Keynesian Endogenous Money model is more realistic, the economics implications of the latter, and how the Open Source economic modeling program Minsky can be used to model either theory.

A debt crisis in a model of Minsky's Financial Instability Hypothesis has the unexpected feature of a preceding "Great Moderation".

Modeling Minsky's Financial Instability Hypothesis transforms Goodwin's model with fixed cycles into one that can display chaos. In the first half of this lecture I explain the importance of nonlinearity and the number of dimensions of a dynamic model.

Hyman Minsky's strength was to integrate the disequilibrium and monetary views of Marx, Schumpeter, Fisher, Keynes and Kalecki into a coherent and convincing model of a capitalist economy. This half of the lecture verbally outlines the Financial Instability Hypothesis.

Hyman Minsky's strength was to integrate the disequilibrium and monetary views of Marx, Schumpeter, Fisher, Keynes and Kalecki into a coherent and convincing model of a capitalist economy. This lecture explains Kalecki's contribution and then verbally outlines the Financial Instability Hypothesis.

I regard Marx, Schumpeter, Fisher, Keynes, Kalecki and Goodwin as the major foundations of a non-equilibrium approach to economics. This lecture provides an overview of the first 4--including a non-orthodox interpretation of Marx that is bound to annoy Marxists but emphasizes his coherent analysis of the cyclical nature of capitalism