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Edinburgh University Talk: financial instability, endogenous money & government budgets

Summary:
This talk covers all "the usual suspects" for me--the Neoclassical obsession with equilibrium, financial instability, the Loanable Funds myth and the reality of Endogenous Money, and the foolishness of governments trying to run a surplus as if they are households, when the better analogy is that they are banks and should run deficits to create part of the money supply the non-bank private sector needs.[embedded content] Click here to download the Powerpoint file (Minsky files are embedded in it and can also be extracted and saved to your PC, if you'd like to play with them).

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This talk covers all "the usual suspects" for me--the Neoclassical obsession with equilibrium, financial instability, the Loanable Funds myth and the reality of Endogenous Money, and the foolishness of governments trying to run a surplus as if they are households, when the better analogy is that they are banks and should run deficits to create part of the money supply the non-bank private sector needs.

Click here to download the Powerpoint file (Minsky files are embedded in it and can also be extracted and saved to your PC, if you'd like to play with them).

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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