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Alternative economics 1: Credit, Islamic Finance, & Preventing Economic Crises

Summary:
This is the first third of a workshop on alternatives to Neoclassical economics that I gave in Malaysia on October 15 2016, after giving the keynote speech at the Symposium on Islamic Economics & Finance Education. I cover: (1) the recent change in the attitude of mainstream economists to their own models [Minutes 0-12] (2) ...

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This is the first third of a workshop on alternatives to Neoclassical economics that I gave in Malaysia on October 15 2016, after giving the keynote speech at the Symposium on Islamic Economics & Finance Education. I cover:



(1) the recent change in the attitude of mainstream economists to their own models [Minutes 0-12]

(2) building macroeconomic models from macroeconomic identities [12-30]

(3) Can equity-based lending prevent crises? [[30-38]

(4) Some questions INCLUDING “What is a sustainable private debt level” WITH FROM 44 TILL 52 MINUTES a fascinating DYNAMIC BUBBLE CHART of private debt and credit levels for the last 50 years [38 till end of presentation]



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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