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Becoming An Economist Lecture 2 The Mainstream & why General Equilibrium is unstable

Summary:
I outline the Mainstream (or “Neoclassical”, though the Mainstream has a very narrow definition of what “Neoclassical means) approach, starting from the fundamental question that Walras set as his way to comprehend the economy, “Can a system of free markets reach a set of prices that ensures that supply equals demand in all markets?”. The ...

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I outline the Mainstream (or “Neoclassical”, though the Mainstream has a very narrow definition of what “Neoclassical means) approach, starting from the fundamental question that Walras set as his way to comprehend the economy, “Can a system of free markets reach a set of prices that ensures that supply equals demand in all markets?”. The answer to this question happens to be “No”. but the Mainstream has continued on as if the answer was “Yes”.


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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