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Dialectics as a foundation for a dynamic nonequilibrium monetary economics

Summary:
This is a long prelude to explaining the development of Minsky’s Financial Instability Hypothesis, and an exposition of the foundations of my approach to economics as well–which starts from Marx’s dialectical philosophy. An essential aspect of my approach is that I reject the “Labor Theory of Value” on the basis of Marx’s own philosophy. Since ...

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This is a long prelude to explaining the development of Minsky’s Financial Instability Hypothesis, and an exposition of the foundations of my approach to economics as well–which starts from Marx’s dialectical philosophy. An essential aspect of my approach is that I reject the “Labor Theory of Value” on the basis of Marx’s own philosophy. Since this is such a non-standard approach to Marx, a lengthy digression covering the development of Marx’s approach to economics is required.


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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