Durham Pluralism Macrofoundations For Macroeconomics Talk

I explain how macroeconomic definitions provide a incontestable macrofoundations for macroeconomics. A simple model derived by differentiating macroeconomic definitions with respect to time, and using the simplest possible assumed relationships between system states, generates the stylized facts of the last thirty years: a rising private debt to GDP ratio, a period of diminishing cycles (a “Great Moderation”) preceding an economic crisis (a “Great Recession”), rising inequality, and falling inflation.

This talk was arranged by and given to the Durham Society for Economic Pluralism (https://durhampluralism.com/).

This is an incomplete presentation, since the diversion to New York last week to record several interviews with Max Keiser and Stacy Herbert took a few days away from my preparation for this talk. I’ll complete the entire argument in time for next week’s talks at the Central Bank of Hungary, and then the 100th anniversary conference for Minsky in Milan in early December.

I’ll post the recording of the Q&A shortly.