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From Loanable Funds to Endogenous Money in 20 minutes

Summary:
This video is part of a blog post I’m writing to follow up on Nick Rowe’s excellent work in putting my arguments about the role of the change in debt in effective demand into a form (a) that Neoclassical economists can understand and (b) that accounting zealots can accept does not violate any accounting identities. ...

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This video is part of a blog post I’m writing to follow up on Nick Rowe’s excellent work in putting my arguments about the role of the change in debt in effective demand into a form (a) that Neoclassical economists can understand and (b) that accounting zealots can accept does not violate any accounting identities.



Here I build a model of Loanable Funds in Minsky, and then convert it into a model of Endogenous money. I’ll later post another video that simulates both these models to contrast their behavior.



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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