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Keen Cambridge Lecture 2011

Summary:
This is a reasonably comprehensive lecture covering the failure of neoclassical macroeconomics to foresee the crisis (and the attempt by neoclassicals to avoid the consequences of this failure), the key reason why they are wrong about its persistence (the endogeneity of money), Minsky’s “Financial Instability Hypothesis”, my initial models of that Hypothesis, the development of ...

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This is a reasonably comprehensive lecture covering the failure of neoclassical macroeconomics to foresee the crisis (and the attempt by neoclassicals to avoid the consequences of this failure), the key reason why they are wrong about its persistence (the endogeneity of money), Minsky’s “Financial Instability Hypothesis”, my initial models of that Hypothesis, the development of a method to produce strictly monetary models of capitalism, and an overview of my multi-sectoral monetary model of production.


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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