by Summary:
This video completes the quick demo of Minsky, and explains why "time constants" are such a useful concept for modelling monetary flows.
Topics:
Steve Keen considers the following as important:
This could be interesting, too:
This video completes the quick demo of Minsky, and explains why "time constants" are such a useful concept for modelling monetary flows.
Topics:
Steve Keen considers the following as important:
This could be interesting, too:
Mike Norman writes Trump to roll out DeFi project this week
Lars Pålsson Syll writes What is heterodox economics?
Angry Bear writes The FED Should Cut Rates in September
NewDealdemocrat writes UPDATE: Real median household income for 2023
| This video completes the quick demo of Minsky, and explains why "time constants" are such a useful concept for modelling monetary flows. |
An economist trying to convince the world that what they do has some kind of scientific background. Economics has as much in common with science as Alchemy does to chemistry. I still prefer magicians – the rabbits out of the hat is always a winner.
Eddy Bulich I'd agree with you regarding most economists, but it doesn't apply to Prof. Keen. He may be proved to be wrong, eventually (the destiny of all scientists, although Einstein is racking quite a score) but he is certainly less wrong than most economists. At least his theories account for the Second Law of Thermodynamics. And his mathematics are the same shift from regular economic modeling as moving from Greek dynamics (which gave intuitive but wrong results like Zeno's Paradox) to Newtonian dynamics – which has problems that can only be computationally modeled and approximated as well, like the three-body problem.
with a statement lke that i'd guess you would have trouble with even yr 10 science, as in, as soon as reasoning instead of wrote learning is required. have a dunning kreuger good day, dingus
What I like the most about the simulations from Minsky is that it makes it similar to "a picture is worth a thousand words". Normally whatever "economists" / economist say is either wrong, an opinion, a combination, accidentally correct or even worse: the English language is just not adequate enough to describe all the dynamics that are happening in economics / mathematics.