Thursday , January 21 2021
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Economics out of equilibrium–please!

Summary:
This presentation to students in the EU-sponsored EPOG Masters program (see https://www.epog.eu/) covers the analysis of credit money, financial instability, Modern Monetary Theory, the role of energy in production, and how to model financial and complex systems in my Open Source system dynamics program Minsky (see https://sourceforge.net/projects/minsky/). There was a lively discussion of the way in which capitalism should be modelled--using discrete (NO!) or continuous time, etc.

Topics:
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This presentation to students in the EU-sponsored EPOG Masters program (see https://www.epog.eu/) covers the analysis of credit money, financial instability, Modern Monetary Theory, the role of energy in production, and how to model financial and complex systems in my Open Source system dynamics program Minsky (see https://sourceforge.net/projects/minsky/). There was a lively discussion of the way in which capitalism should be modelled--using discrete (NO!) or continuous time, etc. Economics out of equilibrium--please!
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.

9 comments

  1. Steve: The biggest economic issue is the pandemic. Do you think you could read Paul Marik on IVERMECTIN and use minimal epidemiology coupled with virus replication impedance to point out how long ago this could have been solved?

  2. Amazing insight once again from Prof. Keen. Thank you.

  3. Thanks for this professional interpretation of crazy FED news.

  4. I'd like a link to that other presentation on the more complex model as well, please, it seems terribly interesting. Doesn't matter if it's in French, I can understand it. Could you please post the link here when that happens? Merci.

  5. I'm curious about how efficiencies in energy usage taking leaps forward in technology (e.g improvements in compute power, improved machines, ec) and energy creation & efficiency could be measured by using your modeling to illustrate how their role in driving outcomes. It would seem to a countervailing pressure against the limitations based on poor credit management,

    Further, how impactful might transformational changes like quantum computing increasing compute power per kwh or functional fusion power where we might eventually harvest more power than input?

  6. 9:27 "…two of my favorite liars…" lol

  7. Good discussion. Such a relief to hear an economist recognise ecology.

  8. Vibhu Vikramaditya

    prof steve, can you suggest a reading list for budding economists

  9. Plebian Fiends Finding Meaning

    I've been using minsky for a while and there's nothing better for dynamic modeling of economics. I've done some import/export calculations, but I too have found that it is hard to model multiple countries that interact without getting too complicated. I wasn't aware that you could have multiple minsky files open at once, let alone connected to each other

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