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Macroeconomic Dynamics and Energy In Minsky Poznan Summer School 2022

Summary:
I cover complexity, which is why macroeconomics cannot be derived from microeconomics; the alternative and much simpler macrofoundations of macroeconomics; how Minsky's Financial Instability Hypothesis drops out naturally from the three key definitions--the employment rate, the wages share of GDP, and the private debt to GDP ratio; then how Neoclassical economics can't integrate energy into its production function without destroying their theory of income distribution; how all Post Keynesians have to to is treat the "capital output ratio" as the inverse of the efficiency with which machines turn energy into useful work; and two models of production, one with energy and the other with energy and matter.

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I cover complexity, which is why macroeconomics cannot be derived from microeconomics; the alternative and much simpler macrofoundations of macroeconomics; how Minsky's Financial Instability Hypothesis drops out naturally from the three key definitions--the employment rate, the wages share of GDP, and the private debt to GDP ratio; then how Neoclassical economics can't integrate energy into its production function without destroying their theory of income distribution; how all Post Keynesians have to to is treat the "capital output ratio" as the inverse of the efficiency with which machines turn energy into useful work; and two models of production, one with energy and the other with energy and matter.
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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