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Preventing Economic Disaster: The Shocking Truth

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Preventing Economic Disaster: The Shocking Truth

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Preventing Economic Disaster: The Shocking Truth
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.

2 comments

  1. What do you think about this? Responding to the best comments.

  2. I don't get it.

    Credit does not only have an interest rate but also a credit period, which makes interest to be a fixed sum.

    And of course deflation makes it harder and at some point impossible to repay the debt. But mainly because credit plus interest is a fixed sum.

    But the main problem is because debt means to buy first and sell later. Falling prices do mean you buy at a high price and sell at a low price.

    So the main problem is the lack of a time machine.

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