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Lecture 4 The Post Keynesians: Realism Uncertainty, Endogenous Money & Financial Instability

Summary:
Post Keynesians diverged from the mainstream when Hicks re-imagined Keynes as a marginalist. Defining features include an emphasis upon realism in modeling, behavior uncertainty, and an empirical and inductive approach to developing theory. In this brief lecture I cover the three modern strands of Endogenous Money, Stock-Flow Consistent Modeling, and Minsky’s Financial Instability Hypothesis

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Post Keynesians diverged from the mainstream when Hicks re-imagined Keynes as a marginalist. Defining features include an emphasis upon realism in modeling, behavior uncertainty, and an empirical and inductive approach to developing theory. In this brief lecture I cover the three modern strands of Endogenous Money, Stock-Flow Consistent Modeling, and Minsky’s Financial Instability Hypothesis


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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