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The Economic Crisis And The Crisis In Economics

Summary:
The economic crisis in 2008 was an anomaly for economic theory, but par for the course for the economy itself, since, as Hyman Minsky asserted, “capitalism is inherently flawed, being prone to booms, crises and depressions. This instability is due to characteristics the financial system must possess if it is to be consistent with full-blown ...

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The economic crisis in 2008 was an anomaly for economic theory, but par for the course for the economy itself, since, as Hyman Minsky asserted, “capitalism is inherently flawed, being prone to booms, crises and depressions. This instability is due to characteristics the financial system must possess if it is to be consistent with full-blown capitalism. Such a financial system will be capable of both generating signals that induce an accelerating desire to invest and of financing that accelerating investment.” I show that Minsky was right, using a simple complex systems model that generates both the “Great Moderation” and the “Great Recession”


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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