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The Myth of the Money Multiplier

Summary:
This is one of the most widely believed models in economics, but it is simply wrong, I show how this false model drove the policy measures by Central Banks during the economic crisis, resulting in huge expenditures being needed to cause relatively trivial stimuli.

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This is one of the most widely believed models in economics, but it is simply wrong, I show how this false model drove the policy measures by Central Banks during the economic crisis, resulting in huge expenditures being needed to cause relatively trivial stimuli.


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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