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What debt matters most–private or public?

Summary:
My presentation to the Central Bank of Malaysia’s annual conference. Covers the empirical relationships between private debt, public debt and unemployment that imply: (1) Change in private debt drives employment; and (2) Unemployment drives change in public debt. I then cover the fallacies that led economists to ignore banks and private debt in macroeconomics, and ...

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My presentation to the Central Bank of Malaysia’s annual conference. Covers the empirical relationships between private debt, public debt and unemployment that imply:


(1) Change in private debt drives employment; and


(2) Unemployment drives change in public debt.


I then cover the fallacies that led economists to ignore banks and private debt in macroeconomics, and outline and model Minsky’s Financial Instability Hypothesis in the Open Source modeling program Minsky.


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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