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Why the poor pay for high debt, even if they don’t borrow (in 13 minutes & 15 seconds flat)

Summary:
This was an invited talk to public servants organized by the Exploring Economics group (https://www.exploring-economics.org/en/). In just over 13 minutes I provide a complex systems argument that the poor pay for debt, even if they didn’t personally borrow it, because workers are the residual income recipients in capitalism.

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This was an invited talk to public servants organized by the Exploring Economics group (https://www.exploring-economics.org/en/). In just over 13 minutes I provide a complex systems argument that the poor pay for debt, even if they didn’t personally borrow it, because workers are the residual income recipients in capitalism.


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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