Why Neoclassical Economists Didnt See the Great Recession Coming
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Uploaded by ProfSteveKeen on Jul 12, 2011
Mainstream "Neoclassical" Economists famously did not see the Great Recession coming, and when you look at their theories, it's no wonder. Their favourite model prior to the crisis goes by the name of "Dynamic Stochastic General Equilibrium", or DSGE. These models imagined that the entire economy could be modeled as a single individual. Yet neoclassical researchers proved decades ago that even a single market can't be modeled that way. I explain this proof while outlining the fundamental truth that "Neoclassical Economists Don't Understand Neoclassical Economics".
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Cause there homosexual
MsJeffrey911 3 months ago
Dear Professor Keen- History is dead. Economics is about choice and trade. Ever thought to get input/output from your hearted students by putting them in a circle and reading a chapter from Keyenes, Shumpeter, Smith and (Solon)?
You Econ Dudes are so smart, yet still not "thinking"..Literature is Literature, Chemistry Bonds and Econ Sells,,,so why would a 'dismal science' want to see 'the light'? Ask yourself, how would I learn this if I d
idn't know anything..WHY would I learn this? AWESOME
shygui 5 months ago
Hello prf. Keen! Isn't there also more simple explanation to this neoclassical fallacy? "Microeconomics" is obviously an "open system," "energy" or in this case money comes in and goes out. Where as "macroeconomics" is obviously "closed system" where the money just circulates within the system.
At least in thermodynamics i believe one cannot apply open system equations to closed system.
kjr63 5 months ago
Love this!
Recession Buster$
youtube.com/watch?v=6sCE3LKEdaY
SabarStudios 6 months ago