Keen Behavioural Finance 2011 Lecture 11 Global Economic Crisis
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Uploaded by ProfSteveKeen on Nov 1, 2011
The remarkable thing was not that I and a handful of others saw this crisis coming, but that so many neoclassical economists had no idea it was approaching. I explain why they failed to see it (by ignoring private debt and believing in a fantasy of economic equilibrium), discuss the empirical dimensions of this crisis in comparison with the Great Depression, and present my explicitly monetary macroeconomic model.
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I'm curious, what do you think of Ron Paul?
KenMacMillan 3 months ago
Wow half way through this I was thinking how Australia is very different to the US experience. We have more business loan defaults instead of mortgage defaults. You get to that at 50mins. Guess we starved consumption having to cover housing debt and deflated business debt. I guess the RBA could raise interest rates much higher (like during the recession we had to have) once the business debt is rinsed out. OK that modelling was very cool, the Economics version of a Roland Emmerich film.
vicj0r 3 months ago
Thank you Steve.As always it´s a pleasure to see your lectures.My best regards from a collegue in Sweden.Jan
zsylvana 3 months ago
I think the official/proper name of "voodoo economics" is MOPE- Management of Perception Economics...
I mean, since the neo-classical economy supposedly consists of agents with "rational expectations"-- all you need to affect/manage the economy is to distort/manipulate the information upon which those "rational expectations" are based.
IOW, "rational" in neo-classical theory also means "incapable of knowing right and wrong"-- so neo-classical economics works perfectly with sheep(le).
ApocalypticAang 3 months ago