Keen Behavioural Finance 2011 Lecture 09 Extending Endogenous Money Model Part 1

I continue the development of the QED model of a pure credit economy began in the last lecture, including modelling production and developing a pricing equation to produce a combined monetary-physical model.

The initial model has a fixed wage, population and labor productivity. To prepare the way for making these variables, I explain what Bill Phillips of "The Phillips Curve" was really trying to do: to drag economists into the modern era by teaching them how to model the economy dynamically.

Category:

Education

Tags:

• Economy
• economic modelling
• financial crisis
• economic crisis
• Steve Keen
• Debunking Economics
• Hyman Minsky
• Phillips Curve
• systems engineering

[ProfSteveKeen]

Not a bad idea DVDHolden--will try to do that.

And LordMetroid, yes of course I know that about the Nobel Prize--it just gets tedious repeating every time I use the term.

[lordmetroid]

What you call the Nobel price in economics is not a Nobel price in economics. Alfred Nobel never instituted a price for economics. The price is in the honor of Alfred Nobel and is given out by the Swedish Central Bank during the same time and cemony as the Nobel prices.

[dvdholden]

Steve is there any chance you could put these lectures in a YouTube playlist - it would make then easier to find.