Steve Keen: Credit Created Out of Thin Air 3/7
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Uploaded by INETeconomics on Nov 1, 2011
The neoclassical vision of saving and lending -- the standard model being taught in universities -- causes economists to be blindsided by the dynamics of debt in the economy, according to Steve Keen. In part 3 of this INET interview, Keen talks about the role of private debt in the economy.
It is true that one person's debt is another person's asset, but it is equally true that banks create money when they lend. This kind of endogenous expansion of debt, Keen says, drives economic activity, and most economists are completely oblivious to it.
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This ought to shut down those pesky Austrians who blame the Fed for everything but the weather.
mojorhythm 6 days ago
No comments? That just proves how oblivious and ignorant the world is to REAL economics.
dfg93353 1 month ago