Keen Behavioural Finance 2011 Lecture 10 Financial Instability Hypothesis Part 1
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Uploaded by ProfSteveKeen on Oct 26, 2011
I discuss the economists who influenced Minsky--Marx, Fisher, Schumpeter and Keynes--as a prelude to outlining Minsky's Financial Instability Hypothesis.
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What about entrepreneurs who don't borrow money?
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Steve, would it be correct to say Walras' law is consistent with Schumpeter's views on "initiation of new procuts/production methods" if the total market is considered to incorporate sectors separated from each other in time, i.e. whatever surplus of demand exists in a past stage can be matched to a deficit of demand in a future stage signifying the taking on and repayment of a debt? or does this lead to a kind of infinite regress where the "final" repayment is never made?
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@anyone, really...
Would it be better to read Schumpeter's "Theory of Economic Development" before, or after "Debunking Economics II" ???
heckler73 4 months ago
@heckler73 After. Schumpeter is a great economist but a rather convoluted writer. I think he'll make more sense after reading Debunking Economics II than before.
ProfSteveKeen 4 months ago