Keen 2012 Cambridge Monetary Macroeconomics

My talk to the Heterodox Economics Students at Cambridge University on November 28th 2012 on the necessity of a strictly monetary approach to macroeconomics.

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  News & Politics

[TheMarcusrobbins]

This is excellent, thank you Prof Keen for sharing your lectures.

[Shane Chubbs]

Your model can model the U.S. Great Depression. Can it model the 1923 German hyperinflation?

[MrIzzyDizzy]

the program minsky sounds awesome hope it gets thoroughly used. i believe in the model, it is a shock and bit disturbing at first, but i'm glad your getting it modeled - its not just economist that don't get the creation of money from debts - its damn near everyone - its almost a question of morality with them . - they tune it out cover their ears and start saying la la la la la laaaa laaaaaa i cant hear you go away la la la la la la la la la la la la - go away no i wont look into it laaaaa

[Steve Hummel]

The system can survive in such ponzi conditions for long and long, but the individual suffers the entire time and his woes (loss of effective purchasing power and accumulating debt) increasingly drags the 16 trillion balls in the air economy down and if some financial idiocy like the repo market is the straw that breaks the camel's back....then the entire system collapses and it seems like that is the cause but it's actually the underlying scarcity of individual effective demand.

[Steve Hummel]

Still doesn't consider the effects of cost accounting. Total individual money in wages does not equate with total purchasing power of same. It may on a macro basis, but on an individual one it does not.