Keen Cambridge Lecture 2011 plus questions

This longer video includes the same topics as my other Cambridge lecture (description reproduced below) plus the Q&A session with the audience. The lecture covers the failure of neoclassical macroeconomics to foresee the crisis (and the attempt by neoclassicals to avoid the consequences of this failure), the key reason why they are wrong about its persistence (the endogeneity of money), Minsky's "Financial Instability Hypothesis", my initial models of that Hypothesis, the development of a method to produce strictly monetary models of capitalism, and an overview of my multi-sectoral monetary model of production.

Category:

News & Politics

Tags:

• Economy
• crisis
• Economic Crisis
• Steve Keen
• Hyman Minsky
• Debt Jubilee
• Modern Jubilee
• Debt Deflation
• Depression
• Economic Depression
• Euro Crisis

[ProfSteveKeen]

Feasible to some extent, since the level now is artificially low.

[bms2070]

Productive lending to main street and manufacturing industry should have happened, not ponzi lending focussed on making quick bucks in an asset price bubble.

[KeePractising]

Suppose the Ponzi lending of the last years had not occurred? Since it had a spin-off into ordinary spending and employment, what would employment levels have been without it?

Do we need Ponzi lending to maintain employment at a reasonable level?

[dionhenderson]

Yew

[Ape65]

Would it make sense to have a semi-jubilee, where 50% of debts were forgiven, but then interest rates were doubled? This would preserve cash flows while halving the debt-income ratio.