Rating is available when the video has been rented.
This feature is not available right now. Please try again later.
Uploaded on Oct 19, 2011
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.