This is a brief talk by Steve Keen on finance theory in light of the financial crisis of 2008, and the flaws of neoclassical economics.
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Hello, LK:
ReplyDeleteI've enjoyed a lot of S. Keen's lectures and blog posts and am ordering his book.
I searched your blog for posts containing MMT and circuitism and came up short. I wonder if you've written anything on the relationship between these two post-Keynesian monetary theories.
I regard MMT as a branch of Post Keynesians, though the MMTers would probably say it's a macrotheory in its own right.
ReplyDeleteMonetary circuit theory was mostly developed in continental Europe, I think, and there are differences between it and MMT.
Try reading this to start with:
http://www.debtdeflation.com/blogs/wp-content/uploads/papers/KeenKeynes60thAnniversaryEndogenousMoneyModel.pdf
By 1937 in "“Alternative theories of the rate of interest”, Economic Journal 47 (1937b): 241-252, Keynes is moving closer to the later circuitist school theory, when he (1) proposes the finance demand for money, in addition to the transactions, precautionary and speculative demands, and (2) implies that money supply can be endogenous.