Sheila Dow and Victoria Chick each give talks below on methodology in economics, and in particular on Post Keynesian methodology. These talks were part of the Rethinking Economics London Conference, held on June 28–29, 2014.
Showing posts with label Victoria Chick. Show all posts
Showing posts with label Victoria Chick. Show all posts
Monday, February 2, 2015
Monday, August 26, 2013
Victoria Chick on Money
Victoria Chick (Emeritus Professor of Economics, University College, London) gives a nice talk here about the nature of money, given at the Positive Money Conference (January, 2013).
The “real” exchange model of mainstream economics – with its emphasis on neutral money, the strict quantity theory of money, and money as a “veil” – is deeply flawed, and simply cannot properly understand money and its effects on economic systems.
Most insightful is the comment that the alleged “money illusion” is not necessarily an illusion at all, but a real worry given the profoundly non-neutral nature of money (e.g., think of debt deflation).
The “real” exchange model of mainstream economics – with its emphasis on neutral money, the strict quantity theory of money, and money as a “veil” – is deeply flawed, and simply cannot properly understand money and its effects on economic systems.
Most insightful is the comment that the alleged “money illusion” is not necessarily an illusion at all, but a real worry given the profoundly non-neutral nature of money (e.g., think of debt deflation).
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