Monday, April 16, 2012

Steve Keen on Minsky and Instability in Financial Markets

A short – but nice, concise and clear – talk by Steve Keen below on “Instability in Financial Markets: Sources and Remedies,” at the Institute for New Economic Thinking (INET) Paradigm Lost Conference in Berlin (held on April 14, 2012). There is also a post on Keen’s blog with a written version of the talk with graphs and a useful bibliography.

Early on (1.50) Keen confirms what I have recently said: that Minsky cannot be regarded as a neoclassical economist. It is also unfair to say that Keen simply dismisses all of neoclassical economics, for at 5.09 onwards we have an example of Keen citing good, higher-level empirical research by neoclassicals that confirms certain heterodox views, such as endogenous money theory.

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