Steve Keen is interviewed below on Capital Account, and speaks on a number of issues, including Minsky and debt deflation. The interview begins at 2.36.
Subscribe to:
Post Comments (Atom)
skip to main |
skip to sidebar
Useful Pages
- Home
- Debunking Austrian Economics 101 (Updated)
- Debunking Marxism 101 (Updated)
- Post Keynesian Economics 101
- Post Keynesian Price Theory 101
- The Nature, Origin and History of Money 101
- 19th Century Economic History
- Debunking Foucault’s Philosophy 101
- Analytic Philosophy 101
- Mark-up Pricing in 21 Nations and the Eurozone: the Empirical Evidence
- Sources and Data for US Economic History under the Gold Standard
- Probability Theory 101
- Keynesian Uncertainty 101
- The US Recession of 1920–1921
- A Bibliography on Logic and Reasoning
- Say’s Law: History and Critique
- The Natural Rate of Interest: A History and Critiq...
- Why Marx’s Labour Theory of Value is Wrong (in a Nutshell)
- Debunking Postmodernism and the Regressive Left 101
Followers
Blog Archive
-
▼
2012
(309)
-
▼
July
(29)
- More on Prices in the Real World
- Is This What Vulgar Austrians Mean by “Economic Ca...
- Economic Calculation Revisited
- A Note on Menger on the Nature and Origin of Money
- Richard Kahn on the Scourge of Monetarism
- Miscellaneous Links
- Links for Economics, Updated (2nd time)
- A Gem from Chomsky on the Stupidity of Neoclassica...
- James R. Flynn Interview
- What Economic System did Marx and Engels Advocate?
- IQ and the Wealth of Nations?
- Austrians Mangle Business Uncertainty
- Paul Davidson on Mercantilism
- Paul Davidson Interview
- Scott Fullwiler on Modern Monetary Theory
- Stephanie Kelton on Modern Monetary Theory
- Gene Callahan on Fractional Reverse Banking and Gi...
- Michael Hudson Talk on the History of Money
- Steve Keen Interview on Understanding Economics
- Hayek and Pinochet: Endless Love!
- Bruce Caldwell on the Flaw in Hayek’s Early Busine...
- Steve Keen on Minsky
- Bill Black on the LIBOR Scandal
- George Monbiot on Peak Oil
- Who Said this About Austrian Economics?
- Some Serious Criticism of MMT
- Peter Lewin on Expectations and Uncertainty
- Steve Keen on the Canadian Housing Bubble
- Steve Keen Interview with Max Keiser
-
▼
July
(29)
I agree with Keen’s claim that repaying debt or “deleveraging” is deflationary. He also claims that because we have excess debt, we have to have some sort of compulsory or taxpayer funded debt reduction program. He calls it a “debt jubilee”.
ReplyDeleteFirst, the bureaucratic problems there are immense. For example there are rich debtors and poor people who are not in debt. Why should poor people help the rich escape their debts?
Second, the deflationary effect of deleveraging can perfectly well be counteracted by having government print and spend extra money into the economy. And if he is saying that the fact of being at the zero bound stops government printing and spending, I don’t get that either.
" Why should poor people help the rich escape their debts?"
ReplyDeleteRalph, have another look at the proposal. The proposal is that everybody gets a chunk of cash that first has to be applied to debt.
Anybody without debt gets a fixed cash bonus. So the poor person without debt is no worse off.
At least the debate has moved on. Now we're onto whether the debt bubble should be deflated quickly or slowly.