Richard Werner, “The Quantity Theory of Credit,” 30 October.One has to scroll down in the link to the 6th talk to listen to the MP3 and see the slides.
Towards the end of the talk, there are some inventive solutions to the Eurozone crisis. Also, Victoria Chick points to this discussion of the nature of money here.
The critical discussion that follows is also insightful.
On youtube there are several videos of Richard Werner. He's a gifted speaker and is able to discuss economics in an understandable way.
ReplyDeleteHere is a youtube video based on Richard Werner's book Princes of the Yen
ReplyDeleteThe film, and Richard, make some interesting arguments concerning the post WWII history of the Japanese economy.
In particular, he claims that the Bank of Japan dictated credit creation by sector and subsector through 'window guidance' to the private banks, rather than by interest rates. This influenced which private economy projects were realised throughout the miracle years, and served to limit competition. Furthermore, this policy was continued into the bubble years of the eighties, except: the bubble was created and crashed by deliberate guidance from the central bank in order to create the political conditions for liberalization: establishment of american style shareholder capitalism.
Production values are quite high for a youtube film, and the material is fascinating.
https://www.youtube.com/watch?v=sDg_psWTMRM