Friday, March 31, 2017

Steve Keen on Austerity

Steve Keen gives a lecture here on the effects of austerity:

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  1. It is not true that a government surplus reduces the amount of money in the private sector, as, bond holdings by central and private banks aside, the budget surplus money returns to the private sector via bond repayments, and so no network change.

    1. Don't confuse the fiscal operation of government with the monetary operation of the central bank. A government surplus removes net financial assets from the private sector. Treasury bonds are as just another form of money, so yes, Steve is correct.

    2. That is true, a reduction in government debt means a decrease in private sector savings, and that is worthy of analysis. But Steve does not frame it in that way, he uses the term "money supply" throughout and acknowledges there is a problem with that at 1.02. but carries on regardless using the term money supply.

  2. In a recently posted video on YouTube Steve Keen gave some very excellent insights by Marx regarding the unethical tendencies of the business model of Finance, the appropriate purposes of finance being the assistance of entrepreneurship and innovation as envisioned by Schumpeter and the financial instability hypothesis of Minsky.

    These mirror my own conclusions and policy recommendations regarding the dominance of Finance’s currently enforced paradigms of Debt, Loan and For Production Only, the necessity of downsizing the private and consumer markets of Finance and the relegation of their economic influence to assisting only the new and more risky productive and innovative ventures that will assist in the thrust toward enabling the economy to do/produce more with less and finally, the freeing of the individual and enterprise from the dominating grip of Finance so that the entire system can flow freely while advancing.

    As I have said numerous times Keen is probably the foremost economist on the planet. I would hope that he could acknowledge my philosophical route to co-equal conclusions, expanded policy discovery, extension and implementation and also my further accomplishment of an integration of science and natural Wisdom in a model/formula that more completely describes the world and assists science in progressing and making breakthroughs.