The seeds of an alternative, realistic theory were developed by Hyman Minsky in the Financial Instability Hypothesis (FIH), which itself reflected the wisdom of the great non-neoclassical economists Marx, Veblen, Schumpeter, … Using insights from complexity theory, I developed models on the FIH that capture its fundamental proposition, that a market economy can experience a debt- deflation (Fisher 1933) after a series of debt-financed cycles (Keen 1995; Keen 1996; … [...]
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