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Recent Posts

Economics in the Age of Deleveraging | Steve Keen's Debtwatch

US Federal Reserve Chairman Ben Bernanke provided precisely this rationale to explain why neoclassical economists ignored Irving Fisher's “debt- deflation ” explanation of the Great Depression (Fisher 1933), and he also asserted that … therefore does have serious macroeconomic consequences, since an increase in debt adds to aggregate demand—and it is the primary means by which both investment (Fama and French 2002) and speculation ( Minsky 1982, [...]

The Debtwatch Manifesto | Steve Keen's Debtwatch

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; … [...]

INET and my Minsky model | Steve Keen's Debtwatch

The Sydney Morning Herald ran a story and video on my simulation model Minsky today: It's time to put money into the equation, says professor This [...]