Econintersect: Last week our documentary was the first of a two-part lecture by Steve Keen on the history of disequilibrium economics. This part emphasizes the contributions of Joseph Schumpeter, an "early modern" member of the Austrian School of economics and a contemporary of Ludwig von Mises. (See GEI Analysis article, Mises and Schumpeter: Friendly Rivals?.)
Mainstream economists have operated on the premise that complex economic systems cannot operate without extended periods of equilibrium, interrupted by by occasional disruptive shocks which then recover to a restored equilibrium. Keen concentrates on the treatment of equilibrium and disequilibrium starting with Karl Marx and extended to Joseph Schumpeter, Irving Fisher, John Maynard Keynes, Michal Kalecki and Richard Goodwin.
Video follows the Read more >> jump.
This was one of a series of lectures presented to the Meeting of Finance Ministers of Latin America and at FLACSO (Latin American Social Sciences Institute) in Quito on 28-30 November 2013. Three earlier lectures have been posted previously, here, here
and here (last week).