Steve Keen: Crash Course in Non-Equilibrium Economics Lecture 4A
Econintersect: This continues Prof. Keen's lecture series on non-equilibrium economics with discussion of the application of Financial Instability Hypothesis by Hyman Minsky which was introduced in the previous lecture (3B). This enabled the extension of the work of Richard Goodwin from fixed cycles to a functionally dynamic model. What we see happen with this formalism is the emergence of conditions of chaos. We have a model which can produce financial crisis!
The lectures in this series Econintersect has posted to date: