This week we have a lecture given a little over a year ago by GEI contributor Steve Keen (professor and Head of the School of Economics, History and Politics at Kingston University in London). The title of the lecture is "Private Debt and Economic Stagnation"; the lecture leads to a discussion of a debt jubilee as a solution to a debt-deflation cycle.
This talk was given at the 8th Subversive Festival in Zagreb on May 15th 2015. It starts with the Queen of England's question "If these things were so large, how come everyone missed them? Why did nobody notice it?" and then shows how private debt was the missing ingredient in the models that conventional economists use, which is why they missed the crisis. Prof. Keen finishes with the assertion that economic growth will remain low (and inequality will remain high) until the level of private debt is drastically reduced. That leads to his recommendation of a "Modern Debt Jubilee" as the way to do this.
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