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posted on 06 July 2016

Documentary Of The Week: Inequality, Debt And Credit Stagnation

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Steve Keen has a new lecture which shows a strict accounting demonstration of the role of credit in the economy. This provides an explanation that what Larry Summers calls "secular stagnation"--which blames the limp economy on slower population growth and technical change--is actually "credit stagnation" due to too high a level of private debt.

stevekeenstripphoto380

This presentation explains the logic behind credit being an essential component of aggregate demand and income; the empirical consequences--including stagnation in the "Walking Dead of Debt" countries and coming crises in the "Future Zombies" countries; and a complex systems approach to economic modeling which transcends "the Lucas Critique".

Keen reviews the history of "secular stagnation" and includes a satirical segment describing a fictional particle physics analogy to macroeconomics.

Note: The "Marc" mentioned several times in the lecture is Marc Lavoie with whom Keen has had a multi-year discussion (with disagreements, civil in nature) on the development of the Keen research on dynamic, non-equilibrium economics.

Source: YouTube

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