Econintersect: We have been arguing that, to emerge from its current morass, economics must progress from a century of using static models which assume equilibrium exists in economic systems. We maintain the description of economic systems must be changed to have time as an independent variable, the behavior of dependent variables must be described in terms of differential equations and all dependent variables must be included in general models with interactive cross-terms (and, to repeat, all functions of time). The basic understanding that must be obtained to support or argue with our proposition is addressed in a lecture by Steve Keen (after the Read more >>
The following 50 minute lecture was presented at FLACSO (Latin American Social Sciences Institute), in Quito, Ecuador in September 2013.
Further lectures in this series will be posted in the future. Don’t skip ahead until you have thoroughly understood this one.