Econintersect: Steve Keen reviews some of the history of disequilibrium economics, an aspect of economic theory denied by many leading mainstream economists who have operated on the premise that complex economic systems cannot operate without extended periods of equilibrium, interupted by by occasional disruptive shocks which then recover to a restored equilibrium. Keen concentrates on the treatment of equilibrium and disequilibrium by Karl Marx, Joseph Schumpeter, Irving Fisher, John Maynard Keynes, Michal Kalecki and Richard Goodwin.
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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. Two earlier lectures have been posted previously, here and here.
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