Steve Keen: Crash Course in Non-Equilibrium Economics Lecture 5A
Econintersect: Lecture 5 completes Prof. Keen’s lecture series on non-equilibrium economics with continuation of the discussion of the application of Financial Instability Hypothesis by Hyman Minsky to the work of Richard Goodwin from fixed cycles to a functionally dynamic model. The preceding lecture (4B) showed how the dynamic Minsky model (based on the connection of Minsky and Goodwin) shows periods of notable stability which is the followed by chaos (collapse). Thus we have a model which can produce financial crisis preceded by a “Great Moderation”. In this lecture the model is expanded to include endogenous money, that is money which is created through economic interactions within an economy rather than autonomously (exogenously) by an external authority (such as a central bank).
The lectures in this series Econintersect has posted:
- Lecture 1A
- Lecture 1B
- Lecture 2A
- Lecture 2B
- Lecture 3A
- Lecture 3B
- Lecture 4A
- Lecture 4B
- Lecture 5A (this one)
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