Steve Keen: Crash Course in Non-Equilibrium Economics Lecture 5B
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 (5A) showed how including endogenous money* explained how credit and banking are factors in economic growth, contrary to the arguments of neoclassical economics. This lecture examines in detail how growth of debt and and acceleration of growth of debt are related to economic growth.
*Endogenous money 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
- Lecture 5B (this one – final lecture of the series)