Breaking the Bad Habits of Economics
Econintersect: Steve Keen delivered this address to undergraduate students at Cartanega University in Colombia in August 2015 in which he compares the insistence on equilibrium modelling by economists to the bad habit of smoking. The analysis of observable variables in the economy using a program based on process flow, such as used in engineering, does not show conditions of equilibrium but yields time varying functions with some time periods of little change which lead further in time to drastic change.
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