Sunday, July 21, 2019

Walk the World - A Conversation With Steve Keen: Part One - The Debt Problem

Economists still leave out the role that money plays in the economy, says Steve Keen, in fact, they accuse him of confusing stocks with flows. They believe the economy is all based on barter, i.e, one to one, not understanding how bank credit can distort prices.

To get the Australian economy going again, the Australian government will boost the housing market, but this makes the problem worse in the long run, says Steve Keen.

In Part 2 Steve Keen says he differs from the MMTers in that he places more concern on the problem of too much private debt. In fact, Max Keiser and Naomi Prins both criticise MMT for the same reason.

Parts 3 and 4 are available too.

Part 2 - From Central Bankers to MMT

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