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Endogenous Money and Effective Demand
The ideas which are here expressed so laboriously are extremely simple and should be obvious. The difficulty lies, not in the new ideas, but in escaping from the old ones, which ramify, for those...
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I have deleted this post since the issue of ownership pf Debunking Economics is being resolved.
View ArticleIs Capitalism Inherently Unstable? (3)
One of the many schisms in economics is between economists—new and old—who believe that prices are set by supply and demand, and economists—also new and old—who believe they are set by a markup on the...
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Is Capitalism Inherently Unstable? (4)
In 1992, I built a model of Minsky’s “Financial Instability Hypothesis” that simulated the debt-induced breakdown he argued could happen in a capitalist economy. But it also had an unexpected feature...
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The Neoclassical conspiracy against Post Keynesian Economics (1)
Paul Krugman recently posted on predictions of the crisis before it happened, in a piece entitled “Non-prophet Economics“. It had a set of propositions about how one should evaluate such claims with...
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Vale David Hirst
One of the handful of journalists to fully grasp the enormity of the economic crisis that was to commence in late 2007 has died, long before the crisis itself will end. In his column Planet Wall...
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Explaining Richard Koo to Paul Krugman
A sudden eruption, and the surprise of realizing that the world he understands is not the one he actually inhabits. (Bacigalupi, Paolo (2010-10-21). The Windup Girl, p. 267. Hachette Littlehampton....
View ArticleInterview on Seattle TalkingStick TV
I did several media interviews when I was in Seattle recently, and the most extensive was by TalkingStick TV, a program on Seattle Community Media. I think this is worth sharing for a longer range look...
View ArticleMy presentation in Bordeaux
There’s an advantage to not speaking the language at a conference: it gave me time to upload my talk to Youtube before the conference was over! I’ll upload the Minsky files to the site (or Debtwatch)...
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The self-destruction of economics
Any student who enrolled in an undergraduate degree at the Faculty of Economics at Sydney University in 1971 had to complete four year-long courses in economics, out of a total of ten such courses:...
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Mutiny Off the Bounty
This is the talk based on the paper for the previous post. I add one additional thought to what I published then: that since economics is now down to just 4% of most business degrees, that heterodox...
View ArticleMatheus Grasselli on mathematics for good Economics
INET has just released an interview with my reseach colleague and now good friend Professor Matheus Grasselli, the Deputy Director of the Fields Institute, one of the world’s leading institutes for...
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I say “TomatOh-Oh”…
As someone who rails against the “let’s assume we have a can opener” nature of conventional economics, I like to think that I’m relatively immune to making false assumptions (one of my favourite...
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Love the one you’re with
Well there’s a rose in the fisted gloveAnd eagle flies with the doveAnd if you can’t be with the one you love honeyLove the one you’re with(Stephen Stills 1970) As I noted in the previous post, I’m...
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Ready for Prime Time
It’s taken a while, but there is finally a version of Minsky that I’m happy to declare as “Minsky 1.0“. The stable release will now be permanently available at Minsky’s Sourceforge page (and on my...
View ArticlePlans for websites etc.
This is just a quick general communication to subscribers about upcoming plans. Firstly, as I’ve noted before, I will be shutting this subscription site down in the near future and it will revert to...
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What Janet Yellen—And Almost Everyone Else—Got Wrong
I was delighted to see, in Paul Krugman’s post of almost the same name, that he now identifies “the debt overhang” as the reason this economic downturn has persisted for so long: The best explanation,...
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Minsky 1.0 now available
The latest “Petty” version of Minsky finally qualifies as a 1.0 release: there are enough system dynamic and user-interface features in it to declare it a stable release. We’ll modify it to remove any...
View ArticleFifteen Easy Minsky Pieces
Dr. Russell Standish and I have been working on Minsky now for almost two years now–ever since we received the $125K from INET’s Spring 2011 grant round: Russell as builder (coding in C++ and Tcl/Tk)...
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Will the Soufflé rise twice? (1)
One of the advantages of being overseas right now is that it takes less effort to avoid listening to the insipid discourse that passes for political debate during this Australian election. As Rudd and...
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