WATCH Steve Keen is a well-known economist who is considered one of the leading critics of mainstream economics’ treatment of debt and money. He considers himself a post-Keynesian in that he adheres to John Maynard Keynes’ idea that demand matters in the long as well as the short run. But his focus is debt , and specifically how Hyman Minsky’s “financial instability hypothesis” is reflected in highly indebted economies.
Right now, Dr. Keen is working on an ambitious mathematical model of financial instability called simply, ‘Minsky’.
Erin Ade spoke with Dr. Keen about debt generally and private debt specifically as well as the Australian economy.