Steve Keen on private debt and Australia

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.

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2 thoughts on “Steve Keen on private debt and Australia

  1. Steve Keen misses the different levels of government and how they try to
    control their debt is usually through higher user fees, more taxes,
    different programs which require payment.
    These have all failed to notice that the lower wages and the wage decrease
    cannot keep up with their spending in their deluded conclusion of growth.
    You add “growth and inflation” and that will give you a slightly better
    grasp of how fast wage deflation is eating up saving and getting deeper in
    debt.
    Not everyone is idiots who go into debt because of spending beyond their
    means.

  2. Thanks for a great show. Gotta dig SK’s comment on the intelligence of the
    new Chinese regime. I have a small bright confidence in them for the sake
    of us all.

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