Read the Beforeitsnews.com story here. Advertise at Before It's News here.

By Steve Keen's Debtwatch (Reporter)
Contributor profile | More stories

Story Views
Now:
Last hour:
Last 24 hours:
Total:

Crash Course in Disequilibrium Economics

Saturday, September 21, 2013 13:11

% of readers think this story is Fact. Add your two cents.

This is a set of 5 lectures that I delivered last week in Quito, Ecuador, at FLACSO–the Latin American Faculty of Social Sciences. In future years I hope to expand this into two complete courses–one on the history and development of economics from a disequilibrium perspective, and the other on dynamic monetary modeling in economics using Minsky, the Open Source system dynamics program that I have developed with the help of a grant from INET.

Lecture One: Why economics must be a disequilibrium discipline

In other disciplines, I would use the word “dynamic” in place of disequilibrium (and more strictly still, evolutionary, as Veblen argued so long ago). But in economics the concept of equilibrium has become so embedded that the contrasting approach I and many others have championed–thus far without moving the mainstream one iota–is best described as disequilibrium economics.

Part 1

Part 2

Lecture 2: The founding fathers of disequilibrium economics

I cover Marx, Schumpeter, Fisher, Keynes, Kaleckii and Minsky, Goodwin as disequilibrium economists. In a longer course, I will include many others–including Roy Harrod and Janos Kornai.

Part 1

Part 2

Lecture Three: Minsky’s Financial Instability Hypothesis

Minsky’s hypothesis brings these threads of disequilbrium analysis together, with direct influences from Marx, Schumpeter, Fisher, Kalecki, and Keynes–and in that order.

Part 1

Part 2

Lecture Four: Modeling Minsky’s Financial Instability Hypothesis

I built my first model of Minsky’s hypothesis by extending Richard Goodwin’s 1967 Growth Cycle. This lecture outlines both Goodwin’s method, its origins in Marx’s dynamic model from Chapter 25 of Volume 1 of Capital, and how its complex behavior yielded an unexpected but prescient result of a “Great Moderation” preceding an economic breakdown

Part 1

Part 2

Lecture Five: Endogenous Money and Instability

All disequilibrium theorists (except Richard Goodwin) have emphasized the pivotal role of banking and money in disequilibrium thinking, while in Neoclassical equilibrium analysis, banks and money (and most of the time, debt) play no role in macroeconomics.

Part 1

Part 2

Source: http://www.debtdeflation.com/blogs/2013/09/22/crash-course-in-disequilibrium-economic/#utm_source=feed&utm_medium=feed&utm_campaign=feed

Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

LION'S MANE PRODUCT

Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules

Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.

Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.

Comments

Visits:	1,812,371,845
Stories:	8,654,557