You are looking at 1 - 2 of 2 items

  • Author or Editor: Steve Keen x
  • All accessible content x
Clear All Modify Search
This content is available to you

Steve Keen

A new virus, known as ‘Reality’, has started to afflict Mainstream Economists, causing them to reject the ‘as if’ arguments they used to use to justify their models. There is no known cure for the virus, and complete avoidance of ‘Reality’ is the only effective strategy to prevent infection.

This content is available to you

Steve Keen

Endogenous money is a core component of post-Keynesian economics, but it has not been fully integrated into its macroeconomics. To do so requires replacing the accounting truism that ex post expenditure equals ex post income with the endogenous money insight that ex post expenditure equals ex ante income plus the ex post turnover of new debt. This paper derives this result after exploring precedents to this concept in the work of Schumpeter, Minsky, Keynes and Pigou.