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\nSteve Keen: How He Saw "It" Coming 2/7\n

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\n\nPublisher:\n\nInstitute for New Economic Thinking\n\n\n
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\nIn part 2 of the interview he talks about how in his search for a realistic framework of capitalism he ended up with the work of Hyman Minsky. Unlike standard theory, Keen says, Minsky emphasizes the role of money and debt in the...\nIn part 2 of the interview he talks about how in his search for a realistic framework of capitalism he ended up with the work of Hyman Minsky. Unlike standard theory, Keen says, Minsky emphasizes the role of money and debt in the economy. What firms do is they borrow money to invest during a boom, and then they have to repay part of that debt during a slump. Keen was able to put this simple idea into a mathematical model, in a paper he published in 1995.The model helped him to predict the financial crisis. Keen is the recipient of the Revere Award, an award given to the economist who first and most cogently warned the world of the coming financial collapse. In this video clip, Keen tells us how being an expert witness in a court case in Perth, Australia, helped him see \"it\" coming.\n
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Resource Details

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Educator Rating
Not yet Rated
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Media Length
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4:25
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Grade
Higher Ed
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Subjects
Social Studies & History
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Media Type
Instructional Videos
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Source:
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\nNew Economic Thinking\n\n
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Date
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2011
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Language
English
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Audiences
For Teacher Use
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Usage Permissions
Fine Print: Educational Use
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Concepts

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debt, money, data, work, capitalism, vision, income, morning
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Additional Tags

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hyman minsky, financial crisis, monetary economy, boom, slump, bust, bubble, australian data, verbal model, foundation, minsky, breakdown, model, thought, critical, worked, overtime, inside, raise, alarm, wrote, 'clock, plotted
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Classroom Considerations

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Video is ad-free
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