Exploring Economics 2017 Lectures
The lectures were given by Steve Keen at the Exploring Economics Summer Academy 2017 in the workshop on Post-Keynesian Economics.
The first lectures start with the role of money in a monetary economy and explain the macroeconomic significance of admitting the reality that banks create money. The lectures continue with Minsky's Financial Instability Hypothesis and show how to model it. Lecture 3 explains that "the Physiocrats were the only school of thought to be consistent with the Laws of Thermodynamics in their model of production”, and derives a production function in which energy plays an essential role. The last lecture shows "that the Labour Theory of Value is incompatible with the Laws of Thermodynamics and is therefore fundamentally false. This Theory is also incompatible with Marx's dialectical philosophy, which is consistent with the Laws of Thermodynamics and with the philosophy of organicism that Winslow argued underlay Keynes's approach to economics”. Steve Keen shows that this philosophy can provide a coherent and structured approach to building a realistic new political economy.
Lecture 1 - Bank Originated Money and Debt I
Lecture 2 - Bank Originated Money and Debt II
Lecture 3 - Minsky's Financial Instability Hypothesis
Lecture 4 - Modelling Minsky's Financial Instability Hypothesis
Lecture 5 - Making economics consistent with thermodynamics
Lecture 6 - A theory of value for a new political economy.