The Mainstream Obsession with Microfoundations and why it is an intellectual dead-end

Steve Keen
ProfSteveKeen, 2016
Level: advanced
Perspectives: Complexity Economics, Post-Keynesian Economics
Topic: mainstream critique
Format: Lecture
Duration: 01:34:08
Link: https://www.youtube.com/watch?v=xKxzxhocTtI

Keen first compares neoclassical approaches to modelling with heterodox ones. Then he discusses in length the required assumptions and the inconsistencies of the aggregate demand and supply model, which is extrapolated from a micro perspective. At the end some dynamic models with feedback mechanisms are shown.

Go to: The Mainstream Obsession with Microfoundations and why it is an intellectual dead-end

Tags: consumption | demand | dynamics | equilibrium | firm | heterodoxy | income distribution | indifference curves | luxury goods | mainstream economics | marginal productivity | modelling | neoclassical economics | production | Sonnenschein-Mantel-Debreu | Sraffa | supply | theory of the firm
00:13:25
Level: adelantado 2013
Discussing DSGE
Steve Keen
ProfSteveKeen
Level: debutante 2016
Development of heterodox economics at public German universities since the 1970s
Sebastian Thieme, Arne Heise
Zentrum für Ökonomische und Soziologische Studien, Universität Hamburg
00:05:59
Level: debutante 2014
Complexity Science: 11 Complexity Economics
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Complexity Academy

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