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Hey Joe, Banks Can’t Lend Out Reserves

IMG Auteur
Steve Keen
Debt Deflation
Published : February 13th, 2016
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FOLLOW : Georgia
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Category : Opinions and Analysis

I began another post critical of Joe Stiglitz’s analysis with the caveat that I like Joe. I’ll add to that that I respect his intellect too, both because he’s very bright—you don’t win a Nobel Prize (even in Economics!) without being very bright—and because compared to some other winners, he is very capable of thinking beyond the limitations of the mainstream.

But there are some mainstream concepts that are so deeply embedded in even highly intelligent, flexible thinkers like Joe, that they continue thinking in terms of them, when a bit of really serious thought would show that the concepts are in fact nonsense.

Click here to read the rest of this post.

 

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Steve Keen is associate professor at the University of Western Sydney School of Economics and Finance. As an economist, he does something very unusual : he treats money seriously, and as a result he gets a very different result on how the economy operates.
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