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Instability may not be optional (1)

IMG Auteur
Steve Keen
Debt Deflation
Published : April 26th, 2013
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Category : Opinions and Analysis

24hGold - Instability may not ...

Sydney Morning Herald commentator Gareth Hutchens commented that the Rogoff and Reinhart affair shows how slow economists are to realise that their data may be dodgy, but to my mind that is insignificant compared to how slow they are to realise that their theories are dodgier still.

A defining feature of mainstream economic modelling is the belief that the economy is stable: given any disturbance, it will ultimately return to a state of tranquil growth. Mainstreamers argue over how fast this will happen: Chicago/Freshwater /New Classicals argue it adjusts instantly, while Saltwalter/New Keynesians say it will take time because of ‘frictions’ in the economy’s adjustment processes. But they both take the innate stability of the economy for granted, and this belief is hard-coded into their mathematical models
Read more: http://www.businessspectator.com.au/article/2...l#ixzz2RFy8NpNX
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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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