Keen, Krugman and National Accounting

Dave here. Big apologies, apparently I cross-posted the wrong post. This is going to get me thrown out of guest-posting school!

By Steve Keen, professor of economics & finance at the University of Western Sydney and author of Debunking Economics and the blog Debtwatch. Professor Keen has invented a simple way to build monetary models of the economy, and he’s raising funds via Kickstarter to pay programmers to develop he software, which he’s calling Minsky. He’s raised over $50,000 already, but as much as $1 million is needed to pay for 10,000 hours of programming time to fully develop the program.

By Steve Keen, professor of economics & finance at the University of Western Sydney and author of Debunking Economics and the blog Debtwatch. Professor Keen has invented a simple way to build monetary models of the economy, and he’s raising funds via Kickstarter to pay programmers to develop he software, which he’s calling Minsky. He’s raised over $50,000 already, but as much as $1 million is needed to pay for 10,000 hours of programming time to fully develop the program.

Now is NOT the time for austerity:

This post revisits many of the points made in a similarly-titled post 18 months ago. It's a worthwhile exercise, because many people seem to accept, as an article of faith, that our huge and rising federal debt will crush the economy in the future. As I explain here, it is not repaying the debt that creates a problem, it is the spending that requires taking on the debt that crushes the economy.

Kimball Corson submits: As Fed Chairman and Princeton scholar, Benjamin Bernanke is now arguing what several economists, including this author, have been saying for some time: that wealth and income inequality in America is creating two separate societies and that this is a "very bad development." I would add that, as economists are coming to recognize (e.g., Paul Krugman), these large inequalities are also damaging to the economy because wealthier and higher income families spend proportionately l

The Institute for New Economic Thinking has announced that it has given Steve Keen, winner of the Revere Award, a grant of $125,000 to turn his money-based model of the macro-economy – which draws on the theories of  Hyman Minsky and John Maynard Keynes – into a computer program for students and economists.  Keen says [...]