Loanable Funds vs. Endogenous Money: Krugman is Wrong, Keen is Right Report as inadecuate




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Abstract

In a recent article, Keen resumes the debate with Krugman about the effectsof debt upon the economy. It is hard to see how the question can be settled aslong as all participants apply their idiosyncratic models. Hence the issue boilsdown, as Krugman rightly put it, to the deeper question: -how should one doeconomics.- Sketched with a broad brush, the consensus is that Orthodoxyhas failed and that Heterodoxy has no convincing alternative to offer. Theconceptual consequence of the present paper is to restart from a firm commonformal ground. This relocation makes the debate solvable.



Item Type: MPRA Paper -

Original Title: Loanable Funds vs. Endogenous Money: Krugman is Wrong, Keen is Right-

Language: English-

Keywords: new framework of concepts; structure-centric; axiom set; consumption economy; debt; Profit Law; simulation; market clearing; budget balancing-

Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B59 - OtherE - Macroeconomics and Monetary Economics > E2 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy > E21 - Consumption ; Saving ; WealthG - Financial Economics > G0 - General > G00 - General-





Author: Kakarot-Handtke, Egmont

Source: https://mpra.ub.uni-muenchen.de/53385/







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