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The Great Simplification #30 with Steve Keen
Last week on The Great Simplification, we visited some basics of the history of money, how it’s created and why it’s important; this week we look at how macroeconomic theory ignores not only how money is actually created, but also the centrality of energy to growth, and that the economy is a fully embedded subsystem of the environment. In order to understand the trajectory of our system and potential interventions towards more resilient systems, we need to first understand the assumptions (and blindspots) that underly our current institutions and expectations. Economist Steve Keen joins me to explain just that.
Today, we discuss what the Neoclassical assumptions miss when making economic predictions and policy, and the disastrous implications for the futures of human societies and the natural world.
I hope you learn from and enjoy this week’s episode with Steve Keen. (NB: The first 15-20 minutes do get a bit ‘economic speak’ but it gets wide open from there)
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