{"id":5623,"date":"2012-10-01T02:22:25","date_gmt":"2012-10-01T06:22:25","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=5623"},"modified":"2012-10-01T02:22:25","modified_gmt":"2012-10-01T06:22:25","slug":"steve-keen-on-post-keynesian-macroeconomics","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/steve-keen-on-post-keynesian-macroeconomics\/","title":{"rendered":"Steve Keen on Post-Keynesian Macroeconomics"},"content":{"rendered":"<p>Prof Steve Keen&#8217;s presentation to the UMKC Post Keynesian conference in 2012.<br \/>\n<span class=\"embed-youtube\" style=\"text-align:center; display: block;\"><iframe loading=\"lazy\" class=\"youtube-player\" width=\"525\" height=\"296\" src=\"https:\/\/www.youtube.com\/embed\/UzxQcTOs4JA?version=3&#038;rel=1&#038;showsearch=0&#038;showinfo=1&#038;iv_load_policy=1&#038;fs=1&#038;hl=en-US&#038;autohide=2&#038;wmode=transparent\" allowfullscreen=\"true\" style=\"border:0;\" sandbox=\"allow-scripts allow-same-origin allow-popups allow-presentation allow-popups-to-escape-sandbox\"><\/iframe><\/span><\/p>\n<p>Paul Krugman would argue that Income = Aggregate Demand when the economy is in equilibrium.<br \/>\nSteve Keen shows that the economy is not in equilibrium when aggregate debt is rising or falling:<\/p>\n<blockquote><p>Income = Aggregate Demand + Change in Debt<\/p><\/blockquote>\n<p>He illustrates (at 13:20) how, while GDP fell from $14.5 to $14.0 trillion, the US economy went from $18.5 to $11.5 trillion because of private debt contraction.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2012\/ScreenShot454.png?w=525&#038;ssl=1\" alt=\"US GDP compared to GDP + Debt Change\" \/><\/p>\n<p>This does not seem entirely accurate as my earlier chart of US Debt shows that Domestic (Non-Financial) Debt growth slowed but at no stage contracted during the GFC. I suspect that Steve has omitted Government Debt which acted as an important counter-weight to Private Debt contraction during the GFC.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/tradingdiary\/images\/201106_banks-assets-line.png?w=525&#038;ssl=1\" alt=\"US Domestic Debt Growth\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Prof Steve Keen&#8217;s presentation to the UMKC Post Keynesian conference in 2012. Paul Krugman would argue that Income = Aggregate Demand when the economy is in equilibrium. Steve Keen shows that the economy is not in equilibrium when aggregate debt is rising or falling: Income = Aggregate Demand + Change in Debt He illustrates (at &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/steve-keen-on-post-keynesian-macroeconomics\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Steve Keen on Post-Keynesian Macroeconomics&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45,34],"tags":[],"class_list":["post-5623","post","type-post","status-publish","format-standard","hentry","category-debt-levels","category-us-canada-countries-regions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Steve Keen on Post-Keynesian Macroeconomics - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Steve Keen on Post-Keynesian Macroeconomics - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Prof Steve Keen&#8217;s presentation to the UMKC Post Keynesian conference in 2012. Paul Krugman would argue that Income = Aggregate Demand when the economy is in equilibrium. Steve Keen shows that the economy is not in equilibrium when aggregate debt is rising or falling: Income = Aggregate Demand + Change in Debt He illustrates (at &hellip; Continue reading &quot;Steve Keen on Post-Keynesian Macroeconomics&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/steve-keen-on-post-keynesian-macroeconomics\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2012-10-01T06:22:25+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/static.incrediblecharts.com\/images\/2012\/ScreenShot454.png\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/steve-keen-on-post-keynesian-macroeconomics\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/steve-keen-on-post-keynesian-macroeconomics\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"Steve Keen on Post-Keynesian Macroeconomics\",\"datePublished\":\"2012-10-01T06:22:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/steve-keen-on-post-keynesian-macroeconomics\/\"},\"wordCount\":129,\"commentCount\":8,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/steve-keen-on-post-keynesian-macroeconomics\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2012\/ScreenShot454.png\",\"articleSection\":[\"Debt Levels\",\"US &amp; Canada\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/steve-keen-on-post-keynesian-macroeconomics\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/steve-keen-on-post-keynesian-macroeconomics\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/steve-keen-on-post-keynesian-macroeconomics\/\",\"name\":\"Steve Keen on Post-Keynesian Macroeconomics - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/steve-keen-on-post-keynesian-macroeconomics\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/steve-keen-on-post-keynesian-macroeconomics\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2012\/ScreenShot454.png\",\"datePublished\":\"2012-10-01T06:22:25+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/steve-keen-on-post-keynesian-macroeconomics\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/steve-keen-on-post-keynesian-macroeconomics\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/steve-keen-on-post-keynesian-macroeconomics\/#primaryimage\",\"url\":\"https:\/\/www.incrediblecharts.com\/images\/2012\/ScreenShot454.png\",\"contentUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2012\/ScreenShot454.png\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/steve-keen-on-post-keynesian-macroeconomics\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Steve Keen on Post-Keynesian Macroeconomics\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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When subtracted from GDP, this fall in debt equated to a 38 per cent reduction in aggregate demand, leading directly to the\u2026","rel":"","context":"In &quot;Debt Levels&quot;","block_context":{"text":"Debt Levels","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/debt-levels\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1680,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/31\/nothings-changed-steve-keens-debtwatch-2009\/","url_meta":{"origin":5623,"position":1},"title":"Nothing&#8217;s changed &#8211; Steve Keen&#8217;s Debtwatch (2009)","author":"ColinTwiggs","date":"October 31, 2011","format":false,"excerpt":"In fact \u201cnormal\u201d for the last half century has been an unsustainable growth in debt, which has finally reached an apogee from which it will fall. As it falls\u2013by an unwillingness to lend by bankers and to borrow by businesses and households, by deliberate debt reductions, by default and bankruptcy\u2013aggregate\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13551,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/07\/09\/steve-keen-australian-mortgage-debt-levels-are-outrageous\/","url_meta":{"origin":5623,"position":2},"title":"Steve Keen: Australian mortgage debt levels are &#8220;outrageous&#8221;","author":"ColinTwiggs","date":"July 9, 2016","format":false,"excerpt":"Steve Keen has a number of detractors who knock him for his incorrect forecast of collapse of the Australian housing bubble. But he was wrong for the right reasons.... the Australian financial system, based on highly-levered mortgages, is a house of cards. It was only rescued post-GFC by massive stimulus\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/W_lcbjxna74\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6979,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/14\/expanding-debt-dousing-the-flames-with-gasoline\/","url_meta":{"origin":5623,"position":3},"title":"Expanding debt: Dousing the flames with gasoline","author":"Colin Twiggs","date":"March 14, 2013","format":false,"excerpt":"We are now in the fifth year of recovery from the worst financial crisis in 50 years -- fueled by expanding household debt, rising from 50% of GDP in the 1980s to close to 100% in 2008. Contraction since the GFC has brought US household debt back to 80% of\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":563,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/08\/31\/when-debt-levels-turn-cancerous-telegraph-blogs\/","url_meta":{"origin":5623,"position":4},"title":"When debt levels turn cancerous \u2013 Telegraph Blogs","author":"ColinTwiggs","date":"August 31, 2011","format":false,"excerpt":"The professoriat has been a little too cavalier in arguing that debt does not really matter for the world as a whole because we all owe it to ourselves. Debtors are offset by creditors (not always from friendly countries). Common sense suggest that this academic solipsism is preposterous, and so\u2026","rel":"","context":"In &quot;Debt Levels&quot;","block_context":{"text":"Debt Levels","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/debt-levels\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":35805,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/07\/20\/margin-debt-plunges-30\/","url_meta":{"origin":5623,"position":5},"title":"Margin debt plunges 30%","author":"Colin Twiggs","date":"July 20, 2022","format":false,"excerpt":"Margin debt has fallen more than 30% from its October '21 peak. That is a similar range to the 2020 contraction, during the pandemic, but far behind the +50% contractions seen during the Dotcom crash (2000-2002) and the global financial crisis (2007-2009). The S&P fell 49% during the Dotcom crash\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"S&P 500 & Margin Debt","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-07-20-margindebt.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-07-20-margindebt.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-07-20-margindebt.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-07-20-margindebt.png?resize=700%2C400&ssl=1 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5623","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=5623"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5623\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=5623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=5623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=5623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}