{"id":6995,"date":"2013-03-15T21:32:09","date_gmt":"2013-03-16T01:32:09","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=6995"},"modified":"2013-03-15T21:32:09","modified_gmt":"2013-03-16T01:32:09","slug":"the-keen-model-technical","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/15\/the-keen-model-technical\/","title":{"rendered":"The Keen Model [technical]"},"content":{"rendered":"<p>I know Steve Keen has taken criticism for his projection that the Australian property market would collapse in 2008 but his reconciliation of MMT, where the sum of all sectoral balances must equal zero, with his Monetary Circuit Theory, where Effective Demand = GDP + change in Debt, is brilliant.<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>For those who struggle with the terminology:<br \/>\n<strong>Ex ante<\/strong> = before the event<br \/>\n<strong>Post ante<\/strong> = after the event<br \/>\n<strong>Endogenous money<\/strong> simply means banks expand and contract the money supply as customers borrow and repay loans. See <a title=\"Wikipedia: Endogenous Money\" href=\"http:\/\/en.wikipedia.org\/wiki\/Endogenous_money\" target=\"_blank\">Wikipedia<\/a> for a more detailed explanation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I know Steve Keen has taken criticism for his projection that the Australian property market would collapse in 2008 but his reconciliation of MMT, where the sum of all sectoral balances must equal zero, with his Monetary Circuit Theory, where Effective Demand = GDP + change in Debt, is brilliant. For those who struggle with &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/15\/the-keen-model-technical\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The Keen Model [technical]&#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":[49],"tags":[1200,1238,2341,3060,3244],"class_list":["post-6995","post","type-post","status-publish","format-standard","hentry","category-economic-theory","tag-effective-demand","tag-endogenous-money","tag-monetary-circuit-theory","tag-sectoral-balances","tag-steve-keen"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Keen Model [technical] - 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=\"The Keen Model [technical] - the patient investor\" \/>\n<meta property=\"og:description\" content=\"I know Steve Keen has taken criticism for his projection that the Australian property market would collapse in 2008 but his reconciliation of MMT, where the sum of all sectoral balances must equal zero, with his Monetary Circuit Theory, where Effective Demand = GDP + change in Debt, is brilliant. For those who struggle with &hellip; Continue reading &quot;The Keen Model [technical]&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/15\/the-keen-model-technical\/\" \/>\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=\"2013-03-16T01:32:09+00:00\" \/>\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<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/15\/the-keen-model-technical\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/15\/the-keen-model-technical\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"The Keen Model [technical]\",\"datePublished\":\"2013-03-16T01:32:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/15\/the-keen-model-technical\/\"},\"wordCount\":97,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"keywords\":[\"Effective Demand\",\"endogenous money\",\"Monetary Circuit Theory\",\"Sectoral Balances\",\"steve keen\"],\"articleSection\":[\"Economic Theory\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/15\/the-keen-model-technical\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/15\/the-keen-model-technical\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/15\/the-keen-model-technical\/\",\"name\":\"The Keen Model [technical] - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"datePublished\":\"2013-03-16T01:32:09+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/15\/the-keen-model-technical\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/15\/the-keen-model-technical\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/15\/the-keen-model-technical\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Keen Model [technical]\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. 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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":2394,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/27\/steve-keen-on-hard-talk\/","url_meta":{"origin":6995,"position":1},"title":"Steve Keen on Hard Talk","author":"ColinTwiggs","date":"November 27, 2011","format":false,"excerpt":"Steve Keen on how we can safely deflate the debt bubble. There may be alternative, less radical measures that could be taken to help the de-leveraging process but his basic message is right: deleveraging could cause 10 years or more of pain if we do not take measures to address\u2026","rel":"","context":"In &quot;Economic Theory&quot;","block_context":{"text":"Economic Theory","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/economic-theory\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/rGkmgnprrIU\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":11531,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/02\/09\/sectoral-imbalances-the-purple-jobs-eater\/","url_meta":{"origin":6995,"position":2},"title":"Sectoral imbalances: Where have all the jobs gone?","author":"ColinTwiggs","date":"February 9, 2015","format":false,"excerpt":"Great post on Twitter from Naufal Sanaullah depicting US sectoral balances using UK economist Wynne Godley's analytical framework. The key to understanding Godley's analysis is that the sum of the four sectors is always zero. If one sector runs a deficit, it must be funded by a surplus in another\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"Output Gap: Wikipedia","src":"http:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/0\/0a\/Actual_potential_GDP_output_gap_CBO_Jan_09_outlook.png\/250px-Actual_potential_GDP_output_gap_CBO_Jan_09_outlook.png","width":350,"height":200},"classes":[]},{"id":1633,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/28\/basic-definitions\/","url_meta":{"origin":6995,"position":3},"title":"Basic definitions","author":"ColinTwiggs","date":"October 28, 2011","format":false,"excerpt":"I use basic economic terms quite frequently and it may be useful to set out their definitions: Consumption ~ is any purchase\/sale that is not between entrepreneurs. That is, purchases from entrepreneurs by consumers. 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Steve Keen shows that the economy is not in equilibrium when aggregate debt is rising or falling: Income = Aggregate Demand +\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":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/UzxQcTOs4JA\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4422,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/05\/23\/keen-to-be-heard-brw\/","url_meta":{"origin":6995,"position":5},"title":"Keen to be heard &#124; BRW","author":"Colin Twiggs","date":"May 23, 2012","format":false,"excerpt":"Nick Gardner: In 2008, private debt in the US grew $4.1\u2009trillion but in 2010 shrunk $2.85\u2009trillion as banks decreased their lending as a result of the housing crash. 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":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/6995","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=6995"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/6995\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=6995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=6995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=6995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}