Steve Keen gives a talk below on neoclassical economics and an alternative monetary macroeconomics, held in Tel Aviv, Israel at the invitation of the Rethinking Economics Student Forum. More details here.
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http://austrianomics.com/Keynesian Economics & Monetary Economics vs. Austrian EconomicsFeaturing Ben Bernanke, Paul Krugman, Peter Schiff, and Ron ... 
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“The economic system . . . seems capable of remaining in a chronic condition of subnormal activity for a considerable period without any marked tendency either towards recovery or towards complete collapse,” John Maynard Keynes wrote.
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Benign disinflation means rising real incomes for lenders, pensioners, and workers - but ‘bad deflation’ means an increase in the real burden of debt
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Lord Robert Skidelsky and Prof. Russ Roberts debate the legacy of economist John Maynard Keynes.
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In The General Theory, Keynes praises in no uncertain terms what he considers the virtues of “self-interest,” “individualism,” and “private initiative and responsibility” and their place in a capitalist society.
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The website of the Post Keynesian Economics Study Group ("The Euro Crisis and contradictions of Neoliberalism in Europe"by E.
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Below are links to my posts on the nature, origin and history of money.
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It has been three years since the outbreak of the euro crisis, and only an inveterate optimist would say that the worst is definitely over. It is not, and it won't be unless and until the eurozone's structure is fundamentally reformed.
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HYPERINFLATION is among the worst catastrophes that can befall an economy. It can destroy output and destabilise societies. The hoarding of real assets, such as property and precious metals, wrecks business and financial investment in countries afflicted by it. Business costs soar, as wages and prices have to be increased on an hourly basis, reducing productivity. Foreign investment evaporates as the financial risks of doing business rise. The sudden redistribution of wealth from creditors to debtors can eat at civil society and discredit political institutions. John Maynard Keynes, as early as 1919, recognised the threat inflation posed to modern capitalist societies:
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Austerity policies in the EU are often presented as having no alternative. Many leftists, on the other hand, hope for a better life from Keynesianism. Jungle World spoke with the political scientist and publicist Ingo Stützle about the euro crisis, austerity, and Keynesianism. Stützle’s study Austerity as a Political Project was just published this Autumn.
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They are beggaring their neighbors, and the world, by running big trade surpluses.
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Paul Krugman claims that he only reads other liberals, because conservatives have nothing to offer. I’m sure that makes life less aggravating, but unfortunately living in a bubble can lead to a false sense of security that you are “always right” about everything. One area where Krugman has been consistently wrong is fiscal policy, where he keeps citing studies that don’t show what he thinks they show. They fail to account for monetary offset. For instance they might look at differing fiscal policies among American states.
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When the US investment bank Lehman Brothers collapsed in 2008, triggering the worst global financial crisis since the Great Depression, a broad consensus about what caused the crisis seemed to emerge. A bloated and dysfunctional financial system had misallocated capital and, rather than managing risk, had actually created it. Financial deregulation – together with easy money – had contributed to excessive risk-taking. Monetary policy would be relatively ineffective in reviving the economy, even if still-easier money might prevent the financial system’s total collapse. Thus, greater reliance on fiscal policy – increased government spending – would be necessary.
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The eurozone may be growing again but, in any meaningful sense, an economy in which most people's incomes are below their pre-2008 levels is still in recessi
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As Germany's Finance Minister, Wolfgang Schäuble is one of Europe's most influential politicians -- and one of its most hated. Many hold his austerity policies responsible for mass poverty and unemployment in the south.
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Economist, specialized in political economy and peer-to-peer dynamics; core member of the P2P Foundation
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