#303 – Steve Keen: Marxism, Capitalism, and Economics
Lex Fridman Podcast
Modeling Economic Complexity with Minsky
This chapter delves into the Minsky software, a dynamic modeling tool that simulates economic interactions based on system dynamics. It explores the unique 'godly table' for financial modeling, the interplay between income distribution across social classes, and the cyclical nature of economic conditions. The discussion challenges traditional neoclassical economic theories by emphasizing the critical role of credit and private debt in influencing aggregate demand and predicting economic crises.
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