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5min chapter
System Dynamics and the Minsky Model with Tyrone Keynes
Macro N Cheese
How Does the Phillips Curve Work?
The model is based on the Minsky cycle, which identifies that declining wage for workers over time. It's completely misrepresented in modern economics, where there is this automatic trade-off between inflation and unemployment. As debt builds up firms, if it's accumulating in the firm sector, they have to maintenance that debt. The only way they can do that is to literally reduce wages to maintain that debt level. Over time, wages actually start decreasing. And we're seeing that in our modern economy everywhere.
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