4min chapter

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#303 – Steve Keen: Marxism, Capitalism, and Economics

Lex Fridman Podcast

CHAPTER

Is Paul Krugman the Knight at the Front of the Army?

Krugman is like the human face of neoclassical economics. He's politically reasonable, which makes him more dangerous than those that aren't. Credit does not have any effect on aggregate demand in their model. The correlation of credit to unemployment across the period from about 1990 to 2010 is about minus 0.9.

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