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I met with Yves Smith of Naked Capitalism on the weekend, at a superb Japanese restaurant
that only New York locals could find (and I'll keep its location quiet for their benefit – too much
publicity could spoil a spectacular thing). Yves was kind enough to post details of my latest
academic paper at her site in a post she entitled Steve Keen's scary Minsky model.
Yves found the model scary, not because it revealed anything about the economy that she
didn't already know, but because it so easily reproduced the Ponzi features of the economy
she knows so well.
I have yet to attempt to fit the model to data – and given its non-linearity, that won't be easy –
but its qualitative behaviour is very close to what we've experienced. As in the real world, the
model shows a series of booms and busts give the superficial appearance of an economy
entering a 'Great Moderation' – just before it collapses.
http://www.businessspectator.com.au/bs.nsf/Article/Minsky-naked-capitalism-ponzi-debt-pd20100706-73RRM?OpenDocument&src=kgb Page 1 of 4
Naked capitalism and the scary model | Steve Keen | Commentary | Business Spectator 6/07/10 12:16 PM
http://www.businessspectator.com.au/bs.nsf/Article/Minsky-naked-capitalism-ponzi-debt-pd20100706-73RRM?OpenDocument&src=kgb Page 2 of 4
Naked capitalism and the scary model | Steve Keen | Commentary | Business Spectator 6/07/10 12:16 PM
The model is explicitly monetary – with bank accounts for workers, bankers and capitalists –
and the crisis is marked by a collapse in deposits and a rise in inactive bank reserves.
http://www.businessspectator.com.au/bs.nsf/Article/Minsky-naked-capitalism-ponzi-debt-pd20100706-73RRM?OpenDocument&src=kgb Page 3 of 4
Naked capitalism and the scary model | Steve Keen | Commentary | Business Spectator 6/07/10 12:16 PM
Comment
http://www.businessspectator.com.au/bs.nsf/Article/Minsky-naked-capitalism-ponzi-debt-pd20100706-73RRM?
OpenDocument&src=kgb
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