I outline the Mainstream (or "Neoclassical", though the Mainstream has a very narrow definition of what "Neoclassical means) approach, starting from the fundamental question that Walras set as his way to comprehend the economy, "Can a system of free markets reach a set of prices that ensures that supply equals demand in all markets?". The answer to this question happens to be "No". but the Mainstream has continued on as if the answer was "Yes".

Comments

1. I was intiriqied about your idea of having a perfectly flexible (possibly digital) currency, and creating what is in essence a tarrif relative to the flow rate between two trading partners (I could me misuderstanding to some degree). I was wondering what you thought about modeling the economy under these presuppositions.
   
   1. Central banks distributing currency directly through a nationalized,though locally controlled, banking system (assuming Bernie Sanders plan of using post offices for check cashing services can be expanded to full service credit unions)
   2. The national banking system provides liquidity to both local governments and private benefit corporations. Meaning local budgets would be participatory since they are allocated through a a newly created network of credit unions that every citizen is automatically enrolled.
   3. A basic income given directly through the new banking system.
   4. A law similar to Italy's Maracora law (that gives workers who are laid off the ability to create worker owned companies) that would allow them to use a portion of the basic income to start local worker owned companies
2. you're a hero
3. It seems to me to that mainstream economics has more in common with a belief in animism than more rigorous scientific disciplines, It starts with the fundamental belief that spirits are responsible for everything(despite there being no evidence of these spirits) and when it finds something new that isn't accounted for by their existing framework, it adds a new spirit to account for it, rather than abandon the entire worldview and come up with something that accurately reflects reality.
4. Scottish economist Angus Deaton wins 2015 Nobel Prize for Economics.
5. Another useful lecture Steve, looking forward to the next one.
6. Thank you for the fantastic videos Professor Keen! It is almost impossible to get information of this quality and clarity anywhere else.
7. www.youtube.com/watch?v=x7uITEBqQvM
   for the VPRO video referenced.
8. The debate in the beginning link: https://www.youtube.com/watch?v=x7uITEBqQvM,