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Toothsome 1995 paper.
Finance and Economic Breakdown: Modeling Minsky's "Financial Instability Hypothesis"
Minus the math, which can be skipped over, for his discussion, the paper lays out the basics of modern economics wrt to economic cycles and labor v capitalist v creditor (banks) income.
It’s the basic model to reason about our economy and its state.
https://keenomics.s3.amazonaws.com/debtdeflation_media/papers/JPKE1995PageImage9509152794.pdf
also on JSTOR
https://www.jstor.org/stable/4538470
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Ann Pettifor is another one for the heterodox clan. She'll be showing up as a guest on the Steve Keen and Friends stream in a few weeks, I think.
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https://annpettifor.substack.com/p/how-money-flows-uphill
How Money Flows Uphill
The Lucas Paradox, Anthony Minghella and the worst ever global debt crisisAnn Pettifor (System Change)
@economics-that-works #SteveKeen #economics #uspol
Clipped from an interview that took place 1+ years ago, 170% private debt v GDP in US is a huge vulnerability. Per his work regarding debt’s role in financial instability, we’re in a crazy place, as the safe limit is 30% . Wages suffer from the debt overhang in the wake of a crisis as companies pay down debt.
mainstream economics is blind to all this, yet their theory guides US policy. It has to go.
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