23
DEG^ Ble`g{gebg- Kg{mde Der~ikdmd~t de @deiebg Oi{hg~r1 Rlw{bgr & [gogndgr R~gpg Hgge j~~s1,,vvv%ngk~ng`mi~dle%blo,kmlfr Sifg 9 Is{dm 9;/9>- ;39; Der~ikdmd~t de @deiebdim Oi{hg~r1 Rlw{bgr ien [gogndgr R~gpg Hgge- S{l`grrl{ l` Gblelodbr & @deiebg- Wedpg{rd~t l` Vgr~g{e Rtnegt8 vvv%ngk~ng`mi~dle%blo,kmlfr  De~{lnwb~dle De ~jg rggodefmt egpg{/gendef i`~g{oi~j ~l ~jg gblelodb b{drdr ~ji~ kgfie d e ;336- ~jg{g dr md~~mg ndrif{ggoge~ ~ji~ `deiebdim oi{hg~r i{g bji{ib~g {dqgn kt der~ikdmd~t {i~jg{ ~jie r~ikdmd~t% Gpge Gwfgeg @ioi- ~jg olr~ de`mwge~dim s{lslege~ l` ~jg Bisd~im Irrg~r S{dbdef Olngm *BISO8 @ioi 9463$- elv ibhelvmgnfgr ~ji~ BISO dr r~{lefmt ble~{indb~gn kt ~jg ni~i1 ^jg i~~{ib~dle l` ~jg BISO dr ~ji~ d~ l``g{r slvg{`wm ien d e~wd~dpgmt smgirdef s{gndb~dler iklw~ jlv ~l ogirw{g {drh ien ~jg {gmi~dle kg~vgge gzsgb~gn {g~w{e ien {drh% We`l{~wei~gmt- ~jg gosd{dbim {gbl{n l` ~jg olngm dr sll{ sll{ gelwfj ~l depimdni~g ~jg vit d~ dr wrgn de issmdbi~dler† vjg~jg{ ~jg olngm&r s{lkmgor {g`mgb~ vgihegrrgr de ~jg ~jgl{t l{ de d~r gosd{dbim dosmgoge~i~dle- ~jg `idmw{g l` ~jg BISO de gosd{dbim ~gr~r dosmdgr ~ji~ olr~ issmdbi~dler l` ~jg olngm i{g d epimdn% *@ioi ien @{gebj ;33>- s% ;7$ BISO—r gosd{dbim ngodrg ir i ~jgl{t l` `deiebg jir kgge ibblosiedgn kt ~jg {drg l` kgjipdlw{im `deiebg- vjdbj i~~{dkw~gr owbj l` ~jg der~ikdmd~t l` `deiebg oi{hg~r ~l ~jg mdod~gn ien jgw{dr~dbimmt l{dge~gn blfed~dpg bisibd~dgr l` ib~wim ~{ing{r *Hijegoie ien ^pg{rht 94648 Hijegoie ;332$% Vjdmg ~jdr dr bmgi{mt ie dosl{~ie~ irsgb~ l` der~ikdmd~t- D vdmm ~ihg i nd``g{ge~ ~ibh ien rd~wi~g ot gzsmiei~dle de ~jg de~gf{i~gn oib{l/`deiebdim pdrdle l` Jtoie Oderht—r @deiebdim Der~ikdmd~t Jtsl~jgrdr *@DJ$% S{gpdlwr sisg{r jipg issmdgn Oderht—r pdrdle ~l oib{lgblelodbr *Hgge 94478 Hgge 94468 Hgge ;3338 Hgge ;399$8 de ~jdr sisg{ D vdmm `lbwr le ~jg dosmdbi~dler l` Oderht—r ieimtrdr `l{ ~jg kgjipdlw{ l` `deiebdim oi{hg~r% I mgef~jt s{gmwng dr egbgrri{t kg`l{g D blerdng{ Oderht—r ieimtrdr l` `deiebdim oi{hg~r- rdebg sir~ gzsg{dgebg jir rjlve ~ji~ i eglbmirrdbim sg{rsgb~dpg le gblelodbr *vjdbj ~jg pir~ oial{d~t l` slmdbt oihg{r jipg- ir vgmm ir olr~ gblelodr~r$ lkr~{wb~r blos{gjgerdle l` ~jg mdeh Oderht slr~wmi~gr kg~vgge ngk~ ien irrg~ s{dbgr%  I S{dog{ le Oderht Oderht gealtgn i r~{lef `lmmlvdef iolefr~ Slr~ Hgtegrdie gblelodr~r- kw~ jg vir imolr~ blosmg~gmt dfel{gn kt eglbmirrdbim gblelodr~r kg`l{g ~jg b{drdr % Kg{eiehg—r ~{gi~oge~ l` jdo dr el~ i~tsdbim1 Jtoie Oderht *9466$ ien Bji{mgr Hdenmgkg{fg{ *946:$ jipg de rgpg{im smibgr i{fwgn `l{ ~jg dejg{ge~ der~ikdmd~t l` ~jg `deiebdim rtr~go kw~ de nldef rl jipg jin ~l ngsi{~ `{lo ~jg irrwos~dle l` {i~dleim gblelodb kgjipdlw{† XI `ll~el~g innr_ D nl el~ nget ~jg slrrdkmg dosl{~iebg l` d{{i~dleimd~t de gblelodb md`g8 jlvgpg{ d~ rggor ~ji~ ~jg kgr~ {grgi{bj r~{i~gft dr ~l swrj ~jg {i~dleimd~t slr~wmi~g ir `i{ ir d~ vdmm fl% *Kg{eiehg ;333- s% >2$ Elv- i`~g{ ~jg b{drdr ~ji~ jdr ~jgl{t ie~dbdsi~gn- eglbmirrdbim gblelodr~r i{g sitdef rlog i~~ge~dle ~l jdr jtsl~jgrdr- ien ~jg{g jir kgge i~ mgir~ leg i~~gos~ ~l kwdmn i Egv Hgtegrdie olngm l` i hgt sjgelogele de Oderht—r jtsl~jgrdr- i ngk~ /ng`mi~dle *H{wfoie ien Gffg{~rrle ;393$% Jlvgpg{- ~l

Steve Keen: Instability in Financial Markets: Sources and Remedies

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8/2/2019 Steve Keen: Instability in Financial Markets: Sources and Remedies

http://slidepdf.com/reader/full/steve-keen-instability-in-financial-markets-sources-and-remedies 1/23

DEG^ Ble`g{gebg- Kg{mde Der~ikdmd~t de @deiebg Oi{hg~r1 Rlw{bgr & [gogndgr R~gpg Hgge

j~~s1,,vvv%ngk~ng`mi~dle%blo,kmlfr Sifg 9 Is{dm 9;/9>- ;39;

Der~ikdmd~t de @deiebdim Oi{hg~r1

Rlw{bgr ien [gogndgr

R~gpg Hgge- S{l`grrl{ l` Gblelodbr & @deiebg- Wedpg{rd~t l` Vgr~g{e Rtnegt8

vvv%ngk~ng`mi~dle%blo,kmlfr 

De~{lnwb~dleDe ~jg rggodefmt egpg{/gendef i`~g{oi~j ~l ~jg gblelodb b{drdr ~ji~ kgfie de ;336- ~jg{g dr md~~mg

ndrif{ggoge~ ~ji~ ̀ deiebdim oi{hg~r i{g bji{ib~g{dqgn kt der~ikdmd~t {i~jg{ ~jie r~ikdmd~t% Gpge

Gwfgeg @ioi- ~jg olr~ de`mwge~dim s{lslege~ l` ~jg Bisd~im Irrg~r S{dbdef Olngm *BISO8 @ioi

9463$- elv ibhelvmgnfgr ~ji~ BISO dr r~{lefmt ble~{indb~gn kt ~jg ni~i1

^jg i~~{ib~dle l` ~jg BISO dr ~ji~ d~ l``g{r slvg{`wm ien de~wd~dpgmt smgirdef s{gndb~dler

iklw~ jlv ~l ogirw{g {drh ien ~jg {gmi~dle kg~vgge gzsgb~gn {g~w{e ien {drh%

We`l{~wei~gmt- ~jg gosd{dbim {gbl{n l` ~jg olngm dr sll{„sll{ gelwfj ~l depimdni~g

~jg vit d~ dr wrgn de issmdbi~dler† vjg~jg{ ~jg olngm&r s{lkmgor {g`mgb~ vgihegrrgr de

~jg ~jgl{t l{ de d~r gosd{dbim dosmgoge~i~dle- ~jg `idmw{g l` ~jg BISO de gosd{dbim ~gr~r

dosmdgr ~ji~ olr~ issmdbi~dler l` ~jg olngm i{g depimdn% *@ioi ien @{gebj ;33>- s% ;7$ 

BISO—r gosd{dbim ngodrg ir i ~jgl{t l` `deiebg jir kgge ibblosiedgn kt ~jg {drg l` kgjipdlw{im

`deiebg- vjdbj i~~{dkw~gr owbj l` ~jg der~ikdmd~t l` `deiebg oi{hg~r ~l ~jg mdod~gn ien jgw{dr~dbimmt

l{dge~gn blfed~dpg bisibd~dgr l` ib~wim ~{ing{r *Hijegoie ien ^pg{rht 94648 Hijegoie ;332$% Vjdmg

~jdr dr bmgi{mt ie dosl{~ie~ irsgb~ l` der~ikdmd~t- D vdmm ~ihg i nd``g{ge~ ~ibh ien rd~wi~g ot gzsmiei~dle

de ~jg de~gf{i~gn oib{l/`deiebdim pdrdle l` Jtoie Oderht—r @deiebdim Der~ikdmd~t Jtsl~jgrdr *@DJ$%

S{gpdlwr sisg{r jipg issmdgn Oderht—r pdrdle ~l oib{lgblelodbr *Hgge 94478 Hgge 94468 Hgge;3338 Hgge ;399$8 de ~jdr sisg{ D vdmm `lbwr le ~jg dosmdbi~dler l` Oderht—r ieimtrdr `l{ ~jg kgjipdlw{

l` ̀ deiebdim oi{hg~r%

I mgef~jt s{gmwng dr egbgrri{t kg`l{g D blerdng{ Oderht—r ieimtrdr l` ̀ deiebdim oi{hg~r- rdebg sir~

gzsg{dgebg jir rjlve ~ji~ i eglbmirrdbim sg{rsgb~dpg le gblelodbr *vjdbj ~jg pir~ oial{d~t l` 

slmdbt oihg{r jipg- ir vgmm ir olr~ gblelodr~r$ lkr~{wb~r blos{gjgerdle l` ~jg mdeh Oderht

slr~wmi~gr kg~vgge ngk~ ien irrg~ s{dbgr%

 I S{dog{ le Oderht

Oderht gealtgn i r~{lef `lmmlvdef iolefr~ Slr~ Hgtegrdie gblelodr~r- kw~ jg vir imolr~blosmg~gmt dfel{gn kt eglbmirrdbim gblelodr~r kg`l{g ~jg b{drdr% Kg{eiehg—r ~{gi~oge~ l` jdo dr el~

i~tsdbim1

Jtoie Oderht *9466$ ien Bji{mgr Hdenmgkg{fg{ *946:$ jipg de rgpg{im smibgr i{fwgn `l{

~jg dejg{ge~ der~ikdmd~t l` ~jg `deiebdim rtr~go kw~ de nldef rl jipg jin ~l ngsi{~ `{lo

~jg irrwos~dle l` {i~dleim gblelodb kgjipdlw{† XI `ll~el~g innr_ D nl el~ nget ~jg

slrrdkmg dosl{~iebg l` d{{i~dleimd~t de gblelodb md`g8 jlvgpg{ d~ rggor ~ji~ ~jg kgr~

{grgi{bj r~{i~gft dr ~l swrj ~jg {i~dleimd~t slr~wmi~g ir `i{ ir d~ vdmm fl% *Kg{eiehg ;333-

s% >2$ 

Elv- i`~g{ ~jg b{drdr ~ji~ jdr ~jgl{t ie~dbdsi~gn- eglbmirrdbim gblelodr~r i{g sitdef rlog i~~ge~dle

~l jdr jtsl~jgrdr- ien ~jg{g jir kgge i~ mgir~ leg i~~gos~ ~l kwdmn i Egv Hgtegrdie olngm l` i hgtsjgelogele de Oderht—r jtsl~jgrdr- i ngk~/ng`mi~dle *H{wfoie ien Gffg{~rrle ;393$% Jlvgpg{- ~l

8/2/2019 Steve Keen: Instability in Financial Markets: Sources and Remedies

http://slidepdf.com/reader/full/steve-keen-instability-in-financial-markets-sources-and-remedies 2/23

DEG^ Ble`g{gebg- Kg{mde Der~ikdmd~t de @deiebg Oi{hg~r1 Rlw{bgr & [gogndgr R~gpg Hgge

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~jlrg l` wr vjl i{g el~ egv ~l Oderht- d~ dr ji{n ~l {gblfedrg iet pgr~dfg l` ~jg @deiebdim Der~ikdmd~t

Jtsl~jgrdr de H{wfoie—r vl{h% ^jdr {gib~dle dr kirgn el~ og{gmt le Oderht—r gzsmdbd~ ngedim ~ji~ jdr

jtsl~jgrdr blwmn kg olngmmgn ̀ {lo i eglbmirrdbim sg{rsgb~dpg *Oderht 94:; - s% 7$-9 kw~ le vitr de

vjdbj d~ dr r~{db~mt deblosi~dkmg vd~j Egv Hgtegrdie og~jlnlmlft% ̂ jg{g i{g oiet ̀ ibg~r ~l ~jdr- kw~

D vdmm `lbwr le ~vl ~ji~ i{g b{wbdim ~l ~jg mdeh kg~vgge ~jg @DJ ien ̀ deiebdim oi{hg~ der~ikdmd~t1

ndrgywdmdk{dwo ien genlfgelwr olegt%

Ndrgywdmdk{dwoOderht s{gbw{rl{r Rbjwosg~g{ ien @drjg{ ibbgs~gn ~ji~ bisd~imdro vir imvitr de ndrgywdmdk{dwo%

Rbjwosg~g{ riv der~ikdmd~t ir de~{derdb ~l bisd~imdro- ien {gfi{ngn d~ ir el~ i ̀ miv- kw~ ir ~jg rlw{bg

l` bisd~imdro—r pd~imd~t *Rbjwosg~g{ 94;:$% @drjg{- ir ie islr~i~g ̀ {lo eglbmirrdbim gywdmdk{dwo

olngmmdef i`~g{ ~jg F{gi~ Ngs{grrdle {wdegn jdo- sw~ ~jg egbgrrd~t ̀ l{ ndrgywdmdk{dwo olngmmdef pg{t

bmgi{mt„gpge ̀ l{ ~jlrg vjl kgmdgpg ~ji~ bisd~imdro dr ̀ wenioge~immt r~ikmg% @drjg{ i{fwgn ~ji~- gpge

d` i ~gengebt ~lvi{nr gywdmdk{dwo dr irrwogn- ir i oi~~g{ l` ̀ ib~- imm gblelodb pi{dikmgr vdmm kg de

ndrgywdmdk{dwo i~ imm ~dogr de ~jg {gim gblelot% Gblelodbr ~jgl{t ~jg{g`l{g owr~ kg ndrgywdmdk{dwo

de ei~w{g1

‚Vg oit ~ge~i~dpgmt irrwog ~ji~- l{ndei{dmt ien vd~jde vdng mdod~r- imm- l{ imolr~ imm-

gblelodb pi{dikmgr ~gen- de i fgeg{im vit- ~lvi{n i r~ikmg gywdmdk{dwo%%% Kw~ † Egv

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imolr~ imvitr iklpg l{ kgmlv ~jg dngim gywdmdk{dwo%%%

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irrwog ~ji~- `l{ iet mlef sg{dln l` ~dog- ~jg pi{dikmgr de ~jg gblelodb l{fiedqi~dle- l{ 

iet si{~ l` ~jgo- vdmm +r~it sw~-+ de sg{`gb~ gywdmdk{dwo- ir ~l irrwog ~ji~ ~jg I~mie~db

Lbgie bie gpg{ kg vd~jlw~ i vipg%—  *@drjg{ 9422- s% 2248 gosjirdr inngn$ 

Oderht vge~ ̀ w{~jg{ ~jie Rbjwosg~g{ ien @drjg{ ~l i{fwg ~ji~ gywdmdk{dwo d~rgm` vir dejg{ge~mtwer~ikmg- ien ble~idegn ~jg rggnr l` ndrir~g{ ir vgmm ir l` klwe~t% Kgbiwrg r~ikdmd~t vir ~jg

gzbgs~dle {i~jg{ ~jie ~jg el{o de i bisd~imdr~ gblelot- iet sg{dln l` r~ikdmd~t vdmm jipg kgge

s{gbgngn kt i ol{g ~w{kwmge~ ~dog8 ien kgbiwrg ~jg ̀ w~w{g vir webg{~ide- i sg{dln l` ~{ieywdmmd~t

vlwmn mgin ~l bisd~imdr~r {gpdrdef ~jgd{ gzsgb~i~dler wsvi{nr1

R~ikmg f{lv~j dr deblerdr~ge~ vd~j ~jg oieeg{ de vjdbj depgr~oge~ dr ng~g{odegn de ie

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gblelot% *Oderht 94:;- s% 06$ 

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{i~jg{ ~jie nl d~ awr~dbg%

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b{wbdim {lmg l` kiehr bie kg ~{ibgn kibh ~l Oderht—r SjN inpdrl{ Rbjwosg~g{- vjl i{fwgn ~ji~

depgr~oge~ dr el~  `deiebgn kt ripdefr- kw~ kt ~jg genlfgelwr gzsierdle l` ~jg olegt rwssmt kt

kiehr1

8/2/2019 Steve Keen: Instability in Financial Markets: Sources and Remedies

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DEG^ Ble`g{gebg- Kg{mde Der~ikdmd~t de @deiebg Oi{hg~r1 Rlw{bgr & [gogndgr R~gpg Hgge

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dr iel~jg{ og~jln l` lk~idedef olegt `l{ ~jdr sw{slrg- vjdbj † nlgr el~ s{grwsslrg

~jg gzdr~gebg l` ibbwowmi~gn {grwm~r l` s{gpdlwr ngpgmlsoge~- ien jgebg oit kg

blerdng{gn ir ~jg lemt leg vjdbj dr ipidmikmg de r~{db~ mlfdb% ^jdr og~jln l` lk~idedef

olegt dr ~jg b{gi~dle l` sw{bjirdef slvg{ kt kiehr† D~ dr imvitr i ywgr~dle- el~ l` 

~{ier`l{odef sw{bjirdef slvg{ vjdbj im{gint gzdr~r de rloglegr slrrgrrdle- kw~ l` ~jg b{gi~dle l` egv sw{bjirdef slvg{ lw~ l` el~jdef% *Rbjwosg~g{ 942>- s% 62$ 

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Rbjwosg~g{—r ge~d{gmt ~jgl{g~dbim i{fwoge~r le kl~j ~jg ei~w{g l` kiehdef ien ~jg wm~doi~g rlw{bg

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947>$> 

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s{l`d~r ~lol{{lv- Sleqd @deiebdg{r imvitr jipg ngk~ rg{pdbdef blr~r ~ji~ gzbggn ~jg birj ̀ mlvr ̀ {lo

~jg irrg~r ~jgt sw{bjirgn vd~j kl{{lvgn olegt% ̂ jgt ~jg{g`l{g owr~ gzsien ~jgd{ ngk~r l{ rgmm

irrg~r ~l ble~dewg ̀ web~dledef1

I Sleqd `deiebg wed~ dr i rsgbwmi~dpg `deiebdef wed~ `l{ vjdbj ~jg deblog bloslege~ l` 

~jg egi{ ~g{o birj `mlvr `immr rjl{~ l` ~jg egi{ ~g{o de~g{gr~ sitoge~r le ngk~ rl ~ji~

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ngk~† Sleqd wed~r bie `wm`dm ~jgd{ sitoge~ blood~oge~r le ngk~r lemt kt kl{{lvdef *l{

ndrslrdef l` irrg~r$† i Sleqd wed~ owr~ deb{girg d~r lw~r~iendef ngk~r% *Oderht 94:;- s%

;>$ 

Rbjwosg~g{ ien Oderht kl~j riv b{gnd~ olegt b{gi~gn kt ~jg kiehdef rtr~go ir ~jg rlw{bg l` ~jg

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http://slidepdf.com/reader/full/steve-keen-instability-in-financial-markets-sources-and-remedies 14/23

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8/2/2019 Steve Keen: Instability in Financial Markets: Sources and Remedies

http://slidepdf.com/reader/full/steve-keen-instability-in-financial-markets-sources-and-remedies 15/23

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http://slidepdf.com/reader/full/steve-keen-instability-in-financial-markets-sources-and-remedies 16/23

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8/2/2019 Steve Keen: Instability in Financial Markets: Sources and Remedies

http://slidepdf.com/reader/full/steve-keen-instability-in-financial-markets-sources-and-remedies 17/23

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8/2/2019 Steve Keen: Instability in Financial Markets: Sources and Remedies

http://slidepdf.com/reader/full/steve-keen-instability-in-financial-markets-sources-and-remedies 18/23

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8/2/2019 Steve Keen: Instability in Financial Markets: Sources and Remedies

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http://slidepdf.com/reader/full/steve-keen-instability-in-financial-markets-sources-and-remedies 20/23

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