Economics Has Lost Touch with Reality (Part 1) - Steve Keen & Bob Murphy, DemystifySci #384

Today's episode opens with a quiet charge, Murphy & Keen
circling the walls of money to see what’s solid and what’s only
painted there. Our two very different economists argue over
whether banks summon credit from nothing or simply pass along
what was saved, each holding a different candle to the same dark
machinery. As the conversation rolls, the familiar ghosts of
failed forecasts and brittle theories drift about, reminding us
how easily economics slips away from the world it tries to
explain. By the end, it feels like a steady march through the
uneasy heart of the financial system. Still human, still
searching, still trying to make sense of the noise. Stay tuned
for part two in the coming weeks...





PATREON


https://www.patreon.com/c/demystifysci





PARADIGM DRIFT


https://demystifysci.com/paradigm-drift-show





HOMEBREW MUSIC - Check out our new album!





Hard Copies (Vinyl): FREE SHIPPING


https://demystifysci-shop.fourthwall.com/products/vinyl-lp-secretary-of-nature-everything-is-so-good-here


Streaming:


https://secretaryofnature.bandcamp.com/album/everything-is-so-good-here





00:00 Go!


00:07:00 Understanding Heterodox Economics


00:11:00 Austrian Economics vs. Neoclassical Approaches


00:15:00 The Concept of Equilibrium in Economics


00:19:00 Complexity Theory & Economic Modeling


00:20:12 Critique of Neoclassical Economics


00:22:43 Historical Context of Economic Predictions


00:25:03 Keynesian vs. Post-Keynesian Economics


00:30:12 Influence of Economists in Power Dynamics


00:36:40 Economic Models & Crisis Predictions


00:38:20 Economic Interests in Crises


00:39:56 The Religion of Economic Theories


00:44:49 Consequences of Economic Beliefs


00:50:10 The Oversight of Banks in Economic Models


00:54:32 Challenges of Economic Experimentation


00:56:13 Rival Schools of Economic Thought


00:57:00 Cycles in Economic Systems


01:00:01 Dynamics of Boom and Bust


01:02:15 Role of Interest Rates & Money Creation


01:05:32 Understanding Fractional Reserve Banking


01:11:28 Complexity of Banking & Reserves


01:15:03 Dynamics of Banking & Credit Management


01:17:50 Critique of Central Banking & the Role of Reserves


01:19:54 Reevaluating Economic Models & Banking


01:20:50 The Importance of Reserves in Financial Discussions





#economics, #macroeconomics, #banking, #economiccrisis ,
#austrianeconomics , #keynesianeconomics , #complexitytheory,
#financialmarkets , #economicpolicy, #monetarypolicy ,
#financialsystem, #physicspodcast #philosophypodcast





MERCH: Rock some DemystifySci gear :
https://demystifysci-shop.fourthwall.com/


AMAZON: Do your shopping through this link:
https://amzn.to/3YyoT98


DONATE: https://bit.ly/3wkPqaD


SUBSTACK:
https://substack.com/@UCqV4_7i9h1_V7hY48eZZSLw@demystifysci


RSS: https://anchor.fm/s/2be66934/podcast/rss


MAILING LIST: https://bit.ly/3v3kz2S


SOCIAL:


- Discord: https://discord.gg/MJzKT8CQub


- Facebook: https://www.facebook.com/groups/DemystifySci


- Instagram: https://www.instagram.com/DemystifySci/


- Twitter: https://twitter.com/DemystifySci


MUSIC:


-Shilo Delay: https://g.co/kgs/oty671