This is probably the
most detailed seminar I have given on my views on monetary macroeconomics. I
begin with the data that, back in December 2005, led me to expect that a huge
economic crisis was imminent: the ratio of private debt to GDP. Then I explain
why this ratio matters, in contrast to the arguments that Neoclassical
economists put that only the distribution of debt matters. This takes me
through the empirical data, the theories of Schumpeter and Minsky, and the
mathematics needed to prove that “aggregate demand equals income plus the
change in debt” is correct, and that this does not involve double-counting.
Link to Part 1
Link to Part 2