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There’s the theory that the supply of money is a major contributor to the rate of inflation. Prof Steve Keen says the central banks have spent the last ten years unsuccessfully trying to demonstrate as much.  The need for money to be issued to cover government debt has often been levelled as a cause of inflation and a reason for the austerity measures that have been so prevalent in the last decade. Nobody wants to end up like Zimbabwe, right?  In this podcast Phil Dobbie asks Prof Steve Keen what’s the real cause of inflation, if it’s got little to do with the supply of money. Is it the cost-push argument? If so, why is inflation reluctant to rise back up to pre-financial crisis levels?

To hear the full version subscribe by picking a plan in the right column of the Debunking Economics website (not the mobile app). Or become a patron at https://www.patreon.com/ProfSteveKeen

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There’s the theory that the supply of money is a major contributor to the rate of inflation. Prof Steve Keen says the central banks have spent the last ten years unsuccessfully trying to demonstrate as much.  The need for money to be issued to cover government debt has often been levelled as a cause of inflation and a reason for the austerity measures that have been so prevalent in the last decade. Nobody wants to end up like Zimbabwe, right?  In this podcast Phil Dobbie asks Prof Steve Keen what’s the real cause of inflation, if it’s got little to do with the supply of money. Is it the cost-push argument? If so, why is inflation reluctant to rise back up to pre-financial crisis levels?

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We’re seeing an increase in the rate of ice loss in Antartica – another sign that global warming is worsening, whilst the world’s leader do little to mitigate the problem. In fact, one of those leaders has said it’s all a hoax. But if we had a unified impetus to do something about it could we device economic systems to change our behaviour and resolve the problem? That’s a question Phil Dobbie puts to a jaded Prof Steve Keen who believes we must undergo the shock before we take the problem seriously. So far, the shocks haven’t been pronounced enough. And, whichever way you look at it, the solution will involve compromising our living standards.

To hear the full version subscribe by picking a plan in the right column of the Debunking Economics website (not the mobile app). Or become a patron at https://www.patreon.com/ProfSteveKeen

Premium

We’re seeing an increase in the rate of ice loss in Antartica – another sign that global warming is worsening, whilst the world’s leader do little to mitigate the problem. In fact, one of those leaders has said it’s all a hoax. But if we had a unified impetus to do something about it could we device economic systems to change our behaviour and resolve the problem? That’s a question Phil Dobbie puts to a jaded Prof Steve Keen who believes we must undergo the shock before we take the problem seriously. So far, the shocks haven’t been pronounced enough. And, whichever way you look at it, the solution will involve compromising our living standards.

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The speed of growth in an economy and the rate of inflation is driven by how much money is in circulation and how quickly its changing hands. Steve Keen says we need to add the change in debt to Milton Friedman’s formula. As he discusses with Phil Dobbie, that would explain why the velocity of money has decreased since the eighties, even though the supply has been up and down, along with economic growth and inflation. So how important is the velocity of money and why is it frequently ignored?

To hear the full version subscribe by picking a plan in the right column of the Debunking Economics website (not the mobile app). Or become a patron at https://www.patreon.com/ProfSteveKeen

Premium
July 6, 2018

107. Slow Money

The speed of growth in an economy and the rate of inflation is driven by how much money is in circulation and how quickly its changing hands. Steve Keen says we need to add the change in debt to Milton Friedman’s formula. As he discusses with Phil Dobbie, that would explain why the velocity of money has decreased since the eighties, even though the supply has been up and down, along with economic growth and inflation. So how important is the velocity of money and why is it frequently ignored?

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Sweden is quickly moving towards a cashless economy. According to their central bank cash payments are now less than 2 percent of GDP and less than 15 percent of retail transactions. Phil Dobbie asks Prof Steve Keen whether we could eventually go cashless? He’s very sceptical. His fear is that the people who would control the monetary system probably wouldn’t understand how money works. And what if the IT systems fail?

To hear the full version subscribe by picking a plan in the right column of the Debunking Economics website (not the mobile app). Or become a patron at https://www.patreon.com/ProfSteveKeen

Premium

Sweden is quickly moving towards a cashless economy. According to their central bank cash payments are now less than 2 percent of GDP and less than 15 percent of retail transactions. Phil Dobbie asks Prof Steve Keen whether we could eventually go cashless? He’s very sceptical. His fear is that the people who would control the monetary system probably wouldn’t understand how money works. And what if the IT systems fail?

00:0000:00

They’re having the best of times. They’re having the worst of times. The US economy seems to be going gangbusters whilst Europe’s growth has stalled and, possibly, is starting to wane. So why the disparity between the two? Prof Steve Keen says it is al to do with the contrasting economic policies – the expansionary approach of President Trump versus the austerity measures of Europe. Phil Dobbie asks whether this means the growth will continue, or could it all come crashing down for the US?

To hear the full version subscribe by picking a plan in the right column of the Debunking Economics website (not the mobile app). Or become a patron at https://www.patreon.com/ProfSteveKeen

Premium

They’re having the best of times. They’re having the worst of times. The US economy seems to be going gangbusters whilst Europe’s growth has stalled and, possibly, is starting to wane. So why the disparity between the two? Prof Steve Keen says it is al to do with the contrasting economic policies – the expansionary approach of President Trump versus the austerity measures of Europe. Phil Dobbie asks whether this means the growth will continue, or could it all come crashing down for the US?

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