January 10, 2017

17. Did Keynes have a better plan for exchange rates?

Economies are susceptible to the vagaries of international exchange rates. In theory, in the long term exchange rates find a level that helps balance the prices of goods across borders. In reality the mechanism is more volatile than that, as we’ve seen in the fall in the value of Sterling in response to Brexit and the rise in the US dollar with expectation of Trumps spending program. In this podcast Phil Dobbie talks to Prof Steve Keen about Keyne’s plan to create a more stable method of determining exchange rates – one that didn’t rely on the US dollar or the value of gold. Is it time to revisit Keyne’s thinking?

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