FionaK |
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| http://www.debtdeflation.com/blogs/2009/01...aliersofcredit/This is a very clear paper which sets out some of the points I have been thinking about. In particular it argues that the neoclassical analysis is fundamentally wrong because it does not recognise the nature of the economy we actually live in. It takes my observation that the money supply is not under government control as self evident and goes on to consider the implications of that for the behaviour of private banks. What is refreshing about this model is that it fits the facts as we see them play out: and it explains why this happens. It is simple to follow and there is no need to paraphrase it at all. I really recommend reading this
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