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Loanable Funds vs. Endogenous Money: Krugman is Wrong, Keen is Right

  • Kakarot-Handtke, Egmont

In a recent article, Keen resumes the debate with Krugman about the effects of debt upon the economy. It is hard to see how the question can be settled as long as all participants apply their idiosyncratic models. Hence the issue boils down, as Krugman rightly put it, to the deeper question: “how should one do economics.” Sketched with a broad brush, the consensus is that Orthodoxy has failed and that Heterodoxy has no convincing alternative to offer. The conceptual consequence of the present paper is to restart from a firm common formal ground. This relocation makes the debate solvable.

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File URL: http://mpra.ub.uni-muenchen.de/53385/1/MPRA_paper_53385.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 53385.

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Date of creation: 03 Feb 2014
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Handle: RePEc:pra:mprapa:53385
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  1. Kakarot-Handtke, Egmont, 2011. "Reconstructing the Quantity Theory (I)," MPRA Paper 32421, University Library of Munich, Germany.
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