Steve Keen Urges Economists to Put Money into Their Models 7/7

The video discusses a grant project aimed at developing a monetary model of capitalism, challenging the neoclassical economic theory that often excludes money. It introduces the Circuit School's approach to monetary economies, emphasizing the use of tokens and three-sided transactions. The speaker is developing a software tool for economic modeling that is user-friendly and educational. Additionally, the speaker mentions their blog and the Center for Economic Stability, advocating for a realistic understanding of capitalism to avoid economic catastrophes.

What is the primary aim of the grant discussed in the video?

• To create a new currency

• To analyze historical economic data

• To build a monetary model of capitalism

• To develop a new economic theory

According to the speaker, what is essential for a monetary economy?

• Relying solely on barter systems

• Eliminating banks from transactions

• Using a token as money

• Using a commodity like gold

What is the purpose of the software package being developed with the INET grant?

• To provide a GUI-based tool for modeling capitalism

• To model the physical economy using a flow chart

• To simplify the use of differential equations

• To replace existing economic software like Simulink

What is the name of the speaker's blog?

• Economic Insights

• Capitalism Watch

• Steve King's Death Watch

• Monetary Models

Why does the speaker emphasize the need for a realistic model of capitalism?

• To prevent economic catastrophes

• To eliminate economic criticism

• To support ideological views

• To promote neoclassical theory