Steve Keen: Predicting a Crash Makes You Lonesome 4/7

The transcript discusses the concept of credit impulse, later termed credit accelerator, which links debt acceleration to economic activity changes. The speaker shares experiences of public and media reactions to their economic predictions, facing criticism from economists and the property sector. Despite challenges, they emphasize resilience and the importance of continuing their work.

What is the main idea behind the concept of the credit accelerator?

• It measures the total amount of debt in an economy.

• It predicts economic activity based on the acceleration of debt.

• It is a tool for calculating interest rates.

• It tracks the inflation rate over time.

How did journalists initially react to the introduction of the credit accelerator concept?

• They criticized it heavily.

• They ignored it completely.

• They were skeptical and dismissive.

• They were receptive and interested.

What was the reaction of conventional economists to the credit accelerator concept?

• They immediately adopted it.

• They fully supported it.

• They were indifferent.

• They were skeptical and critical.

What was the consequence of predicting a fall in house prices similar to Japan's experience?

• It resulted in immediate policy changes.

• It led to significant backlash from the property lobby.

• It was widely accepted by the property sector.

• It was ignored by the media.

What personal challenge is highlighted in the third section regarding advocating for controversial economic views?

• It is personally difficult and involves facing criticism.

• It is a straightforward process with no opposition.

• It is easy to gain public support.

• It leads to immediate financial gain.