Economics Has Lost Touch with Reality (Part 1) - Steve Keen & Bob Murphy, DemystifySci #384

Today's episode opens with a quiet charge, Murphy & Keen circling the walls of money to see what’s solid and what’s only painted there. Our two very different economists argue over whether banks summon credit from nothing or simply pass along what was saved, each holding a different candle to the same dark machinery. As the conversation rolls, the familiar ghosts of failed forecasts and brittle theories drift about, reminding us how easily economics slips away from the world it tries to explain. By the end, it feels like a steady march through the uneasy heart of the financial system. Still human, still searching, still trying to make sense of the noise. Stay tuned for part two in the coming weeks... PATREON https://www.patreon.com/c/demystifysci PARADIGM DRIFT https://demystifysci.com/paradigm-drift-show HOMEBREW MUSIC - Check out our new album! Hard Copies (Vinyl): FREE SHIPPING https://demystifysci-shop.fourthwall.com/products/vinyl-lp-secretary-of-nature-everything-is-so-good-here Streaming: https://secretaryofnature.bandcamp.com/album/everything-is-so-good-here 00:00 Go! 00:07:00 Understanding Heterodox Economics 00:11:00 Austrian Economics vs. Neoclassical Approaches 00:15:00 The Concept of Equilibrium in Economics 00:19:00 Complexity Theory & Economic Modeling 00:20:12 Critique of Neoclassical Economics 00:22:43 Historical Context of Economic Predictions 00:25:03 Keynesian vs. Post-Keynesian Economics 00:30:12 Influence of Economists in Power Dynamics 00:36:40 Economic Models & Crisis Predictions 00:38:20 Economic Interests in Crises 00:39:56 The Religion of Economic Theories 00:44:49 Consequences of Economic Beliefs 00:50:10 The Oversight of Banks in Economic Models 00:54:32 Challenges of Economic Experimentation 00:56:13 Rival Schools of Economic Thought 00:57:00 Cycles in Economic Systems 01:00:01 Dynamics of Boom and Bust 01:02:15 Role of Interest Rates & Money Creation 01:05:32 Understanding Fractional Reserve Banking 01:11:28 Complexity of Banking & Reserves 01:15:03 Dynamics of Banking & Credit Management 01:17:50 Critique of Central Banking & the Role of Reserves 01:19:54 Reevaluating Economic Models & Banking 01:20:50 The Importance of Reserves in Financial Discussions #economics, #macroeconomics, #banking, #economiccrisis , #austrianeconomics , #keynesianeconomics , #complexitytheory, #financialmarkets , #economicpolicy, #monetarypolicy , #financialsystem, #physicspodcast #philosophypodcast MERCH: Rock some DemystifySci gear : https://demystifysci-shop.fourthwall.com/ AMAZON: Do your shopping through this link: https://amzn.to/3YyoT98 DONATE: https://bit.ly/3wkPqaD SUBSTACK: https://substack.com/@UCqV4_7i9h1_V7hY48eZZSLw@demystifysci RSS: https://anchor.fm/s/2be66934/podcast/rss MAILING LIST: https://bit.ly/3v3kz2S SOCIAL: - Discord: https://discord.gg/MJzKT8CQub - Facebook: https://www.facebook.com/groups/DemystifySci - Instagram: https://www.instagram.com/DemystifySci/ - Twitter: https://twitter.com/DemystifySci MUSIC: -Shilo Delay: https://g.co/kgs/oty671