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...

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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

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