In system dynamics, stocks and flows create a system's behaviour, but they don’t operate in isolation.

They sit inside webs of interacting feedback loops.

Feedback is simply information about what’s happening in the system’s stocks, fed back to influence its flows.
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Adam Smith's concept of invisible hands working behind the scenes is, in the case of China, replaced by the thousand arm Buddha's extended and very visible hands"

-Keyu Jin
The New China Playbook: Beyond Socialism & Capitalism (2023)

Global Tipping Points Report from @exeter.ac.uk finds the world has already crossed a #ClimateTippingPoint. 🪸 

⚠️ Experts warn that these tipping points remain largely missing from economic and financial models.

https://greencb.co/4hP5H0i

@professorstevekeen.bsky.social

"Everything reminds Milton Friedman of the money supply. Everything reminds me of sex, but I try to keep it out of my papers."

-Robert Solow
AEA Panel Discussion (1966)

Steve Keen nails it again. In this short engaging video on UK house prices, he offers practical advice on solving the broken system of unaffordability without taking out the minority, who are home owners.
Your vote really matters in #GE2029UK.
youtu.be/rSuacxBGaL8
@professorstevekeen.bsky.social

Can a synthesis between @doynefarmer.bsky.social’s microeconomics approach to agent-based modeling and your macroeconomics approach using Minsky to agent-based modeling be possible @professorstevekeen.bsky.social?

open.substack.com/pub/profstev...

You'd think the field that studies money would have a solid grasp of how it works.

But mainstream economics still teaches that banks are intermediaries, loans come from savings, and governments can run out of money.

None of that sh#t holds up.
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My new book "Money & Macro from First Principles, for Elon Musk and Other Engineers" is now available on Kindle.

Link in the next tweet 1/2

My new book "Money & Macro from First Principles, for Elon Musk and Other Engineers" is now available on Kindle.

Link in the next tweet 1/2

Mainstream macro blames crises on public debt or bad policy.

History tells a different story, The biggest crashes follow private debt booms , when households & firms load up on credit faster than incomes grow.
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