Steve Keen Modern economies are in an unstable state of disequilibrium due to debt deflation….which by the way is just another way of describing cost inflation. The question Keen needs to ask himself is are technologically advanced capital intensive economies inherently cost inflationary. Examining the various datums of cost accounting and using calculus on their relationships to each other will answer that question, and then Keen can then become a conscious Social Crediter/advocate of Wisdomics-Gracenomics instead of holding onto Minsky whose insights are genuine but incomplete.
MMT Money systems can be directly distributive and can and should reject austerity and embrace fiscal deficits.
Public Banking Finance is unnecessarily costly and dominating and needs cost reduction and structural balancing
Michael Hudson Finance and rentiering are the keystone problems of the economy
David Graeber Debt has been the problematic business model for at least the last 5000 years
All of these movements are unconsciously moving toward the insight of Douglas’s Social Credit that in modern technologically advanced capital intensive economies the rate of flow of total costs and so total prices always tends to exceed the rate of flow of total individual incomes simultaneously produced, and hence a scarcity ratio of incomes to prices which results in inherent cost inflation as their most basic problematic reality.
Wisdomics-Gracenomics integrates all of these insights and extends the policies of Social Credit to better align them with temporal universe realities and much more thoroughly saturate modern economies with the new paradigm of Direct and Reciprocal Monetary Gifting. It also fully fleshes out the philosophical concept behind the new paradigm so as to bring increased consciousness and ethical regulation to its applicability to economics and to money/payment systems, and finally to its general human mental empowerment.