Keen is probably the best economist on the planet. However, he and Minsky have mistaken a trend toward ponzi finance and a tipping point for the moment to moment reality of total costs and so prices exceeding total INDIVIDUAL incomes NOT TOTAL MONEY/CREDIT. The latter reality therefore compels and impels continual borrowing (also made necessary by the present paradigm of Debt/Burden/Additional Cost Only) in the failed attempt to keep the economy from dropping into recession.
They’re quite correct that instability/disequilibrium characterizes the system because the equation above (total costs/prices continually exceed total individual incomes) is a disequilibrium state. This being both inherent and financially compelled in modern economies, merely trying to equilibrate that equation is futile. Rather, what is required is what I told Keen several years ago, i.e. the higher workable and ethical disequilibrium by combining a universal dividend and high percentage discount/rebate policies strategically implemented at the point of retail sale (which is the terminal expression point of all forms of inflation) thus inverting/transforming the present individual monetary scarcity reality which again is a signature of paradigm change.
Having said all of this it really doesn’t matter whether one thinks that the problem is a trend or an inherent and continual condition…only the deeper realization that the current monetary paradigm is enforced on the situation keeping all of its seemingly unresolvable problems in suspension/stimulation….and that the policy combination I recommend is the universally beneficial resolution for all agents.