Season 1 · Episode 436
The cash only economy where economics works
Welcome to the Island of Cornucopia. An economy so simple that widely assumed economic principles actually work.
Debunking Economics - the podcast · Steve Keen & Phil Dobbie
January 1, 202530m 15s
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Show Notes
This week Phil introduces Steve Keen to the fictional island of Cornucopia. It’s a simple place, where the only trade takes place with gold coins. Banks are not allowed to give loans, and the money supply remains constant, unless the Chancellor decides to mint new ones. In such circumstances, how many basic economic principles work? Most of them, it seems. Sadly, this is not the real world, and economists who practice double entry book-keeping are imprisoned. Until the Chancellor realises there’s no growth and seeks help. To be continued.
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