The Forum > Article Comments > The future of economics > Comments
The future of economics : Comments
By Steve Keen, published 1/2/2012Neo-classical economics is wrong to think that economies exist in equilibrium.
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In fact, I created some credit the other day when I allowed a client some time to pay.
While governments could control M1 because they printed the bills, the rest tended to be more and more beyond their control.
So we tended towards using interest rates to control the economy and as money supply does tend to shrink when you are in a recession,this gave a de facto level of control over money not available by direct controls.