The conventional veil over barter vision of money
{"Image DocumentName": "The conventional veil over barter vision of money", "Image ImageDescription": "Using Minsky to model Krugman\u2019s conventional vision of lending: Patient people lend to impatient people Banks just intermediate between the two groups. Therefore lending doesn\u2019t change demand\u2026 Keen then goes on to assert that lending is, by definition (at least as I understand it), an addition to aggregate demand. I guess I don\u2019t get that at all. If I decide to cut back on my spending and stash the funds in a bank, which lends them out to someone else, this doesn t have to represent a net increase in demand. Yes, in some (many) cases lending is associated with higher demand, because resources are being transferred to people with a higher propensity to spend; but Keen seems to be saying something else, and I m not sure what. I think it has something to do with the notion that creating money = creating demand, but again that isn\u2019t right in any model I understand.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}