Behavioral Finance

Lecture Details

I continue the development of the QED model of a pure credit economy began in the last lecture, including modelling production and developing a pricing equation to produce a combined monetary-physical model.The initial model has a fixed wage, population and labor productivity. To prepare the way for making these variables, I explain what Bill Phillips of "The Phillips Curve" was really trying to do to drag economists into the modern era by teaching them how to model the economy dynamically.