http://thenextrecession.wordpress.com/2012/04/21/paul-krugman-steve-keen-and-the-mysticism-of-keynesian-economics/
So what are the issues at debate? The first is whether, in a modern capitalist
economy, money is created endogenously i.e. demand for money drives its
supply, rather than exogenously, namely by the printing or absorption of money
by a central bank. The second is whether the expansion
of debt, particularly private credit, adds to demand in an economy, such that
it can get way out of sync with the expansion of the production of things and
services; and whether this is key to the capitalist crisis. And third, whether
it is the inherent instability of the
financial system that is the kernel of crisis and not just the lack of
‘effective demand’ as orthodox Keynesians argue.
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