[Steve Keen has set out a comprehensive view of how economic theory and policy need to be reformed to make sense of the real world and allow rational to prevent future crises. This is adapted from his "Debtwatch Manifesto."]
Preventing a future crisis will require a redefinition of financial claims upon the real economy which eliminates the appeal of leveraged speculation.
Three primary objectives:
- To develop a realistic, empirically based, dynamic monetary approach to economic theory and policy;
- To develop and promote a "modern Jubilee" by which private debt can be reduced while doing the minimum possible harm to aggregate demand and social equity; and
- To develop and promote new definitions of equity and property ownership that will minimize the destructive instabilities of capitalism and promote its creative instabilities.