Steve Keen: Modelling Graziani’s insights on money & proving that banks can’t lend Reserves (2016) [LEC, ENG]

I am a huge fan of Augusto Graziani, because I could never have developed my own monetary technology without his logical insights into the true nature of money. But he and the Circuitist School in general went wrong when they tried to move from philosophy to the mathematics of endogenous money, because they made numerous stock-flow confusions because (a) having been taught by Neoclassical economists, they fell back into inappropriate equilibrium thinking; (b) with only basic training in quantitative methods