re: #151 Fozzie Bear

Ah ok. Once an currency no longer has the faith of a market backing it, it’s no longer an economy that can be studied using the general theory. The general theory requires functioning markets to even be applicable. This much is true.

But, if you are talking about an economy that hasn’t collapsed, Keynes’ models are mighty predictive.

How would we characterize Greece though? It’s currency isn’t being held up by its own economy, but by that of Germany, Denmark, and other sound economies. Without them, Greece would collapse.