Given how appallingly bad neoclassical economics is, an alternative economics that is at least roughly capable of reproducing the actual performance of the economy is badly needed. One of the best studies of the empirical data about the economy was ironically undertaken by the two neoclassical economists who developed Real Business Cycle theory, Kydland and Prescott. This lecture reports their findings, focusing on the conclusion that "credit should play a larger role" in future analysis of the business cycle. I then outline the basic propositions in the theory of endogenous money.
Located in Sydney, Australia, the University of Western Sydney is among the top-ranked colleges in the world with six campuses in New South Wales. Its roots can be traced back to 1891, where the Hawkesbury campus was founded as an argicultural school. However, each campus has its own unique history, and the university (an amalgamation of its many campuses) was made official in 2000. Despite its short and recent history as the University of Western Sydney, this institution has produced many notable alumni including politicians, executives, authors and journalists.