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Talk to the Cambridge Society for Economic Pluralism on non-mainstream macroeconomic modelling

Summary:
Cambridge University is one of many leading universities where economics students get no exposure to non-mainstream approaches to economics in their curriculum. The students have therefore organised their own Society for Economic Pluralism, and they asked me to speak on “Can we avoid another financial crisis?”. I also covered alternative approaches to economic modelling to ...

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Cambridge University is one of many leading universities where economics students get no exposure to non-mainstream approaches to economics in their curriculum. The students have therefore organised their own Society for Economic Pluralism, and they asked me to speak on “Can we avoid another financial crisis?”. I also covered alternative approaches to economic modelling to the mainstream DSGE approach, including: applying Neural Networks to Macroeconomics, which one of my best PhD students (Dr. Soner Teknikeller) did successfully back in 2013; Complex Systems Macroeconomics, deriving a core macroeconomic model directly from macroeconomic definitions; and Monetary Stock-Flow Consistent Macroeconomics, which I illustrate using a dynamic model of the Paradox of Thrift in the system dynamics program Minsky.


Steve Keen
Steve Keen (born 28 March 1953) is an Australian-born, British-based economist and author. He considers himself a post-Keynesian, criticising neoclassical economics as inconsistent, unscientific and empirically unsupported. The major influences on Keen's thinking about economics include John Maynard Keynes, Karl Marx, Hyman Minsky, Piero Sraffa, Augusto Graziani, Joseph Alois Schumpeter, Thorstein Veblen, and François Quesnay.

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