by Summary:
Professor Steve Keen is an internationally recognized Economist. Described by Vox Day and Daniel Sanderson as "the greatest living economist," this video series is designed to bring out Steve's natural humility. Joined by regular guests Daniel Sanderson and Tyrone Keynes (Ty), the series will oscillate between friendly banter and economic excellence. WARNING: if you are a close-minded neoclassical economist, climate denier, or generally an angry person, this show is NOT for you. Hecklers will be ridiculed and escorted off the live stream. This series is for you if you value systems thinking and the capacity to critically assess your beliefs. The previous iteration of this show is called The New Economics and featured special guests such as Jørgen Randers, Ian Dunlop, and David
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Steve Keen considers the following as important:
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Professor Steve Keen is an internationally recognized Economist. Described by Vox Day and Daniel Sanderson as "the greatest living economist," this video series is designed to bring out Steve's natural humility. Joined by regular guests Daniel Sanderson and Tyrone Keynes (Ty), the series will oscillate between friendly banter and economic excellence. WARNING: if you are a close-minded neoclassical economist, climate denier, or generally an angry person, this show is NOT for you. Hecklers will be ridiculed and escorted off the live stream. This series is for you if you value systems thinking and the capacity to critically assess your beliefs. The previous iteration of this show is called The New Economics and featured special guests such as Jørgen Randers, Ian Dunlop, and David
Topics:
Steve Keen considers the following as important:
This could be interesting, too:
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| Professor Steve Keen is an internationally recognized Economist. Described by Vox Day and Daniel Sanderson as "the greatest living economist," this video series is designed to bring out Steve's natural humility. Joined by regular guests Daniel Sanderson and Tyrone Keynes (Ty), the series will oscillate between friendly banter and economic excellence. WARNING: if you are a close-minded neoclassical economist, climate denier, or generally an angry person, this show is NOT for you. Hecklers will be ridiculed and escorted off the live stream. This series is for you if you value systems thinking and the capacity to critically assess your beliefs. The previous iteration of this show is called The New Economics and featured special guests such as Jørgen Randers, Ian Dunlop, and David Spratt. Jørgen Randers episode; https://youtu.be/xh60EZfzQMs Ian Dunlop episode; https://youtu.be/BeQvY4RxOLM David Spratt episode; https://youtu.be/MW-fD4ZxHok FYI, Capitalism will NOT survive anything, and that's the point with @ProfSteveKeen's meteor metaphor. DICE is an integrated assessment model of the interplay between economics, energy use, and climate change. #Badfaith #SteveKeen #postKeynesian NOTE: All references to that infectious viral phenomenon that required wearing masks and the atmospheric carbon crisis we have discussed in the past are being avoided in this description. The reason is that we are trying to avoid the YouTube warnings that pop up, and we "think" might be affecting the algorithm that helps or hinders the visibility of the fantastic show. Did I say FANTASTIC? My apologies about yelling in ALL CAPS; I only do this because it's the only emphasis option I have when writing these descriptions — no italics, no bold. Is the show "fantastic"? You be the judge; we would love to hear your opinions about the topics we are discussing. |
What a horrid start?! This 'music' noise…. WTF?
Prof. Keen, I have to say your friend is a bit slow. I hope to hear from you without other people like that.
The sound was an internet f'up. Tyrone speaks slowly, but he's one of the deepest thinkers I've encountered in my fifty years of being active in economics. Don't let the superficial distract you, and I can also perceive substantial improvements in his presentation skills over the last six months.
gotta quit saying ummmm every few words. brutal interviewer.
Hi Steve, I'm so glad you talked about the arguments for price. It's been a burning question for me. I Googled Kalecki's price equation, and it seems to fall under his theory of income distribution. The theory of income distribution is a macroeconomic theory of how income is shared between capitalists and workers at the national level (assuming a closed economy.) The income distribution equation uses the "average" markup in prices in the nation. There's surely no way to determine an average markup, is there? It would seem to be using micro to understand micro, which you have shown is fallacious. Do you agree with Kalecki's equation for income distribution or just the price equation? Your explanation of how the changes in the arguments for price affect inflation would seem to be at the macro level. However, the arguments intuitively make sense for a single product at a single firm, and you seemed to describe prices at the firm level in some parts of your explanation–but that may be an inference on my part. Are the arguments for prices supposed to be at the macro level only, or is this one of the rare situations where an equation describes both the macro and micro levels?
Great questions Jennifer. You might find it worthwhile signing up to my Substack (https://profstevekeen.substack.com/) or Patreon (https://www.patreon.com/ProfSteveKeen) for future reference–I answer some queries here, but not all, and sometimes YouTube alerts me to a message, but I can't locate it when I follow the link (not a problem this time, obviously).
Think of Kalecki's formula as the only one you can use when you work with an aggregate commodity "Y" for GDP. When you go to a more detailed level, and treat the economy as a multi-commodity system (and evolutionary too–commodities are being invented and disappearing all the time), then you move from a single number to a vector of output, one for each sector. You then have a different markup for each sector. So your lower level is sectoral analysis rather than "competitive firms", and there is a dispersal of markups within those sectors as well.
Your average markup would then be what is called the eigenvalue of the input output matrix.
You'd also have the average sector level markup determined by perceived competition within that sector. Here there's a feedback from aggregate demand: a large rise (as we saw during Covid thanks to government support payments) can cause a rise in the average markup, because firms perceive less competition (they're not losing sales to their competitors, but everyone's sales are rising).
@ProfSteveKeen I'm on your Patreon, but for some reason, I only see episode 4 in your feed. Maybe I'm not navigating your Patreon correctly? Thank you for this answer. I had to get the cobwebs out of the matrix algebra section of my brain and learn about input-output matrices, but now I think I understand your answer.
@Jennifer Rellick Good point. It is only episode 4 on his patreon. I know he gets busy in forgets to post them there. I will add them on there the day of the live stream 30 minutes ahead if does not make the post himself.
@Jennifer Rellick It may just be that we haven't crossed-posted these there yet. And good!
@Ty Keynes Thank you, Ty.