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Spelmarknaden är väldigt konkurrenskraftig och spelbolag gör sitt yttersta för att inkludera nyheter som kan tänkas locka
Articles by Steve Keen
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Bankobetin Güncel Giri? Adresi
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Read More »A Simple Solution to the Banking Crisis That No Country Will Implement
March 21, 2023Though Silicon Valley Bank contributed to its own demise, the root cause of this crisis is the fact that private banks own government bonds. If they didn’t, then SVB would still be solvent.
Its bankruptcy was the result of the price of Treasury bonds falling, because The Federal Reserve increased interest rates. As interest rates rise, the value of Treasury Bonds falls. With the resale value of its bonds plunging, the total value of SVB’s assets (which were mainly Bonds, Reserves, and Loans to households and firms) fell below the value of its Liabilities (which are mainly the deposits of households and firms), and it collapsed.
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Read More »How does JK Galbraith’s The New Industrial Estate hold up after 6 decades?
March 4, 2023I was asked to contribute to an Italian online publication’s tribute to John Kenneth Galbraith, by answering some questions about the relevance of his major work The New Industrial State (Galbraith and Galbraith 1967) six decades later. These were my responses.
Reading The New Industrial State (Galbraith and Galbraith 1967) again, six decades after it was first published, highlighted for me just how far economic theory has retreated from reality since the 1960s.
The New Industrial State (hereinafter called TNIS) described the actual structure of a modern industrial economy. It has nothing to do with Alfred Marshall’s vision of a market economy, in which a multitude of small entrepreneurial firms sold homogenous goods
Read More »How does JK Galbraith’s The New Industrial Estate hold up, six decades on?
March 4, 2023I was asked to contribute to an Italian online publication’s tribute to John Kenneth Galbraith, by answering some questions about the relevance of his major work The New Industrial State (Galbraith and Galbraith 1967) six decades later. These were my responses.
Reading The New Industrial State (Galbraith and Galbraith 1967) again, six decades after it was first published, highlighted for me just how far economic theory has retreated from reality since the 1960s.
The New Industrial State (hereinafter called TNIS) described the actual structure of a modern industrial economy. It has nothing to do with Alfred Marshall’s vision of a market economy, in which a multitude of small entrepreneurial firms sold homogenous goods
Read More »Redirecting to Patreon
July 30, 2021If you’re looking for my latest work, please click here to go to my Patreon site. This site is maintained for historical reasons only.
Read More »Redirection
July 30, 2021I maintain this site for historical reasons only. If you’re looking for my latest work, please go to https://www.patreon.com/profstevekeen.
Read More »Discussing a Modern Debt Jubilee on Macro’n’Cheese
December 19, 2020I discuss a Modern Debt Jubilee On Macro’n’Cheese today, and this is a quick explanation of how it could be done.
Jubilees were common in antiquity. The Lord’s Prayer did not originally say “And forgive us our sins, as we have forgiven those who sin against us”, but “And forgive us our debts, as we also have forgiven our debtors”. But an old-fashioned Jubilee would reward those who gambled with borrowed money, and thus effectively penalise those who did not. It would also effectively bankrupt the banks, since their assets—our debts—would fall, while their liabilities—our deposits—would remain constant.
A Modern Debt Jubilee gets around both problems by:
Giving everyone, whether they borrowed or not, exactly the same amount of money; and
Replacing
To save the climate – don’t listen to mainstream economists
December 8, 2020Ann Pettifor’s The Coming First World Debt Crisis (Pettifor 2006) was the first book to warn of the approaching 2007 Global Financial Crisis. More than decade after that crisis, its cause—excessive private debt, created primarily to finance asset bubbles rather than productive investment—is still with us, while we are entrapped in a pandemic crisis, and on the cusp of a climatic one.
Figure 1: Private debt levels over the history of capitalism
Looking forward to the next ten years, and given so little has been done to stabilize the system, stagnation was the likely outcome of the residue of private debt, but Covid has altered the equation to make a crisis, without a boom before it, the likely outcome. The first two crises were ignored by mainstream economists and politicians until after
To save the climate – don’t listen to mainstream economists
December 8, 2020Ann Pettifor’s The Coming First World Debt Crisis (Pettifor 2006) was the first book to warn of the approaching 2007 Global Financial Crisis. More than decade after that crisis, its cause—excessive private debt, created primarily to finance asset bubbles rather than productive investment—is still with us, while we are entrapped in a pandemic crisis, and on the cusp of a climatic one.Figure 1: Private debt levels over the history of capitalismLooking forward to the next ten years, and given so little has been done to stabilize the system, stagnation was the likely outcome of the residue of private debt, but Covid has altered the equation to make a crisis, without a boom before it, the likely outcome. The first two crises were ignored by mainstream economists and politicians until after
Read More »To save the climate – don’t listen to mainstream economists
December 8, 2020Ann Pettifor’s The Coming First World Debt Crisis (Pettifor 2006) was the first book to warn of the approaching 2007 Global Financial Crisis. More than decade after that crisis, its cause—excessive private debt, created primarily to finance asset bubbles rather than productive investment—is still with us, while we are entrapped in a pandemic crisis, and on the cusp of a climatic one.Figure 1: Private debt levels over the history of capitalismLooking forward to the next ten years, and given so little has been done to stabilize the system, stagnation was the likely outcome of the residue of private debt, but Covid has altered the equation to make a crisis, without a boom before it, the likely outcome. The first two crises were ignored by mainstream economists and politicians until after
Read More »The Unreal Basis of Neoclassical Economics
January 22, 2019By Al Campbell, Ann Davis, David Fields, Paddy Quick, Jared Ragusett and Geoffrey Schneideroriginally posted hereIntroduction
Ten years after the financial crisis, we still find mainstream
economists engaging in overly simplistic analysis that does not
accurately capture the dynamics of the real world. People studying
economics need to know that the principles of mainstream economics are
hopelessly unrealistic. In this short article, we demonstrate that the
ten principles of economics in Gregory Mankiw’s best-selling textbook
are divorced from reality and reflect an extreme and unwarranted bias
towards unregulated markets.[ii] Mankiw’s “Ten Principles of Economics” should more accurately be titled “Ten Principles of Unrealistic Neoclassical Theory.”Mankiw’s Principle #1:
On the URPE Blog – The Video Edition
May 23, 2018The Dynamics of Capitalism: Money and Financialization
Greta Krippner – The Power of Abstraction: Marx on Money and Credit
Aaron Sahr – From Pen Strokes to Keystrokes: the Production of Money in Early and Contemporary Capitalism Michael Löwy: Marxism and Romantic Anticapitalism
Michael Löwy is Emeritus Research Director at the CNRS (French National Center for Scientific Research) Lecturer, École des Hautes Études en Sciences Sociales. Immanuel Wallerstein: The Contemporary Relevance of Marx
Immanuel Wallerstein – Marx’s Capital after 150 Years: Critique and Alternative to Capitalism (York University, Canada) Richard D. Wolff: Linking Trump and Marx’s Critique of Capitalism
Richard D. Wolff Professor of Economics Emeritus, University of Massachusetts, Amherst, and currently a Visiting
Capitalism is national & transnational, but what about the money?
June 27, 2017This is my short response, originally posted here, to William I. Robinson’s post here and Fred Magdoff’s note in the comment section of that post:While I generally agree with Robinson’s and Magdoff’s analyses, what is absent, specifically with respect to Robinson’s discussion, is a concrete assessment of the acute variables that measure the degree to which national States have the capacity to engage in power-maximizing behavior and, thus, pursue certain responses, i.e. imperialism, to the competitive nature of the capitalist world economy. Certain material capabilities of national States generate the space to be ‘constituted’, whereby they embody a structural authority to shape the framework of global economic relations. This structural authority is tied to the qualification to
Read More »Shutting down membership
June 7, 2017I have recently established a Patreon site https://www.patreon.com/ProfSteveKeen, where people can support my research and advocacy work with donations starting at $1/month. That is now where I will engage in conversation in response to posts. So if anyone here wants to continue a dialogue with me and others, please sign up there.
This site was flooded by a large number of spam users at the same time as I became unable to maintain my own role in discussions here, since I am just too damn busy in London. This has caused the site to be suspended three times by its ISP for performance issues. One more time and the account will be banned. I have therefore decided to delete all users on this site, bar those who have made posts (which is a handful of