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Steve Keen

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.

Articles by Steve Keen

What To Be Able To Wear To The Casino? The Complete Dress Guide

4 days ago

Nat­u­ral­ly, casi­nos will also make sure that their clients know about what suit­able casi­no attire will be and what they can wear to some casi­no. This is why sev­er­al promi­nent brands, many of these as Win­star Casi­no and MGM On line casi­no have an actu­al list­ing of sug­ges­tions. The ide­al online casi­nos will give you a fan­tas­tic assort­ment of pro­mo­tions and bonus­es. That gives you the par­tic­u­lar chance to try out new games with­out need­ing to risk so many mon­ey.
Tilly is a good exam­ple of a new styl­ish dress code for women with a casi­no as she often wears the low-cut black evening dress to typ­i­cal­ly the tables.
Last­ly, help to make sure your sneak­ers are pol­ished and in good shape.
Most inter­net casi­nos pos­sess a dress code that may be

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Best No Deposit On-line Casino Bonuses 2024

6 days ago

These free rotates pro­vide sig­nif­i­cant worth, enhanc­ing the total gam­ing expe­ri­ence intend­ed for ded­i­cat­ed play­ers. These offers might include var­i­ous types, such since bonus rounds or even free spins on sign up and first deposits. Play­ers like wel­come free rounds zero deposit because they will allow them to extend enjoy­ing time after the first deposit. How­ev­er, these types of bonus­es typ­i­cal­ly need a min­i­mum deposit, usu­al­ly between $10-$20, to cash out and about any win­nings.
This web­site is apply­ing a secu­ri­ty ser­vice to pro­tect itself by online attacks. There are sev­er­al activ­i­ties which could trig­ger this block includ­ing post­ing a cer­tain word or per­haps phrase, a SQL com­mand or mal­formed data. The “bonus” label should be

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How To Be Able To Win In Some Sort Of Casino: Gambling Methods For Beginners

7 days ago

Plug the name of the game and “slot machine” into the search engine, and it will usu­al­ly will pro­vide mul­ti­ple results. Click “videos” and the major­i­ty of often you’ll be able to see the game through­out action. But crick­et fans have a rich­es of infor­ma­tion avail­able to them, no mat­ter of whether they’re play­ing on their very own com­put­er, phone or per­haps pad.
At the par­tic­u­lar mid­way mark, 2023 still hap­pen­ing course to be able to beat 2022 as the year togeth­er with the largest rev­enue in the record of the game play­ing busi­ness.
In words of slot equip­ment, this edge is fac­tored into typ­i­cal­ly the algo­rithm” “that this soft­ware devel­op­er designed to oper­ate as the ran­dom num­ber pow­er gen­er­a­tor, which deter­mines typ­i­cal­ly the

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Best No Deposit On-line Casino Bonuses 2024

8 days ago

These free rotates pro­vide sig­nif­i­cant worth, enhanc­ing the total gam­ing expe­ri­ence intend­ed for ded­i­cat­ed play­ers. These offers might include var­i­ous types, such since bonus rounds or even free spins on sign up and first deposits. Play­ers like wel­come free rounds zero deposit because they will allow them to extend enjoy­ing time after the first deposit. How­ev­er, these types of bonus­es typ­i­cal­ly need a min­i­mum deposit, usu­al­ly between $10-$20, to cash out and about any win­nings.
This web­site is apply­ing a secu­ri­ty ser­vice to pro­tect itself by online attacks. There are sev­er­al activ­i­ties which could trig­ger this block includ­ing post­ing a cer­tain word or per­haps phrase, a SQL com­mand or mal­formed data. The “bonus” label should be

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How To Be Able To Win In Some Sort Of Casino: Gambling Methods For Beginners

8 days ago

Plug the name of the game and “slot machine” into the search engine, and it will usu­al­ly will pro­vide mul­ti­ple results. Click “videos” and the major­i­ty of often you’ll be able to see the game through­out action. But crick­et fans have a rich­es of infor­ma­tion avail­able to them, no mat­ter of whether they’re play­ing on their very own com­put­er, phone or per­haps pad.
At the par­tic­u­lar mid­way mark, 2023 still hap­pen­ing course to be able to beat 2022 as the year togeth­er with the largest rev­enue in the record of the game play­ing busi­ness.
In words of slot equip­ment, this edge is fac­tored into typ­i­cal­ly the algo­rithm” “that this soft­ware devel­op­er designed to oper­ate as the ran­dom num­ber pow­er gen­er­a­tor, which deter­mines typ­i­cal­ly the

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Demystifying Casino Dress Code: Navigate The Rules & Dress Together With Confidence

8 days ago

This guide­line on casi­no dress codes will aid you out if you are not sure what in order to wear to” “the casi­no to com­ple­ment the gown code spec­i­fi­ca­tions. Our goal will be to improve each play­er’s gam­bling abil­i­ties and strate­gies inside sports bet­ting, hol­dem pok­er, slots, black­jack, bac­carat, and many oth­er online casi­no video games. Women have very a bit regard­ing lat­i­tude in just what they wear in com­par­i­son to some regard­ing the more for­mal dress codes. Blous­es, sweaters and wise skirts or slacks are the goal. Shoes should become fair­ly con­ser­v­a­tive — you can wear heels in case you want, yet oth­er­wise, go for closed-toe shoes.
You would still be respect­ing typ­i­cal­ly the dress code while tak­ing a dif­fer­ent spin on things.
At an

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Demystifying Casino Dress Code: Navigate The Rules & Dress Together With Confidence

8 days ago

This guide­line on casi­no dress codes will aid you out if you are not sure what in order to wear to” “the casi­no to com­ple­ment the gown code spec­i­fi­ca­tions. Our goal will be to improve each play­er’s gam­bling abil­i­ties and strate­gies inside sports bet­ting, hol­dem pok­er, slots, black­jack, bac­carat, and many oth­er online casi­no video games. Women have very a bit regard­ing lat­i­tude in just what they wear in com­par­i­son to some regard­ing the more for­mal dress codes. Blous­es, sweaters and wise skirts or slacks are the goal. Shoes should become fair­ly con­ser­v­a­tive — you can wear heels in case you want, yet oth­er­wise, go for closed-toe shoes.
You would still be respect­ing typ­i­cal­ly the dress code while tak­ing a dif­fer­ent spin on things.
At an

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Games

10 days ago

Our table games are open on a dai­ly basis dur­ing the start­ing hours of typ­i­cal­ly the casi­no. Even if you were not real­ly look­ing to play, our facil­i­ties and atmos­phere are open up to you from your restau­rants and per­son­al live gigs almost all the way to be able to sports grand­stands. The 2024 IIHF Ice Hock­ey World Cham­pi­onship begins for the Finnish nation­al team Lei­jonat with­in the begin­ning day in the event Fri­day May 12, when Fin­land con­fronts the host staff Czech Repub­lic. We offer a fab­u­lous set­ting and eat­ing place ser­vices for each pri­vate and com­pa­ny events. Let us plan an occa­sion of your respec­tive dreams wher­ev­er you be able to jump into the regard­ing the casi­no whilst enjoy­ing great as well as bev­er­ages. All the pok­er

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“Finest Mobile Casino Bonuses 2024 No-deposit Application Codes

10 days ago

Since you can’t work with both forms of bonus­es, you need to assess which 1 is more impor­tant. When giv­en the pos­si­bil­i­ty to choose which usu­al­ly games you want to play, we rec­om­mend play­ing the par­tic­u­lar games with the high­est RTP or even go back to play­er. RTP is the per­cent­age regard­ing wagers that the slot game dis­trib­utes back to par­tic­i­pants over time. You can almost guar­an­tee of which if you see a no-deposit bonus, you can use it on slot online games.
Scratch­ful also offer play­ers a Gold­mine offer where gamers can win about any game on any play.
Neon54 has built some sort of strong rep­u­ta­tion for pro­vid­ing high-qual­i­ty goods and seam­less cus­tomer ser­vice, mak­ing it a sin­gle of the the major­i­ty of pop­u­lar Mobile Casi­no

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Games

10 days ago

Our table games are open on a dai­ly basis dur­ing the start­ing hours of typ­i­cal­ly the casi­no. Even if you were not real­ly look­ing to play, our facil­i­ties and atmos­phere are open up to you from your restau­rants and per­son­al live gigs almost all the way to be able to sports grand­stands. The 2024 IIHF Ice Hock­ey World Cham­pi­onship begins for the Finnish nation­al team Lei­jonat with­in the begin­ning day in the event Fri­day May 12, when Fin­land con­fronts the host staff Czech Repub­lic. We offer a fab­u­lous set­ting and eat­ing place ser­vices for each pri­vate and com­pa­ny events. Let us plan an occa­sion of your respec­tive dreams wher­ev­er you be able to jump into the regard­ing the casi­no whilst enjoy­ing great as well as bev­er­ages. All the pok­er

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A Simple Solution to the Banking Crisis That No Country Will Implement

March 21, 2023

Though 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.

Why do banks own gov­ern­ment bonds? Large­ly, because of two laws: one that pre­vents the Trea­sury from hav­ing an

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How does JK Galbraith’s The New Industrial Estate hold up after 6 decades?

March 4, 2023

I 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

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How does JK Galbraith’s The New Industrial Estate hold up, six decades on?

March 4, 2023

I 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, 2021

If you’re look­ing for my lat­est work, please click here to go to my Patre­on site. This site is main­tained for his­tor­i­cal rea­sons only.

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Redirection

July 30, 2021

I main­tain this site for his­tor­i­cal rea­sons only. If you’re look­ing for my lat­est work, please go to https://www.patreon.com/profstevekeen.

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Discussing a Modern Debt Jubilee on Macro’n’Cheese

December 19, 2020

I 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

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To save the climate – don’t listen to mainstream economists

December 8, 2020

Ann 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, 2020

Ann 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, 2020

Ann 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

Read More »

The Unreal Basis of Neoclassical Economics

January 22, 2019

By 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:

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On the URPE Blog – The Video Edition

May 23, 2018

The 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

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Capitalism is national & transnational, but what about the money?

June 27, 2017

This 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

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Shutting down membership

June 7, 2017

I 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

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Brexit debate in London May 31st

May 27, 2017

I’m tak­ing part in a debate on one of the major top­ics in this year’s elec­tion, Brexit, on May 31st at 7.30pm at Can­ham, 40 Sheen Lane, Lon­don SW14 8LW. The other speak­ers are Frances Cop­pola, and Angus Arm­strong.
Frances Cop­pola is an eco­nomic com­men­ta­tor in print and fre­quently on the BBC.
Angus Arm­strong is direc­tor of macro-eco­nom­ics at one of the top research insti­tu­tions, the National Insti­tute of Eco­nomic and Social Research founded in 1938.
Click here to buy tick­ets for this event.

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Freezing site/Moving to Patreon & Profstevekeen

May 25, 2017

I’m freez­ing this site and mov­ing to both Patreon (https://www.patreon.com/ProfSteveKeen) and a new web­site http://www.profstevekeen.com/. There are sev­eral rea­sons:
This site’s signup secu­rity failed, and some­thing like 50,000 bot-users have signed up. It’s just too cum­ber­some in Word­Press to delete them selec­tively from here, so it’s eas­ier to move to a new, clean site;

I used to be very active in dis­cus­sions here, but the demands on my time became so exces­sive over time that I have vir­tu­ally stopped par­tic­i­pat­ing;
I am going to retire from Kingston Uni­ver­sity next year (prob­a­bly in July), and if I am to con­tinue being a pub­lic intel­lec­tual and resid­ing in Lon­don (which, what­ever its other faults, is the best place in the world from which to be a

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Discussing “Can we avoid another financial crisis?”

May 1, 2017

From WEA Commentaries
My first book since Debunking Economics has just been released in the UK, and will come out in May in the USA. Can we avoid another financial crisis? is a brief (140 page, 25,000 word) explanation for the lay reader of how the 2008 crisis was caused by factors that mainstream economics ignores—fundamentally, the levels of private debt and credit-based demand—and why other countries that avoided a crisis in 2008 are likely to suffer a similar crisis in the near future.
My argument is based in equal measure on my interpretation and model of Hyman Minsky’s Financial Instability Hypothesis (though my book is equation-free), and my analysis of the role of endogenous money—which I now prefer to call “Bank Originated Money and Debt” or BOMD—in causing both economic booms and slumps. The book relies upon the statistical work of the BIS, which since 2014 has started publishing detailed databases on private debt, government debt, house prices, and recently consumer prices. This has made it possible for me to analyse the debt and credit dynamics of 43 countries to identify which have had a crisis, and which are likely to have one in the future.

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What if my analysis is used for evil purposes?

April 21, 2017

One of my Patrons posed a very good question to me: in a nutshell, how would I respond to a politician who took my ideas and perverted them for political gain? Here’s Andre’s full query:
Hi Steve, thank you, you’ve given me the gift of some of the most important ideas and explanations I’ve come across in my lifetime.
I was wondering how you might respond to a politician who misreads your latest book, and then declares:
1.  People will love me, because Steve Keen says I can become known as a master of managing my country’s economy by engineering a private debt boom
2.  People will love me, because when private debt eventually falters, Steve Keen says I get to tell everyone they get more government spending on them, because public debt is justified to offset lack of accelerating private debt
3.  Even if some people grumble about me enlarging the state, they’ll definitely love me when I tell them they’re all getting tons of free money in a debt Jubilee straight into their bank account and/or their debts partially repaid for them.
4.  Best of all, after a few days of announcing everyone gets more public spending and free money in their bank account, the country’s private debt load will be reduced enough that we can start another private debt boom!
a.

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Can we avoid another financial crisis?

April 12, 2017

Help me rebuild economics at https://www.patreon.com/ProfSteveKeen
Can we avoid another financial crisis?
In 2008, conventional economics led us blindfolded into the greatest economic crisis since the Great Depression. Almost a decade later, with the global economy wallowing in low growth that they can’t explain, mainstream economists are reluctantly coming to realise that their models are useless for understanding the real world.
How did mainstream economists not see the crisis coming? Was it unpredictable, as they now assert, or did their theory blind them to the real causes? Will another financial crisis occur?
These questions and others are asked and answered in Can we avoid another financial crisis? , a short (25,000 word) explanation for the lay reader of how we got into this economic mess, and why we are unlikely to get out of it.
The book is available now in the UK. It will come out in mid-May in the USA. A e-book version will also be available in May.
Support my work by becoming my Patron on Patreon. Economics is broken, and Universities won’t fund the repair job. Research funding is controlled by and goes overwhelmingly to Neoclassical economists.

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Support me on Patreon

March 17, 2017

Click here to support me on Patreon
As I explain in this video, government attempts to turn University entrance into a marketplace have had the unintended side-effect of undermining pluralist economics. The UK government has removed controls on the number of places that Universities can offer in first year courses, and as a result there has been an increase in humanities places offered by highly ranked Universities. Final year high school students have flocked to these Universities, and enrolments at lower-ranked Universities have fallen substantially.
[embedded content]
This has the side effect of undermining non-mainstream economics, just when the world has started to appreciate that another approach is needed. The reason is that over the last four decades, Neoclassical economists have driven out non-Neoclassical staff out of the most prestigious Universities. Only lower-ranked Universities gave non-Neoclassical staff a chance, which is why pluralist economics programs have developed there and nowhere else. Now these programs are under threat as a by-product of this attempt to create a University marketplace.
When I first came to Kingston in 2014, they were happy for me to spend much of my time engaging with the public through blog posts, media appearances, and public talks.

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Infrastructure conference in Westminster Tuesday 24th

January 16, 2017

A new organisation called NEKS (for “New Economic Knowledge Services”, see www.neks.ltd) is holding its inaugural conference on the economics of infrastructure In Westminster on Tuesday January 24th, and you should attend.
Why NEKS, and why Infrastructure? The economic importance of infrastructure is obvious, but the actual performance of infrastructure often differs radically from what is predicted when it is being planned. Three forms of delusion make many infrastructure projects far less beneficial than expected by their proponents: the complexity of execution is underestimated, the benefits are overestimated, and benefits are also calculated poorly using dodgy economic theory.
These are precisely the sort of issues that NEKS was formed to address. NEKS’s objective with this conference is to provide a real understanding of how complexity and uncertainty—including the impact of actual human behaviour and institutions—affect large public infrastructure projects. These issues are simply not adequately considered by the current “cost-benefit” method of evaluating projects, which relies heavily on mainstream economic concepts of marginal cost and marginal utility.

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