Friday , December 3 2021
Home / Steve Keen
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.

Videos by Steve Keen

From Economic Fantasy to Ecological Reality on Climate Change

This was an invited talk to the Oxford Department of International Development "Climate Change and the Challenges of Development Lecture Series", on my criticisms of the application of neoclassical economics to climate change. I focus on the new paper by Dietz et al. that allegedly calculates the economic costs of tipping points:

Dietz, S., J. Rising, T. Stoerk and G. Wagner (2021). "Economic impacts of tipping points in the climate system." Proceedings of the National Academy of Sciences 118(34): e2103081118. (https://www.pnas.org/content/pnas/118/34/e2103081118.full.pdf)

Upon closer examination, this papers fails to consider tipping points in any credible way, and this is obvious in its incredible claim (in the original sense of the "not credible"), that:

“Tipping points reduce

View more

Book Launch for The New Economics: A Manifesto. Talk to Economic Society of Australia

This is a high-speed outline of the key points in my new book that challenge mainstream Neoclassical economic thinking. The topics covered are endogenous money ("Bank Originated Money and Debt") versus the empirically false mainstream model of Loanable Funds; the role of energy in production, and how the mainstream Cobb Douglas Production Function understates the role of energy in production by at least one order of magnitude; and how mainstream climate change economics has negligently trivialized the dangers of global warming.

View more

Wise Response NewZealand Seminar on Biophysical Limits To Growth

This was an excellent seminar organised by Wise Response New Zealand, a coalition of academics, engineers, lawyers, artists, sportspeople etc who are calling on New Zealand’s Parliament to comprehensively assess imminent risks to New Zealand and to draw up plans to deal with them.

The seminar webpage is http://wiseresponse.org.nz/2021/08/31/seminar-are-there-biophysical-limits-to-growth/

The speakers were (in order):

Associate Professor Simon Michaux (Geology)
Professor Steve Keen (Economics)
Professor Tim Jackson (Economics)
Professor Susan Krumdieck (Mechanical Engineering)

I highly recommend watching all 4 talks: they were all worthwhile, and hang together very well.

There were a few Zoom glitches, but they were ultimately overcome. My talk was supposed to start at the 23 minute

View more

Money From Nothing and your MMT

Modelling how the Treasury of a money-issuing government can kick start an economy from zero by running a deficit–spending more than it taxes–selling bonds to the banks, which the banks buy using the reserves created, and paying interest on the bonds, while borrowing from the central bank to cover the interest payments on the bonds–and these interest payments create positive equity for the banking sector.

View more

Steve Keen Forum with MMTeens

This was a conversation with a wonderful group of school students who are already very well informed on the weaknesses of mainstream economics and the strength of Post Keynesian Economics and Modern Monetary Theory. They are well ahead of where I was at the same age.

Their website is https://mmteens.wordpress.com/, and they have a set of resources on economics at https://linktr.ee/politicswithnick.

View more

Introducing Ravel, a "Hobbit’s Birthday Present" for my supporters on Patreon

Ravel is a program for the visual analysis and display of data. I have developed it in conjunction with Russell Standish, the programmer behind the Open Source system dynamics program Minsky (see https://sourceforge.net/projects/minsky/).

Ravel is a commercial program, which we hope to finish for a first release in 2022. Today, we are releasing the current beta of Ravel to our supporters on Patreon. This video shows how to install and use Ravel.

If you’d like to check it out yourself, sign up to either my Patreon page https://www.patreon.com/profstevekeen, or Minsky’s page https://www.patreon.com/hpcoder. The current beta will be available later today (March 29 2021), once I’ve made a Patreon post about it, which will provide a link to download the beta.

View more

Ravel For Corporate Data

I use Ravel to analyze economic data, but I first designed it to make analyzing corporate data easier. Since then, Pivot Tables have become the norm. This video shows how to use Ravel instead of a Pivot Table to analyze some mock corporate transactional data.

I’m releasing the current beta of Ravel to my Patreon supporters on Sunday March 28th, and I would love some of them to use it to analyze their corporate data, and tell us how it goes.

There are shortcomings to the current beta–notably, we can’t currently aggregate from, say, Quarter to Year, or State to Country. But that will come in a later beta release.

View more

Using Ravel To Interpret Covid Data

On March 28th–my 68th birthday–I’m giving a free copy of Ravel my supporters on Patreon (at either my site https://www.patreon.com/profstevekeen or Minsky’s site https://www.patreon.com/hpcoder/). It’s a pre-release version, so there are bugs (some of which turn up in this demonstration) and missing features. But even as it is, Ravel makes it far easier to load and analyse multi-dimensional data than if you used a spreadsheet like Excel, or even a Pivot Table.

This quick demonstration shows loading a CSV file into Ravel, then plotting a significant variable over time (total Covid-19 cases per million) for five countries (China, Australia, The Netherlands, Thailand, and the UK), both over the whole period from January 2020 till March 2021, and at particular days (from February 15 till

View more

Explaining money creation using my Minsky software to Sweden’s Positive Money

This was my second talk to Positiva Pengar, Sweden’s version of the UK’s Positive Money. Since I’d given a prepared talk just a few weeks before, I did this one in a more extempore fashion, with a lot of it being a dialogue between myself and the organizer Jussi Ora.

I used Minsky to lay out the accounting behind money creation–by both banks and governments–and made the general point that, since money is (aside from cash) the liabilities of the banking sector to the non-bank sector, to create money, an operation must affect both the Assets and the Liabilities side of the banking sector’s ledger.

This is the case for government deficits and bank lending, but not to the sales of bonds by the Treasury to Banks, or of Central Bank purchases of bonds from the Banks.

It’s always rather

View more

Talk to the Glasgow Economics Forum 2021

I cover why equilibrium has gone from a modelling compromise for 19th century Neoclassical economists into a near religious belief about the nature of economics amongst 21st century Neoclassicals, how genuine dynamic economic analysis can be derived directly from the structure of the economy, how energy can be incorporated into economic modelling, and why economics remains a pre-scientific discipline.

View more

Talk to the Oxford Economics Society on macro without micro and with energy

This video starts with the "green-room" chatter between myself and Oscar Brisset, who is Co-President of the Oxford Economics Society. The presentation proper starts about two minutes in. Oscar’s sound feed is poor, because this was recorded on my PC, but mine is pretty clear.

It’s an intense one-hour lecture, covering material that should really be done over a dozen or so lectures, so if you’d like to follow up on it, please check this out on my Patreon page https://www.patreon.com/profstevekeen, where I’ll include the Powerpoint file on which the lecture was based.

View more

Economics out of equilibrium–please!

This presentation to students in the EU-sponsored EPOG Masters program (see https://www.epog.eu/) covers the analysis of credit money, financial instability, Modern Monetary Theory, the role of energy in production, and how to model financial and complex systems in my Open Source system dynamics program Minsky (see https://sourceforge.net/projects/minsky/).

There was a lively discussion of the way in which capitalism should be modelled–using discrete (NO!) or continuous time, etc.

View more

The Minsky Models of Modern Monetary Theory 12 #TMMOMMT

Twelfth of twelve videos showing the construction of models of the monetary aspects of Modern Monetary Theory in Minsky. Download Minsky from https://sourceforge.net/projects/minsky/files/beta%20builds/ and support Minsky’s development at https://www.patreon.com/hpcoder/ for as little as $1 a month

View more

The Minsky Models of Modern Monetary Theory 12 #TMMOMMT

Twelfth of twelve videos showing the construction of models of the monetary aspects of Modern Monetary Theory in Minsky. Download Minsky from https://sourceforge.net/projects/minsky/files/beta%20builds/ and support Minsky’s development at https://www.patreon.com/hpcoder/ for as little as $1 a month

View more

The Minsky Models of Modern Monetary Theory 11 #TMMOMMT

Eleventh of twelve videos showing the construction of models of the monetary aspects of Modern Monetary Theory in Minsky. Download Minsky from https://sourceforge.net/projects/minsky/files/beta%20builds/ and support Minsky’s development at https://www.patreon.com/hpcoder/ for as little as $1 a month

View more

The Minsky Models of Modern Monetary Theory 11 #TMMOMMT

Eleventh of twelve videos showing the construction of models of the monetary aspects of Modern Monetary Theory in Minsky. Download Minsky from https://sourceforge.net/projects/minsky/files/beta%20builds/ and support Minsky’s development at https://www.patreon.com/hpcoder/ for as little as $1 a month

View more

The Minsky Models of Modern Monetary Theory 10 #TMMOMMT

Tenth of twelve videos showing the construction of models of the monetary aspects of Modern Monetary Theory in Minsky. Download Minsky from https://sourceforge.net/projects/minsky/files/beta%20builds/ and support Minsky’s development at https://www.patreon.com/hpcoder/ for as little as $1 a month

View more

The Minsky Models of Modern Monetary Theory 10 #TMMOMMT

Tenth of twelve videos showing the construction of models of the monetary aspects of Modern Monetary Theory in Minsky. Download Minsky from https://sourceforge.net/projects/minsky/files/beta%20builds/ and support Minsky’s development at https://www.patreon.com/hpcoder/ for as little as $1 a month

View more

The Minsky Models of Modern Monetary Theory 09 #TMMOMMT

Ninth of twelve videos showing the construction of models of the monetary aspects of Modern Monetary Theory in Minsky. Download Minsky from https://sourceforge.net/projects/minsky/files/beta%20builds/ and support Minsky’s development at https://www.patreon.com/hpcoder/ for as little as $1 a month

View more

The Minsky Models of Modern Monetary Theory 09 #TMMOMMT

Ninth of twelve videos showing the construction of models of the monetary aspects of Modern Monetary Theory in Minsky. Download Minsky from https://sourceforge.net/projects/minsky/files/beta%20builds/ and support Minsky’s development at https://www.patreon.com/hpcoder/ for as little as $1 a month

View more

The Minsky Models of Modern Monetary Theory 08 #TMMOMMT

Eighth of twelve videos showing the construction of models of the monetary aspects of Modern Monetary Theory in Minsky. Download Minsky from https://sourceforge.net/projects/minsky/files/beta%20builds/ and support Minsky’s development at https://www.patreon.com/hpcoder/ for as little as $1 a month

View more

The Minsky Models of Modern Monetary Theory 08 #TMMOMMT

Eighth of twelve videos showing the construction of models of the monetary aspects of Modern Monetary Theory in Minsky. Download Minsky from https://sourceforge.net/projects/minsky/files/beta%20builds/ and support Minsky’s development at https://www.patreon.com/hpcoder/ for as little as $1 a month

View more