Saturday , December 3 2022
Home / Steve Keen’s Debt Watch
The author 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.

Steve Keen’s Debt Watch

Professor Steve Keen and Friends

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....

Read More »

Friede Gard Prize Lecture 05 Energy In Production Functions

Both Neoclassical and Post Keynesian economic models have been "energy blind": postulating output from inputs of Technology, Labor and Capital, but ignoring energy (and matter, for that matter...). In this lecture I show how tautological and wrong the Cobb Douglas Production Function is, and that incorporating energy into it does enormous damage to the Neoclassical paradigm. On the other hand, the empirically-based Leontief Production Function only needs to acknowledge that what...

Read More »

Friede Gard Lecture 04 The Fantasy Production Function

The "Cobb-Douglas Production Function" dominates Neoclassical macroeconomic models today. Decades ago, Anwar Shaikh showed that it's "excellent fit to national data" occurred because it is simply a transformation of wage and profit data under conditions of a slowly changing distribution of income, while Mankiw showed that to fit international data, the coefficient for capital had to be increased from 0.3 to at least 0.8. My insight that "labour without energy is a...

Read More »

Friede Gard Lecture 03 Market Demand Curve

The vision of consumers as utility-maximizers, and the downward sloping market demand curve--so that the quantity demanded of a product rises as its price falls--both seem so plausible. But the former has been contradicted by a very well-structured experiment, while the latter cannot be derived mathematically without incorporating the distribution of income as a fundamental aspect of economics--and Neoclassical microeconomics ignores the distribution of income.

Read More »

Friede Gard Lecture 02 Falling Marginal Cost

One of the many signs of the disconnect between Neoclassical economics and the real world is the theory of supply and demand, which has rising marginal cost meeting falling marginal revenue to determine both quantity and price. A century's worth of empirical research has shown that real-world firms have constant or falling marginal cost--not the rising marginal cost fantasy of textbooks--because, thank god, factories are designed by engineers rather than by economists.

Read More »