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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

OECD New Approaches to Economic Challenges: Can We Avoid Another Financial Crisis?

This is one of the highlights so far of my life as a rebel economist: giving an invited talk at the OECD. The OECD was one of the formal economic policy groups that wildly misinterpreted the economic data of 2007, believing that it heralded "sustained growth in OECD economies ... underpinned by strong job creation and falling unemployment.” Five years later, they established the New Approaches to Economic Challenges (NAEC) initiative, and they're trying to expand the horizons of economics...

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A quick introduction to modelling in Minsky & preview of the next release

Minsky (the Open Source system dynamics program specifically designed to support monetary macroeconomics, downloadable from https://sourceforge.net/projects/minsky/) is difficult for economists to use, not because it has a poor interface, but because economists are simply unfamiliar with the methods of system dynamics, whereas they are second nature to engineers. In this brief lecture (about 90 minutes), I show how to model both a flowchart model and a double-entry bookkeeping model in...

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The Raconteur Files: how I developed my analysis of credit and crises

This is a rather extempore talk compared to my usual: no Powerpoint slides, but lots of swapping between papers by Minsky, models in Minsky, Mathcad files to show how I developed my mathematical models, and to show the over the top levels of debt that first financed the booms of the 1990s-early 2000s, and then caused the crisis of 2008 and the subsequent slump.

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Exploring Economics Lectures 06: A theory of value for a new political economy

This lecture shows that the Labour Theory of Value is incompatible with the Laws of Thermodynamics and is therefore fundamentally false. This Theory is also incompatible with Marx's dialectical philosophy, which is consistent with the Laws of Thermodynamics and with the philosophy of organicism that Winslow argued underlay Keynes's approach to economics. I show that this philosophy can provide a coherent and structured approach to building a realistic new political economy. This is the...

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Exploring Economics Lectures 05: Making economics consistent with thermodynamics

This lecture shows that the Physiocrats were the only school of thought to be consistent with the Laws of Thermodynamics in their model of production, and derives a production function in which energy plays an essential role. This is the fifth of six lectures I recorded that I gave to the Exploring Economics Summer School (https://www.exploring-economics.org/en/summer-academy/details/) held just outside the city of Erfurt in southern Germany (I recorded all but the second lecture).

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