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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

My Speech at Occupy Sydney Five Years Ago

Apparently it’s the fifth anniversary of the day I gave this talk, to the Occupy movement in Sydney, in Martin Place, right outside the offices of the Reserve Bank of Australia. The day after, the site was shut down by the police. It seems I was jinxed, because the same thing happened in New York, the day after I simply dropped off a couple of copies of my book Debunking Economics. The speech holds up pretty well, though I’ve developed my technical arguments a lot since then....

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Real Vision interview excerpts. Finance sector as a good servant but lousy master of capitalism

I was interviewed by the Raoul Pal Real Vision online investor TV program recently. This five minute excerpts covers some of the main points, including the cause of the 2008 crisis, and why mainstream economists missed it; why the economy is moribund today; how a "modern debt jubilee" could reduce private debt and enable a recovery in credit-based demand to occur; and the need to reform the finance sector so that it is profitable for it to finance entrepreneurs rather than asset bubbles....

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Kingston 2016 Becoming an Economist Lecture 2: The Mainstream

The first 4 minutes and 42:40 till 52:30 are devoted to administrative and representative issues at Kingston. The rest of the lecture covers the evolution of the "Neoclassical" Mainstream from Walras's puzzle of "Can a set of free markets reach equilibrium in each and every market at once?" to the current criticism of the mainstream by leading Mainstream economists today. NOTE: I didn't record the first lecture of this year's course due to misplacing a necessary cable. If you'd like to see...

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Alternative economics 2: Empirical & Logical Fallacies in Neoclassical economics

Neoclassical microeconomics is based, not on "simplifying" assumptions that omit insignificant details of reality to focus on the significant issues, but on "counter-factual" assumptions which flatly contradict what we know about significant economic issues. I cover: (1) Friedman's methodological assertion that "assumptions don't matter" was actually done to advise economists NOT to read empirical literature contradicting the idea of rising marginal cost [Minutes 1-5]; (2) The logical...

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Alternative economics 1: Credit, Islamic Finance, & Preventing Economic Crises

This is the first third of a workshop on alternatives to Neoclassical economics that I gave in Malaysia on October 15 2016, after giving the keynote speech at the Symposium on Islamic Economics & Finance Education. I cover: (1) the recent change in the attitude of mainstream economists to their own models [Minutes 0-12] (2) building macroeconomic models from macroeconomic identities [12-30] (3) Can equity-based lending prevent crises? [[30-38] (4) Some questions INCLUDING "What is a...

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Olivier Blanchard, Equilibrium, Complexity, And The Future Of Macroeconomics

I have observed and appreciated Olivier Blanchard’s intellectual journey over the last decade. It began in August 2008, with what must be regarded as one of the worst-timed papers in the history of economics. In a survey of macroeconomics entitled “The State of Macro”, he concluded, one year after the financial crisis began, that “The state of Macro is good” (Blanchard, 2008). However, Blanchard did not remain locked into that position, and he had the rare intellectual courage to...

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Health Warning! “Realism” virus afflicting mainstream economists

Some papers that are remarkably critical of mainstream economics have been published recently, not by the usual suspects like myself, but by prominent mainstream economists: ex-Minneapolis Fed Chairman Narayana Kocherlokata, ex-IMF Chief Economist Olivier Blanchard, and current World Bank Chief Economist Paul Romer. I discuss these papers in a tongue-in-cheek introduction to another key problems of unrealism in economics--the absence of any role for energy in both Post Keynesian and...

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