Saturday , August 13 2022
Home / Steve Keen’s Debt Watch (page 22)
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

Incorporating energy into production functions

In my last post on my Debtwatch blog, I finished by saying that the Physiocrats were the only School of economics to properly consider the role of energy in production. They ascribed it solely to agriculture exploiting the free energy of the Sun, and specifically to land, which absorbed this free energy and stored it in agricultural products. As Richard Cantillon put it in 1730: The Land is the Source or Matter from whence all Wealth is produced. The Labour of man is the Form...

Read More »

BBC Hardtalk on reforming economics

This interview, which was just recorded today, will go to air tomorrow. The broadcast details are: BBC News Channel: 02.30 BST, 04.30 BST and 20.30 BST Tuesday 16th August 2016, and 00.30 BST Wednesday 17th August 2016 And from the 04.30 TX it will then be available within the UK on BBC iPlayer for one year. BBC World News Channel: 03.30 GMT; 08.30 GMT; 14.30 GMT and 19.30 GMT Tuesday 16th August 2016 It will also go out at numerous timeslots on Friday on the BBC World Service....

Read More »

The Big Idea about Private Debt

This is a talk I gave to the Northern Ireland Big Ideas Event organised by NICVA: the "Northern Ireland Council for Voluntary Action" (http://www.nicva.org/event/big-ideas-festival-of-economics). Unfortunately I ran out of time to finish my presentation on why a "Modern Debt Jubilee" is needed to escape from the current economic state of credit stagnation, but I covered why it is this--and not "secular stagnation" that explains the prevalence of low rates of economic growth globally.

Read More »

The need for pluralism in economics

For decades, mainstream economists have reacted to criticism of their methodology mainly by dismissing it, rather than engaging with it. And the customary form that dismissal has taken is to argue that critics and purveyors of alternative approaches to economics simply aren’t capable of understanding the mathematics the mainstream uses. The latest instalment of this slant on non-mainstream economic theory appeared in Noah Smith’s column in Bloomberg View: “Economics Without Math...

Read More »

Inequality, Debt and Credit Stagnation

This was my keynote speech at the French Association for Political Economy (AFEP) annual conference in Mulhouse, France (the other keynote was given–in French–by my good friend Marc Lavoie, who is now based at the University de Paris 13). In this presentation, I: Disparage the “secular stagnation” explanation that Larry Summers has regurgitated for the tepid level of economic growth today. As did Hansen in the 1930s, Summers ponders “why growth would remain anaemic in the absence...

Read More »

Inequality, Debt and Credit Stagnation

What Larry Summers calls "secular stagnation"--which blames the limp economy on slower population growth and technical change--is actually "credit stagnation" due to too high a level of private debt. I explain the logic behind credit being an essential component of aggregate demand and income; the empirical consequences--including stagnation in the "Walking Dead of Debt" countries and coming crises in the "Future Zombies" countries; and a complex systems approach to economic modeling which...

Read More »

What next after Brexit?

A cliché—“Expect the Unexpected”—has happened. As I noted in “The Divisive Brexit Vote”, though I favoured Brexit, I took the opinion polls at face value, and expected that Britain as a whole would vote to remain in the EU. Instead, in the largest electoral turnout in twenty years, the UK voted 52:48 in favour of leaving the EU. I’ll leave a post-mortem of the vote itself for later; the main interest now is what will happen because of it. Many pundits from the Center, Left and...

Read More »

The Divisive Vote Over Brexit

Andrew Watt has written a passionate critique of my support for Brexit (“Progressive economists should support Remain not Brexit – a response to Steve Keen”), and it highlights a key feature of this peculiar referendum: people who normally find themselves on the same side in most economic and political debates have been divided by this referendum. Andrew comments that he broadly agrees with my economic analysis on most issues, but vehemently opposes me here. Likewise, good friends...

Read More »