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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

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...

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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...

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There has to be a better way

Note: This was published as my last column on Business Spectator on April 6th, but it’s now gone missing after News Ltd merged BS with its own in-house stable and changed all the URLs. Given the election and Elizabeth Farrelly’s excellent thought piece in the Sydney Morning Herald “The great tragedy of Malcolm Turnbull“, I thought it was a good time to revive it. One of the disadvantages of growing up is finding in your old age that people you never took seriously in your youth...

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Talk to Momentum at Bedford

Ann Pettifor and I amongst others warmed up for a talk by the Deputy Leader of the Labour Party, John McDonnell. This gave me a chance to put my major theme--that economic crises are caused by private debt bubbles--directly to a potential Chancellor of the Exchequer

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CERN Discovers New Particle Called The FERIR

CERN has just announced the discovery of a new particle, called the “FERIR”. This is not a fundamental particle of matter like the Higgs Boson, but an invention of economists. CERN in this instance stands not for the famous particle accelerator straddling the French and Swiss borders, but for an economic research lab at MIT—whose initials are coincidentally the same as those of its far more famous cousin. Despite its relative anonymity, MIT’s CERN is far more important than its physical...

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Zombies-To-Be and the Walking Dead of Debt

Using the dynamics of credit–which most other economists ignore–I explain why Japan, the USA and UK are among the “Walking Dead of Debt” and why China, Canada, Australia and South Korea are on their way to joining the Debt Zombies. This presentation is based on work I’m doing for a new 25000 word book for Polity Press entitled “Can we avoid another financial crisis?”, which should be published later this year. [embedded content]

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Zombies-To-Be and the Walking Dead of Debt

Using credit--which most other economists ignore--to explain why Japan, the USA and UK are among the "Walking Dead of Debt" and why China, Canada, Australia and South Korea are on their way to joining the Debt Zombies. This presentation is based on work I'm doing for a new 25000 word book for Polity Press entitled "Can we avoid another financial crisis?"

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Transcending the Lucas Critique & simple dynamic modelling with Minsky

The Lucas Critique has ruled economics for the last 40 years, and led it into a dead-end as well. In this talk to the Economics for Everyone conference run by the Post Crash Economics Society in Manchester, I argue that micro-founded models fail because of the emergent properties that characterise complex systems. An alternative approach that transcends Lucas’s well-founded objection to ad-hoc model-building is to build models from strictly true macroeconomic identities. I show that three...

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