Saturday , August 13 2022
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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

Olso talk on the failings of academic economics

Over my 40 year career in economics, economics has declined from a mandatory 40% of most business degrees to just 4%, with that rump due solely to the compulsory economics unit required for certification as an accountant. Let's reform economics by continuing its self-destruction as a University subject. Accountants, why not develop your own "Economics for Accounting" unit?

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Using Minsky for System Dynamics & Engineering

Minsky has some neat features that should appeal to system dynamics and engineering modelers. I gave a brief lunchtime talk at the Norwegian University of Technology ( to members of the Department of Engineering Cybernetics, comparing Minsky to the industry leader Simulink. Though Minsky has nothing like Simulink's power or library of functions, it does some things a lot better than Simulink: notably passing values by variables as well as wires, embedding graphs into a...

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A Critics Guide to MOOCs on the cheap

I think MOOCs (Massively Online Open Courses) are massively overhyped by university administrators who ignorantly fantasize that this will make for cheaper universities with more compliant academics. Doing MOOCs well in fact costs a fortune--far more than the per student cost of a good lecturer--because it costs serious programming dollars to do MOOCs well. That said, MOOCs do enable good academics to communicate to a wider audience, and I've done that moderately effectively via YouTube,...

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From Loanable Funds to Endogenous Money in 20 minutes

This video is part of a blog post I'm writing to follow up on Nick Rowe's excellent work in putting my arguments about the role of the change in debt in effective demand into a form (a) that Neoclassical economists can understand and (b) that accounting zealots can accept does not violate any accounting identities. Here I build a model of Loanable Funds in Minsky, and then convert it into a model of Endogenous money. I'll later post another video that simulates both these models to contrast...

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High-speed Design in Minsky

There's no such thing as a demo that works flawlessly when done live, and this is no exception: I made a few entry errors, and spotted a couple of new bugs in the process. But overall this still shows how easy it is to design a system dynamics model in Minsky.

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Crash Course in Non-Equilibrium Economics Lecture 5A

This final lecture covers the topic of money in economic instability--both the dispute over whether the Neoclassical Loanable Funds or the Post Keynesian Endogenous Money model is more realistic, the economics implications of the latter, and how the Open Source economic modeling program Minsky can be used to model either theory.

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