Steve Keen’s Debt Watch

I provide a simple numerical explanation of how austerity works at the micro (individual person, industrial sector, or country) and the macro level (country, or group of countries in a currency union).

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...

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).

This lecture models Minsky's Financial Instability Hypothesis and shows that Minsky's vision of a unstable economy emerge from a simple model derived directly from macroeconomic identities for the employment rate, the wages share of GDP, and the private debt to GDP ratio. This is the fourth 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...

This is the third 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). The lecture explains Minsky's Financial Instability Hypothesis and models it in my system dynamics program Minsky

This is the second 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). The lecture continues on the topic of Bank Originated Money and Debt, and explains the macroeconomic significance of admitting the reality that banks create money

This is the first of seven lectures given 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). The topic is the fundamental role of money in a monetary economy--which Neoclassical economics completely misconstrues by modelling capitalism as a barter system.

This was a talk I gave to the inaugural conference for the Right to Work conference in Melbourne on July 21st 2017. I cover a lot of the same topics as in recent talks, but add a focus on Australian data, which I know rather intimately from my own experience of Australia's economic and social history from the 1960s on.

Norway has done a lot of things right, including discovering North Sea oil of course, but unlike the UK, using that to build a sovereign wealth fund, excellent infrastructure, and a diversified industrial base. But it has also accumulated the third highest level of private debt in the world (relative to GDP), and in the last twenty years, real house prices have increased fourfold. It is one of my prime candidates for a financial crisis, which may already be commencing with decelerating...

I have recently estab­lished a Patreon site https://www.patreon.com/ProfSteveKeen, where peo­ple can sup­port my research and advo­cacy work with dona­tions start­ing at $1/month. That is now where I will engage in con­ver­sa­tion in response to posts. So if any­one here wants to con­tinue a dia­logue with me and oth­ers, please sign up there. This site was flooded by a large num­ber of spam users at the same time as I became unable to main­tain my own role in dis­cus­sions here,...