Saturday , May 28 2022
Home / Steve Keen’s Debt Watch
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

Discussing a Modern Debt Jubilee on Macro’n’Cheese

I dis­cuss a Mod­ern Debt Jubilee On Macro’n’Cheese today, and this is a quick expla­na­tion of how it could be done. Jubilees were com­mon in antiq­ui­ty. The Lord’s Prayer did not orig­i­nal­ly say “And for­give us our sins, as we have for­giv­en those who sin against us”, but “And for­give us our debts, as we also have for­giv­en our debtors”. But an old-fash­ioned Jubilee would reward those who gam­bled with bor­rowed mon­ey, and thus effec­tive­ly penalise those who did not. It...

Read More »

Gisellian demurrage currency

Dr. Keen, I am won­der­ing if you have ever seri­ously con­sid­ered issuance of Gisel­lian cur­rency for coun­tries fac­ing unplayable debt (all of them, as far as I know). The scheme I am imag­in­ing would have these govts pay­ing off bonds due with G-cur­rency. Bond­hold­ers would then, ASAP, spend it on real items in the econ­omy, where it would even­tu­ally end up as wages, where work­ers would spend it, ASAP, on taxes and con­sumer goods. The demur­rage, say 12%/year (= 12 x...

Read More »

Australia’s Economy is a House of Cards

By Matt Bar­rie & Craig Tin­dale. I recently watched the fed­eral trea­surer, Scott Mor­ri­son, proudly pro­claim that Aus­tralia was in “sur­pris­ingly good shape”. Indeed, Aus­tralia has just snatched the world record from the Nether­lands, achiev­ing its 104th quar­ter of growth with­out a reces­sion, mak­ing this achieve­ment the longest streak for any OECD coun­try since 1970. Aus­tralian GDP growth has been trend­ing down for over forty years Source: Trad­ing...

Read More »

Shutting down membership

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,...

Read More »

Brexit debate in London May 31st

I’m tak­ing part in a debate on one of the major top­ics in this year’s elec­tion, Brexit, on May 31st at 7.30pm at Can­ham, 40 Sheen Lane, Lon­don SW14 8LW. The other speak­ers are Frances Cop­pola, and Angus Arm­strong. Frances Cop­pola is an eco­nomic com­men­ta­tor in print and fre­quently on the BBC. Angus Arm­strong is direc­tor of macro-eco­nom­ics at one of the top research insti­tu­tions, the National Insti­tute of Eco­nomic and Social Research founded in 1938. Click...

Read More »

Freezing site/Moving to Patreon & Profstevekeen

I’m freez­ing this site and mov­ing to both Patreon (https://www.patreon.com/ProfSteveKeen) and a new web­site http://www.profstevekeen.com/. There are sev­eral rea­sons: This site’s signup secu­rity failed, and some­thing like 50,000 bot-users have signed up. It’s just too cum­ber­some in Word­Press to delete them selec­tively from here, so it’s eas­ier to move to a new, clean site; I used to be very active in dis­cus­sions here, but the demands on my time became so exces­sive...

Read More »

What if my analysis is used for evil purposes?

One of my Patrons posed a very good question to me: in a nutshell, how would I respond to a politician who took my ideas and perverted them for political gain? Here’s Andre’s full query: Hi Steve, thank you, you’ve given me the gift of some of the most important ideas and explanations I’ve come across in my lifetime. I was wondering how you might respond to a politician who misreads your latest book, and then declares: 1.  People will love me, because Steve Keen says I can become...

Read More »

Can we avoid another financial crisis?

Help me rebuild economics at https://www.patreon.com/ProfSteveKeen Can we avoid another financial crisis? In 2008, conventional economics led us blindfolded into the greatest economic crisis since the Great Depression. Almost a decade later, with the global economy wallowing in low growth that they can’t explain, mainstream economists are reluctantly coming to realise that their models are useless for understanding the real world. How did mainstream economists not see the crisis...

Read More »