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Keen Behavioural Finance 2011 Lecture 06 Part 1: State of Macroeconomics

Summary:
One year after the start of the greatest economic crisis since the Great Depression, the editor of the American Economic Review: Macroeconomics claimed that “the state of macro [theory] is good”. How could be be so deluded? Macroeconomics has been distorted by appalling scholarship and a misguided belief that macroeconomics and microeconomics should be consistent. ...

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One year after the start of the greatest economic crisis since the Great Depression, the editor of the American Economic Review: Macroeconomics claimed that “the state of macro [theory] is good”. How could be be so deluded? Macroeconomics has been distorted by appalling scholarship and a misguided belief that macroeconomics and microeconomics should be consistent. The best critics of this, ironically, are given by the authors most responsible for the state of macroeconomics, John Hicks and Robert Solow


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.

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