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Keen Behavioural Finance 2011 Lecture 11 Global Economic Crisis

Summary:
The remarkable thing was not that I and a handful of others saw this crisis coming, but that so many neoclassical economists had no idea it was approaching. I explain why they failed to see it (by ignoring private debt and believing in a fantasy of economic equilibrium), discuss the empirical dimensions of this crisis ...

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The remarkable thing was not that I and a handful of others saw this crisis coming, but that so many neoclassical economists had no idea it was approaching. I explain why they failed to see it (by ignoring private debt and believing in a fantasy of economic equilibrium), discuss the empirical dimensions of this crisis in comparison with the Great Depression, and present my explicitly monetary macroeconomic model.


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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