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Keen OECD NAEC 2018 Realism Not Ideology

Summary:
The OECD established NAEC (“New Approaches to Economic Challenges”; see http://www.oecd.org/naec/) in response to its failure to warn of the economic crisis that began in August 2007, and which led, a year later, to the collapse of Lehman Brothers. This is my ten minute talk to NAEC’s conference “10 Years after the failure of Lehman ...

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The OECD established NAEC (“New Approaches to Economic Challenges”; see http://www.oecd.org/naec/) in response to its failure to warn of the economic crisis that began in August 2007, and which led, a year later, to the collapse of Lehman Brothers.



This is my ten minute talk to NAEC’s conference “10 Years after the failure of Lehman Brothers: What have we learned?” (see


http://www.oecd.org/naec/10-years-after-the-crisis/). I cover the simple reason why mainstream economists didn’t see the crisis coming: because they don’t understand money, and don’t include banks, debt or money in their macroeconomic models



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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