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"Economic systems are some of the most complex on Earth, and understanding them means using the right tools, which we've fundamentally failed to do." Join Steve Keen as he delves into the true essence of economics and its profound impact on human civilization. Discover why he believes the field has lost its way and how adopting engineering principles could revolutionize economic modeling. From the exploitation of high-grade energy sources to the need for respecting life, Steve challenges conventional economic thought and calls for a transformative approach to understanding and sustaining our society. -- Join 10,000 Other Truth-Seekers by Downloading my new 'Funny Money' Bundle for Free at https://new.stevekeenfree.com Are you an engineer, finance, or IT professional? If you are, the
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"Economic systems are some of the most complex on Earth, and understanding them means using the right tools, which we've fundamentally failed to do." Join Steve Keen as he delves into the true essence of economics and its profound impact on human civilization. Discover why he believes the field has lost its way and how adopting engineering principles could revolutionize economic modeling. From the exploitation of high-grade energy sources to the need for respecting life, Steve challenges conventional economic thought and calls for a transformative approach to understanding and sustaining our society. -- Join 10,000 Other Truth-Seekers by Downloading my new 'Funny Money' Bundle for Free at https://new.stevekeenfree.com Are you an engineer, finance, or IT professional? If you are, the
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Editor writes The 2024 economic laureates and more Nobel nonsense
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| "Economic systems are some of the most complex on Earth, and understanding them means using the right tools, which we've fundamentally failed to do." Join Steve Keen as he delves into the true essence of economics and its profound impact on human civilization. Discover why he believes the field has lost its way and how adopting engineering principles could revolutionize economic modeling. From the exploitation of high-grade energy sources to the need for respecting life, Steve challenges conventional economic thought and calls for a transformative approach to understanding and sustaining our society. -- Join 10,000 Other Truth-Seekers by Downloading my new 'Funny Money' Bundle for Free at https://new.stevekeenfree.com Are you an engineer, finance, or IT professional? If you are, the 7-Week Rebel Economist Challenge is for you. If you qualify, I will work closely with you every week to install 50+ years of real economics into you, in only 7 weeks. Working closely with the 5 best applicants this week. Apply here: https://apply.stevekeenfree.com/ -- Who is Dr. Steve Keen? Dr. Steve Keen is an influential economist who has dedicated over 50 years to challenging mainstream economic theories. Since his days as a university student, he has been engaged in a David vs. Goliath battle against conventional economic models. Holding a Ph.D. in economics, Dr. Keen is well-known for his critical analysis and advocacy for more realistic economic approaches. His work emphasizes the importance of accounting for financial instability and incorporates elements of complex systems theory. Engineers, finance professionals, and IT experts will appreciate his methodical breakdown of economic phenomena and his development of the Minsky software, which models financial crises. Dr. Keen's contributions are crucial for anyone seeking a deeper understanding of how economic systems can impact technological and financial environments. His teachings offer valuable insights into the economic forces shaping our world. By following his analysis, professionals can gain a better grasp of economic dynamics that influence their fields. |
After I graduated my professor told me the truth: economics is storytelling.
Religion. Economics is a religion.
Neoclassical economics certainly is.
Economists have been using differential equations since VonNeuman. To say that economists don't understand propeller points or systems is dumb. But, this is the guy that starts this video by saying that economists don't know that we are no longer using sticks and stones
Economists don't even know where money comes from or how it is created.
@@truthseeker5911 where do economists think money comes from?
@@InventiveHarvest From business profits, taxpayers, bondholders and the wealthy, if you listen to anything that they say. An understanding of money creation should be fundamental to economics and of how banking and government finances really operate.
@@truthseeker5911in the US about 3000 new econ papers come out each year. You think that none of these researchers have heard of the federal reserve? We have a whole field looking into monetary supply issues. It's called macro-economics.
@@InventiveHarvest How many of those papers describe how commercial banks create new broad money as credit when they lend rather than lending out their reserves, customer deposits or other 'loanable funds'?
Do those papers describe how the government creates new base money or currency each and every time that it spends a dollar?
Self-interested human tribalism, i.e. the self-interested state, requires economics to perform an authoritarian function, and make an authoritarian contribution to the authoritarian totality during competition in the interstate system, and the evolutionary arms race. The foundational elements of human tribalism are ethnocentrism (“race”), monotheism (any prevailing belief system), and ultra-nationalism (territoriality, securitization, resource protection). This synthesis constitutes an in-group identity defending unique origin story exceptionalism, supremacy, and expansionism, including demonstrates a taxonomy of tribal instincts with authoritarian characteristics (importantly in relationship to out-groups), quite unlike the incorrect assertions of Liberal philosophy “tabula rasa” state of nature. Human tribalism remains compelled by natural selection to achieve success through genetic and environmental hegemony. The primary “church-state system” authoritarian institutional hierarchy of militarism, religion, politics, economics, and culture, are each required to perform an authoritarian function, and make an authoritarian contribution to the authoritarian totality, which maintains the integrity, supremacy, and expansionism of ethnocentrism, monotheism, and ultra-nationalism. In-group/out-group dynamics exist in nation-state and class-based societies between in-group ruling classes and out-group multiracial-multicultural working classes. Tribal imperatives transpire through national exceptionalism, supremacist ideology, expansionist ideology, colonialism, imperialism, and empire. These expressions are present and documented throughout the agrarian mode of production, and maintain continuity with the “tribal synthesis” state of nature during preceding modes of production.
Regarding "equilibrium":
Money is a bookkeeping system of debt. Debt is an imbalance. Money is being used everywhere and always existant, which makes imbalances the permanent default.
So why do economists believe in things balancing to an equilibrium? It is very unlikely to me.
It may be the result of the believe that barter is the main interaction in the economy and money a "medium of exchange". Barter is always balanced, which means, that almost all transactions are balanced. So how economists see the market, cannot be farther from reality. The annoying thing in this context is money. If we do barter, there is no explanation, why it does exist. Declaring it to be a "medium of exchange" is just refusing to acknowledge, that we do not do barter.
The idea of a market is taken from the weekly market, which is a place seen as, where people meet each other, exchange things, and leave. But how to introduce a "medium of exchange" here? Someone has to give eg. 10 pieces of a medium of exchange to everybody and when they leave the market, everybody returns those 10 pieces, since barter means, that there is no imbalance between giving and getting when they leave.
But this was probably never been observed by economists.
So economic thinking is already completely rotten in its core.
Economics has no role in improving people's lives.
Politics determines how wealth is distributed within a country, while wars and diplomacy determine how wealth is distributed between countries.
The citizens of the world's richest country with the most expensive military are enjoying these benefits: Economic inequality, inflation, stagnant real wages for the last fifty years, costly healthcare, an expensive education system, student loan debt totaling $1.7 trillion with an average balance of $38,000, poor public transportation systems, racial inequality, mass incarceration, the militarization of police, deteriorating infrastructure, housing affordability, homelessness, the opioid epidemic, and gun violence.
Economics is the most dangerous and deadly religion. Capitalism was a gigantic crusade and it killed us all in it's death. Are you in heaven or he'll right now?
Comon, the Episode pieces a much too short. Maybe I better wait until the whole interview ist out to get e coherent understanding
With degrees in politics and economics I have studied both pure and applied bullshite. Now we're a military state with our entire focus on profit making for MI-Complex Australia will finally become the cultural desert we've long dreaded as barking mad sergeant-majors drill our young people in militarised schools and universities where the arts and literature will be mocked as feminine and weak while young engineers will grind gears and write code to make our military might the envy of at least the little countries.
Oncology is the way to approach the capitalist economy: chemo and radical surgery.