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Student Debt Abolishment: A Game-Changer

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Student Debt Abolishment: A Game-Changer

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Student Debt Abolishment: A Game-Changer
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.

12 comments

  1. What do you think about this? Responding to the best comments.

  2. !Mr. Micheal Hudson!

  3. So why debt at all? Just let the government pay what the students need to study.

    • The potential problem is inflation in the cost of education. Inflation for two possible reasons.

      (1) Demand Inflation: Universities raise tuition to increase profits without increased production costs;

      (2) Supply Inflation: Universities raise tuition to cover the increased costs due to production limits.

      Inflation problem (1) can be solved by making education non-profits businesses.

      Inflation problem (2) can be solved by increasing production capacity.

    • @@RedWinePlease so no problem at all.

    • @@ThomasVWorm
      Well, maybe.
      if there is political will for public and private colleges to be non-profit.
      if it's possible to increase capacity to keep marginal costs the same or lower.

  4. Magic math !…well is the govern cancel debth ….what?will vanish…meaby a refaund from university make more sense

  5. If I lived in America, I wouldn't be studying rn. Thank god I'm in europe

  6. Student loans shouldn't be abolished or paid in any way.

  7. The US has to change its system. In Germany you pay 330 Euro for 1 Semester. This includes a public transportation ticket. Than you pay 120 Euro per month for health insurance. Students finish their studies with no debt at all. If they applied for state help (called BaföG) you pay back half of the money you got from the state. So if you get 600 Euros per month for 4 years, you owe around 14.500 Euros, which you can pay back in small steps.

    • Absolutely! The decision to charge fees was stupid in so many (Neoliberal) ways, including some students coming to feel that they deserved their degrees because they had paid for them. Grade inflation also occurred at universities now dependent on student fees–and also their graduations–for their financial survival. It was and remains a disastrously bad idea.

  8. @christopherdobbie

    Arguing moral hazard when the system has no morals. lol

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