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Kingston Masters Political Economy Lecture 01: Methodology and the Supply Curve

Steve Keen September 28, 2018 Steve Keen's Debt Watch

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Summary:
This first lecture introduces my section of this subject: five lectures on Neoclassical economics, three on Post Keynesian, and two on Marxian. I start this lecture with the criticisms of Neoclassical economics by The Guardian’s Economics Editor Larry Elliott, and the response of several IFS (Institute for Fiscal Studies) economists arguing that Elliott misunderstood the ...

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This first lecture introduces my section of this subject: five lectures on Neoclassical economics, three on Post Keynesian, and two on Marxian. I start this lecture with the criticisms of Neoclassical economics by The Guardian’s Economics Editor Larry Elliott, and the response of several IFS (Institute for Fiscal Studies) economists arguing that Elliott misunderstood the role of simplifying assumptions in economics. They draw an analogy between simplifying assumptions in economics and the London Tube Map, which they rightly say would be useless unless it made simplifying assumptions.



I then turn to a key “simplifying assumption” in Neoclassical economics–that the marginal cost of production rises as output rises–and show that this is empirically and logically false. So what Neoclassical economists are defending are not simplifying assumptions, but complicating assumptions needed to make a false paradigm appear to work.



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About Steve Keen
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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