The Dissenter | #964 Steve Keen (@ProfSteveKeen): Rebuilding Economics from the Top Down @TheDissenterRL | Uploaded July 2024 | Updated October 2024, 1 hour ago.
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This show is sponsored by Enlites, Learning & Development done differently. Check the website here: enlites.com
RECORDED ON JUNE 17th 2024.
Dr. Steve Keen is former Associate Professor of Economics at University of Western Sydney, and former Professor and Head of the School of Economics, History and Politics at Kingston University in London. He is now an independent researcher in Economics, as well as a Distinguished Research Fellow at the Institute for Strategy Resilience & Security at University College London. He is the author of several books, the latest one being Rebuilding Economics from the Top Down.
In this episode, we focus on Rebuilding Economics from the Top Down. We first discuss what economics is and its role in society, and the main tenets of mainstream economics, with a focus on supply and demand. We also discuss why these ideas are mainstream, and its real-life consequences. We talk about the 2008 economic crisis and how it should have been dealt with. We talk about an alternative approach to economics based on complex systems theory, and explore the example of how employment rates and wages evolve over time. We also discuss debt, inflation, how prices are determined, how money is created, and the role of banks. We talk about what GDP is, and the differences between financial capitalism and industrial capitalism. Finally, we discuss the risks associated with climate change, and economic solutions to it.
Time Links:
00:00 Intro
00:27 What is economics?
01:30 The tenets of mainstream economics
09:30 Supply and demand
24:35 Why are these ideas the mainstream?
33:35 How economics has real-life consequences
36:37 The 2008 economic crisis
43:29 Complex systems theory in economics
50:54 Employment rates and wages
57:41 Debt
1:04:01 Understanding inflation
1:12:07 How prices are determined
1:14:47 How money is created, and the role of banks
1:27:30 What is GDP?
1:37:43 Financial capitalism and industrial capitalism
1:42:03 The risks of climate change
2:02:37 Economic solutions to climate change
2:05:33 Follow Dr. Keen’s work!
--
Follow Dr. Keen’s work:
Substack: bit.ly/3UKDEW9
ResearchGate profile: bit.ly/3urMyxm
Patreon page: bit.ly/3VGr8aW
Twitter handle: @ProfSteveKeen
--
A HUGE THANK YOU TO MY PATRONS/SUPPORTERS: PER HELGE LARSEN, JERRY MULLER, BERNARDO SEIXAS, ADAM KESSEL, MATTHEW WHITINGBIRD, ARNAUD WOLFF, TIM HOLLOSY, HENRIK AHLENIUS, FILIP FORS CONNOLLY, DAN DEMETRIOU, ROBERT WINDHAGER, RUI INACIO, ZOOP, MARCO NEVES, COLIN HOLBROOK, PHIL KAVANAGH, SAMUEL ANDREEFF, FRANCIS FORDE, TIAGO NUNES, FERGAL CUSSEN, HAL HERZOG, NUNO MACHADO, JONATHAN LEIBRANT, JOÃO LINHARES, STANTON T, SAMUEL CORREA, ERIK HAINES, MARK SMITH, JOÃO EIRA, TOM HUMMEL, SARDUS FRANCE, DAVID SLOAN WILSON, YACILA DEZA-ARAUJO, ROMAIN ROCH, DIEGO LONDOÑO CORREA, YANICK PUNTER, CHARLOTTE BLEASE, NICOLE BARBARO, ADAM HUNT, PAWEL OSTASZEWSKI, NELLEKE BAK, GUY MADISON, GARY G HELLMANN, SAIMA AFZAL, ADRIAN JAEGGI, PAULO TOLENTINO, JOÃO BARBOSA, JULIAN PRICE, EDWARD HALL, HEDIN BRØNNER, DOUGLAS FRY, FRANCA BORTOLOTTI, GABRIEL PONS CORTÈS, URSULA LITZCKE, SCOTT, ZACHARY FISH, TIM DUFFY, SUNNY SMITH, JON WISMAN, WILLIAM BUCKNER, PAUL-GEORGE ARNAUD, LUKE GLOWACKI, GEORGIOS THEOPHANOUS, CHRIS WILLIAMSON, PETER WOLOSZYN, DAVID WILLIAMS, DIOGO COSTA, ANTON ERIKSSON, ALEX CHAU, AMAURI MARTÍNEZ, CORALIE CHEVALLIER, BANGALORE ATHEISTS, LARRY D. LEE JR., OLD HERRINGBONE, MICHAEL BAILEY, DAN SPERBER, ROBERT GRESSIS, IGOR N, JEFF MCMAHAN, JAKE ZUEHL, BARNABAS RADICS, MARK CAMPBELL, TOMAS DAUBNER, LUKE NISSEN, KIMBERLY JOHNSON, JESSICA NOWICKI, LINDA BRANDIN, NIKLAS CARLSSON, GEORGE CHORIATIS, VALENTIN STEINMANN, PER KRAULIS, KATE VON GOELER, ALEXANDER HUBBARD, BR, MASOUD ALIMOHAMMADI, JONAS HERTNER, URSULA GOODENOUGH, DAVID PINSOF, SEAN NELSON, MIKE LAVIGNE, JOS KNECHT, ERIK ENGMAN, LUCY, YHONATAN SHEMESH, MANVIR SINGH, PETRA WEIMANN, PEDRO BONILLA, CAROLA FEEST, STARRY, AND MAURO JÚNIOR!
A SPECIAL THANKS TO MY PRODUCERS, YZAR WEHBE, JIM FRANK, ŁUKASZ STAFINIAK, TOM VANEGDOM, BERNARD HUGUENEY, CURTIS DIXON, BENEDIKT MUELLER, THOMAS TRUMBLE, KATHRINE AND PATRICK TOBIN, JONCARLO MONTENEGRO, AL NICK ORTIZ, NICK GOLDEN, AND CHRISTINE GLASS!
AND TO MY EXECUTIVE PRODUCERS, MATTHEW LAVENDER, SERGIU CODREANU, BOGDAN KANIVETS, ROSEY, AND GREGORY HASTINGS!
#TheDissenter #SteveKeen #Economics
******Support the channel******
Patreon: patreon.com/thedissenter
PayPal: paypal.me/thedissenter
PayPal Subscription 1 Dollar: tinyurl.com/yb3acuuy
PayPal Subscription 3 Dollars: tinyurl.com/ybn6bg9l
PayPal Subscription 5 Dollars: tinyurl.com/ycmr9gpz
PayPal Subscription 10 Dollars: tinyurl.com/y9r3fc9m
PayPal Subscription 20 Dollars: tinyurl.com/y95uvkao
******Follow me on******
Website: thedissenter.net
Facebook: facebook.com/thedissenteryt
Twitter: twitter.com/TheDissenterYT
Podcast: bit.ly/3FeSNqb
This show is sponsored by Enlites, Learning & Development done differently. Check the website here: enlites.com
RECORDED ON JUNE 17th 2024.
Dr. Steve Keen is former Associate Professor of Economics at University of Western Sydney, and former Professor and Head of the School of Economics, History and Politics at Kingston University in London. He is now an independent researcher in Economics, as well as a Distinguished Research Fellow at the Institute for Strategy Resilience & Security at University College London. He is the author of several books, the latest one being Rebuilding Economics from the Top Down.
In this episode, we focus on Rebuilding Economics from the Top Down. We first discuss what economics is and its role in society, and the main tenets of mainstream economics, with a focus on supply and demand. We also discuss why these ideas are mainstream, and its real-life consequences. We talk about the 2008 economic crisis and how it should have been dealt with. We talk about an alternative approach to economics based on complex systems theory, and explore the example of how employment rates and wages evolve over time. We also discuss debt, inflation, how prices are determined, how money is created, and the role of banks. We talk about what GDP is, and the differences between financial capitalism and industrial capitalism. Finally, we discuss the risks associated with climate change, and economic solutions to it.
Time Links:
00:00 Intro
00:27 What is economics?
01:30 The tenets of mainstream economics
09:30 Supply and demand
24:35 Why are these ideas the mainstream?
33:35 How economics has real-life consequences
36:37 The 2008 economic crisis
43:29 Complex systems theory in economics
50:54 Employment rates and wages
57:41 Debt
1:04:01 Understanding inflation
1:12:07 How prices are determined
1:14:47 How money is created, and the role of banks
1:27:30 What is GDP?
1:37:43 Financial capitalism and industrial capitalism
1:42:03 The risks of climate change
2:02:37 Economic solutions to climate change
2:05:33 Follow Dr. Keen’s work!
--
Follow Dr. Keen’s work:
Substack: bit.ly/3UKDEW9
ResearchGate profile: bit.ly/3urMyxm
Patreon page: bit.ly/3VGr8aW
Twitter handle: @ProfSteveKeen
--
A HUGE THANK YOU TO MY PATRONS/SUPPORTERS: PER HELGE LARSEN, JERRY MULLER, BERNARDO SEIXAS, ADAM KESSEL, MATTHEW WHITINGBIRD, ARNAUD WOLFF, TIM HOLLOSY, HENRIK AHLENIUS, FILIP FORS CONNOLLY, DAN DEMETRIOU, ROBERT WINDHAGER, RUI INACIO, ZOOP, MARCO NEVES, COLIN HOLBROOK, PHIL KAVANAGH, SAMUEL ANDREEFF, FRANCIS FORDE, TIAGO NUNES, FERGAL CUSSEN, HAL HERZOG, NUNO MACHADO, JONATHAN LEIBRANT, JOÃO LINHARES, STANTON T, SAMUEL CORREA, ERIK HAINES, MARK SMITH, JOÃO EIRA, TOM HUMMEL, SARDUS FRANCE, DAVID SLOAN WILSON, YACILA DEZA-ARAUJO, ROMAIN ROCH, DIEGO LONDOÑO CORREA, YANICK PUNTER, CHARLOTTE BLEASE, NICOLE BARBARO, ADAM HUNT, PAWEL OSTASZEWSKI, NELLEKE BAK, GUY MADISON, GARY G HELLMANN, SAIMA AFZAL, ADRIAN JAEGGI, PAULO TOLENTINO, JOÃO BARBOSA, JULIAN PRICE, EDWARD HALL, HEDIN BRØNNER, DOUGLAS FRY, FRANCA BORTOLOTTI, GABRIEL PONS CORTÈS, URSULA LITZCKE, SCOTT, ZACHARY FISH, TIM DUFFY, SUNNY SMITH, JON WISMAN, WILLIAM BUCKNER, PAUL-GEORGE ARNAUD, LUKE GLOWACKI, GEORGIOS THEOPHANOUS, CHRIS WILLIAMSON, PETER WOLOSZYN, DAVID WILLIAMS, DIOGO COSTA, ANTON ERIKSSON, ALEX CHAU, AMAURI MARTÍNEZ, CORALIE CHEVALLIER, BANGALORE ATHEISTS, LARRY D. LEE JR., OLD HERRINGBONE, MICHAEL BAILEY, DAN SPERBER, ROBERT GRESSIS, IGOR N, JEFF MCMAHAN, JAKE ZUEHL, BARNABAS RADICS, MARK CAMPBELL, TOMAS DAUBNER, LUKE NISSEN, KIMBERLY JOHNSON, JESSICA NOWICKI, LINDA BRANDIN, NIKLAS CARLSSON, GEORGE CHORIATIS, VALENTIN STEINMANN, PER KRAULIS, KATE VON GOELER, ALEXANDER HUBBARD, BR, MASOUD ALIMOHAMMADI, JONAS HERTNER, URSULA GOODENOUGH, DAVID PINSOF, SEAN NELSON, MIKE LAVIGNE, JOS KNECHT, ERIK ENGMAN, LUCY, YHONATAN SHEMESH, MANVIR SINGH, PETRA WEIMANN, PEDRO BONILLA, CAROLA FEEST, STARRY, AND MAURO JÚNIOR!
A SPECIAL THANKS TO MY PRODUCERS, YZAR WEHBE, JIM FRANK, ŁUKASZ STAFINIAK, TOM VANEGDOM, BERNARD HUGUENEY, CURTIS DIXON, BENEDIKT MUELLER, THOMAS TRUMBLE, KATHRINE AND PATRICK TOBIN, JONCARLO MONTENEGRO, AL NICK ORTIZ, NICK GOLDEN, AND CHRISTINE GLASS!
AND TO MY EXECUTIVE PRODUCERS, MATTHEW LAVENDER, SERGIU CODREANU, BOGDAN KANIVETS, ROSEY, AND GREGORY HASTINGS!
#TheDissenter #SteveKeen #Economics
