Dave Strickler | Steve Keen: The Big Idea about Private Debt @DaveStricklers | Uploaded August 2016 | Updated October 2024, 3 hours ago.
Originally published on Aug 13, 2016
Steve Keen's BIO: Keen is one of very few economists ( out of twelve worldwide) - globally - who perfectly predicted the 2008 financial crisis. More recently he also predicted the Chinese economic downturn and deflation in Europe.
Keen quoted, "I am Professor of Economics and Head of the School of Economics, Politics and History at Kingston University London. I am also a prominent critic of conventional economics. Economics has come under challenge from pundits, the public and students since the 2007 crisis, and so it should. Mainstream economists failed to anticipate the crisis, not because it was an unpredictable “Black Swan”, but because false pre-determined beliefs meant they ignored the cause of the crisis: banks lending too much money to finance speculation rather than investment.
I did anticipate the crisis because banks, debt and money play an integral role in my dynamic (as opposed to equilibrium) approach to economics. Many mainstream economists think what I do is more like engineering than economics, and I’m proud of that. My book Debunking Economics explains the many logical and empirical flaws in mainstream (and Marxian) economics without using mathematics. It has been translated into Chinese, French and Spanish. I have about 70 other academic publications." unquote - Steve Keen can be followed on twitter at @profSteveKeen and here at debtdeflation.com/blogs
Originally published on Aug 13, 2016
Steve Keen's BIO: Keen is one of very few economists ( out of twelve worldwide) - globally - who perfectly predicted the 2008 financial crisis. More recently he also predicted the Chinese economic downturn and deflation in Europe.
Keen quoted, "I am Professor of Economics and Head of the School of Economics, Politics and History at Kingston University London. I am also a prominent critic of conventional economics. Economics has come under challenge from pundits, the public and students since the 2007 crisis, and so it should. Mainstream economists failed to anticipate the crisis, not because it was an unpredictable “Black Swan”, but because false pre-determined beliefs meant they ignored the cause of the crisis: banks lending too much money to finance speculation rather than investment.
I did anticipate the crisis because banks, debt and money play an integral role in my dynamic (as opposed to equilibrium) approach to economics. Many mainstream economists think what I do is more like engineering than economics, and I’m proud of that. My book Debunking Economics explains the many logical and empirical flaws in mainstream (and Marxian) economics without using mathematics. It has been translated into Chinese, French and Spanish. I have about 70 other academic publications." unquote - Steve Keen can be followed on twitter at @profSteveKeen and here at debtdeflation.com/blogs
