Uploaded July 2012 | Updated September 2026, 52 minutes ago
Why didn't economists predict the global financial crisis? Because they couldn't, but Dr. Steve Keen did. He won the Revere Award for most clearly and accurately predicting the global recession.
Dr. Keen is author of the 2001 book Debunking Economics, and professor of economics at the University of Western Sydney in Australia.
In this first of four segments, Aaron Wissner, founder of Local Future non-profit, talks with Dr. Keen about how he came to be visiting Toronto, Canada in July 2012; and discusses hedge funds and why it is not surprising that many have collapsed or failed.
Dr. Keen served as keynote speaker at Local Future's 2010 and 2011 conference, and will return to North America in November for Local Future's 2012 conference.
localfuture.org
For more exclusive content with Dr. Keen, search the NewCulture YouTube channel for Keen:
youtube.com/user/newculture/videos?query=keen
This interview was recorded in high-definition in July 2012 at the Fields Institute for Research in Mathematical Sciences at the University of Toronto in Ontario, Canada.
fields.utoronto.ca
Dr. Keen maintains an ongoing blog which documents his research into accurate economic understanding:
debtdeflation.com/blogs
Dr. Keen discussed many concepts, and mentioned many individuals in this interview. Below is a list of terms and articles mentioned:
Tags: neoclassical economics, efficient markets hypothesis, capital asset pricing model, black shoals option pricing, equilibrium, neoclassical economics, cycles, Charles Kindleberger, Hyman Minsky, Brad Delong, mathematical models, EconLit, Matheus Grasselli of McMaster University, dynamics, financially stable, great depression, bankruptcy, stability, Debunking Economics, Capital Account, hedge fund, shares, futures, put option, distribution, sigma, deleveraging, software Minsky, software QED, Paul Krugman, INET Institute for New Economic Thinking, Credit Writedowns, John Maynard Keynes, General Theory, Rod O'Donnell, post-Keynesian, Robert Skidelsky, chapter 12 of the General Theory, long run expectations, Back to the Future, rational expectations, prediction, neoclassical model, magical thinking, financial crisis, Robert Shiller, Alan Greenspan, central bank, liquidity, Dow Jones, downturn, bubble, Savings and Loan Crisis, receivership, banks, economic depression, flip that house, derivatives, mortgages, asset prices, leverage, positive feedback loop, cycle, 1987, private debt, gross domestic product, public debt, mortgage debt, capitalist, property, leverage, housing bubble, Case-Shiller Home Price Indices, real terms, consumer price index, CPI, Japanese asset price bubble, stagnation, speculators, investment, innovation, debt, demand, change in debt, declining sales, Japanese economic stagnation, non-orthodox economist, John Cochrane, Robert Lucas, Thomas Sargent, John Prescott, model, geocentric model, Brad DeLong, Mark Talmer (?), behavioral economics, external shock, Nouriel Roubini, macroeconomic, Dean Baker, epicycles, competition, marginal cost, wages, Robert Solow, business cycle, Federal Reserve, Ben Bernanke, debt bubble, downturn, market economy, speculative bubble, flipping, intellectual framework, Post-Keynesian, put option, collar, speculation, chaotic distribution, variation, five sigma, fat tails, expectations, rational, prediction, irrational exhuberence, derivatives, hedge fund, leverage, feedback, housing bubble, subprime crisis, capitalism
References
* Hyman Philip Minsky -
* Charles Kindleberger - Manias, Panics and Crashes: A History of Financial Crisis
* Steve Keen - Debunking Economics (second edition, newly revised)
* John Maynard Keynes - General Theory of Employment (1937)
* John Maynard Keynes - The "Ex-Ante" Theory of the Rate of Interest (1937)
* Gerd Gigerenze - Rationality for Mortals: How People Cope with Uncertainty (Evolution and Cognition)
Why didn't economists predict the global financial crisis? Because they couldn't, but Dr. Steve Keen did. He won the Revere Award for most clearly and accurately predicting the global recession.
Dr. Keen is author of the 2001 book Debunking Economics, and professor of economics at the University of Western Sydney in Australia.
In this first of four segments, Aaron Wissner, founder of Local Future non-profit, talks with Dr. Keen about how he came to be visiting Toronto, Canada in July 2012; and discusses hedge funds and why it is not surprising that many have collapsed or failed.
Dr. Keen served as keynote speaker at Local Future's 2010 and 2011 conference, and will return to North America in November for Local Future's 2012 conference.
localfuture.org
For more exclusive content with Dr. Keen, search the NewCulture YouTube channel for Keen:
youtube.com/user/newculture/videos?query=keen
This interview was recorded in high-definition in July 2012 at the Fields Institute for Research in Mathematical Sciences at the University of Toronto in Ontario, Canada.
fields.utoronto.ca
Dr. Keen maintains an ongoing blog which documents his research into accurate economic understanding:
debtdeflation.com/blogs
Dr. Keen discussed many concepts, and mentioned many individuals in this interview. Below is a list of terms and articles mentioned:
Tags: neoclassical economics, efficient markets hypothesis, capital asset pricing model, black shoals option pricing, equilibrium, neoclassical economics, cycles, Charles Kindleberger, Hyman Minsky, Brad Delong, mathematical models, EconLit, Matheus Grasselli of McMaster University, dynamics, financially stable, great depression, bankruptcy, stability, Debunking Economics, Capital Account, hedge fund, shares, futures, put option, distribution, sigma, deleveraging, software Minsky, software QED, Paul Krugman, INET Institute for New Economic Thinking, Credit Writedowns, John Maynard Keynes, General Theory, Rod O'Donnell, post-Keynesian, Robert Skidelsky, chapter 12 of the General Theory, long run expectations, Back to the Future, rational expectations, prediction, neoclassical model, magical thinking, financial crisis, Robert Shiller, Alan Greenspan, central bank, liquidity, Dow Jones, downturn, bubble, Savings and Loan Crisis, receivership, banks, economic depression, flip that house, derivatives, mortgages, asset prices, leverage, positive feedback loop, cycle, 1987, private debt, gross domestic product, public debt, mortgage debt, capitalist, property, leverage, housing bubble, Case-Shiller Home Price Indices, real terms, consumer price index, CPI, Japanese asset price bubble, stagnation, speculators, investment, innovation, debt, demand, change in debt, declining sales, Japanese economic stagnation, non-orthodox economist, John Cochrane, Robert Lucas, Thomas Sargent, John Prescott, model, geocentric model, Brad DeLong, Mark Talmer (?), behavioral economics, external shock, Nouriel Roubini, macroeconomic, Dean Baker, epicycles, competition, marginal cost, wages, Robert Solow, business cycle, Federal Reserve, Ben Bernanke, debt bubble, downturn, market economy, speculative bubble, flipping, intellectual framework, Post-Keynesian, put option, collar, speculation, chaotic distribution, variation, five sigma, fat tails, expectations, rational, prediction, irrational exhuberence, derivatives, hedge fund, leverage, feedback, housing bubble, subprime crisis, capitalism
References
* Hyman Philip Minsky -
* Charles Kindleberger - Manias, Panics and Crashes: A History of Financial Crisis
* Steve Keen - Debunking Economics (second edition, newly revised)
* John Maynard Keynes - General Theory of Employment (1937)
* John Maynard Keynes - The "Ex-Ante" Theory of the Rate of Interest (1937)
* Gerd Gigerenze - Rationality for Mortals: How People Cope with Uncertainty (Evolution and Cognition)
