If you have a sane economy, and by sane economy I mean one which is not addicted to debt, not a Ponzi economy, then the change in debt each year should contribute a minor amount to demand. Therefore, if you… — Steve Keen Copy Share Image
“We should look closely on what is happening at the moment, guys with little moustaches can pop up everywhere now given this instable economic… — Steve Keen Copy Share Image
“A period of tranquil growth thus leads to rising expectations, and a tendency to increase leverage: as Minsky put it in his most famous… — Steve Keen Copy Share Image
“Neoclassical economics has effectively insulated itself from the great advances made in science and engineering over the last 40 years. This self-imposed isolation must come to an end. For while the concepts of neoclassical economics appear difficult, they are actually quaint in comparison to the sophistication evident in today's mathematics, engineering, computing, evolutionary biology and physics. In order to advance,… — Steve Keen Copy Share
“The fallacy that dynamic processes must be modeled as if the system is in continuous equilibrium is probably the most important reason for the intellectual failure of neoclassical economics. Mathematics, science and engineering developed tools long ago to model outside of equilibrium processes. This dynamic approach to thinking about the economy should become second nature to economists.” — Steve Keen Copy Share
“An essential pedagogic step here is to relegate the teaching of mathematical methods in economics to mathematics departments. Any mathematical training in economics, if… — Steve Keen Copy Share Image
“As Thorstein Veblen correctly surmised over a century ago, the failure of economics to become an evolutionary science is the product of the optimizing… — Steve Keen Copy Share Image
“From this failure to expunge the microeconomic foundations of neoclassical economics from post-Great Depression theory arose the "microfoundations of macroeconomics" debate, which ultimately led… — Steve Keen Copy Share Image
If you have a sane economy, and by sane economy I mean one which is not addicted to debt, not a Ponzi economy, then… — Steve Keen Copy Share Image
“Economics also has to become a fundamentally monetary discipline—from the consideration of how individuals make market decisions through to our understanding of macroeconomics. The… — Steve Keen Copy Share Image
“...If you look at mainstream economics there are three things you will not find in a mainstream economic model - Banks, Debt, and Money.… — Steve Keen Copy Share Image
Engineers do engineering, i.e. they build bridges. So engineering needs engineers. The economy does NOT need economists. Economists do not make economy, but they… — Steve Keen Copy Share Image
