It will come as no surprise that a recent poll indicated that economists are among the least-trusted professionals. They’ve made blundering mistakes on everything from claiming financial crises can happen to not facing the most obvious recessions.
But all that pales into insignificance when inept economists get involved in modeling climate science. A recession we can recover from, but the breakdown of our planet, we cannot.
Host Ross Ashcroft travels to Kakanomics – the leading economics festival in Norway – to talk with the renegade economist Professor Steve Keen to understand the scale of the damage that blinkered ideology has done to the future of our planet.
New Economic Thinking Published on Feb 2, 2014 The financial crisis that ran from 2007 to 2009 has been called a “Minsky Moment,” meaning it offered a much-needed reminder to all economists of Hyman Minsky’s neglected dictum that “capitalism is essentially a financial system.” But even with this reminder, it is hard to know what… Read More
Published on Mar 30, 2017 This lecture covers how Hyman Minsky developed his “Financial Instability Hypothesis” to answer the question “Can “It”—a Great Depression—happen again?”, by combining insights from Marx, Fisher, Schumpeter, Kalecki, and finally Keynes. I show how his model can be explained simply by working from the macroeconomic definitions of employment, income distribution,… Read More
Reproduced from: http://www.debtdeflation.com/blogs/2016/08/19/incorporating-energy-into-production-functions/ Incorporating energy into production functions By Steve Keen August 19, 2016 Debtwatch In my last post on my Debtwatch blog, I finished by saying that the Physiocrats were the only School of economics to properly consider the role of energy in production. They ascribed it solely to agriculture exploiting the free energy of… Read More