Tuesday, October 2, 2018

Steve Keen - How Economics Became a Cult

This is so good, Steve Keen very concisely described his theories in a way I have never heard him talk about them before. This isn't for the general public.  It's very advanced and he touches on religion, philosophy, Karl Marx, Hegel 's dialect along with advanced mathematics.

Steve Keen says economics students nowadays don't learn the type of advanced mathematics that students did in his time, what they learn is mythamatics, he adds.

Steve Keen puts the un-equilibrium theories from physics into his theories which are based on the Minsky model. He says he was a software designer for 15 years and his computer models look nothing like the spread sheets that economists are used to. He says with more time and money he will be able to simplify his models so people will more people will find them easier to understand.

I never knew economics could get advanced as this bringing into the equations human nature, philosophy, thesis, antithesus, and synthesis. The individual and the collective hold a dynamic that can never be broken, but the mainstream economists have just concentrated on the individual to our peril.

I would love to be able to do what Steve Keen does, it must be so interesting.

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Matt Franko said...

“ never knew economics could get advanced as this bringing into the equations human nature, philosophy, thesis, antithesus, and synthesis“

Well that’s good kaivey because they don’t train any of that under a science methodology.... that describes a liberal art methodology...

Keen was never trained in science... he has a Liberal Arts Degree.... so he can be seen predicting debt doomsdays all the time which never happen....

AXEC / E.K-H said...


Stop beating mainstream economics ― it is long dead

Macroeconomics ― dead since Keynes

Economists: political trolls since 200+ years

Where advanced Heterodoxy — represented by Steve Keen — took the wrong turn

The economist as standup comedian

If it isn’t macro-axiomatized, it isn’t economics

How to restart economics

Egmont Kakarot-Handtke

#Economics #FailedScience #FakeScience #CargoCultScience #ScientificIncompetence #OrthodoxEconomics #HeterodoxEconomics #Pluralism #PoliticalEconomics #ParadigmShift #NewParadigm #Science #MacroFoundations

Konrad said...

“Keen can be seen predicting debt doomsdays all the time which never happen...”

I don’t know what Keen predicts, but private debt doomsdays happen all the time.

They result in bankruptcies, foreclosures, business failings, professional license revocation, and (in many states) prison.

Incidentally, last week I purchased a pet parrot. The pet store told me he can learn to talk, but they lied to me.

All he ever says is,
Art major!
Art major!
Art major!

Konrad said...

By “economics,” Keen refers to neoliberal economics, which is the exact opposite of real or truthful economics.

EXAMPLE: Neoliberal economics refers to owned and captive markets as “free markets.”

EXAMPLE: When oligarchs bribe politicians to write laws so that oligarchs can monopolize international trade, neoliberal economics calls this “free trade.”

EXAMPLE: According to neoliberal economics, fiscal austerity creates prosperity for the masses.

EXAMPLE: According to neoliberal economics, the U.S. and U.K. governments run on loans and on tax revenue, and both governments have a “debt crisis.”

EXAMPLE: According to neoliberal economics, “There’s no such thing as a free lunch,” even though the rentier class gets a free lunch every day, and even though monetarily sovereign governments create money out of thin air for free.

EXAMPLE: According to neoliberal economics, there is no need for government, even though neoliberal oligarchs depend on government to maintain the oligarchs’ monopolies and rent structures.

Neoliberalism is a cult because you must preach neoliberal lies if you want a job as an economics professor, or a job in the corporate media outlets. Or if you want to be a politician. If you fail to chant the false dogma, you are cast out of the cult.

Kaivey said...

I knew a theatrical physicist once who used to say the mathematicians at his university were in another league to him. Steve Keen is very good mathematician and so may understand much of theatrical physics as well as the theoretical physicists do, well at least their equilibrium theories.

Konrad said...


The Russia-gate hoax has become hilarious.

I did not see the movie Star Wars: The Last Jedi, but 90% of comments about it on social media are very negative.

Audiences complain about the movie’s man-bashing, militant identity politics, its smearing of canonical characters, and most of all its lame and incoherent storyline. (Again, I myself did not see the movie.)

Disney Studios and director Rian Johnson responded to this audience opprobrium by repeatedly calling anyone who disliked the movie a racist, sexist, bigot, homophobe – all the usual trash.

Disney’s vile attacks on its customers made its customers hate The Last Jedi more than ever.

Now we are being told that the reason why audiences hated The Last Jedi is that the Russians “meddled” in it!

In case you think I am joking...


GLH said...

A few years back right after John Steward made his Iran bashing movie I watched a show where someone was being roasted, I think it was Kevin Hart. When it was Steward's time to talk he suggested to Hart that the blacks and the Jews should unit and, "Get whitie." I took it to mean that the two groups - one a race and one a religion- should go after white people. Since then I have noticed a proliferation of black shows on tv and the white man being left out of the shows except in places where he is weak in every sense of the word. I even started watching CBS;s new black show on Monday and I found out that black people couldn't be racist. Am I being paranoid?