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Prof. Steve Keen
124.6K posts
Prof. Steve Keen
@ProfSteveKeen
Predicted the 2008 financial crisis years early. Honorary Professor at UCL. Learn 50+ years of real economics in only 7 weeks. Apply below on my website.
I have tears in my eyes because the NHS has discovered a tear in my retina just 2 days after I first saw symptoms and 3 hours after I came to Moorfields Eye Hospital. I’m just about to get laser surgery. Without the NHS I could have gone blind. Austerity undermines society.- Priceless commentary by Downey at the end. Listen, laugh and weep all at once.Robert Downey Jr visiting Wall Street for a documentary in the early 90s
- Neoclassical economics is a cult, not a science. It clings to outdated models that ignore reality. We need an economics grounded in realism, not fantasy.
- I'm calling out the lie that housing is unaffordable due to "supply issues" After analyzing data from the top 15 countries over 50+ years, I can prove it's actually banks that did this. They've been allowed to pour unlimited mortgage money into housing markets worldwide.
- God I miss this guy. Both a good friend, and a great intellect and raconteur who could cut through bulls£it like no-one else.It’s amazing how clearly he lays it out and how literally no one has picked it up.
- If you're studying economics and being taught that banks create money via "Fractional Reserve Banking", you're being taught a myth. See my sample lecture from my new course starting next week. Sign up at stevekeenfree.com/funny-money-vi…
00:00 - To avoid economic stagnation: 1) Stop equating government budgets with household budgets. 2) Focus on reducing private debt, not public debt. 3) Implement policies that increase the money supply in the economy. Ignoring these steps leads to economic downturns and crises.
- Neoclassical economists underestimate climate change's impact. A 1.4% GDP fall prediction is laughable. Realistically, we face total economic collapse if we don't act now. It's time to rethink our economic models and policies.
- The Dead Parrot of Mainstream Economics
- The myth that everyone benefits from rising share prices is just that—a myth. The working class owns a trivial amount of shares, while the rich hold the majority. By increasing share prices, we only benefit those who are already wealthy, perpetuating a capitalist oligarchy.
- 50 years ago, I discovered economics textbooks were teaching lies. 71 empirical studies proved the supply curve wrong. Samuelson admitted defeat in 1966 but never updated his textbook. Between 89-99% of firms report constant or falling marginal costs, not rising ones. I spent
- 1/ I've just accomplished something no economist has done in 80 years. For the first time ever, I've created the complete accounting model of Keynes' revolutionary "Bankor" proposal the international monetary system that could have prevented decades of financial crises.
