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On this episode, economist Steve Keen offers a deep forensic history of why modern economic theory has neglected the role of energy in productivity - and why this “Energy Blindness” is now a major blindspot in how our culture views the present - and the future. The massive, temporary carbon surplus we've extracted over the last few centuries has resulted in an exponential increase in the standard of living for many. This explosion of global economic growth also happened to coincide with the development of all modern economic theories and formulas, leading to a core misunderstanding in the way our economies are powered. How have technology and innovation been used to cover up the role of a growing energy supply in the last century of rising prosperity? In the midst of discussions between value and labor, where does energy really fit into the equation? Where do we go once we understand the true role of energy in our economy - and will we have the ability to reshape economic policies to be in line with our energy realities? About Steve Keen Steve Keen is an economist, author of Debunking Economics and The New Economics: A Manifesto. His new book, Rebuilding Economics from the Top Down, will be released in 2024. He is a Research Fellow at the Institute for Strategy, Resilience, and Security at University College in London. Steve was one of the handful of economists to realize that a serious economic crisis was imminent, and to publicly warn of it from as early as December 2005. This, and his pioneering work on modeling debt-deflation, resulted in him winning the Revere Award from the Real World Economics Review. Watch on YouTube: https://youtu.be/lrMWSkzrMYg Show notes, and more info: https://www.thegreatsimplification.com/episode/108-steve-keen
On this week's BWB Extra where we get to know Steve Keen a little better. Steve's a Professor of Economics, an Author and winner of the Revere Award from the Real World Economics Review for being the economist “who first anticipated and gave public warning of the Global Financial Collapse in 2008, and whose work is most likely to prevent another one in the future.”If you fancy hearing about why Steve is hell bent on eliminating economics before it eliminates society, then you're in the right place.Steve's Recommendations:The New Economics: A Manifesto - Steve KeenDynamic Economic Systems - John M. BlattBWB is powered by Oury Clark
Steve Keen wants to "eliminate economics before it eliminates society". He talks to us about how mainstream economics is directly linked to climate change. We also chat about the current state of UK politics and society, and why Steve thinks 'stockholder value' is utter bullshit. (that's shareholder value to us Brits).A Professor of Economics and Author - his latest book being 'The New Economics' Steve was the winner of the Revere Award from the Real World Economics Review for being the economist “who first anticipated and gave public warning of the Global Financial Collapse in 2008, and whose work is most likely to prevent another one in the future.”BWB is powered by Oury Clark
Professor Steve Keen, Honorary Research Associate with the Institute for Strategy, Resilience and Security at the University College London, was one of the handful of economists to realize that a serious economic crisis was imminent, and to publicly warn of it from as early as December 2005 (http://mpra.ub.uni-muenchen.de/15892/). This, and his pioneering work on modelling debt-deflation, resulted in his winning the Revere Award from the Real World Economics Review (http://rwer.wordpress.com/) for being the economist whose work is most likely to prevent a future financial crisis. He is author of Debunking Economics, which explains in detail why the orthodox economic theory is not only wrong, but more of a threat to the survival of humanity and the more recent: New Economics: A Manifesto, which gives ideas of how we can shift to a new system of exchanging value.He is co-creator of the Minsky App and of the Ecocore Universal Carbon Credits. In this episode, we explore some of the wilder falsehoods of the currently orthodox model of economics, and dive into the ways we could structure a model that could work differently. Debunking Economics Podcast: https://podcasts.apple.com/gb/podcast/debunking-economics-the-podcast/id1484374606?i=1000552938203Patreon Site: https://www.patreon.com/ProfSteveKeenUniversal Carbon Credits: https://ecocore.org/proposal/
If you missed our recent episode with Professor Steve Keen, you’ll want to go back and listen to it soon. In January he spoke of the inevitability of disastrous climate crises. Now here we are, a few months later: different crisis, same chaos, inescapable tragedy. Although there is much agreement between Steve Keen and our friends in the MMT community, there are a couple of areas where the views diverge. At Macro n Cheese, we’re not afraid of a little disagreement. In fact, we welcome it. We’re all on the same side. Keen believes that during a crisis -- climate or pandemic -- we need a centralized authority to take over and maintain civilization. We've been following the advice of neoclassical economists for about half a century. During the stagflation of the 1970s, Milton Friedman vanquished the last remnants of the Keynesian approach. Thus began the unshakable belief in deregulation, privatization, and globalization. Reduce the size of government and let the market take control. This ideology ignores the crucial fact that the economy exists inside the ecology; without the ecology, there is no economy. Without the ecology, there are no humans. Steve Grumbine brings up Warren Mosler’s assertion that imports are a real value, exports are a real cost. As Mosler asks: which would we rather have, the little green pieces of paper or the cars, phones, and cheap goods we can buy from other countries? Steve Keen vehemently disagrees with this premise. It certainly doesn’t hold up during the kind of crisis we’re facing with the coronavirus. The supply chain is broken and the US is unable to get its hands on an adequate number of ventilators, masks, food and other necessities. He says that we need regional production capability for essential goods. Loopholes in US export tariff laws make it cheaper for companies to spread manufacturing across the globe, wherever they find the cheapest labor and resources. 43 countries are involved in producing the iPhone, for example. During the pandemic, 20 of these nations aren’t shipping to the US. While we can survive without iPhones, some products can be a matter of life and death. Keen and Grumbine discuss the unavoidable comprehensive solutions required in the face of a widespread crisis like this one and debate the concept of a universal basic income. The episode gives us a lot to think about. Professor Keen is a Distinguished Research Fellow at UCL and the author of “Debunking Economics” and “Can We Avoid Another Financial Crisis?” He is one of the few economists to anticipate the Global Financial Crisis of 2008, for which he received a Revere Award from the Real World Economics Review. His main research interests are developing the complex systems approach to macroeconomics, and the economics of climate change. @ProfSteveKeen on Twitter Most of his content on Patreon is free. Subscribe: https://www.patreon.com/ProfSteveKeen https://www.wiley.com/en-us/Can+We+Avoid+Another+Financial+Crisis%3F-p-9781509513727 https://www.zedbooks.net/shop/book/debunking-economics/
If you thought you understood the urgency of climate change, our guest, Professor Steve Keen, will shatter those illusions. We’ll be straight with you, this is not an easy episode to hear - but you need to listen anyway. How can we deal with the effects of climate change if we don’t understand the urgency? Professor Keen won’t sugar coat it but he can back up every statement with facts, figures, and astute analysis. Throughout the interview, he refers to - and debunks - the work of William Nordhaus, who won the Nobel Prize for Economics in 2018 “for integrating climate change into long-run macroeconomic analysis.” From Left Foot Forward: "When future generations ask why humanity delayed taking action against climate change for so long, Nordhaus’s model will be one of the prime suspects. The model, known as DICE – Dynamic Integrated model of Climate and the Economy – is a dangerous gamble for humanity’s future. "Nordhaus’s transgressions are immense. His ‘damage function’ which he uses to estimate global warming damage is incorrect and uses data that has nothing to do with climate change. Despite this, the Intergovernmental Panel on Climate Change (IPCC) uses his model to advise governments about the economic impact of global warming." Nordhaus’s sins trace back to his attacks on 1972’s “Limits to Growth” study. The predecessors to our contemporary climate deniers dismissed its findings, yet it has been proven remarkably accurate. In this interview, Professor Keen compellingly compares facts to fancy. As his home country of Australia is ablaze, he explains why this was predictable. What you learn in this episode will enrage and probably depress you. We can’t afford to ignore it; ignorance is not an option. Professor Keen is a Distinguished Research Fellow at UCL, the author of Debunking Economics (2011) and Can We Avoid Another Financial Crisis? (2017), and one of the few economists to anticipate the Global Financial Crisis of 2008, for which he received the Revere Award from the Real World Economics Review. His main research interests are developing the complex systems approach to macroeconomics and the economics of climate change. @ProfSteveKeen on Twitter https://www.patreon.com/ProfSteveKeen
Joe Brewster, M.D., a graduate of Stanford University and a Harvard Medical School trained psychiatrist, uses his training as a foundation for approaching the social issues he tackles as a producer and director.Brewster wrote and directed THE KEEPER; which was an official selection in the dramatic narrative competition section of the 1996 Sundance Film. Brewster’s work has appeared on PBS, Showtime, MTV, and other broadcast, cable and digital outlets. He is a recipient of Sundance, Tribeca-All Access, Tribeca New Media and BAVC fellowships and numerous honors and awards for his direction and production, including an Independent Spirit Award nomination, the Sundance Special Jury Prize for Excellence in Filmmaking, the African American Film Critics' Association Award, the New York Film Festival Main Slate Selection, Grand Jury Prize for Best Documentary, ABFF; and the Diversity Award, at the SilverDocs International Documentary Film Festival.His most recent film AMERICAN PROMISE made with his wife and directing and producing partner, Michele Stephenson, was nominated for three Emmy’s including Best Documentary, and won the U.S. Documentary Special Jury Award for Achievement in Filmmaking as well as the 2013 African-American Critics Association Award for Best Documentary. Their transmedia work has been supported by Kellogg, Open Society Institute and the Blank Foundation has received awards for outreach and audience engagement including a Henry Hampton Award for Excellence in Film and Digital Media and recent nominations for a 2014 Media Impact Award nomination and 2014 Revere Award by the American Publishers Association
Steve Keen is Professor of Economics and Head of Department of Economics, History and Politics at Kingston University, London. Steve's interpretative analysis is quite different to the norm. Steve likes to be known socially as an anti-economist and has spent 40 years fighting delusion in economics. That delusion has led us into a crisis and Steve may have finally won his battle... or has he? Steve is the winner of the Revere Award for being the economist who most convincingly warned of the economic crisis and whose work is most likely to prevent another one. He topped the poll beating Roubini, Shiller, Soros, Stiglitz and Krugman. Economic Themes: In this interview, Steve mentions and discusses: Keynesian economics, supply, demand and equilibrium,demand curves, Debt/GDP ratio, financial crisis, housing market bubble, IS-LM model, Economists and Economic Schools: In this interview, Steve mentions: Frank Stilwell, John Maynard Keynes, Hyman Minsky, John Hicks, Paul Krugman, Paul Samuelson, Marshallian economics (Alfred Marshall), Walrasian Economics (Leon Walrasian) Find Out: how Steve saw the 2008 financial crisis coming when he investigated Debt/GDP levels. Steve's views on current economic teachings in many school, colleges and universities around the world. what should be done at these colleges and how a pluralist approach to teaching economics is best. about Steve's thoughts on the treatment of Keynesian economics. about Steve's involvement in a Marvel-style comic book dedicated to teaching economics. and much more. You can find all the links and books mentioned by Steve at http://www.economicrockstar.com/stevekeen
In part VIII of our of shows looking at 2011, Dominic Frisby talks to Australian economist Steve Keen of Debtdeflation.com.Steve is Associate Professor of Economics & Finance at the University of Western Sydney, and author of the popular book Debunking Economics (Zed Books UK, 2001; www.debunkingeconomics.com).Steve predicted the financial crisis as long ago as December 2005, and warned that back in 1995 that a period of apparent stability could merely be “the calm before the storm”. His leading role as one of the tiny minority of economists to both foresee the crisis and warn of it was recognised by his peers when he received the Revere Award from the Real World Economics Review for being the economist who most cogently warned of the crisis, and whose work is most likely to prevent future crises.He has over 50 academic publications on topics as diverse as financial instability, the money creation process, mathematical flaws in the conventional model of supply and demand, flaws in Marxian economics, the application of physics to economics, Islamic finance, and the role of chaos and complexity theory in economics. His work has been translated into Chinese, German and Russian.Click here to read Steve's essay of December 2009 on the global debt crisis, Debtwatch No 41, December 2009: 4 Years of Calling the GFC.Click here for more on the book, Debunking Economics. See acast.com/privacy for privacy and opt-out information. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit frisby.substack.com/subscribe
PART 3: Steve Keen — Local Future 2010 Conference on Sustainability: Energy, Economy & EnvironmentQ&A of Steve Keen's SpeechSteve Keen is Associate Professor of Economics & Finance at the University of Western Sydney, Australia and author of the book "Debunking Economics". In 2010, Keen received the Revere Award from the Real World Economics Review for most cogently warned of the crisis, and whose work is most likely to prevent future crises.Steve Keen was given one and a half hours to present at the Local Future event, which gave him the opportunity to present a comprehensive treatment of the dynamics of credit money and the “Global Financial Crisis” (to use the Australian moniker for it) or “Great Recession” (as economists in the US refer to it).DownloadProfessor Steve Keen's website is Steve Keen’s DebtwatchSource: Steve Keen’s DebtwatchAired: 11/13/10 12:00 AMThis podcast is an aggregate of audio files freely available online. Please visit the original source and subscribe to the host website.
PART 2: Steve Keen — Local Future 2010 Conference on Sustainability: Energy, Economy & EnvironmentSteve Keen's SpeechSteve Keen is Associate Professor of Economics & Finance at the University of Western Sydney, Australia and author of the book "Debunking Economics". In 2010, Keen received the Revere Award from the Real World Economics Review for most cogently warned of the crisis, and whose work is most likely to prevent future crises.Steve Keen was given one and a half hours to present at the Local Future event, which gave him the opportunity to present a comprehensive treatment of the dynamics of credit money and the “Global Financial Crisis” (to use the Australian moniker for it) or “Great Recession” (as economists in the US refer to it).DownloadProfessor Steve Keen's website is Steve Keen’s DebtwatchSource: Steve Keen’s DebtwatchAired: 11/13/10 12:00 AMThis podcast is an aggregate of audio files freely available online. Please visit the original source and subscribe to the host website.
PART 1: Steve Keen — Local Future 2010 Conference on Sustainability: Energy, Economy & EnvironmentAaron Wissner’s introductionSteve Keen is Associate Professor of Economics & Finance at the University of Western Sydney, Australia and author of the book "Debunking Economics". In 2010, Keen received the Revere Award from the Real World Economics Review for most cogently warned of the crisis, and whose work is most likely to prevent future crises.Steve Keen was given one and a half hours to present at the Local Future event, which gave him the opportunity to present a comprehensive treatment of the dynamics of credit money and the “Global Financial Crisis” (to use the Australian moniker for it) or “Great Recession” (as economists in the US refer to it).DownloadProfessor Steve Keen's website is Steve Keen’s DebtwatchSource: Steve Keen’s DebtwatchAired: 11/13/10 12:00 AMThis podcast is an aggregate of audio files freely available online. Please visit the original source and subscribe to the host website.
Land rent, Economic rent, Financial regulation: Debt Saturation: Prof Steve Keen sums up the motivating factors for debt as a free hit for policymakers. He also serves up a few critiques of geonomics. All fun and games – www.earthsharing.org.auAustralian economist Professor Steve Keen (University of Western Sydney) winner of the inaugural Revere Award for Economics (2nd and 3rd place finishers Nouriel Roubini of New York University and Dean Baker of the Center for Economic and Policy Research) and judged the economist who first and most cogently warned the world of the coming Global Financial Crisis argues that we are in a period of debt deflation and unemployment induced by debt saturation – particularly in the private sector – and deleveraging. DownloadProfessor Steve Keen's website is Steve Keen’s DebtwatchSource: Renegade EconomistsAired: 4/21/10 12:00 AMThis podcast is an aggregate of audio files freely available online. Please visit the original source and subscribe to the host website.