Dr. Steve Keen
@ProfSteveKeen
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Help me build a new economics by supporting me on either Patreon or Substack. Debunking Economics, Minsky, Ravel.
London, UK
Joined June 2011
@PermResInitDet @SteB777 It's Don't Look Up rotated 180 degrees @davidsirota Premiering in 48 minutes.
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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.
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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 .
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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 It clings to outdated models that ignore reality.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.
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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.
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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
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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.
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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.
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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.
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Oh David! @davidgraeber. They say only the good die young, but why did you have to be one of them?. There's even more bullshit in the world now that you are no longer with us. It was a pleasure to know you, and it is a tragedy to say goodbye.
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Mainstream economics is fundamentally flawed. Ignoring the role of energy in production is like ignoring the engine in a car. We need models that reflect reality, not fantasies.
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Europe has tried to financially carpet-bomb Greece into submission Yet it offers no alternative vision @paulmasonnews
http://t.co/FiuggEI3sl.
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@paulkrugman DEBT IS MONEY WE OWE TO BANKS.DEBT IS MONEY WE OWE TO BANKS .DEBT IS MONEY WE OWE TO BANKS. .
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Quantitative easing has worsened inequality. It inflates asset prices, benefiting the wealthy who own most assets. Meanwhile, the majority, who own little, see no benefit. This policy deepens the divide, rather than bridging it.
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Unfortunately, she is under serious illusions about how the economy operates, because she believes mainstream economics. Her policies will do the opposite of what she intends: undermine the economy, make the poor worse off, and cause lower growth.
I am under no illusion about the scale of the challenge we face after fourteen years of low economic growth. That’s why we are taking the long-term decisions now to fix the foundations of our economy, so we can rebuild.Britain and make every part of the country better off.
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Quantitative easing has worsened inequality. It inflates asset prices, benefiting the wealthy who own most shares. Meanwhile, the majority, owning minimal shares, see no benefit. This policy deepens the economic divide, setting us up for another crisis.
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I am a scientist and tipping points that may lead to runaway global warming keep me awake at night –Professor Tim Lenton #climatechange @ExtinctionR.
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"Elon Musk is Wrong Again" Top Economist Warns the US
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Renowned economists Michael Hudson & Thomas Piketty meet on the anniversary of Graeber’s death to debate the most serious problems facing today’s finance-capital economies - and what to do. @AnnPettifor @Frances_Coppola @PositiveMoneyUK @Renegade_Inc.
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Mainstream economics resembles a cult, not a science. It clings to outdated beliefs despite contrary evidence. Just as Marx contradicted his Labour Theory of Value, economists ignore anomalies that disprove their models. Real progress demands abandoning these flawed paradigms.
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@US_Stormwatch I wonder if @GovRonDeSantis is thinking that maybe he should take climate change seriously?.
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And thar she blows: 100,000 followers in just under 12 years of tweeting. Thanks for the ride @twitter
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The world’s 1st octopus farm would cram a MILLION of these smart and sensitive creatures into tiny tanks before painfully freezing them to death – but a massive public outcry can help stop it. Sign and share now! #BanOctopusFarming
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Global warming will devastate economies. Assuming no damage to capital, labor, or technology is absurd. We need realistic models to prepare for the future.
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Neoclassical economists ignore the instability of capitalism. Minsky showed that rising debt leads to economic crises. We must abandon equilibrium models and embrace dynamic, far-from-equilibrium approaches.
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Imagine being convinced a bird flies without its wings. That's mainstream economics for you. They ignore the 3 most critical components.
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I've spent 40 years dealing with Neoclassical economists. They sincerely believe they're doing good, which is why they're so dangerous.
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Think of the economy like a game of Monopoly. In Monopoly, the bank never runs out of money. It creates money out of thin air. Now, imagine if the players believed the bank will run out of money.
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Bravo Mariana! Very well put and explained, despite pushback by journalists who have fallen for the mainstream economic narrative.
🔥 Economist @MazzucatoM blows away @RachelReevesMP’s austerity dogma as she explains how cuts such as those to the winter fuel allowance end up costing the economy much more than they save.
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@jeremycorbyn It's screamingly obvious in the data. Before Thatcher deregulated lending for housing, private debt rarely exceeded 60% of GDP in the UK. After then, it tripled, driving house prices up in the process
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Economists Are Vastly Underestimating the Economic Impact of Climate Change @ExtinctionR @Greenpeace @GeorgeMonbiot @nephologue @Limits2Growth.
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The global economy is stagnating due to excessive private debt. During the bubble, too much private debt was accumulated, and not enough was paid off during the downturn. Governments need to run deficits to inject money into the economy and reduce private debt levels.
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Reducing private debt is crucial for economic stability. The golden age of American capitalism thrived on low private debt levels. We must return to this model. The government should use its capability to create money, reduce household debt, and democratize share ownership.
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Imagine trying to fill a bathtub with the drain open. That’s how mainstream economists treat government deficits. They believe deficits are like borrowing from the future, draining resources. But they’re wrong.
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"Don't Study Economics" Top Economist Warns Students
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To reduce economic inequality:. - Implement progressive taxation.- Increase public investment in education.- Strengthen social safety nets. Ignoring these steps deepens the divide.
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To tackle economic instability:. 1) Reduce private debt levels. 2) Implement government spending to stabilize employment. 3) Democratize share ownership. Ignoring these steps leads to repeated financial crises.
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The idea that climate change won't impact most of the economy is absurd. Manufacturing depends on energy and raw materials, both climate-sensitive. Ignoring this leads to gross underestimations of economic damage. We need realistic models that account for these factors.
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The belief that climate change won't affect the economy is absurd. To mitigate its impact:. - Reduce carbon emissions drastically.- Invest in renewable energy.- Implement strict environmental regulations. Ignoring these steps will lead to economic collapse.
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Imagine your household budget. You can't spend more than you earn without going into debt, right? . Now, imagine if you could create money out of thin air.
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The belief that money doesn't matter in macroeconomics is a fallacy. Ignoring the role of banks and private debt leads to flawed models. We must incorporate these elements to understand and manage economic crises effectively.
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The crazy economics behind @RachelReevesMP's belief that freezing pensioners will be good for the economy 1/3. It will destabilize the economy and @UKLabour conference delegates should vote against it @RichardJMurphy @Peston @chakrabortty @OpenLabour
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The belief that money doesn't matter is a fallacy. Money creation by banks drives economic growth. Ignoring private debt and money in economic models leads to flawed policies and instability.
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Mainstream economics fails to grasp the role of energy in production. They mistake their models for reality. Without energy, labor is a corpse and capital is a sculpture. We need to integrate energy into economic models to reflect the real world.
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For those that don’t know, this guy was the co-editor of the Economics chapter for the 2014 IPCC report. This idiotic attitude to global warming was taken seriously by the world’s politicians.
@nephologue @PaulieIsHere @theresphysics @Graham_Caswell @ProfSteveKeen @cwhope @blair_fix @Limits2Growth We'd have to move the crops indoors too, which is surely impossible at scale over the next 10 years -- but may be feasible in 200 years (when the human population is projected to be much smaller anyway).
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Prof Tim Lenton, world's leading expert on tipping points, opens the 3rd clip with "If we carry on as we're doing, I can't see our civilisation lasting past this century".
You’re not listening. This is far far worse than the media is making clear.
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Lex Fridman interviews me about economics, the universe, and everything, for three and a half hours.@lexfridman.
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@carty777 @jasonhickel This is something a lot of non-Americans know (including complicity of the US in the "palace coup" against Australia's Labor Government in 1973), which is why we find it laughable when Americans talk of democracy and "freedom".
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Running a government surplus is like trying to save water in a bucket full of holes. Politicians love to tout the benefits of a surplus, but they ignore the dark reality.
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Mainstream economists think climate change is a minor issue. But a 10°C rise will submerge coastal cities and disrupt global food supply. We need to act now to prevent economic disaster.
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@DianeCoyle1859 Maybe we should rename it the GoHome! Office. Catches their disposition more accurately. I just copped a minor instance: refusing tourist visa to my Dutch-resident Thai-national partner to attend Wimbledon with me.
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This just about sums up the American political “system”.
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May the pandas inherit the Earth. They deserve it far more than we do, after what we’ve done to it.
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Climate change isn't a distant problem. It's happening now, and mainstream economics is failing us. We need to act urgently to mitigate its impacts.
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Mainstream economics fails to grasp the role of energy in production. Ignoring this leads to flawed models and policies that can't address climate change. We must integrate energy into economic models to reflect reality and drive effective climate action.
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'The Euro is a suicide pact' Economist Prof. Steve Keen on Brexit & European Central Bank ending QE @TonyGosling.
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Excellent stuff!.
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@davidgraeber @richardcalhoun @margarethodge When assholes think we're assholes mate, we've got to be doing something right!.
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Quantitative easing has amplified inequality. It drives up share prices, benefiting those who own the majority of shares—the wealthy. Meanwhile, the vast majority of Americans, who own a trivial amount, see no benefit. This policy has deepened the divide, not bridged it.
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The Australian electricity market has always been a disaster waiting to happen. And happen again. And again, as this skit from Clarke (deceased in 2017) & Dawe illustrates brilliantly. Renationalize it!.
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If you draw a bullet in Russian Roulette you're 100% dead. According to rational expectations & subjective probability you're only 17% dead.
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How to test an N95 mask: wear it while your girlfriend eats #Durian. It's prefect: can't smell a thing!
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This is an extremely well written and illustrated article explaining the dangers of tripping climate tipping points. Economists are clueless about these processes and yet we've taken their advice over that of scientists.
“If we’re right about the tipping points, they’re not marginal,” Lenton tells Grist. “They’re existential risks.”
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Neoclassical economists claim money doesn't matter. But money creation by banks fuels production and growth. Ignoring this reality leads to flawed economic models.
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One day, Nordhaus’s work, and that of his fellow Neoclassical dreamers, will be seen as the greatest and deadliest fraud in the history of academic research.
@ProfBillMcGuire @ZombiePanther2 @guardian Yet, our leaders are still following the idiotic Nordhaus DICE model, that says the economic impacts of climate change will be trivial. @ProfSteveKeen .
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Top Economist: Everybody is WRONG about the US Debt Crisis!
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Mainstream economics ignores private debt. Yet, credit is the most important determinant of economic performance. We must integrate credit into our models for accurate predictions.
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Thank you Cory! I've been posting this data and explaining this relationship for 18 years now and you're, to my knowledge, the first other economist to take it seriously.
2/15: There is a strong negative relationship between US bank credit & the unemployment rate. (This was brought to my attention by @ProfSteveKeen (Keen 2011).)
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@DanSeligson @MichaelRoss7 Political scientists know they have an ideology. Economists think they don't. That's why they are so dangerous.
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@nntaleb Do the accounting Taleb. The deficit creates the funds used to buy government bonds. There's no borrowing involved so long as you're financing bonds in your own currency.
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It may start getting very ugly in the next few years. Reality will see a clash between the obsession with austerity and the reality of climate change, while governments and economists still think the former is a good idea, and the latter is not a problem.
@RichardJMurphy And we love you for it Rich …. You and my best buddy @ProfSteveKeen who is also a hero of mine. Just tell me where to be and I will stand firm with you guys.
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@davidgraeber @richardcalhoun @margarethodge You get your friends to say you're brave and humane, that's what. And you're both and much more.
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The Nobel Prize for Mediocrity and Irrelevance Goes To Ben Bernanke… @Noahpinion @RichardJMurphy @Frances_Coppola @AnnPettifor @MacroAlf @rethinkecon.
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I just signed the petition "No prison for protest" objecting to the sentence for @RogerHallamCS21 and colleagues. Add your name here:
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The appallingly bad neoclassical economics of climate change. Open Access in @Globalizations. .@GeorgeMonbiot @XRebellionUK @ClimateHuman @Weather_West @IPCC_CH @MichaelEMann @theresphysics @mark_lynas @dwallacewells .@RichardTol @TedNordhaus.
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@montie It was and is a sign of applying household logic to a national economy & being ignorant of how money is created
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The Bank of England @bankofengland is handing out billions in new public money to Britain's biggest businesses in secret, via the Covid Corporate Financing Facility. This is public money - we deserve to know where it's being spent!
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The Minsky Models of Modern Monetary Theory #TMMOMMT #MMT @StephanieKelton @NathanTankus @billy_blog @rethinkecon @carney @DavidSligar @JohnQuiggin Free access, no paywall. Models attached.
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. @MazzucatoM wins the inaugural #NotTheNobel Prize. Congratulations for this, and for your ideas. Here's to building a relevant, realistic economics.
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Rise & fall of debt & credit over last decade. Visual prepared for my next book due out in April 2017 @politybooks
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Quantitative easing has amplified inequality. It drives up share prices, benefiting those who own the majority of shares—the wealthy. Meanwhile, the vast majority of Americans, who own a trivial amount, see no benefit. This policy has deepened the divide, not bridged it.
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@ClimateHuman They don’t understand Peter. They think it will just mean warmer winters and summers. They don’t realise that the seasons will be upended and the climatic stability that enabled our civilisation to develop will end. Economists reinforce this ignorance. See.
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"Don't Study Climate Change" Top Economist Warns Students
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It's always a good feeling when the page proofs arrive @politybooks The New Economics: A Manifesto
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Why every Australian needs to be given $7,780 NOW to save the economy via @MailOnline. Enough to cover rents, mortgages and food during two to three months isolation.
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Financial models on climate risk ‘implausible’, say actuaries Just where these implausible numbers came from is the topic of a report I've written for @CarbonBubble which will hopefully be published this month.
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Mainstream economists believe climate change will have a trivial impact on the economy. This is absurd because a 10°C rise would submerge Florida and devastate global agriculture. We need to rethink our economic models to reflect the real dangers of climate change.
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@jasonfurman Honestly, I despair of you lot. Bundesbank on the left, Bank of England on the right.
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