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Steve Keen
profesor ekonomii i finansów University of Western Sydney. Steve Keen koncentruje się na modelowaniu Minsky’s Financial Instability Hypothesis and Irving Fishera deflację długu. Jest doradcą rządu australijskiego. Ostatnio opublikował “Debunking Economy”.
Artykuły
There goes the neighbourhood
The last two days have seen the latest monthly data on credit growth in Australia from the RBA, and the latest quarterly data on house prices from the ABS. Together they confirm trends that I’ve identified on numerous occasions between the acceleration of mortgage debt and the change in house prices (Hand of Gov report [...]
Wall Street under siege
The Occupy Wall Street campaign is now in its 17th day–making it easily the longest political protest of the Global Financial Crisis. Unfortunately, even I wasn’t aware of it when I was in New York two weeks ago, a few days after it started, since it received very little coverage from the media prior to the arrest [...]
Deficits And Deleveraging
My focus is and will remain on explaining how the crisis came about, but in the middle of the crisis, government policies have the potential to either lessen the crisis or make it more extreme. Two of the best commentators on sensible policies to lessen the crisis are Yanis Varoufakis and Richard Koo.
Yanis (together with [...]
Recession Sessions: Music for the Great Recession
Recession Sessions is an album of economics-themed songs dedicated to the Great Recession. It’s pioneering the genre of “financial folk”, and raising money for the Somerville Homeless Coalition, a homelessness activism group in Massachusetts.
After all the seriousness on this blog, I’m glad to have some artistic commentary on the Great Recession. Often our tribal memories [...]
Krugman’s Parody of the Minsky Model
I recently fired a stray shot at Paul Krugman over his joke paper “The Theory of Interstellar Trade” (Krugman 2010), for which I have duly apologized. However in that apology I noted that Krugman has also recently published a draft academic paper presenting a New Keynesian model of debt deflation, “Debt, Deleveraging, and the Liquidity Trap: A [...]
How to succeed as an academic economist
A blog participant (Lyonwiss) recently made a comment about the general state of academic economics that was so “spot on” I wanted to share it more widely. I have of course followed the exact opposite of the conventional route to publishing success that Lyonwiss outlines here–and I’ve encountered the negative consequences he notes, of rejection [...]
Bernanke’s mistake on deflation
Debt reduction is now the real story of the American economy, just as real story behind the apparent free lunch of the last two decades was rising debt. The secret that has completely eluded Bernanke is that aggregate demand is the sum of GDP plus the change in debt. So when debt is rising demand [...]
Two Timelines for the Global Financial Collapse
1995
Steve Keen concludes his JPKE paper “Finance and economic breakdown: modelling Minsky’s ’financial instability hypothesis’” as follows:
There are, however, severe doubts as to whether the kind of government that has been constructed over the last thirty years is a sufficiently powerful or balanced stabilizer to capitalist investment behaviour.
From the perspective of economic theory and policy, this [...]
Talking About the Debtwatch Blog
Last month I gave a talk about the Debtwatch blog at Swinburne University of Technology, at the invitation of one of the blog’s most active members, Dr Matt Mitchell. The presentation mainly covers the history of how this blog came about, and gives economic background on the growth of debt in the USA (and Australia) [...]
The GFC: Declaring victory at half time
Last week I took part in a debate entitled “The Great Residential Housing Debate – the next Bubble or a legitimate Boom?” at the annual conference for Perennial Investment Partners in Melbourne, Australia.
We were debating the issue of whether Australian house prices–which are rising rapidly now after only a small fall in 2008–represent a sustained boom, [...]
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