Steve Keen

Professor of Economics and Finance
University of Western Sydney

Steve Keen 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 modeling debt-deflation, resulted in him 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 maintains a highly influential blog on economics (www.debtdeflation.com/blogs) and his book Debunking Economics is a classic exposition of why Neoclassical economic theory is not only wrong, but more of a threat to the survival of capitalism than any number of left-wing revolutionaries (a second edition will be published in September 2011).

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). He has over 70 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.

His blog Steve Keen’s Debtwatch (http://www.debtdeflation.com/blogs) makes his non-orthodox approach to economics available to the public. The site has 11,000 subscribers and about 50,000 unique readers each month.

Steve’s pre-academic career included stints as a school librarian, education officer for an NGO, conference organizer, computer programmer, journalist for the computer press, and economic commentator for ABC Radio.

My Video Content

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The financial crisis that ran from 2007 to 2009 has been called a "Minsky Moment," meaning it offered a much-needed reminder to all economists of Hyman Minsky's neglected dictum that "capitalism is essentially a financial system." 
 
But even with this reminder, it is hard to know what to do next, since it is difficult to express Minsky's vision using the standard equilibrium methods of economics. Arguably that is one reason that Minsky has remained a minority taste in economics.  
 
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Panel titled "Economics and the Powerful: Faulty Analysis, Economic Advice, and the Imperatives of Power" at the Institute for New Economic Thinking's "Changing of the Guard?" conference in Hong Kong. Featured panelists include Norbert Haring, INET Grantee Steve Keen, and INET Advisory Board member Robert Lord Skidelsky, with INET Executive Director Rob Johnson moderating.

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INET Grantee Steve Keen speaks at INET's "Changing of the Guard?" conference in Hong Kong about his work on modeling disequilibrium. 

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Steve Keen, Professor in Economics and Finance, University of Western Sydney speaking at the breakout panel entitled "Instability in Financial Markets: Sources and Remedies" at the Institute for New Economic Thinking's (INET) Paradigm Lost Conference in Berlin. April 14, 2012. #inetberlin

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Discussion and Q&A at the panel entitled "Managing the Global Commons: Growth, Inequality, and New Thinking for Sustainable Economics" at the Institute for New Economic Thinking's (INET) Paradigm Lost Conference in Berlin. April 14, 2012. #inetberlin

My Grants

Most members of the public would be stunned to learn that the models economists use to manage the macro-economy ignore money, and that they assume the economy is stable. Surely “Money makes the world go round”, and the economy is inherently turbulent? Here the public is right and Neoclassical economists are wrong.