Let 1001 Flow­ers Bloom…

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This is a face­tious way of let­ting you all know that, as of about 5 min­utes ago, there are now 1,000 users (plus yours truly) sub­cribed to this blog.

The aver­age daily unique read­er­ship count is cur­rently 5,500, which I believe implies roughly 3–5 times that many read­ers on a monthly basis.

I also know from feed­back from jour­nal­ists and other cor­re­spon­dents that the com­ments made here are read and appre­ci­ated by a very wide audi­ence. My posts might be the ful­crum, but the con­tri­bu­tions from you all keep the wheels well and truly spin­ning. I’ve also learnt a lot from what has been posted here.

Charles Mackay’s obser­va­tion that peo­ple go mad in crowds, and return to their san­ity one by one, surely applies in this bub­ble. It’s very good to know that the crowd of those who have regained their senses–or never lost them in the first place–numbers at least a thou­sand.

Finally, thank you one and all for the tone that has been main­tained in the dis­cus­sions here.  Most of us know how dis­agree­ments can get out of hand on the Inter­net, with­out the ben­e­fit of body lan­guage to take the edge of words that are some­times said in jest but inter­preted as in anger. It’s been remark­able that with a total now of 4,736 com­ments over one and a half years, that this blog has been an exem­plar of civilised debate.

All the best, Steve

About Steve Keen

I am Professor of Economics and Head of Economics, History and Politics at Kingston University London, and a long time critic of conventional economic thought. As well as attacking mainstream thought in Debunking Economics, I am also developing an alternative dynamic approach to economic modelling. The key issue I am tackling here is the prospect for a debt-deflation on the back of the enormous private debts accumulated globally, and our very low rate of inflation.
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  • home­s4aussies

    Steve, I want to join the cho­rus of con­grats and thanks. I too first “heard” of you with the CPD paper — you deliv­ered (big time) with the emper­i­cal evi­dence of what I had felt in my gut for a long time. It wasn’t just the hous­ing bub­ble. I can recall back in the mid 90s when my accoun­tant wife had her first job in a small, local com­puter man­u­fac­turer and retailer, and they intro­duced the old “4 years inter­est free” to com­pete — we were talk­ing about the bring­ing for­ward of con­sump­tion, and that some day there had to be an “adjust­ment”. You know it’s run it’s course when Myer intro­duces it — to com­pete — and openly expresses con­cerns about how much spend­ing has been brought for­ward!

    Any­way, sin­cer­est thanks for your efforts in bring­ing the debt bub­ble to the atten­tion of Aussies. I don’t know whether you will ever receive the thanks from the pub­lic, or the aca­d­e­mic recog­ni­tion, that you deserve — a lot of bril­liant and deserved peo­ple are not recog­nised in their life­time — but there is no doubt that your aca­d­e­mic field and your coun­try is the richer for your hard work.

  • mahaish

    An nescis, quan­tilla sapi­en­tia mundus regatur”.

    to loosley para phrase

    dont you know then, how lit­tle, wis­dom rules the world”

    thank you steve and all for all your insight and wis­dom.

  • DrewRiskMan­ager

    Greet­ings Steve, thanks for the great site, I’m also a new­bie but have been fol­low­ing you via this site for some time.

    I am a retired Risk Man­ager from the Agri­cul­tural sec­tor, mainly in grains and forex. When I started my career I read alot about Beniot Man­del­brots work in the 1960s in the US cot­ton mar­ket. His way of think­ing that mar­kets were often irra­tional and the need to look past psy­chol­ogy and at the math, has tru­ely been what I owe my suc­cess to. In fact I would dare say that his work has ben­e­fited thou­sands of grain grow­ers across Aus­tralia for more than 30 years. As it became the basis of my risk man­age­ment method­ol­ogy and local mar­ket mak­ing here in Aus­tralia. Keep up the great work and always remem­ber that the all truth passes throught three stages, first it is ridiculed, then vio­lently opposed and then finally accepted as being self evi­dent. If you ever want to dis­miss the widely held myth that most mod­ern econ­o­mists have about “effi­cient mar­ket the­ory”, just send them a copy of Man­del­brots book “the (mis) behav­iour of mar­kets”. Its hard to agrue with a some­one who came up with Choas the­ory and frac­tals. Sorry if any spelling mis­takes here my eye sight is not what it once was.

  • bau­man

    Hey Steve,

    just wanted to say as a non expert in eco­nom­ics, I found your site great from the Aus­tralian per­spec­tive. So much of what is avail­able on the web pri­mar­ily relates to USA or Europe — and its great to find com­ment per­tain­ing to the Aus­tralian con­text.
    Keep up the good work!

  • Your eye­sight might be prob­lem­atic DrewRiskMan­ager,

    But your insight was and is spot on.

    How­ever con­vert­ing econ­o­mists to Mandlebrot’s rea­son­ing has been an unsuc­cess­ful endeav­our. In fact, Man­dle­brot did first work out chaos using the data from cot­ton trad­ing, as you note, but com­pletely failed to gain any trac­tion with econ­o­mists who were look­ing for equi­lib­rium in the data (where none existed of course), and gave up and moved over to geom­e­try and geog­ra­phy. The Man­dle­brot Plot emanated from that work, as did the appli­ca­tion of chaos the­ory to geom­e­try in the con­cept of the frac­tal dimen­sion.

    A revised eco­nom­ics would cer­tainly include Benoit’s wis­dom as part of it, but it will I expect await the retire­ment and/or death of most of today’s (neo­clas­si­cal) econ­o­mists, who really are a lost cause.

  • ca

    Is there any way to tell where your read­ers are from?
    I would expect the num­ber of read­ers to increase as peo­ple look for those who know the truth!

  • DrewRiskMan­ager

    Yes its a pity Steve not more peo­ple take the time to look at this great mans (Mandelbrot)work in eco­nom­ics. His con­cepts cer­tainly help in the often very irra­tional grain and other com­mod­ity mar­kets of the world.

    Thank you for the reply. I must find those glasses of mine before mak­ing com­ments next time.

    Keep up the great work..

  • rooivis

    Hi Steve,
    Thank you very much for the very valu­able site. I’m spread­ing the word hard at work. Quite a few with prop­erty are now look­ing into it. I think one guy may have changed his mind about buy­ing an “invest­ment” (is this an oxy­moron or what) prop­erty.

    Best of luck for the future.

  • speckie

    Con­grat­u­la­tions. Before too long you’ll have 10,000. The site is tes­ta­ment to the power of a par­ti­san posi­tion dri­ven by real intel­lec­tual rigor. The posts are always superbly writ­ten and I find them com­pul­sive.

    You’ve done the com­mu­nity a real ser­vice by stat­ing just how over­val­ued real estate is today. Hope­fully many prospec­tive young home buy­ers will be spared much pain as a result of the mes­sages you’ve pro­vided through your blog site and the print and elec­tronic media.

  • glob­alin­sights

    Thank you, Steve, for your excel­lent blog and your longterm com­mit­ment to a seri­ous and undog­matic analy­sis of eco­nom­ics.

    On another note: let’s have a dose of cheer in the midst of the doom and gloom that has engulfed so many soci­eties as a result of the casino cap­i­tal­ism that reigned, often by stealth, for the last few decades.
    Surely, in time, the cur­rent cri­sis will be over­come and we can all relax a bit. Until then, how­ever, we must all strive to expose what went wrong in the finan­cial cen­tres of the ‘mad­offs’. In doing so we will con­tribute to the con­struc­tion of a more just and sus­tain­able global eco­nomic sys­tem, for the com­mon good of our world com­mu­nity. It will be for the ben­e­fit of us all.
    Please read more on my blog at:

  • pru­dentsaver

    Steve, I think my pre­dic­tions are com­ing true, see the brain­chart I posted here ear­lier:


    Then CHFNOK 6,01, now 5,58, it’s blow­ing up again, and there will not be debt defla­tion, and defla­tion, sim­ply because there will be a new bub­ble, and resump­tion of old bub­bles instead.

  • Bren­dan

    I enjoy the site.
    Let­ting 1001 flow­ers bloom is a bit wor­ry­ing though. 1001 schools of thought con­tent?
    Does this mean we’re going to be topped if The Party does not agree?