Announcing the Center for Economic Stability AGM

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The Cen­ter for Eco­nom­ic Sta­bil­i­ty Incor­po­rat­ed was first formed in March 2010, with the ini­tial aim of sup­port­ing the Keen Walk to Kosciuszko (which took place in April 2010). That ven­ture was extreme­ly suc­cess­ful, but it took place at a time when–certainly in Australia–there was opti­mism that the  eco­nom­ic and finan­cial cri­sis that began in 2007/08 was over.

One year lat­er, that opti­mism is evap­o­rat­ing around the world, in the face of per­sis­tent bad news. Eco­nom­ic growth in Amer­i­ca, Europe and Aus­tralia is ane­mic, unem­ploy­ment is ris­ing, and stock mar­kets have gone from a sus­tained ral­ly back into near Bear Mar­ket ter­ri­to­ry.

Mean­while, the neo­clas­si­cal econ­o­mists who did­n’t see the com­ing have nonethe­less remained in charge of eco­nom­ic pol­i­cy, and still over­whelm­ing­ly dom­i­nate the aca­d­e­m­ic pro­fes­sion. Hav­ing failed to antic­i­pate the cri­sis, they are now fail­ing to over­come it. Clear­ly, if we leave the eco­nom­ics estab­lish­ment to its own devices, it will con­tin­ue to espouse failed the­o­ries, and apply failed reme­dies. If change is to come to eco­nom­ics, then it has to come from out­side the main­stream of the aca­d­e­m­ic pro­fes­sion, and out­side the tra­di­tion­al bas­tions of eco­nom­ic pol­i­cy.

That is the objec­tive of CfE­SI. It has oper­at­ed with min­i­mal funds in the last year–predominantly dona­tions from read­ers of this blog. If it is to be effec­tive, it has to have sub­stan­tial­ly more fund­ing than can be raised by dona­tions alone, and it needs more than just the time that vol­un­teers can give.

For these rea­sons, the first AGM of the CfE­SI is also the vehi­cle to attempt to gen­er­ate a sub­stan­tial mem­ber­ship base that can fund sev­er­al impor­tant activ­i­ties, includ­ing:

  • Hir­ing a research assis­tant to main­tain the eco­nom­ic data­base that lies behind the empir­i­cal analy­sis of debt-defla­tion pub­lished on the Debt­watch blog;
  • Sup­port­ing the devel­op­ment of “Min­sky”, a new soft­ware pack­age for mod­el­ling the mon­e­tary dynam­ics of cap­i­tal­ism;
  • Enabling pol­i­cy papers based on the Finan­cial Insta­bil­i­ty Hypoth­e­sis to be devel­oped and wide­ly pro­mul­gat­ed.

So please sign up to CfE­SI, and if you can, come along to the AGM:

I hope to see you there. If you can’t make it, I hope you nonethe­less sign up to CfE­SI to sup­port the devel­op­ment of a real­is­tic approach to eco­nom­ic the­o­ry and pol­i­cy. Mem­ber­ship is open to any­one, any­where in the world.

Cheers, Steve Keen

PS CfE­SI has two URLs. The short­est is:

The long ver­sion is

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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.