Occupy Eco­nom­ics

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The Occupy move­ment is broad­en­ing. I was just alerted to the exis­tence of this site:

Econ 4 peo­ple, 4 The Planet, 4 the future

They are call­ing for aca­d­e­mic and pro­fes­sional econ­o­mists to sign up, which I have done.

Occupy Eco­nom­ics from Soft­box on Vimeo.

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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  • RickW

    Here is an Australian’s review of Debunk­ing Eco­nom­ics:

    First time I have seen the blog. One blog­ger has referred to the Aus­tralian School of Eco­nom­ics or Keen­sian School!!

  • steve allder

    Well done Steve. Please keep going. I am watch­ing the events unfold from the UK. It is depress­ing to see these senior politi­cians so clue­less, I guess that reflects they have never actual done any­thing in the real world!

    Any­way, I log in every­day, you are say­ing some­thing very pro­found. Your mes­sage will be heard even­tu­ally because it is right! Thanks.

  • alan stares

    Hi Steve

    Talk­ing to some­one who was in the high ranks of finan­cial man­age­ment. It appears The Estab­lish­ment still believes that the finan­cial cri­sis was caused recently as a result of unreg­u­lated activ­ity which even­tu­ally led to down­right crim­i­nal activ­ity such as the sub-prime scam. They can find no fault with the bankers except naivety over the gold plat­ing of dodgy assets schemes. Of course they think that rein­stat­ing strict con­trols over invest­ment bank­ing aka The Glass Stegel Act would restore sta­bil­ity to the finan­cial sys­tem!

    If our mas­ters con­tinue to hold to this line isn’t a total crash of the bank­ing sys­tem inevitable under these cir­cum­stances as they seem to be obliv­i­ous to the dynam­ics of debt cre­ation?

  • cen­ter­line

    Alan — short answer I think is “yes.” We are headed for a calamity one way or another on the cur­rent path. Is really just a mat­ter of time now. The bank­ing sys­tem, like many other aspects of our soci­ety, is depen­dant on con­stant growth which can­not be sus­tained and is incon­sis­tent on an inde­fi­nate basis with phys­i­cal real­ity. So many folks just hope­lessly lost in details, dogma, etc. Like­wise, social rein­forc­ing makes talk­ing about this stuff almost akin to “insan­ity” it seems. Nor­malcy bias is defi­nately part of the train wreck.

  • I agree Alan. They are still in igno­rance about the cause of the cri­sis, and in denial about its sever­ity. So what they do will be gen­er­ally too lit­tle of the wrong thing. It’s a repeat of the expe­ri­ences of the Great Depres­sion itself.

  • alan stares

    Hi Steve

    Hope you dont get too bored with the sim­plis­tic ques­tions!

    So far it appears to me that you have in the cur­rent finan­cial cri­sis nec­es­sar­ily focussed on the the very real dan­gers of bank cre­ation of pri­vate debt exploited by the Ponzi mer­chants. How much or far is income dis­tri­b­u­tion over time, in a dynamic sense, a fac­tor in desta­bil­is­ing the growth cycle?

    Could one argue that over-accu­mu­la­tion of cap­i­tal and under­con­sump­tion from work­ers encour­ages irre­spon­si­ble lend­ing by the banks and the move­ment by indus­trial cap­i­tal­ists into par­a­sitic finan­cial spec­u­la­tion? I under­stand that from being an adjunct to indus­trial cap­i­tal finance cap­i­tal is now dom­i­nant and doesn’t see any point in wast­ing time on a long winded pro­duc­tion cycle with risky out­comes in the advanced coun­tries.