Keen to be heard” in BRW

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Business Review Weekly has just published a profile on me and my debt-based macroeconomics, on pages 24-25 of the current issue (February 16-22 2012):

Keen to be heard

The author Nick Gardner has done a very good job of explaining why the change in private debt matters. I'd have to concede that his brief explanation using the actual GDP and change in debt figures for the USA is a lot clearer than most of my chart-laden posts.

That doesn't surprise me. When he was the Business Editor of the Sunday Telegraph, Nick wrote some of the best articles on Australia's economy and finance sector in the mainstream media. Now he is freelancing, blogging at NickGarnerMedia, and tweeting as @nickgardner27.

He also interviewed some of Australia's most successful new business owners for his book How I made my first million. Please read Nick's story in the BRW, and also check out his blog and book.

About Steve Keen

I am a professional economist 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 debts accumulated in Australia, and our very low rate of inflation.
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13 Responses to Keen to be heard” in BRW

  1. koonyeow says:

    Title: It’s Time for That Trench Coat and Sunglasses

    Yet in his home coun­try, this rene­gade econ­o­mist is regarded as some­thing of a quack.”

    Time for that black Armani trench coat and Ray­Ban sun­glasses, Steve?

  2. mfo says:

    How do econ­o­mists prove their answers?
    Answer: By sea­son­ally adjust­ing the questions.

    How do you make truf­fles from turds?
    Answer. By sea­son­ally adjust­ing the recipe.

  3. RickW says:

    @Alainton
    Feb­ru­ary 16, 2012 at 8:04 pm | #
    A report by Dursche Bank pub­lished today says Aus­train House prices are over­val­ued by 39%
    http://www.businessinsider.com/the-most-overpriced-housing-markets-in-the-developed-world-2012–2#australias-home-prices-are-overvalued-by-39–15

    I can­not see Aus­tria in the list!!

  4. Steve Keen says:

    I’d need to prac­tice my kung fu too…

  5. koonyeow says:

    Title: A Response to Steve

    We may need kung fu when the neo-classicals can no longer be rea­soned with.

  6. Steve Keen says:

    If only Keynes, Schum­peter and Fisher (post-1932) had known Kung Fu, we might have been spared the neo­clas­si­cal revival in the first place!

  7. Greg Wood says:

    Nick Gard­ner con­cludes the arti­cle with a sum­mary of what Steve ‘got wrong’.

    Unem­ploy­ment rate? ! ?

    Does Nick believe the ABS def­i­n­i­tion to be the most accu­rate one available?

    This appar­ent short­fall is a great shame as it makes the arti­cle less use­ful as an inde­pen­dent intro­duc­tion to Steve’s debt the­ory than it oth­er­wise would be.

    In say­ing this I’m observ­ing that, in review­ing an unfa­mil­iar the­ory (or the­o­rist), the aver­age per­son will take as much or more account of the implied verac­ity of the the­ory (or the­o­rist) as they do of the actual facts and logic being pre­sented. The lat­ter is seen and weighed in accord with the per­spec­tive of the former.

  8. koonyeow says:

    Title: A Response to Steve, Reloaded

    If only Keynes, Schum­peter and Fisher (post-1932) had known Kung Fu, we might have been spared the neo­clas­si­cal revival in the first place!”

    100% agree.

    http://www.youtube.com/watch?v=12u1nA7bXzc

  9. Steve Keen says:

    Nick was obliged to come up with those three entries by the BRW edi­tor Greg, and I actu­ally nom­i­nated that one for him. I agree that the ABS def­i­n­i­tion is suss, but it’s also true that I expected that level to be breached even by that def­i­n­i­tion, and it wasn’t. Of course, the Rudd stim­u­lus and the FHVB were obvi­ous addi­tional events that weren’t in my orig­i­nal call (i.e., I didn’t say that “even if the gov­ern­ment runs the biggest stim­u­lus in his­tory and rein­tro­duces the First Home Ven­dors Grant, unem­ploy­ment will still exceed 10% on the ABS mea­sure), but those nuances are passed over in pub­lic debate.

    I regard the Roy Mor­gan mea­sure as more valid–clearly–than the ABS, and that’s run­ning at 10% now of course, but it could fall as much as 2% when school leavers start to get jobs. That would put it at 8.5% (roughly), still below the level I thought we’d hit.

  10. Greg Wood says:

    Hi Steve

    Fair enough. i can han­dle you not being perfect.

    The shame is though that peo­ple who don’t want to know the crit­i­cal thing that you are right about will rush to obscure it behind the periph­eral thing that you are partly wrong about.

    I had the use for that inde­pen­dent arti­cle all mapped out until I got to that last part. Such is life. Will just have to wait now for the obvi­ous to become even more bleed­ingly so.

  11. Steve Keen says:

    No go ahead with using it Greg. Any­one who would use that as a rea­son not to con­sider what I’m argu­ing would be impos­si­ble to con­vince anyway.

  12. Greg Wood says:

    I was think­ing of using it as a suc­cinct ref­er­ence arti­cle to back­ground some of your graphs within the court case I pre­vi­ously told you about. We’ve done three weeks of evi­dence now and have another 2 to go.

    My expe­ri­ence to date is that Bar­ris­ters expend much of their effort mak­ing real mean­ings less rather than more clear. I’m quite hor­ri­fied at how they can reduce and mar­gin­alise essen­tial mean­ing whilst expand­ing con­tin­gen­cies into dom­i­nant focus. The sys­tem is expand­ing upon pure momen­tum at present, not intelligence.

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