The World Today on Keen vs UWS

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I am now in an industrial dispute with the University of Western Sydney over two matters: a charge of "Serious Misconduct" which they leveled at me during the unsuccessful campaign to stop UWS abolishing our Economics degree; and their failure to act on my application for a Voluntary Redundancy within the time required by UWS's Enterprise Agreement.

There will be a hearing at the Fair Work Commission at 2.30pm at 80 William Street Sydney. I would be delighted to see readers of this blog there. This feature by Michael Janda on the ABC's The World Today gives a good overview of the dispute.

Steve Keen's Debtwatch Podcast


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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55 Responses to The World Today on Keen vs UWS

  1. Bhaskara II says:

    I’m not sure that a sum of cur­rency stocks val­ued in dol­lars really has the mean­ing your look­ing for.

    Per­haps a sum if indexes show­ing the growth of each coun­tries cur­rency units.

    Some one out there might have thought it through and has a good measure.

  2. Bhaskara II says:


    Here is the graph you requested from data on the pre­vi­ously linked page, and on the graph. It is done by fit­ting expo­nen­tial curves for the gold stocks and the global cur­rency stocks. The money stock fluc­tu­ates from the curve by less than +/-20%. So, the dot­ted lines shows where the data given in the plot are within the +/-20% error of the curve.

    The equa­tions are the fit fit to the graphs and, t, is time in years. The end­points of the graph are very close to the equa­tion fit lines.

    If that plot was on log-log it is a strait line. This would be valid if the data given and their cal­cu­la­tion meth­ods are valid.

  3. Bhaskara II says:


    Hope­fully this com­ment will allow the graph.

  4. Bhaskara II says:

    Cliffy, Hope­fully graph uploaded.

  5. Bhaskara II says:

    Cliffy, Last try.

    Here are the fit equa­tions if it doesn’t work and you like math.
    It is a para­met­ric plot with the para­me­ter time, t.

    c(t)=4(1.09)^(t-2008) Global cur­rency stock in Tril­lions of $ within +/-20%
    g(t)=90(1.0156)^(t-1970) Gold stock in 1,000 Tones
    (x,y)=( g(t), c(t) )
    On Log-Log paper it’s a strait line.
    You could just trans­fer the points on paper from the graphs.

    Fit to data graphs given in link:

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