Talk on macro­eco­nom­ics to EcoSoc of NSW

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I’m speak­ing at a lunchtime sem­i­nar for the Eco­nomic Soci­ety of Aus­tralia NSW Branch on Thurs­day Feb­ru­ary 28th, in the Ground Floor East Sem­i­nar Room of the Reserve Bank of Aus­tralia in 65 Mar­tin Place Syd­ney. The func­tion will start with light refresh­ments at 12.15pm, with a 12.30pm start; it will fin­ish between 1.15pm and 1.30pm.

My topic is “Explain­ing the Cri­sis Using Pri­vate Debt and Aggre­gate Demand” (see the abstract below). It’s free for mem­bers; if you’re not one, I expect that you would have to join the soci­ety to be able to attend. If you’d like to attend, send an email to

Abstract: In this paper I prove that the ex-post iden­tity of aggre­gate demand and aggre­gate income is con­sis­tent with ex-ante demand exceed­ing income. I then show that the empir­i­cal strength of this approach as expla­na­tion not only for the global eco­nomic cri­sis but for the “Great Mod­er­a­tion” which pre­ceded it, and dis­cuss its impli­ca­tions for the impact of the bud­get sur­plus fetish on future eco­nomic growth.

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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  • Steve Hum­mel

    Wis­dom. Or at least it approaches it. Cre­at­ing philo­soph­i­cal and pol­icy sym­me­try with the dis­til­la­tions of human wis­dom (Faith as in Con­fi­dence, Hope, Love and Grace) in the eco­nomic, finan­cial and mon­e­tary sys­tems with a citizen’s div­i­dend and a com­pen­sated retail dis­count would com­plete the job. 

    Reform merely delays inevitable cor­rup­tion because it doesn’t actu­ally change the ideas and inten­tions involved. Change the actual ideas and inten­tions and you actu­ally change the sys­tem. Time for Man and his sys­tems to wake up and grow up by adopt­ing truly humane ideas for BOTH self devel­op­ment AND his sys­tems. Then, if you need to do some regulation…fine. That is what good sci­ence does.…..look instead of relat­ing to things via ortho­doxy. But phi­los­o­phy comes first. Or its just error and stu­pid­ity wait­ing to hap­pen.

  • Steve Hum­mel

    The econ­omy is a dynamic but chaotic sys­tem. Neo-clas­si­cals con­fuse this chaos with equi­lib­rium, and make it into an untouch­able ortho­doxy instead of some­thing that requires philo­soph­i­cal wis­dom and reg­u­la­tory fix­ing on both ends of its nor­mal process (ini­tial pro­duc­tion and retail sale) If the sys­temic errors/definitional con­fu­sions are addressed with ade­quate and aligned poli­cies on both ends it’s like con­tain­ing it within a philo­soph­i­cal con­tainer. And then, no sys­tem being per­fect, reg­u­la­tion will always be nec­es­sary, but at least it serves a sys­tem based on ideas that pro­vide for Man’s psy­cho­log­i­cal needs while also encour­ag­ing the best in Man.