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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2 Responses to Talk on macroeconomics to EcoSoc of NSW

  1. Steve Hummel says:

    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.

  2. Steve Hummel says:

    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.

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