Talk on macroeconomics to EcoSoc of NSW

flattr this!

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.
Bookmark the permalink.

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.

Leave a Reply