Talks in Ger­many

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I gave talks to stu­dents in Berlin and Ham­burg last week at the invi­ta­tion of of Rethink­ing Eco­nom­ics groups at Berlin Free Uni­ver­sity and the Uni­ver­sity of Ham­burg. Both groups asked me to cover some of the cri­tiques of main­stream eco­nom­ics that I pro­vide in Debunk­ing Eco­nom­ics, as well as cov­er­ing the mon­e­tary approach to Post Key­ne­sian eco­nom­ics that has been the focus of most of my more recent pub­lic lec­tures.

I included a large num­ber of ref­er­ences to Post Key­ne­sian literature–both to ful­fil the stu­dents’ requests, and to counter Diane Coyle’s claim in the recent BBC Radio 4 doc­u­men­tary Teach­ing Eco­nom­ics After The Crash that the stu­dents’ call to be taught Post Key­ne­sian eco­nom­ics rep­re­sents “going back to the eco­nom­ics of the 1930s and these almost Medieval Scholas­tic debates about what your world view was.” In fact, it’s a call to recog­nise an alter­na­tive research par­a­digm in eco­nom­ics that began 80 years ago and has been ignored by the Neo­clas­si­cal main­stream since the 1970s.

The ref­er­ences are in the last 8 slides of the Ham­burg lec­ture. As I note in that lec­ture, what I cover here is only a tiny frac­tion of the Post Key­ne­sian lit­er­a­ture. If you want a far more thor­ough overview, I rec­om­mend two books by John King:

The for­mer is a com­pre­hen­sive study of the his­tory of Post Key­ne­sian eco­nomic thought; the lat­ter is a guide to numer­ous issues seen from the Post Key­ne­sian per­spec­tive, with con­tri­bu­tions from a large num­ber of cur­rent Post Key­ne­sian econ­o­mists, includ­ing me.

Berlin Lec­ture Pow­er­point Slides: Why Neo­clas­si­cal Eco­nom­ics can’t explain mar­ket demand or sup­ply

Ham­burg Lec­ture Pow­er­point Slides: Why the Neo­clas­si­cal assump­tion of ris­ing mar­ginal cost is a fal­lacy

The Berlin Lecture

The Hamburg Lecture

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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  • Bhaskara II

    I saw this arti­cle title and found it sim­i­lar to my econ books.

    Cen­tral Russ­ian region bans cri­sis… from pub­lic speech”
    Decem­ber 16, 2014 13:47

    Kinda like some areas of eco­nomic litu­ra­ture where there are none of the fol­low­ing:

    Dynam­ics (like the evi­dence shows)
    ODEs
    Equa­tions with time as an indipen­dent vari­able
    Account­ing
    Stocks in addi­ton to the flows.
    Inte­gra­tion (cal­cu­lus’ cal­cu­la­tion of a stock from a flow {and the ini­tial stock})
    Dis­ag­gre­ga­tion (Who’s who, who’s win­ing or loos­ing, and who’s whealthy and who isn’t.)

    Or, is that type of eco­nom­ics just straw men argu­ments, set up for the next the­o­ries in order to sup­port careers? That might fit if there were fol­low on argu­ments to knock the straw men arg­i­ments down. 

    Or is that fog of eco­nomic the­ory used, to pro­duce poor investors and spec­u­la­tors while try­ing to pro­tect fruits of their labors? 

    Or, to dis­tract peo­ple from learn­ing dou­ble entry book­keep­ing and account­ing?

  • Bhaskara II

    The econ pro­gram that Dirk Beze­mer works at requires account­ing.

    He wrote the arti­cle, “No one saw this com­ing. Under­stand­ing finan­cial cri­sis through account­ing mod­els.”

    http://www.rug.nl/staff/d.j.bezemer/teaching
    http://www.rug.nl/bachelors/economics-and-business-economics/programme#intf
    http://www.rug.nl/staff/departments/11669

    Com­ment: The Nether­lands has a long account­ing and busi­ness his­tory after the import of account­ing in the form of the method of
    Venice. It came by Luca Pacioli’s book.

  • Bhaskara II

    Prof. Keen,

    Hear is a neat book. I recomend the sec­tion, Dis­cu­sions in The­ory, for a bet­ter expla­na­tion of D.E. not given in mod­ern texts. Starts on page 14. Hope you enjoy it if you get a chance.

    There are mul­ti­ple copies on line free. It is an old book. The phys­i­cal copy is berter. Sck­ot­land has two copies in her libraries, l found via woldcat.org

    Ancient dou­ble-entry book­keep­ing : Lucas Pacioli’s trea­tise (A.D. 1494, the ear­li­est known writer on book­keep­ing) repro­duced and trans­lated with repro­duc­tions, notes, and abstracts from Man­zoni, Pietra, Mainardi, Ympyn, Stevin, and Daf­forne
    Author: John B Gei­js­beek; Luca Paci­oli
    Pub­lisher: Hous­ton, Tex. : Schol­ars Book Co., 1974, ©1914.

  • Bhaskara II

    Prof. Keen,

    Cor­rec­tion:. I recomend the sec­tion, Dis­cur­sions in The­ory,

  • ques­tion4­keen

    Why do eco­nomic “the­o­rists” not take into con­sid­er­a­tion the mas­sive con­trol over the world econ­omy by the Roth­schilds thru their over­whelm­ing wealth and totally secret influ­ence upon all cen­tral banks and all gov­ern­ment politi­cians espe­cially in the West? 

    Eco­nom­ics” is there­fore a weak at best expla­na­tion of what has hap­pened with­out any hope of under­stand­ing the true forces which cre­ated the past. Know­ing the future is impos­si­ble and “Eco­nom­ics” is noth­ing more than hap­pen­stance.

    It is sim­i­lar to argu­ing about the char­ac­ter­is­tics of the sun while refus­ing to take into con­sid­er­a­tion that the earth is round.

  • mac123

    Thought you might get a laugh out of this. Snip­pet from Charles Darwin’s trip to Syd­ney Cove on Jan­u­ary 12th 1836…

    At last we anchored within Syd­ney Cove.….The num­ber of large houses and other build­ings just fin­ished was truly sur­pris­ing; nev­er­the­less, every one com­plained of the high rents and dif­fi­culty in procur­ing a house”.

    http://literature.org/authors/darwin-charles/the-voyage-of-the-beagle/chapter-19.html

  • Yep, that really says it all!