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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8 Responses to Talks in Germany

  1. Pingback: Talks in Germany | The Money Chronicle | Scoop...

  2. Bhaskara II says:

    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?

  3. Bhaskara II says:

    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.

  4. Bhaskara II says:

    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.

  5. Bhaskara II says:

    Prof. Keen,

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

  6. question4keen says:

    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.

  7. mac123 says:

    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

  8. Steve Keen says:

    Yep, that really says it all!

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