Talk­ing Greece, Aus­ter­ity and Plu­ral­ism at the Lon­don School of Eco­nom­ics

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I was invited by the Rethink­ing Eco­nom­ics stu­dent asso­ci­a­tion at the Lon­don School of Eco­nom­ics to give a talk about Greece, Aus­ter­ity, Post Key­ne­sian Eco­nom­ics and antic­i­pat­ing the cri­sis. There was an excel­lent audi­ence of around 150 for the talk, and a good dis­cus­sion after­wards: the stu­dents there are keen (par­don the pun) to learn about non-Neo­clas­si­cal approaches to eco­nom­ics, which are taught at Kingston Uni­ver­sity, but which they said they do not learn from their courses at the LSE itself.

Click here to down­load my slides, and click below to watch the talk on YouTube. I embed­ded a num­ber of Min­sky sim­u­la­tion files in the pre­sen­ta­tion, and if you want to run them, first down­load Min­sky from here and install it. Then click on the Min­sky files after they have “bounced” onto the screen in slides 21 to 28. If you’d like to sup­port Minsky’s devel­op­ment, please make a dona­tion via the link below or on the side­bar. The pay­ment goes directly to Dr Rus­sell Stan­dish, Minsky’s pro­gram­mer.

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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

    Dear Pro­fes­sor Keen,

    Would it be pos­si­ble to include the ques­tions in sub­se­quent videos you post? 

    I think the ques­tions might be quite inter­est­ing or impor­tant.

  • Bhaskara II

    RE: ques­tions

    I have been curi­ous of the fol­low­ing:

    Are there many peo­ple in the audi­ences who know a lit­tle about dou­ble entry or dif­fer­en­tial equa­tions, the two D.E.s?

    Do many already see faults in non-dynamic descrip­tion of dynamic phe­nom­ena? Are more of them from the out­side of eco­nom­ics?

    How glad are they to intro­duced to dynamic mod­el­ing? If so, what is their reac­tion?

    Do the fac­ul­ties want to learn new stuff? Do they think they can? What is their reac­tion? How quick are they to absorb dynam­ics? Is there a latent desire for dynam­ics? Are some really con­vinced of eco­nom­ics not being dynamic? 

    Do you get account­ing ques­tions? Are there any accoun­tants in your audi­ences? What do they ask or con­tribute?

    What kind of things are folks ask­ing? What are they con­tribut­ing?

  • Bhaskara II

    Should have writ­ten:

    How glad are they to be intro­duced to dynamic mod­el­ing?

    Is there a latent desire for dynam­ics math capa­bil­i­ties?

    So, if you want to talk about the audi­ence con­sider those inter­view ques­tions. You can skip my snarky ques­tions.

    A com­ment on my part: 

    I was so very thrilled to come across dynamic econ mod­el­ing through you. At the time I was sit­ting in on a sec­ond macro eco­nomic class. Some thing was very wrong. One of which was, no work­ing dynamic analy­sis, at all. None. 

    I know things and knew dynamic and knew how to do dynamic mod­el­ing. At the time I fig­ured some engi­neers, accoun­tants, and/or broader edu­cated econ­o­mists had put 2 and 2 together. 

    Why accoun­tants? Almost every vari­able in the class was a flow or deriv­a­tive or per­cent­age change, but the vari­ables sin­gle let­ters with out the d/dt. What noth­ing about wealth lev­els? Who owns what? Well account­ing deal with that all the time.

    I just had to find their work. I knew the whole thing would be a lot clearer. No, rea­son to do rein­vent the wheel, some one must have done it. And some one must have writ­ten it down.

    At first I found a lit­tle bit of dynamic math in other econ books. One, nifty equa­tion with deriv­a­tives.

    And then, I loved find­ing Goodwin’s sys­tem! (Good­win cycle the­ory.) Ahh, ha! That is reg­u­lar dynamic math! That is the way. That is how we do it! Then I got to your stuff. I was really thrilled. 

    Now, the macro­eco­nom­ics text book is only used for def­i­n­i­tions of eco­nomic terms. I actu­ally con­sid­ered being eco­nom­i­cal and burn­ing it for heat.

  • But think of your car­bon foot­print Bhaskara–do the right thing and bury it instead!

    I’m writ­ing my lec­tures on dynam­ics for my Kingston Mas­ters class right now–a fairly major revi­sion of con­tent. Next year I’ll put them up on youtube, but for now they’re too early in devel­op­ment to do so.

  • When there are engi­neers present, the ODEs are sec­ond nature to them; they’re often very new to eco­nom­ics stu­dents (and of course human­i­ties). I get some account­ing ques­tions as well, though thanks to Minsky’s abil­i­ties there they are nor­mally now for clar­i­fi­ca­tion rather than chal­leng­ing the logic.