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

  1. Bhaskara II says:

    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.

  2. Bhaskara II says:

    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?

  3. Bhaskara II says:

    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.

  4. Steve Keen says:

    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.

  5. Steve Keen says:

    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.

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