BBC Hardtalk on reforming economics

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This interview, which was just recorded today, will go to air tomorrow. The broadcast details are:

BBC News Channel: 02.30 BST, 04.30 BST and 20.30 BST Tuesday 16th August 2016, and 00.30 BST Wednesday 17th August 2016

HardTalkPromo

And from the 04.30 TX it will then be available within the UK on BBC iPlayer for one year.

BBC World News Channel: 03.30 GMT; 08.30 GMT; 14.30 GMT and 19.30 GMT Tuesday 16th August 2016

It will also go out at numerous timeslots on Friday on the BBC World Service.

And from early Friday morning it can be downloaded as a podcast – from anywhere in the world – from here: http://www.bbc.co.uk/programmes/p004t1s0/episodes/downloads

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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17 Responses to BBC Hardtalk on reforming economics

  1. Bhaskara II says:

    Prof. Keen,

    If your writing a macro text book, students and professors would like it much better than the current ones in use.

    Blanchard also has realized there is a problem with the aggregate demand model! Well about time. He has a section of his article on how to teach intermediate macroeconomics titled, ‘(Getting Rid of) Aggregate Demand–Aggregate Supply”.

    He never mentioned dynamics, D.E.s, or economic sectors

    “How to Teach Intermediate Macroeconomics after the Crisis?”
    https://piie.com/blogs/realtime-economic-issues-watch/how-teach-intermediate-macroeconomics-after-crisis

    Will Blanchard refund me for his previous book, priced at $100? I got an IMF loan to buy it.

    Is there a possible large profit margin text books you could earn?

    The first paragraph of his article reads, “Having just concluded a seven-year run as chief economist of the International Monetary Fund, and having to rewrite the seventh edition of my undergraduate macroeconomics book (link is external) , I had to confront the issue: How should we teach macroeconomics to undergraduates after the crisis? Here are some of my conclusions (I shall focus here on the short and medium runs; it will take another blog to discuss how we should teach growth theory).”

  2. Bhaskara II says:

    The “short and medium runs” were mentioned quite frequently in his book. But, the math equations in his Macroeconomics book never had the independent variable, time, t.

    That is how I knew the math for the business cycle theory and the growth theory in his book were wrong.

  3. Bhaskara II says:

    His hardcover 7th edition book is listed for $200~260 new on amazon.com (with out shopping)!

    Even more possible profit margin.

    (Not a plug for his book.)

  4. Bhaskara II says:

    So, is the first sentence of his article an faliacious appeal to authority argument?

    I see that fallacy allot while reading economics on the web.

  5. Bhaskara II says:

    Correction:

    First paragraph should have been:

    Evidence that interest in “economic dynamics” has passed the interest in the the theory of “economic equilibrium”!

  6. Bhaskara II says:

    And, looking at the books from 1929 thru 1934 that had the phrase “economic dynamics” turned up only a book by the title of….

    “Credit Expansion, 1920 to 1929, and Its Lesson”, Charles E. Person – 1930

    http://connection.ebscohost.com/c/articles/8553700/credit-expansion-1920-1929-lessons

    https://books.google.com.mx/books?id=6DlEAAAAYAAJ&q=%22economic+dynamics%22&dq=%22economic+dynamics%22&hl=es-419&sa=X&ved=0ahUKEwjvoorGiMfOAhVN2mMKHfncC2g4ChDoAQhOMAY

    ‘115. — Credit expansion somewhat analogous to monetary inflation
    , 119. — Consequence of credit expansion: illustrated by developments in the radio industry, the automobile industry, the construction industry”

    http://qje.oxfordjournals.org/content/45/1/94.abstract

  7. Bhaskara II says:

    I could not find a free version of the article online. If any one who is interested finds one please give a link or file.

    Here is the first page of the article,

    http://www.jstor.org/stable/1882528?seq=1#page_scan_tab_contents

    Here is a review of the article mentioned above. “Credit Expansion, 1920 to 1929, and Its Lessons”.

    http://houseofdebt.org/2014/03/15/household-debt-and-the-great-depression.html

  8. Tim Ward says:

    Bhaskara II, the profit margins are the publishers. Writers don’t get so much. Writing for some is a PR exercise.

    “…
    115. — Credit expansion somewhat analogous to monetary inflation…”

    Chuckles. Credit is money, money is credit.

  9. Tim Ward says:

    Bhaskara, do you know what the Peterson institute is??? The article (from your first post) Blanchard wrote is comical.

  10. Bhaskara II says:

    @Tim Ward,

    I do not know what the Peterson Institute is. Maybe it is what economists call an institution? I have developed bias against them, fist from boredom then later skepticism. Thus, I don’t pay much attention to such organizations or their fellows.

    This type of organization gets lots of press in the U.S. and their fellows are often interviewed and in print. I thought they were mainly a US thing but wikipedia says other countries have them too.

    I thought the first paragraph and the last paragraph Blanchard’s article were the most telling. But, for the middle I would have to dust off his book again or look at the new one because it is self referencing to understand it.

    I’m glad you got some comedy.

  11. clive says:

    Steve, I’m not sure if you’ve heard this interview before, it’s Ray Dalio from Bridgewater Capital (150 billion under management) talking about the last resort fix being helicopter money because all the other methods have failed.
    Look at the expression on the interviewers face when he says “so your suggesting the central bank hands out money. How does that work?”. Ray goes on to say that it has been done years ago (obviously unaware of Wayne Swan). That starts about 4.00 but it’s probably better to listen from the start.
    http://www.bloomberg.com/news/videos/2016-03-03/bridgewater-s-ray-dalio-on-economy-investing-success

  12. twowithinthreethatisone says:

    You should concentrate on forming/backing a grass roots level movement for economic and monetary policy change. It’s a complete waste of time and effort to try to convince other economists of their outnesses when they have very strong ego involvement in maintaining their present thinking. Likewise politicians are famous for both lack of creativity and the character trait of courage so they are poor candidates to look to for alliances. TV programs? As we see here they are firmly stuck in the obsessive contention mindset so they are not productive of change either. Look to Ghandi and MLK, Jr., they had the right idea and the right actions. The Powell Memo is also prescient, and the ideas in the New Powell Memo are monetary Grace as in Gifting, directness as in simultaneity and immediacy of policy effect, free as in costlessness and individual monetary abundance and
    freedom as opposed to the niggardly austerity that afflicts to “thinkers” in nearly every field.

  13. Bhaskara II says:

    Hard talk interview link. Viewable outside the U.K.

    http://www.tradingeconomics.com/portugal/balance-of-trade

  14. Bhaskara II says:

    Correction:

    Hard talk interview link is:
    https://www.youtube-nocookie.com/embed/IcNBW9609HM?rel=0

    @Keen and viewers:

    Great interview. Very clear and succinct arguments!

  15. anders.white says:

    Great job Professor Keen!

    The neo-classicals can’t espouse their effortless superiority in the face of reality. I do wonder what he would say if you ran a Minsky simulation in front of him. Not that he would know much about dynamic systems, as he thoroughly demonstrated.

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