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.

Discussing a Modern Debt Jubilee on Macro’n’Cheese

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I dis­cuss a Mod­ern Debt Jubilee On Macro’n’Cheese today, and this is a quick expla­na­tion of how it could be done.

Jubilees were com­mon in antiq­ui­ty. The Lord’s Prayer did not orig­i­nal­ly say “And for­give us our sins, as we have for­giv­en those who sin against us”, but “And for­give us our debts, as we also have for­giv­en our debtors”. But an old-fash­ioned Jubilee would reward those who gam­bled with bor­rowed mon­ey, and thus effec­tive­ly penalise those who did not. It would also effec­tive­ly bank­rupt the banks, since their assets—our debts—would fall, while their liabilities—our deposits—would remain con­stant.

Shutting down membership

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I have recent­ly estab­lished a Patre­on site https://www.patreon.com/ProfSteveKeen, where peo­ple can sup­port my research and advo­ca­cy work with dona­tions start­ing at $1/month. That is now where I will engage in con­ver­sa­tion in response to posts. So if any­one here wants to con­tin­ue a dia­logue with me and oth­ers, please sign up there.

This site was flood­ed by a large num­ber of spam users at the same time as I became unable to main­tain my own role in dis­cus­sions here, since I am just too damn busy in Lon­don. This has caused the site to be sus­pend­ed three times by its ISP for per­for­mance issues. One more time and the account will be banned. I have there­fore decid­ed to delete all users on this site, bar those who have made posts (which is a hand­ful of indi­vid­u­als of course).

Brexit debate in London May 31st

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I’m tak­ing part in a debate on one of the major top­ics in this year’s elec­tion, Brex­it, on May 31st at 7.30pm at Can­ham, 40 Sheen Lane, Lon­don SW14 8LW. The oth­er speak­ers are Frances Cop­po­la, and Angus Arm­strong.

  • Frances Cop­po­la is an eco­nom­ic com­men­ta­tor in print and fre­quent­ly on the BBC.
  • Angus Arm­strong is direc­tor of macro-eco­nom­ics at one of the top research insti­tu­tions, the Nation­al Insti­tute of Eco­nom­ic and Social Research found­ed in 1938.

Click here to buy tick­ets for this event.

Freezing site/Moving to Patreon & Profstevekeen

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I’m freez­ing this site and mov­ing to both Patre­on (https://www.patreon.com/ProfSteveKeen) and a new web­site http://www.profstevekeen.com/. There are sev­er­al rea­sons:

  • This site’s signup secu­ri­ty failed, and some­thing like 50,000 bot-users have signed up.
    • It’s just too cum­ber­some in Word­Press to delete them selec­tive­ly from here, so it’s eas­i­er to move to a new, clean site;
  • I used to be very active in dis­cus­sions here, but the demands on my time became so exces­sive over time that I have vir­tu­al­ly stopped par­tic­i­pat­ing;

What if my analysis is used for evil purposes?

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One of my Patrons posed a very good ques­tion to me: in a nut­shell, how would I respond to a politi­cian who took my ideas and per­vert­ed them for polit­i­cal gain? Here’s Andre’s full query:

Hi Steve, thank you, you’ve giv­en me the gift of some of the most impor­tant ideas and expla­na­tions I’ve come across in my life­time.

I was won­der­ing how you might respond to a politi­cian who mis­reads your lat­est book, and then declares:

1.  Peo­ple will love me, because Steve Keen says I can become known as a mas­ter of man­ag­ing my coun­try’s econ­o­my by engi­neer­ing a pri­vate debt boom

Can we avoid another financial crisis?

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Help me rebuild economics at https://www.patreon.com/ProfSteveKeen

Help me rebuild eco­nom­ics at https://www.patreon.com/ProfSteveKeen

Can we avoid anoth­er finan­cial cri­sis?

In 2008, con­ven­tion­al eco­nom­ics led us blind­fold­ed into the great­est eco­nom­ic cri­sis since the Great Depres­sion. Almost a decade lat­er, with the glob­al econ­o­my wal­low­ing in low growth that they can’t explain, main­stream econ­o­mists are reluc­tant­ly com­ing to realise that their mod­els are use­less for under­stand­ing the real world.

Support me on Patreon

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Click here to support me on Patreon

As I explain in this video, gov­ern­ment attempts to turn Uni­ver­si­ty entrance into a mar­ket­place have had the unin­tend­ed side-effect of under­min­ing plu­ral­ist eco­nom­ics. The UK gov­ern­ment has removed con­trols on the num­ber of places that Uni­ver­si­ties can offer in first year cours­es, and as a result there has been an increase in human­i­ties places offered by high­ly ranked Uni­ver­si­ties. Final year high school stu­dents have flocked to these Uni­ver­si­ties, and enrol­ments at low­er-ranked Uni­ver­si­ties have fall­en sub­stan­tial­ly.

Infrastructure conference in Westminster Tuesday 24th

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A new organ­i­sa­tion called NEKS (for “New Eco­nom­ic Knowl­edge Ser­vices”, see www.neks.ltd) is hold­ing its inau­gur­al con­fer­ence on the eco­nom­ics of infra­struc­ture In West­min­ster on Tues­day Jan­u­ary 24th, and you should attend.

Why NEKS, and why Infra­struc­ture? The eco­nom­ic impor­tance of infra­struc­ture is obvi­ous, but the actu­al per­for­mance of infra­struc­ture often dif­fers rad­i­cal­ly from what is pre­dict­ed when it is being planned. Three forms of delu­sion make many infra­struc­ture projects far less ben­e­fi­cial than expect­ed by their pro­po­nents: the com­plex­i­ty of exe­cu­tion is under­es­ti­mat­ed, the ben­e­fits are over­es­ti­mat­ed, and ben­e­fits are also cal­cu­lat­ed poor­ly using dodgy eco­nom­ic the­o­ry.