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.

Demonstration of Minsky at UK System Dynamics Conference

flattr this!

The UK Chap­ter of the Inter­na­tional Sys­tem Dynam­ics Soci­ety invited me to speak about my Min­sky soft­ware at its annual con­fer­ence on March 26. This is my talk, where I poked some fun at econ­o­mists and their igno­rance of sys­tem dynam­ics. The Pow­er­point file and Min­sky files used are down­load­able from here–see below the video.

Pow­er­point File

Use “right-click” and “Save as” to down­load these files, oth­er­wise your browser will fill up with XML code (since Min­sky saves in XML format):

Min­sky Sim­plest Bank­ing File

Min­sky For­mat­ting File

Min­sky Loan­able Funds file

The Fed Has Not Learnt From The Crisis

flattr this!

The Finan­cial Cri­sis of 2007 was the near­est thing to a “Near Death Expe­ri­ence” that the Fed­eral Reserve could have had. One ordi­nar­ily expects some­one who has such an experience—exuberance behind the wheel that causes an almost fatal crash, a binge drink­ing escapade that ends up in the inten­sive care ward—to learn from it, and change their behav­iour in some pro­found way that makes a repeat event impossible.

Replay: Vincent Browne interview on the Euro in 2012

flattr this!

A Twit­ter cor­re­spon­dent reminded me of this inter­view from two years ago in Ire­land, where the topic was pre­dom­i­nantly the Euro, the Maas­tricht Treaty, and the like­li­hood of a polit­i­cal break in Europe due to austerity.


The dis­cus­sion has quite a bit of rel­e­vance to what is hap­pen­ing in Greece now–and what may hap­pen in Spain later this year. Hence I thought it was worth re-posting it.

1890s March of the unemployed on Washington

flattr this!

Dur­ing the 1890s Depres­sion, the busi­ness­man Jacob Coxey devel­oped the idea that the unem­ployed should be hired by the gov­ern­ment to work on the badly dilap­i­dated roads. His idea cul­mi­nated in a march on Wash­ing­ton by over 10,000 peo­ple, and his arrest for tram­pling Congress’s lawns. This 1994 doc­u­men­tary by the Mas­sil­lon Museum tells his story.

Jacob Coxey was rid­ing home one day and expe­ri­enced the poor con­di­tions of the road in the 1890s. He also saw many unem­ployed men walk­ing the streets look­ing for work. He had the idea to put unem­ployed men to work towards prob­lems like fix­ing roads. He took this idea and made the Good Roads Bill in 1892. He pre­sented it to Con­gress, but that’s as far as it went. He teamed up with Carl Browne.

Science Versus Pseudoscience

flattr this!

I par­tic­i­pated in a very enjoy­able dis­cus­sion with philoso­pher Ken Gemes and sci­ence author David Boda­nis (author of e=mc2: A Biog­ra­phy of the world’s most famous equa­tion) on sci­ence ver­sus non-science–with par­tic­u­lar atten­tion to eco­nom­ics. You can lis­ten to the hour-long dis­cus­sion by click­ing on this link: Philosofa Pod­cast. The full episode details (includ­ing the pod­cast and a down­load­able MP3 file) are avail­able here: The Philosofa Episode 2: Sci­ence Ver­sus Pseu­do­science.

Should governments run surpluses?

flattr this!

My talk at the “‘Eco­nom­ics With Jus­tice” sem­i­nar series at the The School of Eco­nomic Sci­ence in Man­dev­ille Place, Lon­don. I cover where the argu­ment for aus­ter­ity came from, a thought exper­i­ment about what will hap­pen when a gov­ern­ment runs a sus­tained sur­plus, and a model show­ing what hap­pens when the gov­ern­ment does run a surplus.

Keep Rus­sell Stan­dish on the Min­sky Project

Other Amount:

Your Email Address (and com­ment if you wish to add one) :

Kingston Lectures on Endogenous Money & Modelling with Minsky

flattr this!

These are two lec­tures on endoge­nous money in macro­eco­nom­ics from the Kingston Uni­ver­sity Polit­i­cal Econ­omy Mas­ters mod­ule “Eco­nomic Change and Ideas”, which I gave yes­ter­day (Fri­day March 6th). I will wait till next year before post­ing the entire lec­ture series, since I’m giv­ing them for the first time this year and they are a bit rough. But one stu­dent couldn’t make yes­ter­day, and I had two lec­tures in one day to make up for my absence next week when I’m attend­ing my niece’s wed­ding in Syd­ney. So these are posted for my absent stu­dent and any­one else who is interested.