Short term lecturer position at Kingston University

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Please cir­cu­late widely – the dead­line for appli­ca­tions is 22 Sep­tem­ber! A short term lec­tur­ing posi­tion has just been adver­tised at Kingston Uni­ver­sity, where I am now Head of Eco­nom­ics, Pol­i­tics and His­tory. This is a fixed-term post to 30 June 2015. Though the period is brief, it is an oppor­tu­nity to work in our very heterodox-friendly department.

The adver­tise­ment is here:

To apply, click here:

Details on Kingston’s Polit­i­cal Econ­omy Research group can be found here:

For more details, please get in touch with me via  steve.keen AT


Time for a Copernican revolution in economics

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The global finan­cial cri­sis took the vast major­ity of the eco­nom­ics pro­fes­sion by sur­prise. Though there were indi­vid­ual main­stream econ­o­mists — such as Robert Shiller and Joseph Stiglitz — who claim to have warned of the cri­sis, no main­stream eco­nomic model fore­saw any­thing like what even­tu­ated in 2007. In fact, main­stream model pre­dic­tions led to politi­cians being advised to expect tran­quil eco­nomic con­di­tions ahead. The OECD’s advice in its June 2007 Eco­nomic Out­look was typical:

Considering Economics? Consider Kingston

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If you know any UK sec­ondary school stu­dent who is con­sid­er­ing doing eco­nom­ics at Uni­ver­sity, please refer them to this blog post.

This Thurs­day, you’ll find out your A-Level results. What­ever they are, if you are con­sid­er­ing doing an eco­nom­ics degree, then I want you to con­sider doing it at Kingston University.

At first glance, that’s some­thing you wouldn’t do if you had a choice, because Kingston rates well down the list in the Guardian League Table. Why choose Kingston—which is at the bot­tom of the Guardian’s list—if, for exam­ple, your A-level results would get you into Oxford, which is at the top?

The truth about Australia’s unemployment rate ‘shocker’

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Hey, great news! Australia’s unem­ploy­ment rate fell by 0.4 per cent last month! Did you hear?

You didn’t? That’s funny. I was sure Joe would tell you.

What do you mean, it rose by 0.4 per cent? Oh, you’re talk­ing about the ABS fig­ure! Yeah, that’s bad, but if you look at what hap­pened to the Roy Mor­gan unem­ploy­ment rate, the news is really good: it’s fallen from 10.6 per cent to 10.2 per cent! If this keeps up, pretty soon unem­ploy­ment in Aus­tralia will be below 10 per cent!

Help create a graphic novel version of Debunking Economics

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Genevieve Tran, who blogs at Money Big and Small, is team­ing up with graphic artist Miguel Guerra and Suzy Dias, who do the car­toons on IDEAe­co­nom­ics and pro­duce the indi-comic Super Cor­po­rate Heroes, are team­ing up to pro­duce a graphic novel ver­sion of Debunk­ing Eco­nom­ics.

Genevieve is putting together a video and has sent out the fol­low­ing call:

A request to world-wide friends: if you don’t remem­ber ever learn­ing about impor­tant things like how banks, debt or money work (=Eco­nom­ics, Finance!), in high school, could I ask you to sub­mit a video of your­self shrug­ging and shak­ing your head? It’s for a kick­starter video to learn about Eco­nom­ics in a non-horrible way: thru comic books! Yes, I’ll give you a first copy!  Any video qual­ity. H.264, MPEG-2, MPEG-4, DV, and AIC format.

The revolt of (part of) the top 1% of the top 1%

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What are your pre­con­cep­tions about the author of a book with the title The Next Eco­nomic Dis­as­ter: Why It’s Com­ing and How to Avoid It? Aca­d­e­mic? Left­ist? Anti-capitalist? Anti-banker certainly?

Pre­pare to drop them all, because the author is none of the above. Tak­ing the last first, the major­ity of his career has been in bank­ing — and as a founder and CEO.

Click here to read the rest of this post.

Graph for Why the super rich are running scared of inequality


Are the students revolting, or is it economics?

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Main­stream econ­o­mists have long ignored the dynam­ics of pri­vate debt, money and banks to their detri­ment. Now more than ever, a real­is­tic and non-orthodox approach to eco­nom­ics is needed.

Last week I made my first over­seas trip on which I ticked the box ‘Aus­tralian res­i­dent depart­ing per­ma­nently’. It’s given me cause to reflect on my career as an aca­d­e­mic econ­o­mist (and part-time jour­nal­ist) in Australia.

The good, the bad and the ugly of the Murray inquiry

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The Murray inquiry's observations on financial advice, household debt and super are commendable, but its boneheaded proposal for the government to underwrite RMBS is a concern.

A gov­ern­ment report is always a Parson’s Egg, and I’ll start with the parts of this one that were excel­lent. These were its wari­ness about and obser­va­tions on super­an­nu­a­tion, finan­cial advice and house­hold debt.

A Royal Commission into the Commonwealth Bank

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The Com­mon­wealth Bank’s response to the Sen­ate inves­ti­ga­tion of ASIC blames incom­pe­tence and indi­vid­u­als for the scan­dals at Com­mon­wealth Finan­cial Plan­ning Lim­ited. Chief exec­u­tive Ian Narev: “Poor advice pro­vided by some of our advis­ers between 2003 to 2012 caused finan­cial loss and dis­tress and I am truly sorry for that.”

This is the pre­dictable ‘rot­ten apple’ defence to alle­ga­tions of impro­pri­ety. And it is sim­ply absurd to describe some of the alleged actions of those advis­ers noted by the Sen­ate Report – such as “forgery and dis­hon­est con­ceal­ment of mate­r­ial facts” (Sen­ate Inquiry Exec­u­tive Sum­mary, p. xviii) — as merely “poor advice”. If the bank can describe that as “poor advice”, then a bank rob­ber would be enti­tled to describe his pro­fes­sion as “mak­ing withdrawals”.

Abbott shoots his own supporters in the foot

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The Abbott gov­ern­ment has reacted with pre­dictable dis­dain to attacks over its poli­cies on refugees, home­less, uni­ver­sity stu­dents, unem­ployed, and wel­fare recip­i­ents. And why shouldn’t it? These are com­plaints from peo­ple who nor­mally wouldn’t vote for them any­way, while the poli­cies them­selves appeal not only to “bolted on” Lib­eral vot­ers, but also to dis­af­fected Labor vot­ers. It’s good pol­i­tics, even if the bad press means a tem­po­rary hit in the opin­ion polls.