Much Euro About Nothing

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You’ve just made your morn­ing cof­fee, and look up in hor­ror as you realise that the gas burner has set your kitchen ablaze. So you take deci­sive action: you pour your cof­fee on the floor.

Such is the real impact of the Euro­pean Cen­tral Bank’s lat­est attempt to revive the Euro­pean econ­omy, which cut rates a whop­ping 0.1 per cent (from 0.15 per cent to 0.05 per cent), and increased the neg­a­tive inter­est rate imposed on bank reserve deposits from a huge –0.1 per cent to a gar­gan­tuan –0.2 per cent.

Forthcoming Talks

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I have a ridicu­lously large num­ber of pub­lic talks com­ing up this month. It all starts on Wednes­day Sep­tem­ber 10th, and doesn’t let up until Sun­day Sep­tem­ber 21st—the day before Induc­tion Week begins at Kingston Uni­ver­sity, where I am now Head of Eco­nom­ics, Pol­i­tics and His­tory, and com­mit­ted to mak­ing Kingston the world’s lead­ing cen­tre for plu­ral­ist edu­ca­tion and research in eco­nom­ics. Check the links below if you’re able to make any of these talks in, in order: Sheffield; New York; Glas­gow; Kingston; and Tub­in­gen, Ger­many. I’ll cover talks in Octo­ber in a sub­se­quent post.

How To Un-Marry a Millionaire

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I’m read­ing and enjoy­ing some “chick-lit” at the moment–or as a reviewer on Ama­zon called it, “the per­fect blend of chick-lit and bitch-lit”–entitled “How To Un-Marry a Mil­lion­aire”.


Per­sonal dis­clo­sure time: the book is the first novel by my good friend, script-writer and film pro­ducer Bil­lie Mor­ton. I’ve been mean­ing to read it for a while now, and it’s cur­rently sup­ply­ing wel­come relief from the tedium of read­ing ECB min­utes as I draft my next Busi­ness Spec­ta­tor column.

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.