To anyone out there with deep pockets–or to lots of people with shallower ones–I need financial assistance for the Minsky program. I have been waiting for funding from a source that I’ll reveal once it finally comes through, but it has now been delayed for over six months from when it was first mooted to arrive. If I am lucky, it will come through in January–another 4 months away.
The problem is that I may lose my programmer by then to the vicissitudes of having to earn a living. I have been the architect of Minsky, but Russell Standish has been the builder, and I was incredibly lucky to secure his services when the project began 3 years ago.
This is the talk I gave at the first conference of the International Student Initiative for Pluralism in Economics, held in the beautiful German town of Tuebingen, Germany on September 19–21 2014.
I cover Minsky, money, complexity, the role of debt in aggregate demand & aggregate supply, and the economic crisis. I spoke too fast and covered topics at too high a level for many of the undergraduate students in the audience who are part of the rebellion against the dominance of economics tuition and research by Neoclassical economics. I hope putting it up here gives those students and others a chance to “hit the pause button” and go through my talk more slowly.
Scotland voted 55:45 to remain in the UK, but the very fact that the vote was even close was a serious shock to the political establishment in Europe. UK Prime Minister David Cameron had originally allowed only a Yes or No vote on full independence in the referendum, rather than a three-option poll including the “Maybe” of a greater devolution of power from Whitehall to Edinburgh, in the belief that the No vote would be so resounding that it would terminate the independence movement permanently. The Maybe, he believed, might well have got across the line, when in general he and the Tories didn’t want to cede any power north of Hadrian’s Wall.
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.
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.
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.
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: https://ig24.i-grasp.com/fe/tpl_kingstonuniversity01.asp?newms=jj&id=86495&aid=14193
Details on Kingston’s Political Economy Research group can be found here: http://fass.kingston.ac.uk/research/perg/
For more details, please get in touch with me via steve.keen AT kingston.ac.uk.
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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:
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?
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!