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For 25 years, I have worked to turn Minsky’s Financial Instability Hypothesis into a fully fledged macroeconomic model, as an alternative to the various delusional Neoclassical models that have dominated economics ever since John Hicks penned his utterly misleading caricature of Keynes’s General Theory back in 1936. This experience and knowledge is why I was one of the very few economists to realize that that an enormous financial crisis was imminent. In December 2005, I set out to raise the alarm–initially via conventional media and an email newsletter sent to interested parties (especially journalists) each month.
This site was established in March 2007. Some months later, the crisis began (August 9th 2007, when the French bank BNP Paribas announced that it was having serious problems, is regarded as its starting date). My role in warning of the crisis, and in developing an approach to macroeconomics that could make such crises less likely in the future, was recognized when I won the Revere Award from the the Real World Economics Review.
This site now has over 12,000 signed up members, and as many as 75,000 unique readers each month. The workload of maintaining the site has become enormous: I have to write posts, administer this site, participate in its active discussions and keep them civil, all on top of my “day job” as a Professor of Economics and Finance at the University of Western Sydney.
After 4 years of doing this for free, I am … going to continue doing it for free. But I also want to make it possible for those who appreciate what I am doing to do so via a paid membership system. Who knows, if enough money is raised this way then I may be able to hire someone to take over the more mechanical tasks, leaving me with more time to do the fundamental research that economics desperately needs.
You can still access most of the blog for free, as now. But there are also multiple levels of membership, from a trivial US$2 a year all the way up to a ridiculous US$10,000 p.a. (which I fully expect no-one to sign up to!). You can make a once only payment too–no problem.
One thing I have removed now is free membership, since the only feature that offers that browsing doesn’t is the capacity to join the discussion on the blog amongst the active minority of is 12,500 members. Since it has proven complicated to migrate the pre-paying-membersip cohort to the new system, it’s easier to end the free membership option. If you don’t want to join, then you can just browse the site.
The two things you don’t get as a broswer are document downloads–which require either membership of the Center for Economic Stability–and the capacity to take part in the discussion. Truly generous levels of membership receive a copy of my latest book, in either eBook or signed hard copy form.
Recurring Payments
| Membership Level | Rights | Fee | Payment |
|---|---|---|---|
| 1. Supporter | Take part in discussion and download all documents | US$2 per year | 
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| 2. Keen | Same as Supporter | US$10 per year |
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| 3. Schumpeter | Same as Supporter | US$50 per year |
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| 4. Minsky | Supporter plus a copy of any eBook I publish | US$100 per year |
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| 5. Keen+ | Minsky plus a signed copy of any book I publish | US$200 per year |
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| 6. Schumpeter+ | Keen+ plus a signed copy of the hardcover edition of any book I publish | US$500 per year |
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| 7. Minsky+ | Schumpeter+ | US$1,000 per year |
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| 8. KeenSchumpterMinsky | Are you serious? Let’s talk! At the very least, I’ll give a seminar to you or your company, wherever you’re based, every year. Hand delivery of the hardcover edition of any book I publish. | US$10,000 per year |
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One-off Payments
| Membership Level | Rights | Fee | Payment |
|---|---|---|---|
| Keen Once | Lifetime access to the site and document downloads plus a signed copy of Debunking Economics II | US$200 |
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| Schumpeter Once | Lifetime access to the site and document downloads plus a signed hardcover copy of Debunking Economics II | US$500 |
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| Minsky Once | Lifetime access to the site and document downloads plus a signed hardcover copy of Debunking Economics II | US$1,000 |
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| KeenSchumpterMinsky Once | Are you serious? Let’s talk! At the very least, I’ll give a seminar to you or your company, wherever you’re based, and deliver a signed hard cover edition of Debunking Economics II. | US$10,000 |
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Conditions
I reserve the right to change membership conditions and benefits at any time, though these changes will not alter the rights of those who signed up prior to the alteration.
Advertising
I have also enabled advertising on the site now. I will set strict standards as to what can be advertised here–real estate, CFD advertisers and the like need not apply–but otherwise if you are interested, please contact me at debunking@gmail.com.
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