By Steve Keen: Credit Money: How it Works and Why it Fails

I need to get a small rant off my chest. I promised myself no finger-pointing on this site but I have to make an exception for Economists. With a total disregard for physical laws, the scientific method, and insufficient calculus skills to create a model that reflects reality, the embarrassing discipline of Economics makes it possible for anyone to prove anything. And they do. All the time. Not one economist in a hundred has a clue. And these people are the most important advisors to our governments. Perhaps it is the fact that economists can generate any answer to any question that makes them popular with politicians, who to get elected, must tell voters what they want to hear.

The only economist I listen to is Steve Keen. He has a lot of important things to say. What distinguishes him from the crowd, and you are really not going to believe this, is that he includes debt in his models. Do yah think debt might be important? Duh. He’s also well grounded in thermodynamics which is vital to understanding the economy.

Credit Money: How it Works and Why it Fails, Part 1

Credit Money: How it Works and Why it Fails, Part 2

Credit Money: How it Works and Why it Fails, Part 3

5 thoughts on “By Steve Keen: Credit Money: How it Works and Why it Fails”

  1. Breaking New Ground in Economic Theory

    Professor Steve Keen may be the first mainstream economist to address a fatal flaw in economic theory: omitting or minimizing the role of energy. Keen has developed a production formula incorporating energy, not as one factor of production along with capital and labor, but as the indispensable flow activating both.

    “Labor without energy is a corpse” says Keen; “Capital without energy is a sculpture.”

    Liked by 1 person

  2. Steve Keen is still pretty status quo. You may want to read Herman Daly, Frederick Soddy, Georgesu Roegan (spelling error?) and Margrit Kennedy.


  3. They gave the idiot economist Nordhaus, who “proved” we don’t need to worry about limits to growth, the Nobel prize for linking economics with climate change. Skip ahead to the 50 minute mark for Steve Keen’s demolition of Nordhaus’ work. h/t GailZ


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