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Steve Keen's Debtwatch

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He is an outstanding economist, a must read for anyone who wish to understand what is going on.

His papers make their way here on a regular basis.

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He is an outstanding economist, a must read for anyone who wish to understand what is going on.

His papers make their way here on a regular basis.

He made his name modelling Minsky's "Financial Instability Hypothesis", which argues that speculative finance can destabilise the economy. His 'Debunking Economics' published in 2001 has proved to be a remarkably prescient. He is not a fan of neoclassical economics. Basically he thinks they suck at Maths and their models stink.

In reality I suspect that this is only part of the problem. The main problem with the economic orthodoxies is that like religion in the middle ages they are designed to provide some sort of intellectual justification for the existing political and social structures (i.e to prop up the elites)

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He made his name modelling Minsky's "Financial Instability Hypothesis", which argues that speculative finance can destabilise the economy. His 'Debunking Economics' published in 2001 has proved to be a remarkably prescient. He is not a fan of neoclassical economics. Basically he thinks they suck at Maths and their models stink.

In reality I suspect that this is only part of the problem. The main problem with the economic orthodoxies is that like religion in the middle ages they are designed to provide some sort of intellectual justification for the existing political and social structures (i.e to prop up the elites)

I was saying this to my colleagues at work just this morning.

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He also got it badly wrong with his predictions on current house prices and unemployment. One of his biggest regrets accroding to him was missing the proeprty market cycle the last time around. He has also just lost a public bet and will have to walk up Austrlalias highest mountain as the outcome of the wager. I pity those that he teaches.

And of course bardon the perfect never got anything wrong in his life. :lol:

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That as usual is not true.

Mish Shedlock referrred in a video interview this past week to the 12 economists in the world (!) who correctly predicted the crash, and one of them was your fellow Ozzie. It's interesting to see his line of reasoning in the link that was posted above.

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Thats all well and good. The point I was making is that his last two very public predictions regarding house prices (40% drop)and unemployment (rise to 20%) which we were bombarded with on current affair shows made when he was marketing his book turned out to be way of the mark.

I suppose life is all about the journey and not the destination. :blink:

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Thats all well and good. The point I was making is that his last two very public predictions regarding house prices (40% drop)and unemployment (rise to 20%) which we were bombarded with on current affair shows made when he was marketing his book turned out to be way of the mark.

Bit early to make the call Bardon - this is far from over.

Yep - Keen is a must read, well worth checking out his blog from time to time.

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I saw a YouTube video with one of his talks this week - and was impressed

(These words dont come easily from me, in relation to economists)

== ==

THIS is good too:

It’s just that they were taught a crock of nonsense at university, and they now build models based on a crock of nonsense that they erroneously believe to be accurate descriptions of the real world.[/i]

yep

the State education system doesnt encourage thinking

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