Sunday, June 10, 2012
Another nail in the coffin of neo-classical economics
Newsnight Economics Editor Paul Mason interviews the controversial economist Steve Keen before an audience at the London School of Economics. Keen was one of a small number of economists who predicted there would be a major financial crisis before the 2008 crash. He argues that if we keep the "parasitic banking sector" alive the economy dies, and says that conventional economics provides an unwitting cover for "the greatest ponzi schemes in history". Those in the audience agree with Keen that the emporor has no clothes.