Sunday, June 10, 2012
Another nail in the coffin of neo-classical economics
Is mainstream economics bunk?
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.
Posted by greenmind @ 09:52 PM (2175 views)
7 thoughts on “Another nail in the coffin of neo-classical economics”
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techieman says:
Debt is a four letter word 😉
techieman says:
27 mins applicable to UK.
techieman says:
in more detail it might be worth taking a look at this : http://www.debtdeflation.com/blogs/2011/12/31/debt-britannia/
ant says:
This is the same as The largest heist in history: http://gregpytel.blogspot.co.uk/2009/04/largest-heist-in-history.html but without explaining and quantifying the financial mechanics behind the processes.
voiceofreason says:
Also , see Richard Werner’s books, Prof of Sustainable Banking at southampton Uni (Formerly Tokyop Uni for 10 years)
http://www.southampton.ac.uk/management/about/staff/werner.page
His 2005 book basically trashed Neo Classical Economics.
Does beg the question, are the politicians ill-informed or just in cahoots ?
voiceofreason says:
In fact we discussed it onthe forum
http://www.housepricecrash.co.uk/forum/index.php?showtopic=179410&st=0&p=909057104&hl=+2005%20+book&fromsearch=1&#entry909057104
nickb says:
@6 indeed a top book!
in whose interests is it to have an economics profession that systematically understands the monetary system and its economic impacts? Go figure!
N