Understanding Financial Crises Through the Lens of Private Debt

Mainstream economics has come under attack lately. People have begun questioning its understanding of things like inflation, monetary policy, deficits, and how best to get out of a downturn. Steve Keen, an independent renegade economist, has been preaching this for a long time. And he believes the whole profession needs to be chucked. On this episode, we talk about some of the big failures he sees in economist thinking, and he is particularly energized by the subject of climate change. He also deplores the economic consensus, and says the way to think about it needs a total rethink, resulting in much more dramatic action than what is currently being proposed by the mainstream.

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