#964 Steve Keen: Rebuilding Economics from the Top Down

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Jul 8, 2024

The podcast discusses rebuilding economics from top down, critiquing mainstream economic foundations like supply and demand. It highlights the 2008 economic crisis and proposes a modern debt jubilee. Exploring complex systems theory, money creation in capitalist economy, understanding GDP and income inequality, and the impact of financial capitalism and climate change on industrial production are also covered.

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INSIGHT

Macroeconomics vs. Microeconomics

Mainstream economics wrongly derives macroeconomics from microeconomics.
Complex systems, like the economy, cannot be understood by simply aggregating individual behaviors.

INSIGHT

Linear vs. Nonlinear Thinking

Linear thinking, while common, fails to capture the complexity of economic systems.
Nonlinear interactions, where the whole differs from the sum of its parts, are pervasive and require different analytical tools.

ANECDOTE

The Myth of the Market Price

Steve Keen challenges the concept of a single market price, using cars in France as an example.
List prices, not dynamic supply and demand curves, determine transactions.

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Dr. Steve Keen is former Associate Professor of Economics at University of Western Sydney, and former Professor and Head of the School of Economics, History and Politics at Kingston University in London. He is now an independent researcher in Economics, as well as a Distinguished Research Fellow at the Institute for Strategy Resilience & Security at University College London. He is the author of several books, the latest one being Rebuilding Economics from the Top Down.

In this episode, we focus on Rebuilding Economics from the Top Down. We first discuss what economics is and its role in society, and the main tenets of mainstream economics, with a focus on supply and demand. We also discuss why these ideas are mainstream, and its real-life consequences. We talk about the 2008 economic crisis and how it should have been dealt with. We talk about an alternative approach to economics based on complex systems theory, and explore the example of how employment rates and wages evolve over time. We also discuss debt, inflation, how prices are determined, how money is created, and the role of banks. We talk about what GDP is, and the differences between financial capitalism and industrial capitalism. Finally, we discuss the risks associated with climate change, and economic solutions to it. --

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