Odd Lots Steve Keen Says Economists Get Everything Wrong (Especially About Climate Change)
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Jul 8, 2021 
Steve Keen, a renegade economist known for challenging mainstream views, dives into the critical failures of economic thinking, especially regarding climate change. He argues for a complete overhaul of economic models, asserting that traditional theories often miss essential realities. Keen discusses the need for drastic action against climate change and critiques the recent economic consensus. He also emphasizes the importance of addressing private debt and advocates for innovative solutions like a 'debt jubilee' to stimulate the economy and promote equity.
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Crisis Response
- Governments inject substantial money during crises, mirroring the 2008 recession.
- This reveals that textbook economic theories often fail in practice.
Debt and Money Creation
- Private debt increases bank assets and liabilities equally, creating credit money.
- Governments create money similarly through deficit spending, impacting inflation.
Money-Centric Economics
- Economics should focus on money and its effect on people, unlike Krugman's view.
- Banks create money via lending, influencing aggregate demand.