Debunking Economics (Digital Edition - Revised, Expanded and Integrated): The Naked Emperor Dethroned?
Debunking Economics exposes what many non-economists may have suspected and a minority of economists have long known: that economic theory is not only unpalatable, but also plain wrong. When the original Debunking was published back in 2001, the market economy seemed invincible, and conventional 'neoclassical' economic theory basked in the limelight. Steve Keen argued that economists deserved none of the credit for the economy's performance, and that 'the false confidence it has engendered in the stability of the market economy has encouraged policy-makers to dismantle some of the institutions which initially evolved to try to keep its instability within limits'. That instability exploded with the devastating financial crisis of 2007, and now haunts the global economy with the prospect of another Depression. In this radically updated and greatly expanded new edition - this version of which includes fully integrated graphs and diagrams - Keen builds on his scathing critique of conventional economic theory whilst explaining what mainstream economists cannot: why the crisis occurred, why it is proving to be intractable, and what needs to be done to end it. Essential for anyone who has ever doubted the advice or reasoning of economists, Debunking Economics provides a signpost to a better future.
Predicting the unpredictable
No more Mr Nice
issues omitted from standard courses
There is madness in their method
Lets do the Time Warp again
Why they didnt see it coming
The price is not right
Misunderstanding the Great Depression and the Great
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aggregate demand analysis argued argument assets assumptions bananas banks behavior believe Bernanke capital capitalist Chapter commodity competitive firm concept consumer consumption conventional economics crisis critique debt Depression derived developed dynamic economic theory Econophysics Efficient Markets Hypothesis equals equations equilibrium expectations factor fall firm’s Friedman future growth ibid ignored income increase indifference curves individual industry inflation inputs investment investors IS-LM IS-LM model Journal Keynes Keynes’s Keynesian macroeconomics marginal cost marginal productivity marginal revenue market demand curve Markets Hypothesis Marx Marx’s mathematics maximize Minsky monetary Money Multiplier money supply monopoly neoclassical economics neoclassical economists neoclassical theory output percent perfect competition predictions problem quantity rate of interest rate of profit rational rational expectations real world Recession result rise Say’s Law sector social Sraffa’s stock market supply and demand supply curve surplus value theory of value unemployment use-value utility variable wage Walras’s Law workers zero