Erik Townsend welcomes Steve Keen to MacroVoices. Erik and Professor Keen discuss:
- A comparison of the prevailing schools of economic thought
- The role of credit in the economy
- The importance of existing inventory when considering supply and demand calculations
- What's wrong with neoclassical economics and how central bank policy needs to adapt
- How Professor Keen was able to foresee the 2008 financial crisis
- The mistake of mainstream economics in ignoring the importance of private sector debt
- Low credit growth leading to a stangant economy
- "Zombie Economies" and which countries are most likely to suffer another crisis
- How to know if you're living in a Zombie Economy
- The need to reduce private debt, and the ways to incentivize such a reduction
- Plus Samir Madani joins us to discuss #OOTT and much more
Get embed code for this episode. | For other embed code options click here. | Download the MP3 File.
Click to Play Now!
Dr. Steve Keen is Professor of Economics, Politics and History at Kingston University, London.
He was one of the handful of economists to realize that a serious economic crisis was imminent, and to publicly warn of it, from as early as December 2005. This, and his pioneering work on complex systems modeling of debt-deflation, resulted in him winning the Revere Award from the Real World Economics Review for being the economist “who first and most clearly anticipated and gave public warning of the Global Financial Collapse and whose work is most likely to prevent another GFC in the future”.
The financial newspaper City AM ranks him as the 3rd most influential economist in the UK