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Steve Keen: “Mythonomics”

On this episode, we meet with Economist, Author, and Research Fellow at the Institute for Strategy, Resilience, and Security at University College in London, Steve Keen.

Keen discusses how mainstream economics misses the centrality of energy to our economy and to our futures, the naive treatment to the risks of money and debt creation, and the disconnect economic theory has to climate change risks.

About Steve Keen:

Steve Keen is an economist, author of Debunking Economics and The New Economics: A Manifesto, a Research Fellow at the Institute for Strategy, Resilience, and Security at University College in London.

Show Notes & Links to Learn More

PDF Transcript

00:40 – Steve Info + Works

03:30Frank Stilwell

03:50 Theory of the Second Best

05:17Paul Samuelson and paper (1966)

07:30 Neoclassical economics

07:40 Alfred Marshall

09:45Basic assumptions of economics

09:30 Contemporary macroeconomics is applied microeconomics

11:12We are deeply social creatures, and this isn’t accounted for in economics

11:40Theory of supply (rising marginal costs)

12:15In reality, supply has a falling marginal cost (pg 102)

12:35 Alan Blinder + survey on marginal falling costs (pg 22) and vs his textbook

18:30Energy is not included as an input (factor of production)

18:44Computable general equilibrium models

19:02 Rational Expectation Revolution

19:20 Intertemporal equilibrium models

19:21Cobb-Douglas Function

19:24Constant elasticity of production function

20:26When energy is included it is to a very minimized extent

20:41 Working paper by Rudy Backmann looking at energy fall implications in Germany

21:57 – Change in energy and change in GDP is 1:1 (or .99)

22:11 Reiner Kümmel and paper factoring energy into CD Production Function

23:10CO2 at 420 ppm

23:48 Energy consumption/output in roman slaves (pg 558)

24:44A barrel of oil is equivalent to 5 years of human labor (Section 4.3)

25:59Adam Smith

26:03 Physiocrats

26:59Evolution of Labor Theory of Value

28:40Robert Solow

29:30 The assumption is that technology is responsible for our massive growth

30:12Bob Ayres

31:10James Watt – Steam Engine

31:00Energy is the true driver of growth, not technology

…click on the above link to read the rest of the article…

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