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
03:30 – Frank Stilwell
03:50 – Theory of the Second Best
07:30 – Neoclassical economics
07:40 – Alfred Marshall
09:45 – Basic assumptions of economics
12:15 – In reality, supply has a falling marginal cost (pg 102)
19:02 – Rational Expectation Revolution
19:20 – Intertemporal equilibrium models
19:21 – Cobb-Douglas Function
23:10 – CO2 at 420 ppm
23:48 – Energy consumption/output in roman slaves (pg 558)
24:44 – A barrel of oil is equivalent to 5 years of human labor (Section 4.3)
25:59 – Adam Smith
26:03 – Physiocrats
28:40 – Robert Solow
30:12 – Bob Ayres
31:10 – James Watt – Steam Engine
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