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Tag Archives: neoclassical economics
Why you can’t win an argument with a Neoclassical
Why you can’t win an argument with a Neoclassical I’ve been arguing with Neoclassical economists for over fifty years, without ever getting a concession from them that I was right, even when there was overwhelming logical or empirical evidence on my side. Recently, I’ve realised why. It’s because they don’t read—really read—critical literature. Instead, they […]
The Homo Economicus Myth
The Homo Economicus Myth Among the larger albatrosses burdening the economics profession is the idea of Homo economicus. To this day, most economics undergraduates hear about it in the context of neoclassical economics. Homo economicus, we are told, is the ideal economic man who always seeks to maximize profits and minimize costs. He only acts “rationally,” and rationalism is […]
Why Economic Models Neglect Energy, and Why That’s a Problem
Why Economic Models Neglect Energy, and Why That’s a Problem As the Fed raises interest rates to fight inflation, the economic models they use include energy as a small part of the overall picture. Is that model flawed? Jed Dorsheimer, head of Group Head of Energy & Sustainability at William Blair and former advisor on […]
Friede Gard Prize Lecture 05 Energy In Production Functions
Friede Gard Prize Lecture 05 Energy In Production Functions Both Neoclassical and Post Keynesian economic models have been “energy blind”: postulating output from inputs of Technology, Labor and Capital, but ignoring energy (and matter, for that matter…). In this lecture I show how tautological and wrong the Cobb Douglas Production Function is, and that incorporating […]
Steve Keen: “Mythonomics”
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 […]
Economics and the environment
Economics and the environment This is the text, including slides, from a talk given on October 28 2020 during an online event organised by University College Cork’s Economics and Environmental Societies. (I didn’t follow the text word for word during the talk, but it covered the same ground) Thank you very much, I’m delighted to […]
The Coming Financial Crisis of 2021
The Coming Financial Crisis of 2021 Economist Steve Keen issues new warning Economist Steve Keen predicts that even if the covid-19 health crisis subsides next year, a brewing financial crisis on par with the 2008 Great Recession is in the making. He sees the pandemic as having delivered an “unprecedented shock” to the global economy, […]
Review of Mirowski’s Never Let a Serious Crisis Go To Waste
REVIEW OF MIROWSKIS NEVER LET A SERIOUS CRISIS GO TO WASTE INTRODUCTION Philip Mirowski, known for his book More heat than light – economics as social physics, physics as nature’s economics in which he criticizes neoclassical economics for adopting methods from the natural sciences, recently published a book on neoliberalism and the economic profession during the financial […]
The overdue Copernican Revolution in Economics – Steve Keen’s Debtwatch
The overdue Copernican Revolution in Economics – Steve Keen’s Debtwatch. This is the talk I gave at the first conference of the International Student Initiative for Pluralism in Economics, held in the beautiful German town of Tuebingen, Germany on September 19–21 2014. I cover Minsky, money, complexity, the role of debt in aggregate demand & aggregate supply, and the economic […]
