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Description edit
Debunking Economics - Revised and Expanded Edition 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 Economics was published back in 2001, the... read more
Ridiculously Simplified Synopsis edit
Characters/People edit
- Marx: Add a description of this character.
- Mr. Keynes
- Hyman Minsky
- Walras
- John Hicks
- Milton Friedman
- Ben Bernanke
- Sraffa
- Krugman
- Fisher
- Steedman
- Adam Smith
- Lucas
- Ricardo
- Phillips
- Bentham
- Sharpe
- Paul Samuelson
- Schumpeter
- Goodwin
- Gorman
- Stigler
- Solow
- Muth
- Debreu
- Engel
- Lorenz
- Jevons
- Kornai
- Sippel
- Marshall
- Musgrave
- Von Neumann
- Kirman
- Haugen
- Hayek
- Fama
- Sonnenschein
- Prescott
- Obama
- Clower
- Bohm
Setting & Locations edit
- Usa
- America
- United States
- Japan
- Europe
- Ireland
- Kydland
- Australia
- Cambridge
- Great Moderation
- Wall Street
- Copenhagen
- England
- Aer
First Sentence edit
A major motivation for writing the first edition of this book was my feeling in 2000 that a serious economic crisis was imminent, and that it was therefore an apt time to explain to the wider, non-academic community how economic theory was not merely inherently flawed, but had helped cause the calamity I expected. Statements that a crisis may occur were edited out of this edition, because the crisis has occurred—after the Subprime Bubble, which was in the background during the DotCom bubble, finally burst as well. This chapter provides excerpts from the first edition on the likelihood of a crisis as seen from the vantage point of Minsky’s “Financial Instability Hypothesis” in early 2001. I hope these pre-crisis observations persuade you to reject the “Nobody could have seen this coming” smokescreen. The Great Recession was a “White Swan” made invisible to neoclassical economists because their theory makes them ignore the key factors that caused it: debt, disequilibrium, and time.
Authors & Contributors edit
- Steve Keen (Author)
Classification edit
- Library of Congress: Add the Library of Congress Classification.
- Dewey: 330
Popular Tags
Links to Supplemental Material edit
- Steve Keen's Debtwatch: My blog for regular economic commentary
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