Keiser Report | Steve Keen’s New Economics Manifesto | E1719


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Keiser Report | Steve Keen’s New Economics Manifesto | E1719



In this episode of Summer Solutions 2021 of the Keiser Report, Max and Stacy chat with Professor Steve Keen about his new book, “The New Economics: a Manifesto”. They discuss the problems with neoclassical economics and offer some solutions. One issue is that equilibrium is a
desired goal of orthodox economics whereas, as Schumpeter pointed out, instability is one of the strengths of industrial capitalism which leads to innovation. They also look at the increasing wealth gap and how to resolve that.

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20 Comments

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  1. Absolutely a great show, Max & Stacey. Keen is an outstanding guest where I must study this video 10 more times before his books arrive in the mail. Wow. This was a big "wow" for me as Keiser Report usually is.

  2. Funny how they all agree on the debt issue but Steve’s solution is more debt and handouts (but he wants to decide where the debt gets distributed) after a debt jubilee

    I really don’t buy his solution when he praises the market but let’s not have a market for money ….

  3. Steve Keen is an MMT "state theory of money" proponent. Doesn't understand hard money, bitcoin etc. He describes the contradiction between what he calls neoclassical economics and the logical end point for how the current fiat system actually works (MMT). But he thinks we should just fully embrace the MMT fiat system. Whereas Max and Stacy normally advocate a bitcoin standard – hard money Austrian school econ. Very confusing…

  4. Debt will never be forgiven as long as an international banking cartel headquartered in The City of London exists. For those that don't know, there are two "Cities of London" The one I'm referring to is not part of The United Kingdom and has a member sent to Parliament voted on by banksters. The Bank of International Settlements in Switzerland serves as the arm of all the banks and politicians in order to manipulate the price of Gold. This is to keep the American Dollar ponzi scheme and environmental destruction in tact.

  5. So, let's imagine there is no Amazon quick delivery, no-cost returns, universe of product choices, no Windows, no electric car break throughs. Would there be more jobs without these dastardly "elites" ? Why are service industry jobs not considered by Stacey as "real jobs" ? Most famous restaurateurs tell of their early beginnings working as entry level kitchen staff. My neighbor retired as a Pepsi cola VP and began there as a truck delivery man. Another upper management fellow I know began at UPS also as a delivery man. Amazing that some folks move up economically very nicely while others sit around the pubs lamenting the unfair "system". Going through life with a "chip on your shoulder" is a sure way to miss the boat to success fame and fortune.

  6. The New economic thinking after the classical political economy has been based on the illusion of free market and perfect comeptition. The reason is the same which is to protect capitalism from the people by concentrating on the idea that people problems's with capitalism are caused by their failure to be productive to fit the system. For example, if you are unemployed it is because you do not work at lower wages or you do not move where jobs are available. Many economists have rejected this new thinking. For his credit the late Schumpeter thought capitalism will be destroyed by its creation. Veblen and before Schumpeter had rejected the entire economic thinking as not evolutionary science. Several schools provide various ideas about this thinking. In various parts the rejectors of the neoclassical economic thinking are grounded in Marx's analysis in that monopoly capitalism has become too old to function properly. Finally, your point of the debt Jubliee as a great solution I read about it in my elementary school's class the Sumerian Civilization.

  7. If I had of listened to Keen in 2008 to not buy a house I would be stuffed. Keynes was right about the market being a beauty pageant.

  8. "Capitalism without capital", these economist's have really taken tortured reasonings to a level that no sane person would want to go! -Masters of malfeasance!