Steve Keen

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Steve Keen

Steve Keen (born March 28, 1953 in Sydney ) is an Australian economist . Until 2013 he was a full professor of economics at the University of Western Sydney . Since September 2014 he has been Head of the School of Economics, History and Politics at Kingston University in London. Since December 2005 he has been warning of an impending global financial and sovereign debt crisis. Keen is a critic of neoclassical theory , but also of Marxism . He accuses both social theories of inconsistency, unscientific behavior and adherence to empirically refuted claims. His main influences are John Maynard Keynes , the American Hyman P. Minsky , the Italian economist Piero Sraffa and the Austrian economist Joseph Schumpeter . Keen met Yanis Varoufakis at Sydney University in the late 1980s and has been a personal friend of the game theorist, who was Greek Finance Minister from January to July 2015.

Keen's criticism of the neoclassical theory of companies

Keen criticizes the neoclassical by trying to prove the mathematical invalidity of the indicator marginal costs = marginal income as a decisive characteristic of efficient markets. Keen's contribution to Profit Maximization, Industry Structure, and Competition has a critical response from Paul Anglin. A reasoning error that triggered criticism was conceded and corrected in the article Rationality in the Theory of the Firm by Standish and Keen.

Various empirical results are cited to support von Keen's criticism of the neoclassical; For example, a study by Eiteman and Guthrie (1952), who came to the conclusion in their article that 89% of the real companies examined did not behave according to the neoclassical view. Critics accuse him of a lack of understanding of economic theory.

Financial instability and debt deflation

In his more recent work, Keen focuses on modeling Hyman Minsky's hypothesis of financial instability. This says that too much debt in gross national income can cause deflation and economic downturns . On this basis, Keen was one of the few economists who predicted an economic crisis in 2006 . However, there was no economic crisis in his home country, Australia, to which his forecast was based. Keen argues that the current global crisis was caused by excessive corporate and household debt. After the Bank for International Settlements first published global data on private debt, in March 2016 Keen published a list of 7 countries for which a debt crisis is likely over the next 1-3 years (China, Australia, Sweden, Hong Kong, Korea, Canada and Norway).

Awards

  • Revere Award for Economics
  • BusinessDay forecaster of the year (three times)

Publications

  • with William A. Barnett, Carl Chiarella, Robert Marks & Hermann Schnabl (Eds.): Commerce, Complexity and Evolution. Topics in Economics, Finance, Marketing, and Management: Proceedings of the Twelfth International Symposium in Economic Theory and Econometrics. Cambridge University Press, New York 2000, ISBN 0-521-62030-9 .
  • Debunking Economics: The Naked Emperor of the Social Sciences. Pluto Press Australia, 2001, ISBN 1-86403-070-4 ; Revised and expanded new edition Zed Books, 2011, ISBN 1-84813-992-6
  • with Mauro Gallegati, Thomas Lux & Paul Ormerod: Worrying trends in econophysics. In: Physica A. No. 370, 2006, pp. 1–6 ( PDF; 121 KB )
  • with Russell Standish: Profit maximization, industry structure, and competition: A critique of neoclassical theory. In: Physica A. No. 370, 2006, pp. 81–85 ( PDF; 171 KB )
  • Deeper in Debt. Australia's Addiction to Borrowed Money. In: Center for Policy Development (Ed.): Occasional Papers. No. 3, 2007, ISSN  1835-0135 ( PDF; 1 MB )
  • Why business textbooks are no longer allowed to teach standard corporate theory. In: Bernd Luderer (Ed.): The art of modeling. Mathematical-economic models. Vieweg + Teubner, Wiesbaden 2008, ISBN 978-3-8351-0212-5

Web links

Footnotes

  1. ↑ Kingston University: Eminent academic Steve Keen to help Kingston University become world class center for new economic theory teaching . 17th September 2014
  2. ↑ a b Dirk J. Bezemer: "No One Saw This Coming": Understanding Financial Crisis Through Accounting Models. MPRA Paper No. 15892, June 16, 2009, p. 9 and 39 f. ( PDF; 652 KB )
  3. ↑ Jenny Tabakoff: Profile: Steve Keen . In: Sydney Morning Herald . August 27, 2008.
  4. ↑ Philip Pilkington: Debunking Economics - An Interview with Steve Keen - Part 1 . In: naked capitalism. November 16, 2011
  5. ↑ Steve Keen: My Friend Yanis, The Greek Minister Of Finance . In: Forbes . January 31, 2015
  6. ↑ Steve Keen & Russel Standish: Profit Maximization, Industry Structure, and Competition: A critique of neoclassical theory ( Memento of the original from November 2, 2006 in the Internet Archive ) Info: The @1@ 2Template: Webachiv / IABot / www.debunkingeconomics.com archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. . In: Physica A. No. 370, 2006, pp. 81-85
  7. ^ Paul Anglin: On the proper behavior of atoms: A comment on a critique. In: Physica A. No. 387, 2008, pp. 277-280
  8. ↑ Russell K. Standish and Stephen L. Keen: Rationality in the Theory of the Firm (PDF; 96 kB). Cornell University website . January 19, 2011, p. 4
  9. ↑ Wilford J. Eiteman & Glenn E. Guthrie: The Shape of the Average Cost Curve. In: The American Economic Review . Vol. 42, no. 5, December 1952, pp. 832-838.
  10. ↑ Debunking Keen , Sinclair Davidson, RMIT University, Australian Review of Public Affairs, August 24, 2001.
  11. ^ BHP and Rio agree, Steve Keen is wrong. ( Memento of the original from April 16, 2011 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. , Michael Pascoe, October 23, 2008. @1@ 2Template: Webachiv / IABot / au.pfinance.yahoo.com
  12. ↑ Professor Steve Keen's doomsday property prediction wrong ( memento of the original from January 23, 2010 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. , Natasha Robinson, July 8, 2009 @1@ 2Template: Webachiv / IABot / www.perthnow.com.au
  13. ^ Economists lining up to disagree with Steve Keen , Michael Pascoe, October 23, 2008.
  14. ↑ Steve Keen: The Lily & the Pond . Evatt Foundation website . December 12, 2006
  15. ↑ Chris Zappone: Australia dodges recession . In: Sydney Morning Herald . March 3, 2009
  16. ↑ Christof Leisinger: In conversation: Steve Keen: "We are in the biggest financial bubble of all time" . In: Frankfurter Allgemeine Zeitung . January 7, 2010.
  17. ↑ Interview with Sarah Montague in the BBC telecast HARDtalk. November 24, 2011 ( video; 24:04 min )
  18. ↑ Steve Keen: The Seven Countries Most Vulnerable To A Debt Crisis. In: Forbes. Retrieved May 24, 2016 .
  19. ^ Norbert Häring : Great Depression: Celebrated Doom prophets . In: Handelsblatt . May 14, 2010
  20. ↑ Peter Martin: Business Day Economic Survey: Arise Steve Keen, forecaster of the year . In: Sydney Moring Herald . 4th July 2015
personal data
SURNAME Keen, Steve
BRIEF DESCRIPTION Australian economist, professor of economics
DATE OF BIRTH March 28, 1953
PLACE OF BIRTH Sydney