MMT: Why is Running GOVERNMENT DEFICIT GOOD? - Steve Keen

Here is why GOVERNMENT DEFICIT helps the private sector economy, and why public sector surplus mania is nothing but neoclassical economists' B. S., according to MMT advocating economist Steve Keen, the author of various books including ‘Debunking Economics’. Join a deeper dive into his modelling supporting his claims.

Steve Keen considers himself a post-Keynesian, criticizing neoclassical economics as inconsistent, unscientific and empirically unsupported. The major influences on Keen's thinking about economics include John Maynard Keynes, Karl Marx, Hyman Minsky, Piero Sraffa, Augusto Graziani, Joseph Alois Schumpeter, Thorstein Veblen, and François Quesnay. Hyman Minsky's financial instability hypothesis forms the main basis of his major contribution to economics which mainly concentrates on mathematical modelling and simulation of financial instability. He is a notable critic of the Australian property bubble, as he sees it.

Keen's full-range critique of neoclassical economics is contained in his book ‘Debunking Economics’. Keen presents a wide variety of critiques on neoclassical economic theory, and argues that they show neoclassical assumptions that are fundamentally flawed. Keen claims that several neoclassical assumptions are empirically unsupported (that is, they are unsupported by observable and repeatable phenomena) nor are they desirable for society at large (that is, they do not necessarily produce either efficiency or equity for the majority).

Steve Keen was formerly an associate professor of economics at University of Western Sydney, until he applied for voluntary redundancy in 2013, due to the closure of the economics program at the university. In autumn 2014, he became a professor and Head of the School of Economics, History and Politics at Kingston University in London. He is also a fellow at the Centre for Policy Development.

This is the 'MMT: Why is Running GOVERNMENT DEFICIT GOOD? - Steve Keen' clip from the interview, which was recorded on December 15, 2020. The printed version of this talk will be published in 'Finance Manager', the leading business weekly magazine in Slovenia.

Links:
Steve Keen, interviewee: https://www.patreon.com/ProfSteveKeen
Bostjan Usenik, interviewer & producer of the channel: https://www.linkedin.com/in/bostjanusenik/
Photo courtesy: Steve Keen

Видео MMT: Why is Running GOVERNMENT DEFICIT GOOD? - Steve Keen канала Finance Manager Interviews