Teaching Economics After the Crash

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The Guardian’s senior eco­nom­ics com­men­ta­tor Aditya Chakrabort­ty has pro­duced an excel­lent BBC Radio 4 pro­gram on the fail­ure of aca­d­e­m­ic eco­nom­ics to reform itself after the Crash of 2007: Teach­ing Eco­nom­ics After the Crash. The first inter­view is with Kingston Uni­ver­si­ty’s own Devrim Yil­maz. It also includes me, George Soros, Andy Hal­dane, Ha-Joon Chang, the stu­dents who began the Post Crash Eco­nom­ics Soci­ety at Man­ches­ter Uni­ver­si­ty, Diane Coyle (who played a large role in devel­op­ing the CORE cur­ricu­lum, of which I’m very crit­i­cal), Philip Mirows­ki (who describes CORE as “lip­stick on a pig”), Rob John­son of INET, and many more. It’s well worth a lis­ten (it opens with about 20 sec­onds of a pro­mo for a lat­er pro­gram on a par­a­lympian):

Teach­ing Eco­nom­ics After the Crash

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I also gave a talk to stu­dents at the Free Uni­ver­si­ty of Berlin yes­ter­day, which cov­ered three top­ics: the fail­ure of Neo­clas­si­cal eco­nom­ic the­o­ry to derive a down­ward-slop­ing mar­ket demand curve from its the­o­ry of indi­vid­ual ratio­nal­i­ty; the math­e­mat­i­cal fal­lac­i­es in the the­o­ry of “per­fect com­pe­ti­tion”, and the impor­tance of includ­ing banks, debt and mon­ey in macro­eco­nom­ics. You can watch it below.

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About Steve Keen

I am Professor of Economics and Head of Economics, History and Politics at Kingston University London, and a long time critic of conventional economic thought. As well as attacking mainstream thought in Debunking Economics, I am also developing an alternative dynamic approach to economic modelling. The key issue I am tackling here is the prospect for a debt-deflation on the back of the enormous private debts accumulated globally, and our very low rate of inflation.