Steve Keen

Steve Keen ( born March 28, 1953) is Professor of Economics at the University of Western Sydney. In December 2005, he warned of an impending global financial and sovereign debt crisis. Keen is a critic of neoclassical theory, but also of Marxism. Both social theories he criticizes inconsistency, unscientific behavior and adherence to empirically refuted allegations. His main influences are John Maynard Keynes, the Americans Hyman P. Minsky, the Italian economist Piero Sraffa and the Austrian economist Joseph Schumpeter.

Keen's critique of the neoclassical theory of business

Keen criticizes the neoclassical, by attempting to prove marginal cost = marginal returns as a key feature of efficient markets, the mathematical invalidity of the indicator. Keens Post Profit Maximization, Industry Structure, and Competition is a critical response by Paul Anglin. A criticism triggering argument error was conceded and corrected in the article Rationality in the Theory of the Firm of Standish and Keen.

In support of Keen's critique of neoclassical various empirical results are given; For example, a study of Eiteman and Guthrie (1952 ) who come in her essay to the conclusion that 89 % of the examined real companies in no way behaved according to the neoclassical perspective. Critics accuse him of a lack of understanding of economic theory.

Financial instability and debt deflation

In his recent works, Keen focuses on modeling Hyman Minsky's financial instability hypothesis. This means that a large debt to a share of gross national income can cause deflation and economic lows. Keen said on this basis, one of the few economists in 2006 an economic crisis ahead. However, it came in his native Australia, to which moved its forecast of no economic crisis .. Later Keen argued that the current global crisis was caused by too much debt.

Awards

  • Revere Award for Economics

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 0,521,620,309th
  • Debunking Economics: The Naked Emperor of the Social Sciences. Pluto Press Australia, 2001, ISBN 1864030704; revised and expanded edition, Zed Books, 2011, ISBN 1848139926 Review by Danny Yee, March 2009
George Monbiot BBC Handelsblatt Integrated Authority File
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