Debunking Economics - Revised, Expanded and Integrated Edition: The Naked Emperor Dethroned?

Debunking Economics Revised Expanded and Integrated Edition The Naked Emperor Dethroned Debunking Economics exposes what a minority of economists have long known and many of the rest of us have long suspected that economic theory is not only unpalatable but also plain wrong When the fir

  • Title: Debunking Economics - Revised, Expanded and Integrated Edition: The Naked Emperor Dethroned?
  • Author: Steve Keen
  • ISBN: null
  • Page: 160
  • Format: Kindle Edition
  • Debunking Economics exposes what a minority of economists have long known and many of the rest of us have long suspected that economic theory is not only unpalatable, but also plain wrong When the first edition was published in 2001, economists basked in the limelight of a seemingly invincible market economy But the economy s performance, as Steve Keen argued, had nothiDebunking Economics exposes what a minority of economists have long known and many of the rest of us have long suspected that economic theory is not only unpalatable, but also plain wrong When the first edition was published in 2001, economists basked in the limelight of a seemingly invincible market economy But the economy s performance, as Steve Keen argued, had nothing to do with neoclassical economic theory and gave policy makers the false confidence to begin to dismantle the very institutions designed to limit market instability That instability exploded with the devastating financial crisis of 2007, and now haunts the global economy with the prospect of another Depression In this updated and expanded edition, Keen builds on his scathing critique of conventional economic theory whilst explaining what mainstream economists cannot why the crisis occurred, why it is proving to be intractable, and what needs to be done to end it Essential for anyone who has ever doubted the advice or reasoning of economists, Debunking Economics is a signpost to a better future.

    • Debunking Economics - Revised, Expanded and Integrated Edition: The Naked Emperor Dethroned? >> Steve Keen
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      Posted by:Steve Keen
      Published :2019-07-26T14:52:45+00:00

    About "Steve Keen"

    1. Steve Keen

      Steve Keen is a professor in economics and finance at the University of Western Sydney He classes himself as a post Keynesian, criticizing both modern neoclassical economics and Marxian economics as inconsistent, unscientific and empirically unsupported The major influences on Keen s thinking about economics include John Maynard Keynes, Hyman Minsky, Piero Sraffa, Joseph Alois Schumpeter, and Fran ois Quesnay His recent work mostly concentrates on mathematical modeling and simulation of financial instability.

    986 thoughts on “Debunking Economics - Revised, Expanded and Integrated Edition: The Naked Emperor Dethroned?”

    1. Update (3 December 2011)Steve Keen's done an excellent interview with BBC Hard Talk. Check it out on his author profile. In summary, he explains that the last 30 years of growth have been fueled by a credit bubble where banks basically went wild making money from lending. Where credit is used to fund speculation (i.e making money from the increase of asset prices as opposed to funding new business ventures), it's a Ponzi scheme. We were assured by the economists it was all stable because the ban [...]


    2. "Thirty years ago I experienced a highly conventional education in Economics. I always had an immense difficulty in reconciling the irreconcible; the economics inside the lecture theatre and the seminar room with that in the outside world. Without the internet and books like Debunking Economics it would have taken extraordinary luck and perseverance to find the literature I needed to counteract the wrongheadedness of what I was being taught. I can even recall one of our lecturers saying that it [...]


    3. This deserves a longer and more in-depth review than I can provide right now (or perhaps ever). Safe to say that Keen is vicious in his aim to dethrone neoclassical economics - anything they produce is either nonsensical, absurd, or that the author should be institutionalized (his words). His reasoning is equally savage, however, and that is where this book should be studied.More comments should follow after I finish up a few projects elsewhere and complete J R.


    4. First off I stopped reading past chapter 9. This book covers a subject that is huge (a whole social science field) and that is the problem. The book is one too many things; it talks to too many audiences about too many topics using too many tools. It reads like a textbook, scientific paper, dissertation and a non-fiction book all at once. It certainly requires great concentration to follow the ancillary comments and supplements. It is not organized in a manner that is easy to follow because of t [...]


    5. 5 stars for content, 3 stars for presentation.While Keen's intent to present complex facets of economics in layman terms is certainly laudable, his efforts to bypass mathematical formulas at all costs by use of textual, tabular and graphic illustration (even if that occasionally means spelling out formulas in sentence form) sometimes go too far.There's quite a bit of redundancy between chapters, as well as less-than-perfect mixes of the first (2001) edition and the revised (2011, post-crash) one [...]


    6. This is excellent read and hard work for the brain. Highly complex, it is hard to abstract into one sentence, but I think more appropriate would be following: "economics is complex dynamic system, so it is unwise to model it with oversimplified static models." (free quote)"() Thus ‘labor-intensive’ industry III, with a labor-to-capital ratio of 2:3, earns the highest ‘value’ rate of profit of 40 percent, while ‘capital-intensive’ industry V, with a 1:20 ratio, makes a ‘value’ rat [...]


    7. Every adult living in a democracy should read this book. The next time someone tells you that rewards for the rich are the way to fix the economy, ask them what the relationship is between private debt and the supply curve. If they cannot answer (they will likely tell you that private debt is not an important factor in a capitalist economy--insane as that sounds) then you can whip out some Keen and leave them backpedaling. Even if they do answer, you will be prepared to pummel their simplistic, [...]


    8. I have to confess that I glaze over parts of the book because the material is just over my head. Not having taken even basic Economics 101 courses, things like demand curves, supply curves, indifference curves etc are a bit hard to grasp, though I feel that the author has tried hard to explain them for laymen like myself. Having said that, I still got some good insights from the author's narrative:1) Some fundamental assumptions that neoclassicals made on which their theories are built upon do s [...]


    9. This book is a fantastic critique of the neoclassical synthesis and an exploration into the world of heterodox economics. Keen bravely attacks static economics at its mathematical roots and assumptions, revives Marx' theory of value and crowns him the greatest of Classical economists, defends Keynes against his opponents and heirs, and introduces the elegance and irrationality of dynamic analysis into the inherent instability of the market. The author succeeds in trashing the NeoLiberal argument [...]


    10. Debunking Economics offered an excellent and thorough dressing down of modern neoclassical economics. The author does so using the very same tools and mathematics that neoclassical economists hold up as proof of the correctness of their theories. He shows that more so than a science, and despite its own claims to the contrary, modern neoclassical economics operates as an ideology (or even a religion) that refuses to acknowledge its own shortcomings and inconsistencies. In addition to his fierce [...]


    11. Keen is brilliant but there are two problems with this book on my end: it assumes too little mathematical knowledge at the same time as it assumes too much knowledge of the neoclassical theory he is rebutting in general.The result is often a confusing, hard and overly verbose slog. As much as I don't like pages and pages of equations like you see in some texts, I see what he's doing sometimes and wish he would just fill it in in a box set apart from the rest of the material. He has supplemental [...]


    12. Fascinating book. It would have helped to have more of a grounding in economics at even the undergrad level, but slow consumption and re-reading make this possible because of Keen's clear language. My basic takeaway is that all of those things that seem a bit ridiculous about economics (perfectly rational consumers, assumed equilibrium) are actually, provably ridiculous. The why and how was definitely the interesting part here.


    13. A manifestly important book. It's hard to capture the scope of Keen's work — his erudition of the real history of economic thought and demolition of the neoclassical house of cards is breathtaking, exciting, urgently necessary.If, like me, you sat in undergrad economics classes thinking (or even saying) 'but huh?' then it may just be that you were quite capable of understanding what was being presented, it simply made no sense.Eagerly await his next book.


    14. Debunking Economics is a non-Marxist, non-neoclassical portrait of the field of economics. It attempts to explain why economics is a field filled with unproven and erroneous assumptions. While his prediction of the present economic crisis is impressive, I feel the rest of the work is merely okay. The style of Debunking Economics alternates in feel between an off-handed chumminess and the dryness of an economic textbook. The introductions and conclusions are too familiar in tone to feel impartial [...]


    15. This book was not an easy read, but it gets four stars from me as in many ways I found it an utter eye opener.Steve Keen analyses and documents in methodical detail the flaws in neoclassical economics. While there are many other books that have done this before, his is the only one that I am aware of that takes the economic academic profession head on, and plays them at their own game. He exposes their flawed thinking and gross mathematical incompetence, which to anyone who has studied mathemati [...]


    16. Some Anvils Need to be DroppedJDN 2456534 PDT 15:58.A review of Debunking Economics: The Naked Emperor Dethroned? by Steve Keen.The basic message Keen is trying to send is a vitally important one: Neoclassical economics is failing. Models based around rational agents and static equilibrium simply fail to represent the real world, and and as a result give policymakers a false sense of security against economic crisis. The way Keen delivers this message is by avalanche: Page after page, chapter af [...]


    17. A crucial work for understanding the failures of neoclassical economics: For people, like me, who had almost given up entirely on the academic field of Economics because of ridiculous theories and poor teaching, there is fortunately still Steve Keen. In this book, the Australian Keen shows the errors of the standard views of neoclassical (orthodox) economics. Not just some side aspects of the theory, but the actual core views of economics as it is taught in universities everywhere unravels befor [...]


    18. From a review by Joe McCauley"This book provides a far more clear explanation of the ideas of standard economic theory (neo-classical economics) than do the standard texts (compare with Samuelson, Mankiw, or Barro, e.g.). The book explains utility maximization, indifference curves, and the assumptions underlying the standard economic model that is used by the IMF, the World Bank and all major western governments. Keen uses simple language that even the lay person can follow. The text should be s [...]


    19. I am only part way through at the moment, but he has convinced me. I've never studied economics properly but I have read a few books. It seems that neo-classical economics is a mathematical theory that relies on some assumptions, but the maths is wrong and the assumptions are unrealistic. Substituting an infinitesimal for zero seems like a really invalid thing to do in a mathematical equation. Then, if someone does deduce a grand theory as a thought experiment, someone else should at least be ab [...]


    20. Although I am giving this book five stars, I have to alert any interested readers that this book gets technical. From time to time Prof. Keen will utilize very abstract thinking that will leave some people confused and/or fleeing from the book - he even admits to this by advising the reader to drink some coffee. Having given this major qualification, I must contend that this book is the thorough critique of economics since Marx's "Capital." Unlike Marx, however, Prof. Keen does not foresee a wor [...]


    21. Stevey-boy is my kind of guy! He’s a super-expert on standard mainstream economic theory but he doesn’t buy any of it. If you choose to read only one book in your entire life on economics, don’t read one that tries to convince you that it all makes sense (much less a book that claims to “explain it all in simple language” or some other similar nonsense). Keen knows all the Economic Theories and all the arcane math they use to obfuscate the total absurdity of what they are saying, and h [...]


    22. This is probably the single best economics book I have read, and I have read more economics books than is good for one's health. Keen does an excellent job of pulling back the curtain to show the true lunacy that sits underneath most of our economic dogma. From the insanity of perfect competition, to flaws in the theory of the firm (MC does not equal MR in any real world case) to the SMD issue with aggregating market demand curves, Keen details and debunks all of the flaws in the religious disci [...]


    23. I agree with other reviewers that is book is one of the most accurate and brilliant criticisms of mainstream/neoclassical economics. Some of the points Mr. Keen makes are very original, and if you are looking for "ammo" to shoot at mainstream economics, this book will give you plenty.However,I am not sure how much this book will appeal to the non-economist reader. Much of it is discussion of the existing economic theories, and without a knowledge of these theories, much of the book would be imco [...]


    24. Students (and professors) of economics need to digest this somewhat technical book, and find a way to come to terms with Keen's points.



    25. I never read quite all of this, but probably will find myself going back to it to look at specific things. I've got pretty mixed feelings about it. Some of it was really brilliant, some other bits felt a bit forced and muddled. One major complaint is that for the supposed sake of simplicity, mathematical formulas are not included, but instead described in words. This is completely incomprehensible. Anyone reading this book is not going to be scared of some symbols. Not including the graphs etc. [...]


    26. In the last 3 years i studied i got my BSc in economics. Each new semester i was getting more confuse about the classes because i was learning new stuff to explain the same thing. After that i start to question myself and the teacher what was the correct economic? I realized that economics teaching was a bunch of models with unrealistic assumptions to explain a world in which they don't work. I got very frustrated about that meanwhile I start to read debunking economics by Steve Keen. This guy e [...]


    27. Highlights many holes and errors in the standard theories of economics and confirms that many economists are using simplistic or incorrect models to predict future, which gives rise to "unexpected" crashes and crises. Informative and illuminating content but it is a shame that the writing is so repetitive and comes across as a big moan by someone who feels he is not being listened to.



    28. Not very clear or convincing. Constantly feel like I need a glossary (uses "marginal productivity", "marginal product of labour" and "marginal revenue product" near interchangeably for example. No idea what makes each different). I fully admit this is at least partially my own fault - it would be ridiculous to expect to understand a huge amount of economics just reading straight through. But I felt it could have been made easier. I felt often like I could see how a neoclassical economist would r [...]


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