Steve Keen: Economic Progress one Funeral at a Time? (Part 2)

Many modern economists missed the financial crisis and the economic problems we've seen since then, such as the eurozone debt crisis. Why? Well according to economics professor and author of Debunking Economics Steve Keen, they're not really experts on the economy but experts on a model of the economy. The great tragedy according to Keen is that the model is almost completely irrelevant to the system we actually live in. And despite the learnings of the financial crisis, not much has changed. Keen says the problem is Neoclassical economics, which economists are traditionally trained in. As for the solution? Well we may just have to wait for the economists in charge to die off. In the meantime, should people be occupying the economics departments of universities along with Wall Street? Keen says absolutely.

Click on the link to see part 1:
http://www.youtube.com/watch?v=4EzWV7RSYzE

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[turbotrana]

10/10 for both Keen and the presenter.

[optionsupdate]

you dont need neoclassical education

[Rcwatson83]

Education Department doesn't mean it actually educates anyone. I like this guy but he needs to understand what he says before he says it. For example, The Patriot Act is not patriotic!

[whereismybailouttv]

You can argue economic semantics all day long. However, there's one key fact that nobody's dealing with.

I agree that the debt will never be paid off. Yes we should write it off. However, no politician anywhere in the world will publically admit that. If they do, their career's over. Therefore, what's more important? Keeping your cushy job? Or, doing the right thing?

[StunnedByStupidity]

@mojorhythm Great to hear that there are informed posters on you tube. It sometimes seems overrun with irrational loons...

[mojorhythm]

@StunnedByStupidity At least 60% of all Americans want government do actively combat income inequality. As far as I know, that is the definition of a fiscal progressive. Moreover, a millionaire's tax is supported by around two thirds, and an increase in social program spending by at least a majority.

Even Tea Partiers support all these measures by a majority. They say they want to cut spending, but when asked what to actually cut, they say "not this, not this, not this, etc".

[StunnedByStupidity]

@StunnedByStupidity The OVERWHELMING majority AINT PSYCHOPATHS. In fact when EXPLAINED THE FACTS are VERY LEFT LEANING:

'Thom Hartmann: 92% of Americans are SOCIALISTS!' on youtube.

And this turns out to be good FOR EVERYONE - backed by HUNDREDS of scientific studies:

'Richard Wilkinson: How economic inequality harms societies' on you tube

'Talk - Richard Wilkinson & Kate Pickett - Why Greater Equality Makes Societies Stronger' on you tube

And I could go ON AND ON...

[StunnedByStupidity]

@StunnedByStupidity

':: Corporation : Clinical Diagnosis (PCLR) ::' on you tube. So the institutions are PSYCHPATHIC. the modeling of people is PSYCHOPATHIC and the psychology of traders?

'traders more recless than psychopaths' google it.

Ayn Rand has the strong whiff of the psychopath. And WAR which is the BEDROCK of expanding capitalism is fought by whom? Yes you've guessed it PSYCHOPATHS:

'The truth about killing' on youtube

[StunnedByStupidity]

@StunnedByStupidity whent to visit them - hmmmm is that more hypocrisy (JUST LIKE AYN RAND) I sniff in the air... Then you have this:

'The Whitehouse Coup (1933) 1 of 3' on youtube. See the CAPITALIST class HATED what FDR was doing so you know what they planned? Therefore? hmmmmmm

Then there is the sort of person freemarket economists think we all are:

':: Us, the psychopaths : Game theory and market democracy ::' on you tube

Or there is a break down of what a corporation is like:

[StunnedByStupidity]

@StunnedByStupidity That should have been WEALTH inequality (I just know there will be hair splitting lest I make that clear)... Hayek TRIED to claim that because Keynesian economics was used by the Germans then ALL uses of this leads to 'serfdom'. Then supported the FASCIST coup in Chile - therefore free market capitalism ALWAYS leads to fascism I take it - but being a right winger, hypocrisy goes with the territory. The Koch brothers also made sue THE STATE payed his medical bills when he

[StunnedByStupidity]

@StunnedByStupidity BANDITS. Income inequality - which is THE most important thing IN JUST ABOUT EVERY WAY - in a modern western economy is now the 5 WORST of ALL the countries on the planet. And the exit of the crisis can be tested - those using Keynesian stimulus TRASHING those that sit back and let the market do what it will! As far as I can see there is NOTHING that any right wing libertarian says that has ANY reference to reality - put Ron Paul in AND GET FASCISM! WAKE UP!