Dr. Steve Keen
@ProfSteveKeen
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Help me build a new economics by supporting me on either Patreon or Substack. Debunking Economics, Minsky.
London, UK
Joined June 2011
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Pinned Tweet
If you're studying economics and being taught that banks create money via "Fractional Reserve Banking", you're being taught a myth. See my sample lecture from my new course starting next week. Sign up at
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Priceless commentary by Downey at the end. Listen, laugh and weep all at once.
Robert Downey Jr visiting Wall Street for a documentary in the early 90s
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The Dead Parrot of Mainstream Economics
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Oh David!
@davidgraeber
. They say only the good die young, but why did you have to be one of them?
There's even more bullshit in the world now that you are no longer with us.
It was a pleasure to know you, and it is a tragedy to say goodbye.
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Europe has tried to financially carpet-bomb Greece into submission Yet it offers no alternative vision
@paulmasonnews
http://t.co/FiuggEI3sl
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@paulkrugman
DEBT IS MONEY WE OWE TO BANKS
DEBT IS MONEY WE OWE TO BANKS
DEBT IS MONEY WE OWE TO BANKS
...
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I am a scientist and tipping points that may lead to runaway global warming keep me awake at night –Professor Tim Lenton
#climatechange
@ExtinctionR
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Renowned economists Michael Hudson & Thomas Piketty meet on the anniversary of Graeber’s death to debate the most serious problems facing today’s finance-capital economies - and what to do.
@AnnPettifor
@Frances_Coppola
@PositiveMoneyUK
@Renegade_Inc
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And thar she blows: 100,000 followers in just under 12 years of tweeting. Thanks for the ride
@twitter
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The world’s 1st octopus farm would cram a MILLION of these smart and sensitive creatures into tiny tanks before painfully freezing them to death – but a massive public outcry can help stop it. Sign and share now!
#BanOctopusFarming
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I've spent 40 years dealing with Neoclassical economists. They sincerely believe they're doing good, which is why they're so dangerous
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Economists Are Vastly Underestimating the Economic Impact of Climate Change
@ExtinctionR
@Greenpeace
@GeorgeMonbiot
@nephologue
@Limits2Growth
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@jeremycorbyn
It's screamingly obvious in the data. Before Thatcher deregulated lending for housing, private debt rarely exceeded 60% of GDP in the UK. After then, it tripled, driving house prices up in the process
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Lex Fridman interviews me about economics, the universe, and everything, for three and a half hours
@lexfridman
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For those that don’t know, this guy was the co-editor of the Economics chapter for the 2014 IPCC report. This idiotic attitude to global warming was taken seriously by the world’s politicians.
@nephologue
@PaulieIsHere
@theresphysics
@Graham_Caswell
@ProfSteveKeen
@cwhope
@blair_fix
@Limits2Growth
We'd have to move the crops indoors too, which is surely impossible at scale over the next 10 years -- but may be feasible in 200 years (when the human population is projected to be much smaller anyway).
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@carty777
@jasonhickel
This is something a lot of non-Americans know (including complicity of the US in the "palace coup" against Australia's Labor Government in 1973), which is why we find it laughable when Americans talk of democracy and "freedom"
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@DianeCoyle1859
Maybe we should rename it the GoHome! Office. Catches their disposition more accurately. I just copped a minor instance: refusing tourist visa to my Dutch-resident Thai-national partner to attend Wimbledon with me.
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Prof Tim Lenton, world's leading expert on tipping points, opens the 3rd clip with "If we carry on as we're doing, I can't see our civilisation lasting past this century".
You’re not listening. This is far far worse than the media is making clear.
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May the pandas inherit the Earth. They deserve it far more than we do, after what we’ve done to it.
This is the most important video you'll see today!
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@davidgraeber
@richardcalhoun
@margarethodge
When assholes think we're assholes mate, we've got to be doing something right!
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'The Euro is a suicide pact' Economist Prof. Steve Keen on Brexit & European Central Bank ending QE
@TonyGosling
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The Australian electricity market has always been a disaster waiting to happen. And happen again. And again, as this skit from Clarke (deceased in 2017) & Dawe illustrates brilliantly. Renationalize it!
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If you draw a bullet in Russian Roulette you're 100% dead. According to rational expectations & subjective probability you're only 17% dead
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This is an extremely well written and illustrated article explaining the dangers of tripping climate tipping points. Economists are clueless about these processes and yet we've taken their advice over that of scientists.
“If we’re right about the tipping points, they’re not marginal,” Lenton tells Grist. “They’re existential risks.”
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How to test an N95 mask: wear it while your girlfriend eats
#Durian
. It's prefect: can't smell a thing!
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@DanSeligson
@MichaelRoss7
Political scientists know they have an ideology. Economists think they don't. That's why they are so dangerous.
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@davidgraeber
@richardcalhoun
@margarethodge
You get your friends to say you're brave and humane, that's what. And you're both and much more.
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The Nobel Prize for Mediocrity and Irrelevance Goes To Ben Bernanke…
@Noahpinion
@RichardJMurphy
@Frances_Coppola
@AnnPettifor
@MacroAlf
@rethinkecon
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@nntaleb
Do the accounting Taleb. The deficit creates the funds used to buy government bonds. There's no borrowing involved so long as you're financing bonds in your own currency.
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@montie
It was and is a sign of applying household logic to a national economy & being ignorant of how money is created
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The appallingly bad neoclassical economics of climate change. Open Access in
@Globalizations
.
@GeorgeMonbiot
@XRebellionUK
@ClimateHuman
@Weather_West
@IPCC_CH
@MichaelEMann
@theresphysics
@mark_lynas
@dwallacewells
@RichardTol
@TedNordhaus
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.
@MazzucatoM
wins the inaugural
#NotTheNobel
Prize. Congratulations for this, and for your ideas. Here's to building a relevant, realistic economics.
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The Minsky Models of Modern Monetary Theory
#TMMOMMT
#MMT
@StephanieKelton
@NathanTankus
@billy_blog
@rethinkecon
@carney
@DavidSligar
@JohnQuiggin
Free access, no paywall. Models attached.
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The Bank of England
@bankofengland
is handing out billions in new public money to Britain's biggest businesses in secret, via the Covid Corporate Financing Facility. This is public money - we deserve to know where it's being spent!
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Rise & fall of debt & credit over last decade. Visual prepared for my next book due out in April 2017
@politybooks
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@ClimateHuman
They don’t understand Peter. They think it will just mean warmer winters and summers. They don’t realise that the seasons will be upended and the climatic stability that enabled our civilisation to develop will end.
Economists reinforce this ignorance. See
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It's always a good feeling when the page proofs arrive
@politybooks
The New Economics: A Manifesto
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Why every Australian needs to be given $7,780 NOW to save the economy via
@MailOnline
. Enough to cover rents, mortgages and food during two to three months isolation.
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Financial models on climate risk ‘implausible’, say actuaries . Just where these implausible numbers came from is the topic of a report I've written for
@CarbonBubble
which will hopefully be published this month.
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@jasonfurman
Honestly, I despair of you lot.
Bundesbank on the left, Bank of England on the right.
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It's tragic that something as awful as
#AustraliaFires
was required to produce something this beautiful.
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I've done it. Please join me.
Last day to help nominate Julian
#Assange
for the
#NobelPeacePrize
Encourage someone who meets the Nobel Committee’s criteria to submit a formal nomination
#NobelPeacePrize4Assange
#FreeAssangeNOW
#DropTheCharges
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Yes. Wish people would think this one through. If
@bankofengland
could do £200 billion of
#QE
in one year, where did that money come from?
May: "there isn't a magic money tree" - but there was one for bailing out the banks?
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Labour party manifesto pledges to end tuition fees and nationalise railways . Suddenly this election has legs!
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The Mathematical Model Of Modern Monetary Theory
@StephanieKelton
@stf18
@billy_blog
@ojblanchard1
@JohnQuiggin
@rethinkecon
@paulkrugman
@wbmosler
@rohangrey
@John_T_Harvey
@Lprochon
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The schizophrenic understanding of money in economics
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My paper "The Dead Parrot of Mainstream Economics", about why "The Money Multiplier" is a myth, and why Neoclassical economists like
@jasonfurman
keep spouting it, is now available in the Real World Economics Review . With apologies to
@JohnCleese
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@SHamiltonian
It’s not unique to the
@abc
. Plenty of media outlets attack mainstream economics—the
@guardian
,
@nytimes
. What’s unique is that economics deserves the attacks. It’s a neat plausible and wrong paradigm where most practitioners have no idea of its unsound foundations.
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"Just take the past half-century. Keynesianism prevailed in the post-war era. In the 1970s, that was overtaken by monetarism: the idea that only the supply of money was important. That resulted in governments backing away from economic management, leaving central banks to rule
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Minsky moment: are pension assets at risk due to flawed climate analysis?
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I have a new proof reader. She’s finding errors everywhere!
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Nobel prize-winning economics of climate change is misleading and dangerous – here's why via The Conversation UK
@ConversationUK
@GeorgeMonbiot
@mark_lynas
@MichaelEMann
@Weather_West
@BjornLomborg
@RichardTol
@TedNordhaus
@paulkrugman
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Dining with Michael Hudson and his wife Grace in Queens, New York. Kimchi, politics, Debt Jubilees and psychotherapy were on the menu.
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@nntaleb
You visibly don't get that government bonds aren't competing for "loanable funds", but creating money on the bank liability side, and funds on the asset side that enable banks & primary dealers to buy the bonds. You're falling for an obsolete model of banking.
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@elonmusk
Since this tweet has blown up, here's a link to my refereed paper "The Appallingly Bad Neoclassical Economics of Climate Change", which is why I know that Elon is wrong here:
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Eulogy to David Graeber
@stacyherbert
@realmaxkeiser
@RossAshcroft
@Renegade_Inc
@AnnPettifor
@Idemamba
@rethinkecon
@ExtinctionR
@OccupyWallSt
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Please pre-order "The New Economics: A Manifesto"
@politybooks
@nick_aboagye
@ysi_commons
@rethinkecon
@PostCrashEcon
@PositiveMoneyUK
@AnnPettifor
@Renegade_Inc
@stacyherbert
@ErikSTownsend
@CheeseMacro
@RebuildMacro
@INETeconomics
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'4°C of global warming is optimal' – even Nobel Prize winners are getting things catastrophically wrong via
@ConversationUK
@rethinkecon
@RichardTol
@Limits2Growth
@Lacertko
@MichaelEMann
@KevinClimate
@Weather_West
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@victorklineTNL
Yes, let's blow
#ScottyFromMarketing
's little gambit out of the water. He tries to deregister parties with less than 500 members, by upping the limit to 1500? Then let's get 5000 members and see what his next move is! Sign up at
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I'm an agnostic and so was David
@davidgraeber
. But if he's doing anything at all right now, it's an anthropological study of Heaven. Preceded by a brief study of Hell, but just for comparative reasons. The Devil was sad to see him go.
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We're racing towards another private debt crisis - so why did no one see it coming? . Top stuff by
@davidgraeber
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The New Economics: A Manifesto now released in the UK and USA
@politybooks
@rethinkecon
@RethinkNY
@ysi_commons
@INETeconomics
@Lprochon
@AnnPettifor
@Renegade_Inc
@georgegalloway
@GeorgeMonbiot
@grhutchens
@nycscribe
@RolfeWinkler
@michaeljburry
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.
@BloombergAU
covers my Senate candidacy for
@The_NewLiberals
@victorklineTNL
. Vote
#TNL
to put citizens not politicians into Parliament, advised by experts not ideologues
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@katie_martin_fx
These guys think economists know what they are talking about on climate change. They don't. They're seriously deluded.
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Nowhere is there a wealthy country that consumes only a little energy, or a poor country that consumes a lot
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@MazzucatoM
I've had nowhere near as bad but similar experiences with them. Let's call it what it is now: The GoHome! Office.
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Hooray! I’d call this 99% negative, after eleven days. Now here’s hoping I avoid
#LongCovid
as well.
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This is capitalism with guts, Esther then the gutless capitalism that passes the risk of a bad night's takings onto its employees. Bravo.
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This is ridiculous. Life imitating art—or broadcasters imitating a satire. Do watch the whole video.
A reminder of this gem from a year ago. 60,000 people died from the extreme heatwave across Europe
#DontLookUp
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It's viable & would stimulate the economy
@DrJillStein
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A celebration for David Graeber. Details to come
@stacyherbert
@AnnPettifor
@TheMendozaWoman
@rethinkecon
@ExtinctionR
@GowerHenry
@LeeCamp
@_ClaireConnelly
@MkBlyth
@thejuicemedia
@AndrewSimms_uk
@Theknowlestweet
@GeorgeMonbiot
@jeremycorbyn
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@TheKouk
@1petermartin
@ConversationEDU
I couln't give a shit about your property portfolio Kook, or anybody else's. My point always was that basing a country's macroeconomic future on a housing bubble was stupid, and that point remains. Which is why Australia's reserve interest rate is at 0.75% and falling.
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Great impromptu speech by a demonstrator against the Gaza Genocide.
This guy, with absolutely spot on answers. Genuinely surprised this even aired.
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Very incisive: how innovation dies when sales & marketing overtake product development. I've seen it in computer software and universities
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"The Economist Has No Clothes". An oldie (2008) but a goodie, and even more relevant today than in 2008 via
@sciam
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Most American's don't even know the true definition of Socialism...
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@nntaleb
(1) There are obsolete models of banking, and you're using one here: "Loanable Funds", which the
@bankofengland
dismissed in 2014 but mainstream economics still clings to.
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This is the Winter-maker of our discontent.
👋 John
Tony Blair said that Margaret Thatcher was right and it was his job to build on her “achievements” and that it was good to privatise everything and put in place anti union legislation.
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Amen! It's a statistical miracle: how to disguise unemployment and blame the unemployed for it at the same time.
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@victorklineTNL
Who in
#TheShire
wants the responsibility and pleasure of helping
#ScottyFromMarketing
join John Howard and
@HonTonyAbbott
as a Prime "I don't hold a hose mate" Minister defeated in his own electorate? Please contact Victor &
@The_NewLiberals
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