Steve Keen ***

[don]

Steve Keen

[Chris Coles]

Re: Steve Keen ***

Good find Don; very interesting analysis.

[shiny!]

Re: Steve Keen ***

Thanks for this.

So he sees deflation or low inflation ahead, hmmm...

[jiimbergin]

Re: Steve Keen ***

Thanks for this.

So he sees deflation or low inflation ahead, hmmm...

This is nothing new for him. EJ interviewed him a couple years ago and that was his position then.

[Down Under]

Re: Steve Keen ***

This is nothing new for him. EJ interviewed him a couple years ago and that was his position then.

Yer, wrong then wrong now

[Verrocchio]

Re: Steve Keen ***

Nice one, Don!

(Should be) REQUIRED viewing

Keen accomplishes much in this brief interview. He bombards the financial sector (FIRE economy, anyone?!) in this clip, explains why we're not having deflation this time around, lampoons the current political principle of Private Debt Good, Public Debt Bad, and explains why (private sector has the gift of intelligent prophecy). I gotta go find a copy of Debunking Economics.

[Verrocchio]

Re: Steve Keen ***

Down Under, based on your moniker, I suppose that you may be familiar with Keen's work. Could you elaborate on where he is wrong?

[Down Under]

Re: Steve Keen ***

Down Under, based on your moniker, I suppose that you may be familiar with Keen's work. Could you elaborate on where he is wrong?

Well, I know that back during the GFC, he was 100% cash in his superannuation fund; Australian superannuation funds are our retirement vehicles. So, he was heavily in the deflation camp. I no longer read/listen to Keen since he was completely wrong about deflation during the GFC. I continue to listen to & read EJ because he is right on the big calls and his analysis is second to none.

[Verrocchio]

Re: Steve Keen ***

Interesting. Maybe he was expecting a replay of the 30s. In the vid Keen said that deflation was 10-12% per annum in the first two years of the Great Depression. His explanation was that businesses slashed prices to move their products. This time around the consumers (and the financial sector) are much deeper in debt so deflation hasn't occurred.

[jiimbergin]

Re: Steve Keen ***

Interesting. Maybe he was expecting a replay of the 30s. In the vid Keen said that deflation was 10-12% per annum in the first two years of the Great Depression. His explanation was that businesses slashed prices to move their products. This time around the consumers (and the financial sector) are much deeper in debt so deflation hasn't occurred.

If you do a search on itulip you will find a lot. Here is the link to EJ's interview with Keen back in 2009
http://www.itulip.com/forums/showthr...ght=steve+keen

[Chomsky]

Re: Steve Keen ***

Well, I know that back during the GFC, he was 100% cash in his superannuation fund; Australian superannuation funds are our retirement vehicles. So, he was heavily in the deflation camp. I no longer read/listen to Keen since he was completely wrong about deflation during the GFC. I continue to listen to & read EJ because he is right on the big calls and his analysis is second to none.

He was wrong, but for the right reasons. He saw the oncoming debt-deflation crash, but didn't think the Fed had the ability to reflate. However, his models are absolutely crucial to our understanding of the mechanism of debt deflation, and have hugely informed EJ's own work. Also, he has admitted he was wrong and has continued his study of macroeconomics thus enlightened.

A+ economist and person, IMO, and certainly worth keeping on one's own short list of trusted sources.

[nedtheguy]

Re: Steve Keen ***

redacted

[shiny!]

Re: Steve Keen ***

What is the "GFC"?

[Down Under]

Re: Steve Keen ***

What is the "GFC"?

Global Financial Crisis

[shiny!]

Re: Steve Keen ***

Thanks.