Steve Keen

Dr Steve Keen is Associate Professor of Economics & Finance at the University of Western Sydney. Steve is the author of the best-selling book Debunking Economics, where he laid out new ground as a critic of conventional economics by being highly mathematical in his own research. His main research interest is in developing mathematical models of Hyman Minsky’s Financial Instability Hypothesis. A collection of work can be found at www.debunking-economics.com. He is the author of two reports for the Centre for Policy Development: ‘Debt Freedom Day 2007’ and ‘Deeper in Debt: Australia’s addiction to borrowed money.'

Articles by Steve Keen:

Predicting the crisis: Medal winning analysts

Steve Keen reviews the best theory from economic analysts who predicted the financial crisis, as far back as 1933: If they were to hand out medals for predicting the global financial crisis, the Gold Medal for having predicted the crisis must go to Irving Fisher, who in 1933 developed the “Debt Deflation Theory of Great Depressions” – a piece which remains the best description of what happens to an economy that succumbs to excessive debt in the context of low inflation. We are now reliving the horror he warned us against. more

The Mysterious Money Machine

After a week where rates have held our interest, Steve Keen lends a hand to those baffled by our monetary system with an answer to the basic question – where does money come from?
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The Platypus Economy? Unravelling Australia’s Economic Paradoxes

How can we reconcile deflationary government policy with a booming economy, and stellar export prices with a record current account deficit? Is there something truly new about the economy, or are we being deceived? The answer, unfortunately, is deception: the hidden trick that glues the economy together is debt. Behind the appearance of fiscal austerity on the one hand, and a miracle economy on the other, has been a dangerous addiction to credit. Australians have borrowed their way to an apparent but illusory prosperity
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