In this episode Steve Keen shares his knowledge of economics to not only debunk the reverence paid to economists by policy makers but to explain that the titans of the economic theory are misunderstood. Keynes wasn’t the advocate for stimulus spending as many assume and Karl Marx actually had a lot of great insights that are conveniently swept under the carpet. Steve goes on to provide a tutorial on the life and ideas of his hero Hyman Minsky, explaining how this was one of the few who understood the sheer unpredictability that underlies all economics. We also discuss the how there is nothing special about the Australian, Canadian, or Chinese economies other than the fact that they have been able to breathe new life into their economies by blowing bigger bubbles. The end result is inevitable: global deflation.
You can read about Steve’s book “Debunking Economics” here:
You can read Steve’s blog posts on economics here:
If you are interested in deflation, check out the Deflation Study Group on LinkedIn (open to all LinkedIn members):
You can also listen to my in-depth Deflation 101 podcast.
NOTE: Remember to tune into the Optimistic Bear weekly financial round-up every Tuesday at 9:00pm, Pacific Time. You can also listen to previous shows.
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