Category Archives: Australia

Debunking Economics

Debunking Economics: the naked emperor of the social sciences by Associate Professor Steve Keen explains to non-economists why conventional economic theory–known as “Neoclassical Economics”–is fundamentally flawed.

This should come as no surprise, as the world wallows in the deepest financial crisis it has experienced, but it has been hidden from public view to date by the academic profession’s habit of ignoring any substantial criticism.

Given the mess that the world economy is now in, economics can no longer simply ignore its own flaws. But knowing why the theory is wrong takes effort. In this book, the author explains the many technical flaws in neoclassical economics in a manner that any intelligent reader can understand.

The book was first published in 2001, and continues to be published in hard copy format today by Zed Books UK. The author’s prediction of the financial crisis has led to increased interest in his approach to economics, and he has decided to produce an eBook version of it to make it more accessible.

For more, visit his website, or my Detwatch blog on the financial crisis

NEWStopia explains the Australian Central Bank

This video is remarkable for two reasons:

  1. it’s a spoof that shows the circular arguments of the ‘free market’, for economics is not based on logic but on myths and beliefs
  2. it has a long list of comments from people who clearly see through “the system”

The question therefore is how quickly we need to build alternatives, it seems…

Overlooked solution to credit crunch

This article appeared in The Australian – Online Newspaper of the Year as a remarkable comparison of household and corporate debts.