It’s taken us a few years to tackle the obvious topic for the Debunking Economics podcast, what are the biggest failings of neoclassical economics. Prof Steve Keen tells Phil Dobbie that it starts on page one of rudimentary economics textbooks, which the idea of the demand curve. Having debunked that, he moves on to the capital market line, used to determine investment decisions. Then it’s the models being used to determine the impact of climate change. Then the concept of diminishing marginal productivity. And finally, the process of simplifying assumptions. Having dismissed all the major tenants of economics Phil asks Steve if there any laws that apply to the ‘science’, in the same way that gravity applies to physics. Or is it all lost in the realm of unproven speculation?
Related Articles
Jason Hickel: “It’s either degrowth for the rich or climate disaster”
May 8, 2022
Mathew D. Rose
Austerity, Climate Crisis, Economics, EU politics, Finance, Inequality, Neo-Liberalism in the EU, Sustainability
0
To prevent climate breakdown rich countries need to consume less. Listen Here
Steve Keen: Margin Debt at Levels Not Seen Since the Peak of the Roaring Twenties Mania – and Falling
The role of margin debt in the current stockmarket fall. Steve Keen is a Distinguished Research Fellow, Institute for Strategy, Resilience & Security, UCL Cross-posted from Steve’s Blog “I fancy that over-confidence seldom does any […]
John Mearsheimer – Israeli Dilemma: Destroy Hamas OR Free the Hostages
22 January 2024 An excellent overview of how wrong things are going with Israel’s barbaric genocide in Gaza and ethnic cleansing in the West Bank and that the US with the US backing them up […]
Be the first to comment