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

Economics
Branko Milanovic´ – How to Fix Democracy
Branko on capitalism.

Climate Crisis
Daniela Gabor – Wall Street will not save the planet from climate crisis. Only you can
October 30, 2019
Mathew D. Rose
Climate Crisis, Economics, Finance, Financial Institutions, Sustainability
0
Daniela`s talk in Berlin on 23 October 2019. The talk explores the emerging consensus between private finance and regulatory authorities, that a market-driven turn to Sustainable Finance will accelerate the transition to low carbon economies. It […]

Austerity
The MMT Podcast – Richard Murphy: The Treasury Is Choosing Death
July 30, 2020
Mathew D. Rose
Austerity, Economics, EU politics, Finance, Financial Institutions, Inequality, National Politics, Neo-Liberalism in the EU, Tax
0
Patricia and Christian talk to Professor Richard Murphy about monetary operations, tax justice, and the UK government’s standoff with the NHS regarding finances. Listen here
Be the first to comment