📖 Overview
Steve Keen is an Australian economist and professor known for his critical analysis of neoclassical economics and his work on modeling financial instability. He gained prominence during the 2008 financial crisis for being one of the few economists who predicted the global financial collapse.
As the author of "Debunking Economics" and "Can We Avoid Another Financial Crisis?", Keen has developed alternative theories of economic behavior that incorporate debt dynamics and Hyman Minsky's Financial Instability Hypothesis. His mathematical models of the economy emphasize the role of private debt in economic cycles and financial crises.
Keen developed the "Minsky" software platform for economic modeling and advocates for a debt jubilee as a solution to excessive private debt. His work has been influential in post-Keynesian economics, and he has been awarded the Revere Award from the Real World Economics Review for his early warning of the financial crisis.
In recent years, Keen has focused on the economics of climate change and has criticized conventional economic approaches to environmental issues. He currently holds the position of Distinguished Research Fellow at University College London's Institute for Strategy, Resilience, and Security.
👀 Reviews
Readers view Steve Keen as a provocative economist who challenges mainstream economic theories. His writing splits between technical academic analysis and more accessible explanations for general audiences.
Readers appreciate:
- Clear explanations of complex economic concepts
- Mathematical models that expose flaws in conventional theories
- Predictions of the 2008 financial crisis
- Critiques of neoclassical economics
Common criticisms:
- Dense mathematical sections in some books
- Repetitive arguments across different works
- Dismissive tone toward other economists
- Some readers find his alternative models unconvincing
Ratings:
Debunking Economics (2nd ed):
- Goodreads: 4.1/5 (500+ ratings)
- Amazon: 4.3/5 (150+ ratings)
Can We Avoid Another Financial Crisis?:
- Goodreads: 3.9/5 (200+ ratings)
- Amazon: 4.4/5 (50+ ratings)
One reviewer noted: "Brilliant critique of neoclassical economics, but gets bogged down in equations." Another stated: "Important ideas buried under needlessly complex presentation."
📚 Books by Steve Keen
Debunking Economics (2001, revised 2011)
A systematic critique of neoclassical economic theory, examining fundamental flaws in its theoretical foundations and mathematical models.
Can We Avoid Another Financial Crisis? (2017) Analysis of private debt's role in economic instability, examining which countries are at risk of financial crises and why.
The New Economics: A Manifesto (2021) Outlines alternative approaches to economic theory and policy, incorporating complex systems, energy, and environmental concerns.
Finance and Economic Breakdown (1995) Doctoral thesis examining Minsky's Financial Instability Hypothesis and developing mathematical models of financial instability.
Economics in Two Lessons: Why Markets Work Better Than Government and Why This Tells Us Less Than You Think (2019) Critical examination of market fundamentalism and analysis of when markets succeed and fail.
Can We Avoid Another Financial Crisis? (2017) Analysis of private debt's role in economic instability, examining which countries are at risk of financial crises and why.
The New Economics: A Manifesto (2021) Outlines alternative approaches to economic theory and policy, incorporating complex systems, energy, and environmental concerns.
Finance and Economic Breakdown (1995) Doctoral thesis examining Minsky's Financial Instability Hypothesis and developing mathematical models of financial instability.
Economics in Two Lessons: Why Markets Work Better Than Government and Why This Tells Us Less Than You Think (2019) Critical examination of market fundamentalism and analysis of when markets succeed and fail.
👥 Similar authors
Hyman Minsky wrote extensively about financial instability and developed the theory that stability breeds instability in capitalist economies. His work on debt cycles and financial crises directly influenced Keen's economic theories.
Ha-Joon Chang critiques mainstream economic theories and emphasizes the role of institutions in economic development. His books examine the flaws in free market economics and challenge conventional wisdom about economic policy.
Michael Hudson focuses on the role of debt in economic systems and advocates for debt forgiveness based on historical precedents. His analysis of financial rentiers and debt dynamics aligns with Keen's work on private debt's economic impact.
Ann Pettifor analyzes the nature of money, debt, and the financial system from a post-Keynesian perspective. Her work on monetary theory and financial crisis prediction shares common ground with Keen's approach to economic modeling.
James Galbraith examines inequality, financial instability, and the shortcomings of conventional economic theories. His research on economic inequality and financial sector dynamics complements Keen's critique of neoclassical economics.
Ha-Joon Chang critiques mainstream economic theories and emphasizes the role of institutions in economic development. His books examine the flaws in free market economics and challenge conventional wisdom about economic policy.
Michael Hudson focuses on the role of debt in economic systems and advocates for debt forgiveness based on historical precedents. His analysis of financial rentiers and debt dynamics aligns with Keen's work on private debt's economic impact.
Ann Pettifor analyzes the nature of money, debt, and the financial system from a post-Keynesian perspective. Her work on monetary theory and financial crisis prediction shares common ground with Keen's approach to economic modeling.
James Galbraith examines inequality, financial instability, and the shortcomings of conventional economic theories. His research on economic inequality and financial sector dynamics complements Keen's critique of neoclassical economics.