All-Stars #33 Prof. Steve Keen: How the field of Economics was corrupted

Macro Voices

Hedge Fund Manager Erik Townsend

Business, Investing, Business:investing

4.8 • 3.4K Ratings

🗓️ 16 July 2019

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

All-Star Prof.Steve Keen pulls no punches telling Erik Townsend how and why the field of economics lost touch with the real world. Link: http://bit.ly/2JLJ3WO

Transcript

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0:00.0	This is a special edition of Macrovoises with hedge fund manager Eric Townsend.
0:14.2	The premier financial podcast targeting professional finance, high net worth individuals, family
0:19.8	offices, and other sophisticated investors.
0:23.0	Now for this special edition of Macrovoises, here's hedge fund manager Eric Townsend.
0:30.3	Macrovoises All Stars episode 33 was recorded on July 15th, 2019.
0:36.6	I'm Eric Townsend.
0:38.2	Professor Steve Keene is back with us today.
0:41.5	Steve, we had a listener question.
0:43.4	You make no qualms about kind of poking fun at economists,
0:49.5	despite the fact that you yourself are technically a member of that profession
0:54.9	and a professor of economics.
0:57.6	The question we got from our listener is how did this happen most field?
1:02.8	People have to know what they're doing before universities put them in charge of curricula
1:07.0	and so forth.
1:08.5	It seems like in economics, they kind of make it up and then get away with it.
1:13.2	How did this happen and why is it allowed to continue?
1:16.1	Yeah, it's got a long complex cause.
1:18.6	I go right back to the formation of economics.
1:23.1	Actually, I blame Adam Smith strangely enough.
1:25.4	Most economists say they follow Adam Smith,
1:28.1	often without having a clue what Adam Smith actually wrote,
1:30.8	having read what Adam Smith wrote and having read what went before him.
	...

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