Steve Keen Says Economists Get Everything Wrong (Especially About Climate Change)
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 8 July 2021
⏱️ 70 minutes
🧾️ Download transcript
Summary
Mainstream economics has come under attack lately. People have begun questioning its understanding of things like inflation, monetary policy, deficits, and how best to get out of a downturn. Steve Keen, an independent renegade economist, has been preaching this for a long time. And he believes the whole profession needs to be chucked. On this episode, we talk about some of the big failures he sees in economist thinking, and he is particularly energized by the subject of climate change. He also deplores the economic consensus, and says the way to think about it needs a total rethink, resulting in much more dramatic action than what is currently being proposed by the mainstream.
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| 0:41.7 | Hello and welcome to another episode of the All Thoughts podcast. |
| 0:57.6 | I'm Tracy Allaway. And I'm Joe, why isn't all? |
| 1:01.6 | So, Joe, one of the themes that we've had in our recent episodes is this idea of the pandemic, |
| 1:10.4 | changing certain perceptions of economics or certain perceptions of how the world |
| 1:16.4 | and the economy actually works. |
| 1:18.6 | Yeah, I mean, I think that's exactly right. |
| 1:20.8 | Like, you know, we just got in the US, for example, personal income and spending data. |
| 1:28.0 | And, you know, the story is that income replacement, household income replacement was actually |
| 1:33.4 | extremely effective and successful in the US. And that's not what you expect in a recession. |
| 1:40.2 | And it's sort of I think like people are sort of opening their minds to like, |
| 1:44.1 | how much of what we take for granted is just policy choices. |
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