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Debunking Economics

Steve Keen

5 mins

3 key insights

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Economist Steve Keen argues that mainstream economic theory is fundamentally flawed, and explores potential alternatives.

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Debunking Economics

Debunking Economics

by Steve Keen

Overview

Economic theory can seem dry, but it has the power to influence our society for better or worse. Economics affects our politics, our jobs, our homes, and our savings. Unfortunately, mainstream 'neoclassical' economics has significant flaws — it failed, for example, to recognize the warning signs before the Great Recession of 2008.

Steve Keen is an economist, author, and distinguished fellow at the Institute for Strategy Resilience and Security at University College London. Keen is of the few economists to have predicted the Great Recession. In Debunking Economics, Keen dives into the fundamental principles of neoclassical economics, arguing that they are outdated and anti-scientific. The book uncovers the flaws in economic models such as supply and demand, economics' blindspots, and promising alternative approaches.

Favorite quote

Given the travesties of logic and anti-empiricism that have been committed in its name, it would be an insult to the other sciences to give economics even a tentative membership.

- Steve Keen

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