Economic theory in general ignores processes which take tim… - Steve Keen

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Economic theory in general ignores processes which take time to occur, and instead assumes that everything occurs in equilibrium.

Steve Keen

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About Steve Keen

Steve Keen (born 28 March 1953) is a professor in economics and finance at the University of Western Sydney. His recent work mostly concentrates on mathematical modeling and simulation of financial instability. He is a Fellow at the Centre for Policy Development. He classes himself as a post-Keynesian, criticizing both modern neoclassical economics and Marxian economics as inconsistent, unscientific and empirically unsupported. The major influences on Keen's thinking about economics include John Maynard Keynes, Hyman Minsky, Piero Sraffa, Joseph Alois Schumpeter, and François Quesnay.

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Additional quotes by Steve Keen

Since in reality the stock market is inhabited by mere mortals, there is no way that the stock market can be efficient in the way that economists define the term.

The EMH cannot apply in a world in which investors differ in their expectations, in which the future is uncertain, and in which borrowing is rationed.

This ascendancy of economic theory has not made the world a better place. Instead, it has made an already troubled society worse: more unequal, more unstable, and less 'efficient'.

Economic theory in general ignores processes which take time to occur, and instead assumes that everything occurs in equilibrium. - Steve Keen

About Steve Keen

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