Debunking Economics (Digital Edition - Revised, Expanded and Integrated)

The Naked Emperor Dethroned?

Steve Keen

eBook Only


Debunking Economics exposes what many non-economists may have suspected and a minority of economists have long known: that economic theory is not only unpalatable, but also plain wrong. When the original Debunking was published back in 2001, the market economy seemed invincible, and conventional 'neoclassical' economic theory basked in the limelight. Steve Keen argued that economists deserved none of the credit for the economy's performance, and that 'the false confidence it has engendered in the stability of the market economy has encouraged policy-makers to dismantle some of the institutions which initially evolved to try to keep its instability within limits'. That instability exploded with the devastating financial crisis of 2007, and now haunts the global economy with the prospect of another Depression.

In this radically updated and greatly expanded new edition - this version of which includes fully integrated graphs and diagrams - Keen builds on his scathing critique of conventional economic theory whilst explaining what mainstream economists cannot: why the crisis occurred, why it is proving to be intractable, and what needs to be done to end it.

Essential for anyone who has ever doubted the advice or reasoning of economists, Debunking Economics provides a signpost to a better future.

Author Bio

Steve Keen is Associate Professor of Economics & Finance at the University of Western Sydney. Steve predicted the financial crisis as long ago as December 2005, and warned that back in 1995 that a period of apparent stability could merely be 'the calm before the storm'. His leading role as one of the tiny minority of economists to both foresee the crisis and warn of it was recognised by his peers when he received the Revere Award from the Real World Economics Review for being the economist who most cogently warned of the crisis, and whose work is most likely to prevent future crises.

Table of Contents

  • Preface to the first edition
  • 1. Predicting the 'unpredictable2
  • 2. No more Mr. Nice guy
  • Part 1: Foundations
  • The logical flaws in the key concepts of conventional economics
  • 3. The calculations of hedonism
  • 4. Size does matter
  • 5. The price of everything
  • 6. To each according to his contribution
  • Part 2: Complexities
  • Issues that should form part of an education in economics, but which are omitted from standard courses
  • 7. The holy war over capital
  • 8. There is madness in their method
  • 9. Let's do the Time Warp again
  • 10. Why they didn't see it coming
  • 11. The price is not right
  • 12. Misunderstanding the Great Depression and the Great Recession
  • Part 3: Alternatives
  • Different ways to think about economics
  • 13. Why I did see 'It' coming
  • 14. A Monetary Model of Capitalism
  • 15. Why stock markets crash
  • 16. Don't shoot me, I'm only the piano
  • 17. Nothing to lose but their minds
  • 18. There are alternatives
  • References


'Keen's book is a tour de force that grants its reader the chance of immunity from these, still dominant, economic superstitions.'
Yanis Varoufakis, author of The Global Minotaur (Zed, 2015) 

'Provides a more persuasive account of the causes of the crash and of its likely evolution than anything that has yet emerged from Constitution Avenue or Threadneedle Street. This is complicated, but it's in your interests to understand it.'
George Monbiot

'Economics remains mostly faith-based. No book poses a bigger threat to that faith than the second and expanded edition of Debunking Economics.'
Edward Fullbrook, Editor, Real World Economics Review 

'This book is an absolute must read for anyone wondering what caused this catastrophe and how we can truly put it behind us.' 
John T. Harvey, author of Currencies, Capital Flows, and Crises

'Professor Keen has written a book that will shake the economics community to its core, and for good reason. It could not have been written at a better time.'
Andrew Leeming, author of The Super Analysts 


Publication Date: 22 September 2011
496 pages

Product ISBNs: eBook ePub: 9781780322193
eBook Kindle: 9781780322209

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