Economics also has to become a fundamentally monetary discipline–from the consideration of how individuals make market decisions through to our understanding of macroeconomics. The myth of "the money illusion" (which can only be true in a world without debt) has to be immediately dispelled, while our macroeconomics have to reflect a monetary economy in which nominal magnitudes matter, precisely because they are the link between the value of current output and the financing of accumulated debt. The dangers of excessive debt and deflation simply cannot be comprehended from a neoclassical perspective. The discipline must also become fundamentally empirical, in contrast to the faux empiricism of econometrics. By this I mean basing itself on the economic and financial data first and foremost–the collection and interpretation of which has been the hallmark of contributions by econophysicists–and by respecting economic history, a topic which has been systematically expunged from economics departments around the world. Steve Keen
Congress shall make no law abridging the freedom of production and trade...
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Ayn Rand
Your comfort zone is a place where you keep yourself in a self-illusion and nothing can grow there but your potentiality can grow only when you can think and grow out of that zone.
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Rashedur Ryan Rahman
The justification of capitalism is not that the economy grows faster than it grows under any other system. . not that the goods pour forth. The justification of capitalism is that it is the only economic system consistent with the requirements of man's rational nature,...
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M. Northrup Buechner
At times there's something so precise and mathematically chilling about nationalism. Build a dam to take away water AWAY from 40 million people. Build a dam to pretend to BRING water to 40 million people. Who are these gods that govern us? Is there no...
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Arundhati Roy
Saying that you are moral because you believe in a god is like saying you are an economist because you play monopoly.
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Robert W. Cox
More Quotes By Steve Keen
...If you look at mainstream economics there are three things you will not find in a mainstream economic model - Banks, Debt, and Money. How anybody can think they can analyze capital while leaving out Banks, Debt, and Money is a bit to me like...
We should look closely on what is happening at the moment, guys with little moustaches can pop up everywhere now given this instable economic situation. A look into history shows us what that could mean.
This resulted in a model of the macroeconomy as consisting of a single consumer, who lives for ever, consuming the output of the economy, which is a single good produced in a single firm, which he owns and in which he is the only employee,...
Have you heard the joke about the chemist, physicist and economist who get wrecked on a desert isle, with a huge supply of canned baked beans as their only food? The chemist says that he can start a fire using the neighbouring palm trees, and...
Economics also has to become a fundamentally monetary discipline–from the consideration of how individuals make market decisions through to our understanding of macroeconomics. The myth of "the money illusion" (which can only be true in a world without debt) has to be immediately dispelled, while...
