Steve Keen: Economic Progress one Funeral at a Time? (Parts 1 and 2)

[stockholmer]

Run time: 08:37 https://www.youtube.com/watch?v=4EzWV7RSYzE   Posted on YouTube: November 11, 2011 By YouTube Member: RTAmerica Views on YouTube: 3470   Posted on DU: November 12, 2011 By DU Member: stockholmer Views on DU: 785

 
Many modern economists missed the financial crisis and the economic problems we've seen since then, such as the eurozone debt crisis. Why? Well according to economics professor and author of Debunking Economics Steve Keen, they're not really experts on the economy but experts on a model of the economy. The great tragedy according to Keen is that the model is almost completely irrelevant to the system we actually live in. And despite the learnings of the financial crisis, not much has changed. Keen says the problem is Neoclassical economics, which economists are traditionally trained in. As for the solution? Well we may just have to wait for the economists in charge to die off. In the meantime, should people be occupying the economics departments of universities along with Wall Street? Keen says absolutely.

To see part 2 click on the link:
http://www.youtube.com/watch?v=UNIJ66m1BLQ

[nineteen50]

1. It was personal debt

“Austerity” programs are nothing more than the delusional
efforts of a status quo to avoid the consequences of its own
error and fraud while shifting the costs of bailing them out
to the poor, elderly, social security, public employees and
their pension funds.