Thursday, April 15, 2010

Steve Keen walk begins today

Steve Keen's regular blog: Debt deflation
Debunking Economics website
Keen Walk to Kosciuszko

Steve Keen begins his protest walk against Australian house prices, today, starting from Parliament House, Canberra. This arose because he lost a bet in predicting that Australian house prices would fall and they haven't, so far. Read the links above for more detail.

I admire the way in which Steve Keen has turned a bad bet into a good thing, a protest to raise awareness about the state of the Australian economy. He has generated a lot of interest and support with many people joining him on his walk.

I'm interested in Steve's ideas about Minsky, Fisher, Sraffa, Marx etc and have been reading his extensive online publications in trying to deepen my understanding of political economy arising out of the current and ongoing economic crisis.

Steve Keen is the sort of public intellectual we need. He puts his ideas up for public scrutiny and engages in public debate about them through his blog. I have read enough to understand that econometrics which dominates my local university curriculum (and apparently many others) is a narrow subset of what economic study ought to be. Clearly there needs to be a revolution in university economic departments to bring in the theories of thinkers such as Minsky or Marx who predicted that capitalism would always be an unstable system.

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