Steve Keen - Economics Quotes

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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'.

Steve Keen
Rather like the Bible is for many Christians, the General Theory is the essential economics reference which few economists have ever read.

Steve Keen
The obsession with equilibrium has imposed enormous costs on economics.

Steve Keen
Trusting souls who accept economic assurances that markets are efficient are unlikely to fare any better this time when the Bull gives way to the Bear.

Steve Keen
Not even an economist can make time stand still (though some victims of economics lectures might dispute that!).

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

Steve Keen
There are numerous theorems in economics that rely upon mathematically fallacious propositions.

Steve Keen
Economics is not the Emperor of the social sciences, but the Humpty Dumpty.

Steve Keen
The term 'capital' has two quite different meanings in economics: a sum of money, and a collection of machinery.

Steve Keen
Though mainstream economics began by assuming that his hedonistic, individualistic approach to analysing consumer demand was intellectually sound, it ended up proving that it was not.

Steve Keen
What makes economics different from and inferior to other sciences is the tenacity with which it holds to its core beliefs in the face of either contrary factual evidence or theoretical critiques that establish fundamental inconsistencies in its intellectual apparatus.

Steve Keen
You have a voice, which has been perhaps been quiescent on matters economic because you have in the past deferred to the authority of the economist. There is no reason to remain quiet.

Steve Keen
The position I favor is that economics is a science, but a rather pathological one.

Steve Keen