Steve Keen - Theory Quotes

5 Sourced Quotes

View all Steve Keen Quotes

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

If a 19th century capitalist Machiavelli had wished to cripple the socialist intelligentsia of the 20th century, he could have invented no more cogent weapon than the labour theory of value. Yet this theory was the invention, not of a defender of capitalism, but of its greatest critic: Karl Marx.

Steve Keen

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

Steve Keen

In general then, and contrary to Friedman, abandoning a factually false heuristic asumption will normally lead to a better theory — not a worse one.

Steve Keen