In part VIII of our of shows looking at 2011, Dominic Frisby talks to Australian economist Steve Keen of Debtdeflation.com.
Steve is Associate Professor of Economics & Finance at the University of Western Sydney, and author of the popular book Debunking Economics (Zed Books UK, 2001; www.debunkingeconomics.com).
Steve predicted the financial crisis as long ago as December 2005, and warned that back in 1995 that a period of apparent stability could merely be “the calm before the storm”. His leading role as one of the tiny minority of economists to both foresee the crisis and warn of it was recognised by his peers when he received the Revere Award from the Real World Economics Review for being the economist who most cogently warned of the crisis, and whose work is most likely to prevent future crises.
He has over 50 academic publications on topics as diverse as financial instability, the money creation process, mathematical flaws in the conventional model of supply and demand, flaws in Marxian economics, the application of physics to economics, Islamic finance, and the role of chaos and complexity theory in economics. His work has been translated into Chinese, German and Russian.
Click here to read Steve's essay of December 2009 on the global debt crisis, Debtwatch No 41, December 2009: 4 Years of Calling the GFC.
Click here for more on the book, Debunking Economics.