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Professor Steve Keen

Professor of Economics

About

I teach the introductory subject Becoming an Economist (EC4001) in the undergraduate program, and half of the two Masters modules Political Economy (EC7006) and Economic Change and Ideas (EC7002)

Areas of specialism

  • Complex Systems Economics
  • Minsky's Financial Instability Hypothesis
  • History of Economic Thought
  • Energy and Thermodynamics in Economics
  • Logical flaws in economic theory

Courses taught

Undergraduate

Postgraduate

Qualifications

  • PhD in Economics
  • Masters of Commerce Honours in Economics
  • Bachelor of Laws
  • Bachelor of Arts
  • Diploma of Education

Research

My research focuses on analyzing capitalism as a monetary system: surprisingly, the dominant approach to macroeconomics virtually ignores money, and--according to the Bank of England and the Bundesbank--uses factually wrong models of what banks do, and how money is created.

I have addressed this problem by developing an Open Source (i.e., free) monetary and complex systems modelling program I call Minsky (you can download it from https://sourceforge.net/projects/minsky/.

I also critique the logic behind such apparently straightforward concepts as the demand curve and the supply curve. My book Debunking Economics (https://www.amazon.co.uk/Debunking-Economics-Naked-Emperor-Dethroned/dp/1848139926/) is a very influential introduction to the many flaws in economic theory.

Publications

Number of items: 69.

Article

Keen, Steve (2017) Ricardo's vice and the virtues of industrial diversity. Journal of American Affairs, 2017(Fall), pp. 85-98. ISSN (print) 2475-8809

Keen, Steve (2017) The WHO warns of outbreak of virulent new 'Economic Reality' virus. Review of Keynesian Economics, 5(1), pp. 107-111. ISSN (print) 2049-5323

Keen, Steve (2015) Post Keynesian theories of crisis. American Journal of Economics and Sociology, 74(2), pp. 298-324. ISSN (print) 0002-9246

Keen, Steve (2015) The macroeconomics of endogenous money: response to Fiebiger, Palley and Lavoie. Review of Keynesian Economics, 3(4), pp. 602-611. ISSN (print) 2049-5323

Keen, Steve (2014) Endogenous money and effective demand. Review of Keynesian Economics, 2(3), pp. 271-291. ISSN (print) 2049-5323

Keen, Steve (2014) Secular stagnation and endogenous money. Real World Economics Review, 66, pp. 2-11. ISSN (online) 1755-9472

Keen, Steve (2013) Predicting the ‘Global Financial Crisis’: post-Keynesian macroeconomics. Economic Record, 89(285), pp. 228-254. ISSN (print) 0013-0249

Keen, Steve (2013) A monetary Minsky model of the Great Moderation and the Great Recession. Journal of Economic Behavior & Organization, 86, pp. 221-235. ISSN (print) 0167-2681

Keen, Steve (2011) Debunking macroeconomics. Economic Analysis & Policy, 41(3), pp. 147-167. ISSN (print) 0313-5926

Keen, Steve and Standish, Russell (2010) Debunking the theory of the firm—a chronology. Real World Economics Review(53), pp. 56-94. ISSN (online) 1755-9472

Keen, Steve (2010) Declaring victory at half time. Real World Economics Review(52), pp. 54-68. ISSN (online) 1755-9472

Keen, Steve (2010) Deleveraging is America's future. Real World Economics Review(54), pp. 32-40. ISSN (online) 1755-9472

Keen, Steve (2010) Solving the paradox of monetary profits. Economics: The Open-Access, Open Assessment E-Journal, 4(2010-31), ISSN (online) 1864-6042

Keen, Steve (2009) Bailing out the Titanic with a thimble. Economic Analysis and Policy, 39(1), pp. 3-24. ISSN (online) 0313-5926

Keen, Steve (2009) Household debt: the final stage in an artificially extended Ponzi bubble. Australian Economic Review, 42(3), pp. 347-357. ISSN (print) 0004-9018

Keen, Steve (2009) The confidence trick. The Australasian Accounting Business & Finance Journal, 3(1), pp. 57-65. ISSN (print) 1834-2000

Zeitun, R, Tian, G and Keen, Steve (2007) Default Probability for the Jordanian Companies: A Test of Cash Flow Theory. International Research Journal of Finance and Economics, 8, pp. 147-162. ISSN (online) 1450-2887

Zeitun, R, Tian, G and Keen, Steve (2007) Macroeconomic Determinants of corporate performance and failure: evidence from emerging markets, a case of Jordan. Corporate Ownership & Control, 5, pp. 179-194. ISSN (online) 1727-9232

Chapman, Brian and Keen, Steve (2006) Hic Rhodus, Hic Salta! Profit in a Dynamic Model of the Monetary Circuit. Storia del Pensiero Economico: Nuova Serie(2), pp. 137-154. ISSN (online) 1828-1990

Keen, Steve and Standish, Russell (2006) Profit maximization, industry structure, and competition: A critique of neoclassical theory. Physica A: Statistical Mechanics and its Applications, 370(1), pp. 81-85. ISSN (online) 1873-2119

Gallegati, Mauro, Keen, Steve, Lux, Thomas and Ormerod, Paul (2006) Worrying trends in econophysics. Physica A: Statistical Mechanics and its Applications, 370(1), pp. 1-6. ISSN (online) 1873-2119

Keen, Steve and Standish, Russell (2005) Irrationality in the neoclassical definition of rationality. American Journal of Applied Sciences, 2(13), pp. 61-68. ISSN (online) 1554-3641

Lee, Frederic S. and Keen, Steve (2004) The incoherent emperor: a heterodox critique of neoclassical microeconomic theory. Review of Social Economy, 62(2), pp. 169-199. ISSN (print) 0034-6764

Keen, Steve (2003) Standing on the toes of pygmies: why econophysics must be careful of the economic foundations on which it builds. Physica A: Statistical Mechanics and its Applications, 324(1-2), pp. 108-116. ISSN (print) 0378-4371

Keen, Steve (2002) Debunking efficient markets? Quantitative Finance, 2(6), pp. 406-407. ISSN (print) 1469-7688

Keen, Steve (2001) Economics: from emperor to vassal? Australian Universities' Review, 44(1/2), pp. 15-17. ISSN (print) 0818-8068

Zaid, Omar Abdullah and Keen, Steve (1999) The appropriateness of the term economics: the Islamic perspectives. Accounting, Commerce and Finance: The Islamic Perspective Journal, 3(1), pp. 1-24. ISSN (print) 1328-8261

Kummerow, Max and Keen, Stephen [Author of afterword, colophon, etc.] (1999) A system dynamics model of cyclical office oversupply. Journal of Real Estate Research, 18(1), pp. 233-255. ISSN (print) 0896-5803

Kummerow, Max and Keen, Steve [Contributor] (1999) A systems dynamics model of cyclical office oversupply. Journal of Real Estate Research, 18(1), pp. 233-255. ISSN (print) 0896-5803

Keen, Steve (1998) Answers (and questions) for Sraffians (and Kaleckians). Review of Political Economy, 10(1), pp. 73-87. ISSN (print) 0953-8259

Keen, Steve (1997) From prohibition to depression: the Western attitude to usury. Accounting, Commerce and Finance: The Islamic Perspective Journal, 1(1), pp. 26-55. ISSN (print) 1328-8261

Keen, Steve (1997) From stochastics to complexity in models of economic instability. Nonlinear Dynamics, Psychology, and Life Sciences, 1(2), pp. 151-172. ISSN (print) 1090-0578

Keen, Steve (1996) The chaos of finance: the chaotic and Marxian foundations of Minsky's "Financial Instability Hypothesis". Economies et Sociétés, 30(2-3), pp. 55-82. ISSN (print) 0013-0567

Keen, Steve (1995) Finance and Economic Breakdown: Modeling Minsky's 'Financial Instability Hypothesis.'. Journal of Post Keynesian Economics, 17(4), pp. 607-635. ISSN (print) 0160-3477

Keen, Steve (1993) The misinterpretation of Marx's theory of value. Journal of the History of Economic Thought, 15(2), pp. 282-300. ISSN (print) 1053-8372

Keen, Steve (1982) News or propaganda? The Australian Journal of Chinese Affairs(8), pp. 153-158. ISSN (print) 0156-7365

Book

Keen, Steve (2011) Debunking economics: the naked emperor dethroned? London, U.K. : Zed Books. 478p. ISBN 9781848139930

Keen, Steve (2001) Debunking economics: the naked emperor of the social sciences. London, U.K. : Zed. 352p. ISBN 9781856499927

Barnett, William A. , Chiarella, Carl , Keen, Steve , Marks, Robert and Schnabl, Hermann, eds. (2000) Commerce, complexity, and evolution: topics in economics, finance, marketing, and management: proceedings of the Twelfth International Symposium in Economic Theory and Econometrics. Cambridge, U.K. : Cambridge University Press. 424p. (International Symposia in Economic Theory and Econometrics, no. 12) ISBN 0521620309

Book Section

Keen, Steve (2012) Australia versus the US and UK: the kangaroo economy. In: Konzelmann, Suzanne J. and Fovargue-Davies, Marc, (eds.) Banking Systems in the Crisis: The Faces of Liberal Capitalism. Oxford, U.K. : Routledge. pp. 193-222. (Routledge Critical Studies in Finance and Stability) ISBN 9780415517898

Keen, Steve (2012) Growth theory. In: King, J.E., (ed.) The Elgar Companion to Post Keynesian Economics. 2nd ed. Cheltenham, U.K. : Edward Elgar Publishing. pp. 271-277. ISBN 9781849803182

Keen, Steve (2011) Hindsight on the origins of the global financial crisis? In: Kates, Steven, (ed.) The global financial crisis: what have we learnt? Cheltenham, U.K. : Edward Elgar. pp. 111-125. ISBN 9780857934222

Keen, Steve (2011) Madness in their method. In: Argyrous, George and Stilwell, Frank, (eds.) Readings in political economy: economics as a social science. 3rd ed. Prahran, Australia : Tilde University Press. pp. 130-137. ISBN 9780734611437

Keen, Steve (2010) The coming depression and the end of economic delusion. In: Kates, Steven, (ed.) Macroeconomic theory and its failings: alternative perspectives on the global financial crisis. Cheltenham, U.K. : Edward Elgar. pp. 127-142. ISBN 9781848448193

Keen, Steve (2009) Mathematics for pluralist economists. In: Reardon, Jack, (ed.) The handbook of pluralist economics education. Abingdon, U.K. : Routledge. pp. 150-168. ISBN 9780415777629

Keen, Steve (2009) The 'credit tsunami': explaining the inexplicable with debt and deleveraging. In: Friedman, Gerald , Moseley, Fred and Sturr, Chris, (eds.) The economic crisis reader. New York, U.S.A. : Dollars and Sense. pp. 44-51. ISBN 9781878585851

Keen, Steve (2009) The dynamics of the monetary circuit. In: Ponsot, Jean-François and Rossi, Sergio, (eds.) The political economy of monetary circuits: tradition and change in post-Keynesian economics. Basingstoke, U.K. : Palgrave Macmillan. pp. 161-187. ISBN 9780230203372

Keen, Steve (2009) A pluralist approach to microeconomics. In: Reardon, Jack, (ed.) The handbook of pluralist economics education. Abingdon, U.K. : Routledge. pp. 120-149. ISBN 9780415777629

Keen, Steve (2008) Keynes’s ‘revolving fund of finance’ and transactions in the circuit. In: Wray, L. Randall and Forstater, Matthew, (eds.) Keynes and macroeconomics after 70 years: critical assessments of the general theory. Cheltenham, U.K. : Edward Elgar. pp. 259-278. ISBN 9781847205810

Keen, Steve (2008) Warum die Standard-Theorie des Unternehmens nicht mehr unterrichtet warden Darf. In: Luderer, Bernd, (ed.) Die Kunst des Modellierens: Mathematisch-ökonomische Modelle. Wiesbaden, Germany : Vieweg+Teubner Verlag. pp. 179-194. ISBN 9783835102125

Keen, Steve (2007) Economic depression. In: Darity, William A., (ed.) International Encyclopedia of the Social Sciences. Detroit, U.S.A. : Macmillan Reference. pp. 302-306. ISBN 9780028659657

Keen, Steve (2007) Endogenous money. In: Darity, William A., (ed.) International Encyclopedia of the Social Sciences. Detroit, U.S.A. : Macmillan Reference. pp. 256-258. ISBN 9780028659657

Keen, Steve (2007) Financial instability hypothesis. In: Darity, William A., (ed.) International Encyclopedia of the Social Sciences. Detroit, U.S.A. : Macmillan Reference. pp. 145-146. ISBN 9780028659657

Keen, Steve and Ormerod, Paul (2007) От Экономики к Эконофизике : к Подјіинной Экономической Науке? [From economics to econophysics: towards a true science of economics?]. In: Kharitonov, V. V. and Ezhov, A., (eds.) Econophysics : Contemporary Physics in Search of Economical Theory. Moscow, Russia : Moscow Engineering and Technical Institute. pp. 134-158. ISBN 9785726207636

Keen, Steve (2007) Labor theory of value. In: Darity, William A., (ed.) International Encyclopedia of the Social Sciences. Detroit, U.S.A. : Macmillan Reference. pp. 322-324. ISBN 9780028659657

Keen, Steve (2007) Limits of growth. In: Darity, William A., (ed.) International Encyclopedia of the Social Sciences. Detroit, U.S.A. : Macmillan Reference. pp. 448-450. ISBN 9780028659657

Keen, Steve (2007) Nonlinear systems. In: Darity, William A., (ed.) International Encyclopedia of the Social Sciences. Detroit, U.S.A. : Macmillan Reference. pp. 523-524. ISBN 9780028659657

Keen, Steve (2006) The need and some methods for dynamic modelling in Post Keynesian economics. In: Setterfield, Mark, (ed.) Complexity, endogenous money and macroeconomic theory: essays in honour of Basil J. Moore. Edward Elgar : Cheltenham, U.K. pp. 36-59. ISBN 9781843769873

Keen, Steve (2004) Improbable, incorrect or impossible: the persuasive but flawed mathematics of microeconomics. In: Fullbrook, Edward, (ed.) A guide to what's wrong with economics. London, U.K. : Anthem Press. pp. 209-222. ISBN 9781843311485

Keen, Steve (2003) Economists have no ears. In: Fullbrook, Edward, (ed.) The crisis in economics: the post-autistic economics movement: the first 600 days. London, U.K. : Routledge. pp. 74-76. (Economics as Social Theory) ISBN 9780415308984

Keen, Stephen (2003) Growth theory. In: King, John Edward, (ed.) The Elgar Companion to Post Keynesian Economics. Cheltenham, U.K. : Edward Elgar. pp. 175-180. ISBN 9781840646306

Keen, Steve (2003) Nudge nudge, wink wink, say no more. In: Kates, Steven, (ed.) Two hundred years of Say's law. Cheltenham, U.K. : Edward Elgar. pp. 199-209. ISBN 9781840648669

Keen, Stephen (2003) The Russian defeat of economic orthodoxy. In: Fullbrook, Edward, (ed.) The crisis in economics: the post-autistic economics movement: the first 600 days. London, U.K. : Routledge. pp. 183-188. ISBN 9780415308984

Keen, Steve (2001) Commentary: Measuring complexity: puzzles and tentative solutions. In: Foster, John and Metcalfe, J. Stanley, (eds.) Frontiers of evolutionary economics: competition, self-organization and innovation policy. Cheltenham, U.K. : Edward Elgar Publishing. pp. 307-312. ISBN 9781840645255

Keen, Steve (2001) Minsky's thesis: Keynesian or Marxian? In: Bellofiore, Riccardo and Ferri, Piero, (eds.) Financial Keynesianism and market instability: the economic legacy of Hyman Minsky. Cheltenham, U.K. : Edward Elgar. pp. 106-120. ISBN 9781840643589

Keen, Steve (2000) The nonlinear economics of debt deflation. In: Barnett, William A. , Chiarella, Carl , Keen, Steve , Marks, Robert and Schnabl, Hermann, (eds.) Commerce, complexity, and evolution: topics in economics, finance, marketing, and management: proceedings of the Twelfth International Symposium in Economic Theory and Econometrics. Cambridge, U.K. : Cambridge University Press. pp. 83-110. ISBN 0521620309

Keen, Steve (1999) Goodwin cycle and predator-prey models. In: O'Hara, Phillip Anthony, (ed.) Encyclopedia of Political Economy. London, U.K. : Routledge. pp. 411-413. ISBN 9780415154260

Keen, Stephen (1995) Comment on Feldman’s structural model of economic growth. In: Groenewegen, Peter and McFarlane, Bruce, (eds.) Socialist thought in the post Cold War era. Manila, Philippines : Journal of Contemporary Asia Publishers. pp. 39-47. ISBN 9789718639092

Conference or Workshop Item

Standish, Russell and Keen, Steve (2004) Emergent effective collusion in an economy of perfectly rational competitors. In: Complex2004: The 7th Asia-Pacific Conference on Complex Systems; 06-10 Dec 2004, Cairns, Australia.

This list was generated on Wed Sep 19 04:40:56 2018 BST.
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