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2 weeks ago | 
profstevekeen.substack.com | Steve Keen |Steve Keen
It’s clear that President Trump lied to the American people about his reciprocal tariffs. Many of the countries he is imposing tariffs do not impose anywhere near those numbers on imports from America.
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Jan 14, 2025 | 
profstevekeen.substack.com | Steve Keen
Steve Keen says he builds his economic model based on the motivation of three types of actors. First, the worker, who wants to maximise his or her wage. Then there’s the capitalist who wants to maximise profits. And the financiers who wants to lend out as much money as possible with the best possible returns.
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Jan 14, 2025 | 
profstevekeen.substack.com | Steve Keen
I am not fully convinced by this. I know Keen and what is called the general scientific consensus firmly believe in the AGW theory. However, until you study the work of Henrik Svensmark, Nir Shaviv, and Valentina Zharkova, all top physicists, it is not possible to have an intelligent discussion. Basically the sun controls climate through its effect on the solar wind that in turn controls deep space cosmic rays.
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Jan 14, 2025 | 
profstevekeen.substack.com | Steve Keen
There’s a common myth around banks. That banks are the intermediaries who collect deposits from customers, keep a bit in reserve, then lend out the rest at a higher interest rate. That argument then extends to a multiplier effect, where the money loaned out is deposited in banks, freeing up more money for further loans.
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Jan 14, 2025 | 
profstevekeen.substack.com | Steve Keen
Does government debt expand the supply of money? According to Modern Monetary theory, yes it does. It’s all down to simple double-entry book-keeping and an understanding of the role of financial equity. As Steve explains, in this step-by-step guide, for the private sector to experience positive equity, the government sector has to have negative equity.
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Jan 14, 2025 | 
profstevekeen.substack.com | Steve Keen
Current time: 0:00 / Total time: -42:32Audio playback is not supported on your browser. Please upgrade. Elon Musk has been moaning that he pays too much tax. He wants to keep more of the $14 billion or so that he earns each year. But has he got a point? Do we need to the opportunity to become incredibly wealthy to drive innovation. If we had more equal levels of income, would we actually suffer from lower growth, so everyone would end up worse off.?
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Jan 14, 2025 | 
profstevekeen.substack.com | Steve Keen
This week Phil introduces Steve Keen to the fictional island of Cornucopia. It’s a simple place, where the only trade takes place with gold coins. Banks are not allowed to give loans, and the money supply remains constant, unless the Chancellor decides to mint new ones. In such circumstances, how many basic economic principles work?
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Jan 14, 2025 | 
profstevekeen.substack.com | Steve Keen
This nicely edited video (courtesy of the marketing team promoting my online course via https://book.stevekeenfree.com/) has a target audience of one person: Elon Musk. If by any chance he follows you, please forward this post to him—and its companion on Patreon, to which I’ve attached the crucial modelling files, including Matlab versions as well as the Ravel originals, (Substack only supports embedding a limited range of file types):https://www.patreon.com/posts/119478488.
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Jan 14, 2025 | 
profstevekeen.substack.com | Steve Keen
Today I’m announcing a brand new addition to my Substack publication: Building a New Economics subscriber chat. This is a conversation space exclusively for subscribers—kind of like a group chat or live hangout. I’ll post questions and updates that come my way, and you can jump into the discussion. Get the Substack app by clicking this link or the button below. New chat threads won’t be sent sent via email, so turn on push notifications so you don’t miss conversation as it happens.
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Dec 22, 2024 | 
profstevekeen.substack.com | Steve Keen
I was asked to contribute to the 95th edition of the Journal of Australian Political Economy to celebrate 50 years of the Department of Political Economy at Sydney University, since I was one of the key students whose protests in 1973 motivated the Department’s formation. This is my draft paper. I’ll make it publicly available after the special issue comes out, probably in mid-2025.
