Steve Keen Quotes (27 quotes) | Quotes of famous people

Steve Keen: 27 quotes 0 likes

Famous Steve Keen Quotes

“If financial markets aren't efficient, then what are they? According to the 'fractal market hypothesis', they are highly unstable dynamic systems that generate stock prices which appear random, but behind which lie deterministic patterns.”

Steve Keen

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 11, Finance And Economic Breakdown, p. 243

“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

Preface, p. xiv
Debunking Economics - The Naked Emperor Of The Social Sciences (2001)

“Since in reality the stock market is inhabited by mere mortals, there is no way that the stock market can be efficient in the way that economists define the term.”

Steve Keen

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 10, The Price Is Not Right, p. 216

“Even economists can't escape the fact that, as commodities go, labour is something out of the ordinary.”

Steve Keen

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 5, To Each According To His Contribution, p. 112

“With the market so much more in control of the global economy now than fifty years ago, then if economists are right, the world should be a manifestly better place: it should be growing faster, with more stability, and income should go to those who deserve it.”

Steve Keen

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 1, No More Mister Nice Guy, p. 2

“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

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 2, The Calculus Of Hedonism, p. 23

Steve Keen Quotes

“Not even an economist can make time stand still”

Steve Keen

though some victims of economics lectures might dispute that!
Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 3, The Price Of Everything And The Value Of Nothing, p. 79

Time

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

Steve Keen

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 9, The Sum Of The Parts, p. 199

Reading

“There are numerous theorems in economics that rely upon mathematically fallacious propositions.”

Steve Keen

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 12, Don't Shoot Me, I'm Only The Piano, p. 259

Mathematics

“The position I favor is that economics is a science, but a rather pathological one.”

Steve Keen

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 7, There Is Madness In Their Method, p. 148

Science

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

Steve Keen

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 6, The Holy War Over Capital, p. 130

Money

“If investors disagree about future prospects of companies, then inevitably the future is not going to turn out as most — or perhaps even any — investors expect.”

Steve Keen

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 10, The Price Is Not Right, p. 235 (See also: Andy Kessler)

Future

“Which comes first — price being set by the intersection of supply and demand, or individual firms equating marginal cost to price?”

Steve Keen

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 4, Size Does Matter, p. 101

“Thus while diminishing returns do exist when industries are broadly defined, no industry can be considered in isolation from all the others, as supply and demand curve analysis requires.”

Steve Keen

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 3, The Price Of Everything And The Value Of Nothing, p. 69

“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

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 10, The Price Is Not Right, p. 215

Way , Soul , Time

“Economics is not the Emperor of the social sciences, but the Humpty Dumpty.”

Steve Keen

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 3, The Price Of Everything And The Value Of Nothing, p. 83

Science

“Why do economists persist in modelling the economy with static tools when dynamic ones exist; why do they treat as stationery an entity which is forever changing?”

Steve Keen

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 8, Let's Do The Time Warp Again, p. 177

Change

“The EMH cannot apply in a world in which investors differ in their expectations, in which the future is uncertain, and in which borrowing is rationed.”

Steve Keen

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 10, The Price Is Not Right, p. 234

World , Future

“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

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 13, Nothing To Lose But Their Minds, p. 270–271 (See also: Adam Smith, Wealth of Nations, Book I, Chapter VI, p. 58)