Steve Keen: Theory

Steve Keen is Australian economist. Explore interesting quotes on theory.
Steve Keen: 54   quotes 0   likes

“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

“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)

“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)

World

“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

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 7, There Is Madness In Their Method, p. 153

Falseness

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

Steve Keen

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 8, Let's Do The Time Warp Again, p. 166

Time