Can We Avoid Another Financial Crisis?

Can We Avoid Another Financial Crisis?

Steve Keen / Nov 12, 2019

Can We Avoid Another Financial Crisis The Great Financial Crash had cataclysmic effects on the global economy and took conventional economists completely by surprise Many leading commentators declared shortly before the crisis that the m

  • Title: Can We Avoid Another Financial Crisis?
  • Author: Steve Keen
  • ISBN: 9781509513727
  • Page: 263
  • Format: Hardcover
  • The Great Financial Crash had cataclysmic effects on the global economy, and took conventional economists completely by surprise Many leading commentators declared shortly before the crisis that the magical recipe for eternal stability had been found Less than a year later, the biggest economic crisis since the Great Depression erupted In this explosive book, Steve KeeThe Great Financial Crash had cataclysmic effects on the global economy, and took conventional economists completely by surprise Many leading commentators declared shortly before the crisis that the magical recipe for eternal stability had been found Less than a year later, the biggest economic crisis since the Great Depression erupted In this explosive book, Steve Keen, one of the very few economists who anticipated the crash, shows why the self declared experts were wrong and how ever rising levels of private debt make another financial crisis almost inevitable unless politicians tackle the real dynamics causing financial instability He also identifies the economies that have become The Walking Dead of Debt , and those that are next in line including Australia, Belgium, China, Canada and South Korea A major intervention by a fearlessly iconoclastic figure, this book is essential reading for anyone who wants to understand the true nature of the global economic system.

    • Best Read [Steve Keen] ☆ Can We Avoid Another Financial Crisis? || [Science Fiction Book] PDF ✓
      263 Steve Keen
    • thumbnail Title: Best Read [Steve Keen] ☆ Can We Avoid Another Financial Crisis? || [Science Fiction Book] PDF ✓
      Posted by:Steve Keen
      Published :2019-08-09T03:16:15+00:00

    About "Steve Keen"

      • Steve Keen

        Steve Keen is a professor in economics and finance at the University of Western Sydney He classes himself as a post Keynesian, criticizing both modern neoclassical economics and Marxian economics as inconsistent, unscientific and empirically unsupported The major influences on Keen s thinking about economics include John Maynard Keynes, Hyman Minsky, Piero Sraffa, Joseph Alois Schumpeter, and Fran ois Quesnay His recent work mostly concentrates on mathematical modeling and simulation of financial instability.


    752 Comments

    1. Few economists predicted the 2008 Global Financial Crisis. Steve Keen is one who did.Our ability to successfully manage our lives is dependent on our understanding of the functioning of the systems of which we are a part. If we want to be healthy it is important to understand how our body works and the effect that various kinds of food will have on it. If we want to live in a safe environment we may need to know about geological systems to tell us if our home is built in an area prone to earthqu [...]


    2. What Is Wrong With the World, Part II.Professor Steve Keen’s little book packs a powerful punch, I must say. This is an economics textbook – and I just couldn’t stop reading it until its unforgettable punch line (“Stagnation at the global level will be the outcome, not because of an absence of new ideas from scientists and engineers, as ‘secular stagnation’ devotees assert, but because mainstream economists have clung to delusional ideas about the nature of capitalism, even as the re [...]


    3. Can we avoid another financial crisis? No. Why is the more interesting question. The author suggests that main stream economists are all wrong, because in their model, banks and debt do not exist. Financial crises are therefore impossible, as everything will eventually hum along nicely at equilibrium. He posits that that is simply not correct. The economy is a complex system so complex models are needed. The variables interact with each other, so it's more like fluid flow than 2D graph. Furtherm [...]


    4. Very well written book. I had no background in economics whatsoever and was still quite easy to read overall. It's very succinct, never overexplaining and rarely underexplaining. Steve Keens explains exactly what mainstream economists got wrong, and how he was one of the few to be able to predict the global economic crisis of 2008. It spends a significant and deserved amount of time explaining the flaws of neoclassical economics and the necessary difference between micro and macroeconomics. It d [...]


    5. Not many people can claim that they've called a major financial crisis. Five years from now, Professor Keen will be able to say he's done it twice. I just hope some of the ideas in this book further penetrate mainstream economics so that a lost decade doesn't become a lost generation.


    6. Why countries with sky-high private debt such as Australia, Belgium, China, Canada, Norway and South Korea, can’t avoid recession.Brilliant concise book on the mechanisms that lead to financial crisis and the reasons why financial crisis are endemic under conventional policies. Professor keen (who predicted the GFC among handful other economists) uses at times amusing language and analogies to explain why the Krugmans and Samuelsons and all other idiot savants of the economic world, failed to [...]


    7. This book rather continues the theme of past and present financial crises. If anything, it belongs in the category of 'financial crises soon to come'. It has been interesting to chart how financial crises arise (the Overends Crisis of 1866) and how a policy response was framed (the financial crisis of 1914). It is disturbing to see that the conditions of 1866 are not that very different to those today, and our policy response is quite timid compared to that of 1914.The book starts by considering [...]


    8. A short book, but a good book. Pitched at the reader slightly above the 'just enough knowledge to be dangerous' level in economics. The cliff notes:- Modern economic models can't predict financial crises because their models have no mechanism for predicting (or even post-dicting) instability. They have stability built into their assumptions, so they're as useless as a theory of evolution that's missing as crucial an element as mutation.- Government surpluses in countries with already high privat [...]


    9. I eventually want to write a review of this book once I finish Keen's other book Debunking Economics. I sympathize with Keen but also have massive disagreements with some of his theoretical arguments. This is pretty short as a book although it is packed with analysis and the heterodox/orthodox battles he often speaks of, for those who haven't heard of him. However, Keen should delve deeper into some of his theories because his macro mechanics of endogenous money if correctly understood have huge [...]


    10. Concise, thought provoking, and a little scaryAs a student of economics, there were moments where I could not believe the assumptions about aggregating micro models to macro. To see that same skepticism in print years later is validating.I don't know if mean is correct about his modelling, ultimately, but the contrarian point of view is well presented in this book. I certainly found t enlightened.Thanks Dr. Keen. I'll be following your work from now on.


    11. I'm on board with the arguments in this book and can see that accelerating private debt will eventually lead to a crash in Australia, but a lot of the technical economic information wasn't accessible to the average reader (in the authors defence, it's probably not a book meant for "the average reader")


    12. Brilliant summary of the state of the world economy after 2008, exposing logical errors in the responses of several governments without collapsing into technical jargon. Excellent read for anybody seeking understanding what the hell happened 'after Lehmann'.


    13. I wish it had been a little longer, and expanded more on the political economy of debt. But basically this is brilliant stuff that should be read by all economists. Keen again proves himself to be a top destroyer of economic orthodoxy.


    14. Excellent little book making the very convincing argument that we are entering a consumer debt crisis that will most likely lead to a prolonged economic stagnation (or even worse).




    Leave a Reply