Thursday, March 8, 2012

Tripping On Steve Keen

The belief that a capitalist economy is inherently stabilising is also one for which inhabitants of market economies may pay dearly in the future.
Steve Keen, Debunking Economics, p. 213

The Oracle of Ottawa is off his routine. The usual subject matter has been getting pretty boring. And on top of that the Canadian public has finally clued in and it is all back on track. My work on those recent subjects are all but done now.(See earlier postings...) The truth of the matter is that the Oracle of Ottawa has been side-tracked by a most amazing book written by one Steve Keen, of the University of Western Sydney, way down under, called Debunking Economics...

Steve Keen - equilibrium is bunk!

Frequent fliers to the Economy of Media know that the Oracle of Ottawa loves his books and is most interested in economics. And that he has read all the major "classical" economists texts in their unabridged entirety. Including the General Theory by Keynes in a very, very, early edition. Why the Oracle of Ottawa even read all the small print, how sick is that? And he still can't understand why every one says it is a "difficult book"? A lot of the trouble was due to war time paper and printing restrictions. The Oracle of Ottawa has always thought that Keynes was always a very good read!

But over the years the Oracle of Ottawa has been getting that anxious nervous feeling that a lot of what is taught to young economists is all very, very, well, wrong. This feeling got worse and worse as the Oracle of Ottawa put together a rather nice pile in a stock portfolio over the years, by breaking all the rules that are taught to all the up and coming portfolio mangers. According to the text books the Oracle of Ottawa has just been really lucky, so far...

But according to Steve Keen the Oracle of Ottawa may just be a very early adaptor! All the Oracle of Ottawa can tell you is that if you read one economics book this year make it Debunking Economics! This guy could be the most important economist in our lifetime. This guy is as important as Adam Smith, Karl Marx and Maynard Keynes! So that of course means that he will never win the Nobel Prize for economics, because he is too right! But the upside is that he will be famous forever!

The part where he utterly demolishes the Efficient Market Hypothesis is worth the ten times the price of the book! And I am sure that Warren Buffet would back him up on his conclusions... The Oracle of Ottawa wasn't lucky at all, he was just and truly freaking brilliant!  

And he is a very relaxing guy to listen to, unlike most stuffy pedantic Nobel Laureates. Watch this guy, he is going to be very important and world famous...

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