Book Review: Steve Keen (2021) The New Economics: A Manifesto

Simple item page
dc.contributor.authorBichler, Shimshon
dc.contributor.authorNitzan, Jonathan
dc.date.accessioned2023-05-22T19:19:18Z
dc.date.available2023-05-22T19:19:18Z
dc.date.issued2022
dc.description.abstractSteve Keen’s book, The New Economics: A Manifesto (2021), offers a new path for economics, and for good reason. In his view, neoclassicism, the paradigm that rules modern-day economics, has become a serious menace: "I regard Neoclassical economics as not merely a bad methodology for economic analysis, but as an existential threat to the continued existence of capitalism – and human civilization in general. It has to go. (155). " Strong words? Of course, but they are wholly warranted. Neoclassical economics is the official scientific underpinning of capitalism as well as its main ideological defence, and according to Keen, it fails in both tasks.2 Contrary to received opinion, neoclassicism cannot explain capitalism – either in detail or in the aggregate – and the policies it prescribes do not support but undermine the very system it defends. It must be scrapped, says Keen, and the purpose of his book is to explain why and outline what should come in its stead. Half a century worth of research and writing on the subject has made Keen one of the world’s foremost critics of neoclassical economics. His previous bestseller, the rigorous-yet-accessible Debunking Economics (2011), dismantled neoclassical microeconomics. His new volume hammers its macro framework. The book focuses on three key issues: (1) the bizarre neoclassical perspective that money, credit and debt do not matter for the macroeconomy; (2) the neoclassical insistence that the economy’s complex, nonlinear turbulences are best explained in linear, self-equilibrating terms; and (3) the fact that neoclassicists have hijacked the economics of climate change, using patently false assumptions to justify do-nothing policies with untold future consequences.en_US
dc.identifier.citationBook Review: Steve Keen (2021) The New Economics: A Manifesto Bichler, Shimshon and Nitzan, Jonathan. (2022). Real-World Economics Review. No. 102. December. pp. 156-163. (Review; English).en_US
dc.identifier.urihttp://hdl.handle.net/10315/41146
dc.language.isoenen_US
dc.publisherReal-World Economics Reviewen_US
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 International*
dc.rights.articlehttp://www.paecon.net/PAEReview/issue102/BichlerNitzan102.pdfen_US
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/*
dc.subjectbanksen_US
dc.subjectclimateen_US
dc.subjectcomplex systemsen_US
dc.subjectcrediten_US
dc.subjectdebten_US
dc.subjectfinanceen_US
dc.subjectmacroeconomicsen_US
dc.subjectmoneyen_US
dc.subjectneoclassical economicsen_US
dc.subjectpolicyen_US
dc.titleBook Review: Steve Keen (2021) The New Economics: A Manifestoen_US
dc.typeArticleen_US

Files

Original bundle
Now showing 1 - 1 of 1
Thumbnail Image
Name:
20221200_bn_book_review_of_steve_keen_the_new_economics.pdf
Size:
236.52 KB
Format:
Adobe Portable Document Format
Description:
Full Text
Download
License bundle
Now showing 1 - 1 of 1
No Thumbnail Available
Name:
license.txt
Size:
1.83 KB
Format:
Item-specific license agreed upon to submission
Description:
Download

Collections

All Items

All items in the YorkSpace institutional repository are protected by copyright, with all rights reserved except where explicitly noted.