View Single Post
Old
  (#7)
avmaster
Man of Reason
avmaster has a reputation beyond reputeavmaster has a reputation beyond reputeavmaster has a reputation beyond reputeavmaster has a reputation beyond reputeavmaster has a reputation beyond reputeavmaster has a reputation beyond reputeavmaster has a reputation beyond reputeavmaster has a reputation beyond reputeavmaster has a reputation beyond reputeavmaster has a reputation beyond reputeavmaster has a reputation beyond repute
 
avmaster's Avatar
 
Status: Offline
Posts: 12,561
vCash: 4100
iTrader: 20 / 100%
Join Date: Dec 2007
Location: Virginia
   
12-30-2009, 08:41 AM

Quote:
Originally Posted by jsp View Post
Part 1: http://www.youtube.com/watch?v=wMw1cEZ1UAM

Part 2: http://www.youtube.com/watch?v=D8InLpfrvAs

Part 3: http://www.youtube.com/watch?v=TmXej4oGt88

Dr. Steve Keen is an Australian (not "Austrian") economist and who is one of the very that actually predicted the Global Financial Crisis. He is unique in the sense that he actually trashes his own profession and almost everyone in it, saying that mainstream economics ("neoclassical economics" as he labels it) is complete bunk and the economists who perpetuate it are dangerous. I've been following Steve Keen's debt deflation blog for a while, and his theories and ideas are definitely not mainstream.

His above interview conducted by Engineer.net shows his view that economics should be approached more from an engineering perspective. I also find it interesting what he says about the FIRE (Finance, Insurance, Real Estate) economy and how it has dominated the world economy the past few decades, but that the FIRE economy generates no real wealth. Instead, real wealth is created from engineering, industry, manufacturing, etc, and that we should dump the vast majority of the people in the FIRE sector in the trash.
I couldn't agree more... back in the 80's these corporations began using the "bean counters" as the heads of business, VP's in charge of Nuclear Power Generation, etc., this has been an unmitigated disaster...........


Playing cue: Kenny Murrell
Break cue: 55 year old Helmstetter

Common sense is not a gift, it's a punishment.This is because you have to deal with everyone who doesn't have it.

Hey, it's your world, I'm just passing through it......
  
Reply With Quote