In this episode of Summer Solutions 2021 of the Keiser Report, Max and Stacy chat with Professor Steve Keen about his new book, "The New Economics: a Manifesto". They discuss the problems with neoclassical economics and offer some solutions. One issue is that equilibrium is a desired goal of orthodox economics whereas, as Schumpeter pointed out, instability is one of the strengths of industrial capitalism which leads to innovation. They also look at the increasing wealth gap and how to resolve that.
Max Keiser is an American broadcaster and film-maker. He hosts Keiser Report, a financial program broadcast on RT. He presents a weekly show about finance and markets on London's Resonance FM, and writes for The Huffington Post. Keiser invented "Virtual Specialist Technology," a software system used by the Hollywood Stock Exchange. Prior to inventing this technology, he worked on Wall Street where he began working after graduating from NYU.
Steve Keen is an Australian-born, British-based economist and author. He considers himself a post-Keynesian, criticizing neoclassical economics as inconsistent, unscientific and empirically unsupported. Keen was formerly an associate professor of economics at University of Western Sydney, until he applied for voluntary redundancy in 2013, due to the closure of the economics program at the university. In autumn 2014 he became a professor and Head of the School of Economics, History and Politics at Kingston University in London. He is also a fellow at the Centre for Policy Development. His latest book is The New Economics: A Manifesto.