Steve Keen is a senior lecturer in economics in the University of Western Sydney. He criticizes modern neoclassical economics as inconsistent, unscientific and empirically unsupported. His influences include Piero Sraffa. Buyers bargain for good prices while sellers put forth their best front in Chichicastenango Market, Guatemala. ... The University of Western Sydney is a public, multi-campus, higher educational institute located in the Greater Western Sydney region of New South Wales, Australia. ... Piero Sraffa (1898-1983) was an influential economist. ...
Steve Keen was the face of the student led protests at the University of Sydney that led to the creation of the discipline of Political Economy. The University of Sydney, established in Sydney in 1850, is the oldest university in Australia. ...
STEVEKEEN: Mortgages are now higher than they've ever been in Australia's history and they've grown from trivial levels of about five to ten per cent of GDP to 75 per cent now.
STEVEKEEN: It appears to be a lot of the borrowing may be simply borrowing from the bank of Peter to pay the bank of Paul.
STEVEKEEN: I think in some ways it may take a bit of extra pain to bring this to an end, because banks seem to have a limitless willingness to lend money to people who may individually be in stressed personal circumstances and regardless of the systemic worries that the entire financial system has.
STEVEKEEN: Well, I think if he's trying to stop the markets getting spooked by putting out a 'crisis, what crisis?' statement, then he's done an extremely good job.
STEVEKEEN: Because the level or mortgage debt in this country is bigger than it's ever been.
STEVEKEEN: Well, he's argued that debts have gone up but yes, so have assets at the same time, and overall the system is balanced.
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