Posts Tagged ‘Steve keen’

Steve Keen: Banks, Debt, Money

Posted by admin on Sunday, May 21, 2023

Meaning of Steve Keen Money Quote: saying economists don’t discuss some important aspects for economic models ignoring key points. Steve Keen said:

 
mainstream economics there are three things you will not find in a mainstream economic model - Banks, Debt, and Money Quote
 

“If you look at mainstream economics there are three things you will not find in a mainstream economic model – Banks, Debt, and Money … Like an ornithologist trying to work out how a bird flies whilst ignoring that the bird has wings” — Steve Keen

 

Share </> Quote Image

Share the Steve Keen Money quote image above on your site:

 
Short Link to this Quote:

[collapse]

 

In this quote, Steve Keen is criticizing mainstream economic theories for failing to adequately account for or model key real-world economic phenomena.

When he says mainstream models don’t include “banks, debt, and money”, Keen is referring to the central roles that banking, lending, and currency/monetary policy play in real economies, but are often abstracted or ignored in simplified theoretical frameworks.

He likens this to an ornithologist studying flight without acknowledging birds have wings – pointing out the absurdity of analyzing economic functions without representing formative institutions like banks and incorporating debt and money flows.

Overall, the quote suggests Keen views mainstream economics as incomplete and not fully reflective of reality due to its neglect of these defining economic features that shape macroeconomic behavior and outcomes in practice.

Money Quotes Daily

Money Quotes Daily