Posts Tagged ‘Steve keen’
“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
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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.