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Rewiring Economics: Dr Steve Keen on Climate, Energy, and Ravel
Episode 32010th July 2024 • Business Without Bullsh-t • Oury Clark
00:00:00 01:29:26

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EP 320 - Steve is a professor, a world leading critic of neo-classical economics, and a major contributor to the development of an alternative monetary approach to economics.

We discuss the urgent need to debunk mainstream economic theories, particularly those ignoring climate change and energy integration, and advocate for substantial paradigm shifts in addressing these issues.

Steve introduces Ravel - his innovative software revolutionising data analysis. He also emphasises the need for more engineers and scientists in leadership roles, supporting his arguments with personal anecdotes and reflections on his experiences and ambitions.

Chapters:

00:00 BWB with Dr Steve Keen

01:08 Climate Change and Economics

01:43 Introducing Ravel: A Revolutionary Software

03:21 The Problem with Spreadsheets

04:29 The Complexity of Economic Systems

08:56 The Role of AI in Data Analysis

16:29 Flaws in Economic Surveys and Data Collection

19:13 The Greek System of Sortition and Modern Politics

30:59 The Paradigm Shift in Science and Economics

44:41 The Financial Crisis and Economic Theories

48:17 Shifting Expectations and Risky Investments

48:47 Current Economic Cycle and Private Debt

49:32 Neoclassical Economics and Interest Rates

51:28 Inflation and Markups

52:40 The Ignored Problem of Private Debt

01:22:19 China's Economic Approach and Global Comparisons

01:24:40 Wrap Up

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