Acknowledgements
List of Tables and Figures
1. From Triumph to Crisis in Economics
2. Microeconomics, Macroeconomics and Complexity
3. The Lull and The Storm
4. The Smoking Gun of Credit
5. The Political Economy of Private Debt
6. A Cynic�s Conclusion
Endnotes
Bibliography
Steve Keen is Professor of Economics and Head of the School of Economics, Politics and History at Kingston University.
"No one is more qualified than Steve Keen to answer the question
"Can we avoid another financial crisis?" with more than a single
word. Read this book!"
—Yanis Varoufakis, former Finance Minister of Greece
"In this compelling essay, Steve Keen shows that the "Great
Moderation" was in fact a great delusion and documents, to brutal
effect, the foolish complacency of mainstream macroeconomists."
—James K. Galbraith, University of Texas at Austin
"Steve Keen explains why the financial crisis it occurred, and why
it can't just get better on its own, along its present track. He
also explains – in a hilarious and absolutely justified takedown –
why mainstream economists have a "trained incapacity" in being
unable to understand why the economy has broken down – and hence,
why they don’t have a real solution. We are still living in the
aftermath of the 2008 crisis. It’s all about debt. But economists
fear they will lose their jobs if they say that debts must be
written down. Keen asks what is more important: to save the
economy, or to save the jobs for economists whose prestige rests on
their not understanding why economies are in trouble today."
—Michael Hudson, author of Killing the Host and The Bubble and
Beyond
"Non-academics interested in economic or financial markets should,
if they read ony one book on the topic, absolutely read this
one."
—International Investment
"Mr. Keen is surely right to argue that growth fuelled by the
continuing expansion of private debt is highly risky for the
overall economy, and that which cannot continue indefinitely will
come to a sticky end sooner rather than later. We should heed his
advice..."
—Globe and Mail
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