Steve Keen is, without a doubt, my favorite Post-Keynesian economist. He has brought back the movement against neoclassical theory and his work on debt is truly awesome. Austrians, especially my fellow radical subjectivists, would benefit greatly by reading Steve Keen. Of course one doesn’t have to agree with all of Keen’s work to appreciate what he has done in the profession. I conclude with one of my favorite passages by Keen, from his preface to the second edition of his book Debunking Economics – The Naked Emperor Dethroned? :
If we leave the development of economics to economists themselves, then it is highly likely that the intellectual revolution that economics desperately needs will never occur – after all, they resisted change so successfully after the Great Depression that the version of neoclassical economics that reigns today is far more extreme than that which Keynes railed against seven decades ago. I concluded the first edition with observation that economics is too important to leave to the economists. That remains the case today.
If change is going to come, it will be from the young, who have not yet been indoctrinated into a neoclassical way of thinking…
Well said Mr. Keen