Research

Steve Keen
Dec 08, 2022
Share

This page will list, and (where copyright restrictions don’t apply) link to my academic papers.

The key paper I want people to be aware of is Keen, S. (2020). "The appallingly bad neoclassical economics of climate change." Globalizations: 1-29. It is behind a journal paywall, but it was also submitted to an Australian Parliament inquiry, and as such is on the public record here: https://t.co/9W6AYQaf4k. The URL for the actual paper is https://doi.org/10.1080/14747731.2020.1807856. Its abstract says it all:

ABSTRACT Forecasts by economists of the economic damage from climate change have been notably sanguine, compared to warnings by scientists about damage to the biosphere. This is because economists made their own predictions of damages, using three spurious methods: assuming that about 90% of GDP will be unaffected by climate change, because it happens indoors; using the relationship between temperature and GDP today as a proxy for the impact of global warming over time; and using surveys that diluted extreme warnings from scientists with optimistic expectations from economists. Nordhaus has misrepresented the scientific literature to justify the using a smooth function to describe the damage to GDP from climate change. Correcting for these errors makes it feasible that the economic damages from climate change are at least an order of magnitude worse than forecast by economists, and may be so great as to threaten the survival of human civilization.

I’ll post links to other papers as time permits. My full list of refereed publications is below:

  • Barnett, W. A., C. Chiarella, S. Keen, R. Marks and H. Schnabl (2000). Commerce, complexity, and evolution: Topics in economics, finance, marketing, and management: Proceedings of the Twelfth International Symposium in Economic Theory and Econometrics. New York, Cambridge University Press.

  • Chapman, B. and S. Keen (2006). "Hic Rhodus, Hic Salta! Profit in a Dynamic Model of the Monetary Circuit." Storia del Pensiero Economico: Nuova Serie(2): 137-154.

  • Gallegati, M., S. Keen, T. Lux and P. Ormerod (2006). "Worrying trends in econophysics." Physica A: Statistical Mechanics and its Applications 370(1): 1-6.

  • Garrett, T. J., M. Grasselli and S. Keen (2020). "Past world economic production constrains current energy demands: Persistent scaling with implications for economic growth and climate change mitigation." PLoS ONE 15(8): e0237672.

  • Hanley, B. P. and S. Keen (2022) "The Sign of Risk for Present Value of Future Losses." ArXiv DOI: 10.48550/arxiv.2209.06654.

  • Hanley, B. P., S. Keen and G. Church (2020). "A Call for a Three-Tiered Pandemic Public Health Strategy in Context of SARS-CoV-2." Rejuvenation Research 0(0): null.

  • Keen, S. (1982). "News or Propaganda?" The Australian Journal of Chinese Affairs 8: 153-158.

  • Keen, S. (1993). "The Misinterpretation of Marx's Theory of Value." Journal of the History of Economic Thought 15(2): 282-300.

  • Keen, S. (1993). "Use-Value, Exchange Value, and the Demise of Marx's Labor Theory of Value." Journal of the History of Economic Thought 15(1): 107-121.

  • Keen, S. (1995). Comment on Fel’dman’s structural model of economic growth. Socialist Thought in the Post Cold War Era. P. Groenewegen and B. McFarlane. Manila, Journal of Contemporary Asia Publishers: 39-47.

  • Keen, S. (1995). "Finance and Economic Breakdown: Modeling Minsky's 'Financial Instability Hypothesis.'." Journal of Post Keynesian Economics 17(4): 607-635.

  • Keen, S. (1996). "The Chaos of Finance: The Chaotic and Marxian Foundations of Minsky's 'Financial Instability Hypothesis.'." Economies et Societes 30(2-3): 55-82.

  • Keen, S. (1997). "From prohibition to depression: the Western attitude to usury." Accounting, Commerce and Finance: The Islamic Perspective Journal 1(1): 26-55.

  • Keen, S. (1997). "From Stochastics to Complexity in Models of Economic Instability." Nonlinear Dynamics, Psychology, and Life Sciences 1(2): 151-172.

  • Keen, S. (1998). "Answers (and Questions) for Sraffians (and Kaleckians)." Review of Political Economy 10(1): 73-87.

  • Keen, S. (1998). Finance and Economic Breakdown. PhD, University of New South Wales.

  • Keen, S. (1998). Goodwin predator-prey model. Encyclopaedic Dictionary of Political Economy. P. O'Hara. Routledge, London: 433-435.

  • Keen, S. (1998). Minsky's Financial Instability Hypothesis. Encyclopaedic Dictionary of Political Economy. P. O'Hara. Routledge, London: 373-376.

  • Keen, S. (1998). The never-ending cycle. Everlasting uncertainty: The Communist Manifesto 1848-1998. G. Dow. Leichhardt, Pluto Press.

  • Keen, S. (1998). Use-value. Encyclopaedic Dictionary of Political Economy. P. O'Hara. Routledge, London: 1176-1178.

  • Keen, S. (2000). The Nonlinear Economics of Debt Deflation. Commerce, complexity, and evolution: Topics in economics, finance, marketing, and management: Proceedings of the Twelfth International Symposium in Economic Theory and Econometrics. W. A. Barnett, C. Chiarella, S. Keen, R. Marks and H. Schnabl. New York, Cambridge University Press: 83-110.

  • Keen, S. (2001). Commentary: Measuring Complexity--Puzzles and Tentative Solutions. Frontiers of evolutionary economics: Competition, self-organization and innovation policy. J. Foster and J. S. Metcalfe. Cheltenham, Edward Elgar: 307-312.

  • Keen, S. (2001). Debunking economics: The naked emperor of the social sciences. Annandale Sydney & London UK, Pluto Press Australia & Zed Books UK.

  • Keen, S. (2001). Minsky's Thesis: Keynesian or Marxian? The economic legacy of Hyman Minsky. Volume 1. Financial Keynesianism and market instability. R. Bellofiore and P. Ferri. Cheltenham, U.K., Edward Elgar: 106-120.

  • Keen, S. (2002). "Debunking Efficient Markets? Comments." Quantitative Finance 2(6): 406-407.

  • Keen, S. (2002). "Economics: from emperor to vassal?" Australian Universities Review 44(1/2): 15-17.

  • Keen, S. (2003). Economists Have No Ears. The Crisis in Economics. E. Fullbrook. London, Routledge.

  • Keen, S. (2003). Growth theory. The Elgar Companion To Post Keynesian Economics. J. E. King. Aldershot, Edward Elgar: 175-180.

  • Keen, S. (2003). The mad method of economics. Economics as a Social Science - New edition: Readings in Political Economy. G. Argyrous and S. Stilwell. Leichhardt, Pluto Press: 140-145.

  • Keen, S. (2003). Nudge nudge, wink wink, Say No More. Two Hundred Years of Say's Law. S. Kates. Cheltenham, Edward Elgar: 199-209.

  • Keen, S. (2003). The Russian Defeat of Economic Orthodoxy. The Crisis in Economics. E. Fullbrook. London, Routledge: 183-188.

  • Keen, S. (2003). The Russian defeat of economic orthodoxy. The Crisis in Economics E. Fullbrook. London, Routledge.

  • Keen, S. (2003). "Standing on the toes of pygmies:: Why econophysics must be careful of the economic foundations on which it builds." Physica A: Statistical Mechanics and its Applications 324(1-2): 108-116.

  • Keen, S. (2004). "Deregulator: Judgment Day for Microeconomics." Utilities Policy 12: 109-125.

  • Keen, S. (2004). Improbable, Incorrect or Impossible? The Persuasive but Flawed Mathematics of Microeconomics. A Guide to What's Wrong with Economics. E. Fullbrook. London, Anthem Press: 209-222.

  • Keen, S. (2005). Book Review: Markets, Unemployment and Economic Policy: Essays in Honour of Geoff Harcourt, Volume 2. Thousand Oaks, CA, Thousand Oaks, CA: Sage Publications. 37: 100-103.

  • Keen, S. (2005). Book Review: Markets, Unemployment and Economic Policy: Essays in Honour of Geoff Harcourt, Volume 2. Thousand Oaks, CA, Thousand Oaks, CA: Sage Publications. 37: 100-103.

  • Keen, S. (2005). Why Economics Must Abandon Its Theory of the Firm. Economics: Complex Windows. M. Salzano and A. Kirman. Milan and New York: , New Economic Windows series. Springer: 65-88.

  • Keen, S. (2007). Deeper in Debt: Australia's addiction to borrowed money. Occasional Papers. Sydney, Centre for Policy Development.

  • Keen, S. (2007). Economic Depressions. The International Encyclopedia of the Social Sciences. W. A. Darity. New York, Macmillan Reference: 302-306.

  • Keen, S. (2007). Endogenous Money. The International Encyclopedia of the Social Sciences. W. A. Darity. New York, Macmillan Reference: 258-260.

  • Keen, S. (2007). The Financial Instability Hypothesis. The International Encyclopedia of the Social Sciences. W. A. Darity. New York, Macmillan Reference: 145-146.

  • Keen, S. (2007). Labor Theory of Value. The International Encyclopedia of the Social Sciences. W. A. Darity. New York, Macmillan Reference: 322-324.

  • Keen, S. (2007). Limits of Growth. The International Encyclopedia of the Social Sciences. W. A. Darity. New York, Macmillan Reference: 448-450.

  • Keen, S. (2007). Nonlinear Systems. The International Encyclopedia of the Social Sciences. W. A. Darity. New York, Macmillan Reference: 523-524.

  • Keen, S. (2008). Keynes’s ‘revolving fund of finance’ and transactions in the circuit. Keynes and Macroeconomics after 70 Years. R. Wray and M. Forstater. Cheltenham, Edward Elgar: 259-278.

  • Keen, S. (2009). "Bailing out the Titanic with a Thimble." Economic Analysis & Policy 39(1): 3-24.

  • Keen, S. (2009). "The Confidence Trick." The Australasian Accounting Business & Finance Journal 3(1).

  • Keen, S. (2009). The “Credit Tsunami”: Explaining the inexplicable with debt and deleveraging. The Economic Crisis Reader. G. Friedman, F. Moseley and C. Sturr. New York, Dollars and Sense: 44-51.

  • Keen, S. (2009). The dynamics of the monetary circuit. The Political Economy of Monetary Circuits: Tradition and Change. S. Rossi and J.-F. Ponsot. London, Palgrave Macmillan: 161-187.

  • Keen, S. (2009). "The Global Financial Crisis, Credit Crunches and Deleveraging." Journal Of Australian Political Economy 64: 18-32.

  • Keen, S. (2009). "Household Debt-the final stage in an artificially extended Ponzi Bubble." Australian Economic Review 42: 347–357.

  • Keen, S. (2009). Mathematics for pluralist economists. The Handbook of Pluralist Economics Education. J. Reardon. London, Routledge: 149-167.

  • Keen, S. (2009). A pluralist approach to microeconomics. The Handbook of Pluralist Economics Education. J. Reardon. London, Routledge: 120-149.

  • Keen, S. (2009). Warum die Standard-Theorie des Unternehmens nicht mehr unterrichtet warden Darf. Die Kunst des Modellierens (The Art of Modelling). B. Luderer. Wiesbaden, Vieweg+Teubner Verlag: 179-194.

  • Keen, S. (2010). "Are We "It" Yet?" Steve Keen's Debtwatch http://www.debtdeflation.com/blogs/2010/07/03/are-we-it-yet/.

  • Keen, S. (2010). The coming depression and the end of economic delusion. Macroeconomic Theory and its Failings: Alternative Perspectives on the Global Financial Crisis. S. Kates. Cheltenham, Edward Elgar: 127-142.

  • Keen, S. (2010). "Declaring victory at half time." Real World Economics Review 52(52): 54-68.

  • Keen, S. (2010). "Deleveraging is America's future." Real World Economics Review 54(54): 32-40.

  • Keen, S. (2010). Hand of Gov: the housing bubble - fact or fiction? Sydney, CLSA.

  • Keen, S. (2010). "Solving the Paradox of Monetary Profits." Economics: The Open-Access, Open Assessment E-Journal 4(2010-31).

  • Keen, S. (2011). Debunking economics: The naked emperor dethroned? London, Zed Books.

  • Keen, S. (2011). "Debunking Macroeconomics." Economic Analysis & Policy 41(3): 147-167.

  • Keen, S. (2011). Hindsight on the Origins of the Global Financial Crisis? The Global Financial Crisis: What Have We Learnt? S. Kates. Cheltenham, Edward Elgar: 111-125.

  • Keen, S. (2011). Madness in their method. Readings in Political Economy. S. Stilwell and G. Argyrous. Prahran, Tilde University Press: 130-137.

  • Keen, S. (2012). Australia vs the US and UK: the kangaroo economy. Banking Systems in the Crisis. S. J. Konzelmann and M. Fovargue-Davies. London, Routledge: 193-222.

  • Keen, S. (2012). Growth Theory. The Elgar Companion to Post Keynesian Economics. J. E. King. Cheltenham: 271-277.

  • Keen, S. (2013). "A monetary Minsky model of the Great Moderation and the Great Recession." Journal of Economic Behavior & Organization 86(0): 221-235.

  • Keen, S. (2013). "Predicting the ‘Global Financial Crisis’: Post-Keynesian Macroeconomics." Economic Record 89(285): 228–254.

  • Keen, S. (2014). "Endogenous money and effective demand." Review of Keynesian Economics 2(3): 271–291.

  • Keen, S. (2014). "Secular stagnation and endogenous money." Real World Economics Review 66: 2-11.

  • Keen, S. (2015). Is neoclassical economics mathematical? Is there a non-neoclassical mathematical economics? What is Neoclassical Economics? Debating the origins, meaning and significance. J. Morgan. Abingdon, Routledge: 238-254.

  • Keen, S. (2015). "The Macroeconomics of Endogenous Money: Response to Fiebiger, Palley & Lavoie." Review of Keynesian Economics 3(2): 602 - 611.

  • Keen, S. (2015). "Post Keynesian Theories of Crisis." American Journal of Economics and Sociology 74(2): 298-324.

  • Keen, S. (2016). Modeling Financial Instability. The Global Financial Crisis and its Aftermath: Hidden factors in the meltdown. A. G. Malliaris, L. Shaw and H. Shefrin. New York, Oxford University Press: 67-103.

  • Keen, S. (2017). Can We Avoid Another Financial Crisis? (The Future of Capitalism). London, Polity Press.

  • Keen, S. (2017). "Trade and the gains from diversity." Journal of American Affairs 1(3): 17-30.

  • Keen, S. (2017). "The WHO warns of outbreak of virulent new ‘Economic Reality’ virus." Review of Keynesian Economics 5(1): 107–111.

  • Keen, S. (2018). "Kornai and anti-equilibrium." Acta Oeconomica 68: 55-75.

  • Keen, S. (2020). "The appallingly bad neoclassical economics of climate change." Globalizations: 1-29.

  • Keen, S. (2020). Burying Samuelson’s Multiplier-Accelerator and resurrecting Goodwin’s Growth Cycle in Minsky. Feedback Economics : Applications of System Dynamics to Issues in Economics. R. Y. Cavana, B. C. Dangerfield, O. V. Pavlov, M. J. Radzicki and I. D. Wheat. New York, Springer.

  • Keen, S. (2020). "Emergent Macroeconomics: Deriving Minsky’s Financial Instability Hypothesis Directly from Macroeconomic Definitions." Review of Political Economy 32(3): 342-370.

  • Keen, S. (2021). The New Economics: A Manifesto. Cambridge, UK, Polity Press.

  • Keen, S., R. U. Ayres and R. Standish (2019). "A Note on the Role of Energy in Production." Ecological Economics 157: 40-46.

  • Keen, S. and G. Giraud (2016). L'imposture économique. Paris, L'ATELIER.

  • Keen, S. and M. Kummerow (1999). "Analytical solution of a system dynamics model of cyclical office oversupply under simplifying assumptions”, appendix to “A systems dynamics model of cyclical office oversupply." Journal of Real Estate Research 18: 233-255.

  • Keen, S., T. Lenton, T. J. Garrett, J. W. B. Rae, B. P. Hanley and M. Grasselli (2022). "Estimates of economic and environmental damages from tipping points cannot be reconciled with the scientific literature." Proceedings of the National Academy of Sciences 119(21): e2117308119.

  • Keen, S. and P. Ormerod (2007). From Economics to Econophysics—towards a true science of economics? Econophysics. A. Ezhov. Moscow, Troitsk Institute for Innovation and Fusion Research, Moscow Engineering Physics Institute.

  • Keen, S. and R. Standish (2005). "Irrationality in the neoclassical definition of rationality." American Journal of Applied Sciences Special Issue: 61-68.

  • Keen, S. and R. Standish (2006). "Profit maximization, industry structure, and competition: A critique of neoclassical theory." Physica A: Statistical Mechanics and its Applications 370(1): 81-85.

  • Keen, S. and R. Standish (2010). "Debunking the theory of the firm—a chronology." Real World Economics Review 54(54): 56-94.

  • Keen, S. and R. Standish (2015). "Response to David Rosnick's “Toward an Understanding of Keen and Standish's Theory of the Firm: A Comment." World Economic Review 2015(5): 130.

  • Keen, S. and O. A. Zaid (1999). "The appropriateness of the term Iktisad/Economics: the Islamic perspective." Accounting, Commerce and Finance: The Islamic Perspective Journal 3: 1-24.

  • Kummerow, M. and S. Keen (1999). "A System Dynamics Model of Cyclical Office Oversupply." Journal of Real Estate Research 18(1): 233-255.

  • Lee, F. S. and S. Keen (2004). "The Incoherent Emperor: A Heterodox Critique of Neoclassical Microeconomic Theory." Review of Social Economy 62(2): 169-199.

  • Lenton, T., T. J. Garrett, M. Grasselli, S. Keen, D. Yilmaz and A. Godin (2021). Economists' erroneous estimates of damages from climate change. Arxiv.

  • Schandl, H., K. Alexander, K. Collins, S. Heyenga, K. Hosking, F. Poldy, G. M. Turner, J. West, S. Keen, M. Bengtsson, Y. Hotta, S. Hayashi, L. Akenji, A. Mishra and S. Chen (2011). Resource Efficiency: Economics and Outlook (REEO) for Asia and the Pacific. Bangkok, United Nations Environment Programme.

  • Standish, R. and S. Keen (2004). "Emergent Effective Collusion in an Economy of Perfectly Rational Competitors." Proceedings 7th Asia-Pacific Conference on Complex Systems arXiv:nlin.AO/0411006.

  • Zeitun, R., G. Tian and S. Keen (2007). "Default Probability for the Jordanian Companies: A Test of Cash Flow Theory." International Research Journal of Finance and Economics 8: 147-162.

  • Zeitun, R., G. Tian and S. Keen (2007). "Macroeconomic Determinants of corporate performance and failure: evidence from emerging markets, a case of Jordan." Corporate Ownership & Control 5: 179-194.