
#134 - Steve Keen - How Modern Economics Became Ideology
By Peter McCormack
Aired Dec 9, 2025 · 2h 29m · Last boosted Dec 14, 2025
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Show Notes
Modern economics is built on competing theories that often describe the world in very different ways. In this conversation, economist Steve Keen sets out his explanation for how money works, why he believes mainstream economic models fail, and why debt, banking and housing play a far greater role in economic crises than most policymakers acknowledge. Keen's perspective challenges the assumptions of neoclassical, Keynesian and Austrian economists alike. In this episode we discuss: – How economics became political ideology – Why neoclassical theory broke the West – The Left vs Right illusion in economic policy – What money really is (and how...
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Props to @npub14mcddvsjs… for handling this with grace and aplomb. Steven is clearly intelligent, but his argument seems to net out to this: Bitcoin is unworkable because it would destroy our meticulously designed Rube Goldberg machine. Yes. Exactly.
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Evidently, post-Keynesian’s are delusional.
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It is so strange to hear someone say, “this can only be resolved by an appeal to history,” meanwhile history itself refutes his argument. SMH




















