François Quesnay

Physiocrats
François Quesnay, after a portrait by Jean-Martial Frédou
Born	(1694-06-04)June 4, 1694 Méré near Versailles
Died	December 16, 1774(1774-12-16) (aged 80) Versailles
Nationality	French
Field	Political economics
Influenced	Turgot, Belgrano

François Quesnay (French pronunciation: [fʀɑ̃ˈswa kɛˈnɛ]; June 4, 1694 – December 16, 1774) was a French economist of the Physiocratic school.^[1] He is known for publishing the "Tableau économique" (Economic Table) in 1758, which provided the foundations of the ideas of the Physiocrats.^[2] This was perhaps the first work to attempt to describe the workings of the economy in an analytical way, and as such can be viewed as one of the first important contributions to economic thought.

Life[link]

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Quesnay was born at Méré near Versailles, the son of an advocate and small landed proprietor. Apprenticed at the age of sixteen to a surgeon, he soon went to Paris, studied medicine and surgery there, and, having qualified as a master-surgeon, settled down to practice at Mantes. In 1737 he was appointed perpetual secretary of the academy of surgery founded by François Gigot de la Peyronie, and became surgeon in ordinary to the king. In 1744 he graduated as a doctor of medicine; he became physician in ordinary to the king, and afterwards his first consulting physician, and was installed in the Palace of Versailles. His apartments were on the entresol, whence the Réunions de l'entresol^{[clarification needed]} received their name. Louis XV esteemed Quesnay highly, and used to call him his thinker; when he ennobled him he gave him for arms three flowers of the pansy (derived from pensée, in French meaning thought), with the Latin motto Propter cogitationem mentis.^[3]

He now devoted himself principally to economic studies, taking no part in the court intrigues which were perpetually going on around him. Around 1750 he became acquainted with Jean C. M. V. de Gournay (1712–1759), who was also an earnest inquirer in the economic field; and round these two distinguished men was gradually formed the philosophic sect of the Économistes, or, as for distinction's sake they were afterwards called, the Physiocrates. The most remarkable men in this group of disciples were the elder Mirabeau (author of L'Ami des hommes, 1756–60, and Philosophie rurale, 1763), Nicolas Baudeau (Introduction a la philosophie économique, 1771), G. F. Le Trosne (De l'ordre social, 1777), André Morellet (best known by his controversy with Galiani on the freedom of the grain trade during the Flour War), Mercier Larivière, and du Pont de Nemours. Adam Smith, during his stay on the continent with the young Duke of Buccleuch in 1764-1766, spent some time in Paris, where he made the acquaintance of Quesnay and some of his followers; he paid a high tribute to their scientific services in his Wealth of Nations.^[4]

Quesnay died on December 16, 1774, having lived long enough to see his great pupil, Anne Robert Jacques Turgot, Baron de Laune, in office as minister of finance. He had married in 1718, and had a son and a daughter; his grandson by the former was a member of the first Legislative Assembly.

Works[link]

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Tableau économique

In 1758 he published the Tableau économique (Economic Table), which provided the foundations of the ideas of the Physiocrats. This was perhaps the first work to attempt to describe the workings of the economy in an analytical way, and as such can be viewed as one of the first important contributions to economic thought.

The publications in which Quesnay expounded his system were the following: two articles, on "Fermiers" and on "Grains", in the Encyclopédie of Diderot and D'Alembert (1756, 1757); a discourse on the law of nature in the Physiocratie of Dupont de Nemours (1768); Maximes générales de gouvernement economique d'un royaume agricole (1758), and the simultaneously published Tableau économique avec son explication, ou extrait des économies royales de Sully (with the celebrated motto, Pauvres paysans, pauvre royaume; pauvre royaume, pauvre roi); Dialogue sur le commerce et les travaux des artisans; and other minor pieces.

The Tableau économique, though on account of its dryness and abstract form it met with little general favor, may be considered the principal manifesto of the school. It was regarded by the followers of Quesnay as entitled to a place amongst the foremost products of human wisdom, and is named by the elder Mirabeau, in a passage quoted by Adam Smith,^[4] as one of the three great inventions which have contributed most to the stability of political societies, the other two being those of writing and of money. Its object was to exhibit by means of certain formulas the way in which the products of agriculture, which is the only source of wealth, would in a state of perfect liberty be distributed among the several classes of the community (namely, the productive classes of the proprietors and cultivators of land, and the unproductive class composed of manufacturers and merchants), and to represent by other formulas the modes of distribution which take place under systems of Governmental restraint and regulation, with the evil results arising to the whole society from different degrees of such violations of the natural order. It follows from Quesnay's theoretic views that the one thing deserving the solicitude of the practical economist and the statesman is the increase of the net product; and he infers also what Smith afterwards affirmed, on not quite the same ground, that the interest of the landowner is strictly and indissolubly connected with the general interest of the society. A small edition de luxe of this work, with other pieces, was printed in 1758 in the Palace of Versailles under the king's immediate supervision, some of the sheets, it is said, having been pulled by the royal hand. Already in 1767 the book had disappeared from circulation, and no copy of it is now procurable; but, the substance of it has been preserved in the Ami des hommes of Mirabeau, and the Physiocratie of Dupont de Nemours.

His economic writings are collected in the 2nd vol. of the Principaux économistes, published by Guillaumin, Paris, with preface and notes by Eugène Daire; also his OEuvres économiques et philosophiques were collected with an introduction and note by August Oncken (Frankfort, 1888); a facsimile reprint of the Tableau économique, from the original MS., was published by the British Economic Association (London, 1895). His other writings were the article "Évidence" in the Encyclopédie, and Recherches sur l'évidence des vérites geometriques, with a Projet de nouveaux éléments de géometrie, 1773. Quesnay's Eloge was pronounced in the Academy of Sciences by Grandjean de Fouchy (see the Recueil of that Academy, 1774, p. 134). See also F.J. Marmontel, Mémoires; Mémoires de Mme. du Hausset; H. Higgs, The Physiocrats (London, 1897).

An alternative and historical view[link]

Descriptions of Quesnay’s economic theory are normally based on the texts which are read from the point of view of today’s mainstream neoclassical theory. Understood within a historical context and the point of view of the contemporary classical economic theory, these texts reveal a different content. Quesnay’s thinking is shaped by the systemic circulation of blood rediscovered by William Harvey in 1628. Quesnay financed his studies by engraving anatomical copperplates, so he knew what he was talking about. At this time physicians explained bloodletting according to Galen: an infection can be cured by lowering blood pressure at a spot well away from the infection. Quesnay – using a system of tubes – demonstrated that to diminish pressure the spot is irrelevant. This proof^[5] advanced by a surgeon, someone quite below the social standing of physicians, annoyed the physicians; but it gave fame to the country surgeon Quesnay who in 1749 became personal physician of the Pompadour.

This dispute was no trifle, it was a clash between medical paradigms. Bloodletting was recommended by Galen, 129 – 200 AD, whose theories dominated Western medical science for over a millennium, but whose original texts became accessible to West-European physicians only by translations from Greek into Latin at the beginning of the Renaissance. According to Galen blood has a one-way flow from the heart to the organs where it is consumed. Quesnay based his argument on the systemic circulation of blood rediscovered by William Harvey (1578–1657) in 1628,^[6] which became conclusive only when Malpighi in 1661 discovered the capillaries. So Quesnay’s argument supposed that blood was recycled, something incomprehensible within the system of Galen. It was a discussion with the unhearing. But there is an interesting analogy in economic theory^[7]: As for Galen arterial blood from the heart and venous blood from the liver is consumed by all organs, for Harvey blood is recycled, so in neoclassical economics commodities flow one-way to be destroyed by producing personal utility and in classical economics at least the output of “productive” labour is input to the next economic circle.

Quesnay’s interests in economics arose about 1750 – already in his early sixties – when his position at the court confronted him with France’s proximate national bankruptcy. He regarded the economic circle of commodities as similar to the blood circle dispensing with the pulmonary circle as the role of the lung was still not understood. Lavoisier’s experiments with oxygen started a bit later. As the heart has a special importance for the organs, so has according to Quesnay agriculture for the social and economic system.

Historically France’s kings had a weak position vis-à-vis their barons. To increase his independence the king impoverished the high nobility by forcing them to be present at the Court, to outmatch each other in luxury and to neglect their properties. The Palace of Versailles was built in this tradition. Half a percent of the population^[8] – the high nobility boasting to descend from the Germanic conquerors and the Church populated with nobles – drew almost the totality of the nation’s net income. So the quasi-totality of demand for artisan and industrial services came from a social sector which offered no input to the circular economic flow. And if Nobility and Church were irrelevant for economic reproduction, so were those working for them: the artisans.

Classical economic theory from Adam Smith to John Stuart Mill made Quesnay’s argument about “unproductive labour” one of its central propositions. In his Tableau Économique Quesnay shows that the landed class (nobility and church) obtained agricultural and industrial services but does not produce anything apart from letting their land to the farmer, that the artisans paid to agriculture and other artisans as much as they produced and that only the farmers retained a net profit after restocking production costs and supplying the landed class and the artisans.

Of course, Quesnay could not openly declare that the landed class and all working for them were parasites. He could not criticise the system he wanted to save. The politically correct way to phrase it was to declare artisans and manufacturers as “classe sterile”. So Quesnay asserts a difference between the work of an artisan and of a farmer. The price of industrial commodities is determined by costs of re-production. Competition will level higher prices to this “natural” standard. Agricultural prices are above costs of reproduction, so that only agriculture creates wealth whereas all other sectors are only reproductive. One reason that an increased agricultural supply does not reduce prices is the quasi-unlimited demand.

• «Il faut distinguer ... une augmentation par réunion des matières premières et de dépense en consommation de choses qui existaient avant cette sorte d´augmentation, d´avec une génération, ou création de richesse, qui forment un renouvellement et un accroissement réel de richesses renaissantes.»^[9]

Quesnay’s distinction between agricultural and industrial prices can be understood by the very different British distinction of these sectors. David Ricardo explains that an increase in agricultural production will increase prices because less productive land will be ploughed. But an increase of production of industrial commodities will lower costs of production per piece and therefore prices. To Quesnay this is the other way round, historically quite correct:

Adam Smith’s famous assertion that a widening of markets leads to increased production with decreasing unit costs because of a deepening of the division of labour and induced inventions refers only to mass production. The artisans of France however had a made-to-order production; the production of luxury goods offers normally no economies of scale. Quesnay coached Adam Smith in Paris to argue in economic circles and Smith intended to dedicate him the “Wealth of Nations” had Quesnay not died before.^[10] But even Smith could not grasp some of the physiocratic ideas because of their special relation to the French situation which was very different from the British notably concerning the distribution of wealth.

England’s industrial revolution was preceded by an agrarian revolution which adopted Chinese inventions – of course without acknowledging it.^[11] The north of France showed already examples of a capitalistic agriculture following the British line. An adoption of the British model for all of France promised a surge of productivity as a precondition of a future industrial development. Quesnay’s assertion that the future of France lay in an agricultural development and not in the extension of present industrial structures is an analytical master piece not equalled.

The demand of this future capitalistic agriculture for industrial goods offers a new market for French industry. Serving this market French industry and trade will become “productive” because its output becomes the input of the next economic circle. And this industrial production will show “decreasing costs”. To call industry and crafts a „classe stérile“ is therefore generally false, but in this historical situation correct.

With Turgot as „contrôleur général des finances”, 1774, the first steps were made to implement the physiocratic programme. But as many personalities and groups made their profit from the former financial chaos, Turgot’s reforms swelled the resistance. Abrogating grain customs within France, he harmed many noble tax collectors who paid a fix sum to the king to collect three times more. The bad harvest of 1774 raised wheat prices and tax collectors promoted rumours that now with free trade even the king gained by grain speculation. People marched to the gates of Versailles. When in 1776 Turgot proposed to abolish enforced rural labour and the urban guilds as a first step to abolish all privileges, the king sided with his enemies and asked for Turgot’s resignation. His adversary Jacques Necker became Director-General of Finance and physiocratic ideas immediately lost all importance in the Parisian salons where Madame Necker was now presiding. Rather than raising taxes, more loans were used to fund the French debt. That and the French involvement in the American Revolution paved the way for the French Revolution.

Chinese influences[link]

The influence of Chinese ideas and concepts on Quesnay should not be forgotten: in his lifetime he was known as the European Confucius.^[12] The doctrine and even the name of "Laissez-faire" may have been inspired by the Chinese concept of Wu wei.^[13][14]

See also[link]

• Liberalism
• Contributions to liberal theory
• History of Economic Thought
• Ronald L. Meek

Notes[link]

 This article incorporates text from a publication now in the public domain: Chisholm, Hugh, ed. (1911). Encyclopædia Britannica (11th ed.). Cambridge University Press. 

References[link]

• Hobson, John M. (2004), The Eastern Origins of Western Civilization, Cambridge University Press, ISBN 0-521-54724-5 .

This article relies on references to primary sources or sources affiliated with the subject, rather than references from independent authors and third-party publications. Please add citations from reliable sources. (July 2006)

This biography of a living person does not include any references or sources. Please help by adding reliable sources. Contentious material about living people that is unsourced or poorly sourced must be removed immediately. (May 2012)

Carmen Consoli
Carmen Consoli
Background information
Born	(1974-09-04) September 4, 1974 (age 37)
Origin	Catania, Italy
Genres	Singer-songwriter, Rock, Alternative pop, Folk
Occupations	Singer-songwriter, guitarist
Years active	1995–present
Labels	PolyGram (1995—1999) Universal (2000—present)
Website	CarmenConsoli.it

Carmen Consoli (born September 4, 1974 in Catania) is an Italian singer-songwriter. She has released 7 studio albums and 2 live albums.

Life and biography[link]

Consoli was born in Sicily, near the city of Catania, in the small town of San Giovanni La Punta. She started playing guitar at the age of fifteen and in 1996 she recorded her first album, Due Parole, including Amore di plastica, the song she presented during her first participation in the Festival of Sanremo.

Her next album, Confusa e felice, is the singer's most famous one. The album includes the song Confusa e felice, a huge success in Italy that made Carmen famous throughout Italy. In the same year she started her first tour, after some appearances on TV programs. The album Confusa e felice sold more than 130,000 copies, becoming her first true success.

In autumn 1998 she released her third album, Mediamente isterica, a particular album representing different kind of female figures. This album did not receive the same success as her previous work, selling around 80,000 copies, but became a favourite amongst her fans.

In 2000 she took part in the Festival of Sanremo for the third time with the song In bianco e nero, when her fourth album Stato di necessità was released. The album includes two of Carmen's greatest successes, songs Parole di burro and L'ultimo bacio, the last one becoming the official title track for the soundtrack of the film of the same name by Gabriele Muccino, starring Stefano Accorsi and Giovanna Mezzogiorno. Stato di necessità became the most successful album of Carmen, selling more than 300,000 copies in a year. In that same year Carmen won two Italian Music Awards and the Nastro D’Argento Award at the Taormina Film Festival in Sicily.

In 2001 she released her fist live album, called L'anfiteatro e la bambina impertinente. The album presents all Carmen's greatest hits rearranged with an orchestra of sixty elements with the help of director Paolo Buonvino.

A year later she released her fifth studio album, L'eccezione. The album debuted at number 1 in the Italian album charts, selling more than 200,000 copies.

2003 saw the release of her second live album, Un sorso in più - dal vivo a MTV Supersonic, published with the collaboration of MTV Italy. The album was recorded at MTV's programm Supersonic the year before, when Carmen presented to the public L'eccezione.

In 2006 Eva contro Eva, her sixth studio album, was issued. Debuting at number 1, the album showed a new perspective of Carmen's music, this time full of traditional Sicilian sounds and ethnic influences, demonstrating her great diversity. The album contains collaborations with Goran Bregovic and Angelique Kidjo. After a series of concerts through Europe, Canada and the USA Eva contro Eva was published in 2007 in The United States through Universal Latino.

In 2008 third album Mediamente isterica was celebrated through a "Deluxe Edition" and a new tour. Mediamente isterica - Deluxe Edition is the first official "Deluxe Edition" of an Italian artist. The same year she wrote the original soundtrack for the movie L'uomo che ama, directed by Maria Sole Tognazzi and starring Monica Bellucci, Pierfrancesco Favino and Ksenia Rappoport.

Elettra, her seventh studio album, was released on October, 30th 2009, including first single Non molto lontano da qui and debuting at number 2 in the FIMI Italian Album Charts. The album sold in Italy more than 60,000 copies gaining platinum status and won the Targa Tenco for the category "Album of the Year".

During her career she collaborated with many artists: Mario Venuti, Natalie Merchant, Henri Salvador, La Crus, Paola Turci, Marina Rei, Max Gazzè, Franco Battiato, Luca Madonia, Ornella Vanoni, Ron, Marco Di Mauro, Marco Parente, Lucio Dalla, Goran Bregovic and Angelique Kidjo.

She has produced albums by La Camera Migliore, Agata Lo Certo and Lautari through her label Due Parole, established in Catania.

In November 2010 she released her first best of album, called Per niente stanca. The album was anticipated by the single Guarda l'alba, a collaboration with Tiziano Ferro. The second new song AAA Cercasi was released as a single in January 2011.

In July 2011 she published her first video collection, which includes all her videos from 1996 to 2011 plus some extras.

Studio albums[link]

• 1996 Due parole (15,000 copies)
• 1997 Confusa e felice #6 ITA (130,000 copies)
• 1998 Mediamente isterica #4 ITA (80,000 copies)
• 2000 Stato di necessità #8 (300,000 copies)
• 2002 L'eccezione #1 ITA (200,000 copies)
• 2006 Eva contro Eva #1 ITA #85 CH (80,000 copies)
• 2008 Mediamente isterica - Deluxe Edition #22 ITA (11,000 copies)
• 2009 Elettra #2 ITA (80,000 copies)

Greatest Hits albums[link]

• 2010 Per niente stanca #6 ITA (30,000 copies)

Live albums[link]

• 2001 L'anfiteatro e la bambina impertinente #7 ITA (200,000 copies)
• 2003 Un sorso in più - Dal vivo a MTV Supersonic #18 ITALIA

International Albums[link]

• 2001 État de necessité - French version of Stato di necessità
• 2002/2003 Carmen Consoli - English version of L'Eccezione
• 2007 Eva contro Eva - Published in the USA by Universal Latino (Italian)

Soundtracks[link]

• 2008 L'uomo che ama

Singles[link]

• 1995 Quello che sento
• 1996 Amore di plastica
• 1996 Questa notte una lucciola illumina la mia finestra
• 1996 Lingua a sonagli
• 1997 Confusa e felice #3 ITA
• 1997 Venere
• 1997 Uguale a ieri
• 1998 Mai come ieri feat. Mario Venuti
• 1998 Bésame Giuda
• 1998 Puramente casuale
• 1999 Eco di sirene
• 1999 Autunno dolciastro
• 2000 In bianco e nero #10 ITA
• 2000 Parole di burro #4 ITA
• 2000 Orfeo
• 2001 L'ultimo bacio
• 2001 Gamine impertinente (France)
• 2002 L'eccezione #4 ITA
• 2003 Pioggia d'aprile
• 2003 April Showers (Germany and Spain)
• 2003 Fiori d'arancio
• 2006 Signor Tentenna
• 2006 Tutto su Eva
• 2009 Non molto lontano da qui
• 2010 Mandaci una cartolina
• 2010 A' Finestra
• 2010 Guarda l'alba #20 ITA
• 2011 AAA Cercasi #46 ITA

Dvd[link]

• 2001 L'anfiteatro e la bambina impertinente
• 2008 Eva contro Eva #2 ITA
• 2011 Per niente stanca - Video Collection #7 ITA

Videos[link]

• 1996 Amore di plastica
• 1996 Lingua a sonagli
• 1998 Mai come ieri feat. Mario Venuti
• 1998 Bésame Giuda
• 1999 Eco di sirene
• 1999 Autunno dolciastro
• 2000 Parole di burro
• 2001 L'ultimo bacio
• 2002 L'eccezione
• 2003 Pioggia d'aprile
• 2003 Fiori d'arancio
• 2006 Signor Tentenna
• 2006 Tutto su Eva
• 2009 Non molto lontano da qui
• 2010 Guarda l'alba
• 2011 AAA cercasi

References[link]

External links[link]

Wikimedia Commons has media related to: Carmen Consoli

• Carmenconsoli.it, Official website

Steve Keen

Post-Keynesian economics
File:SteveKeen01.jpg
Born	(1953-03-28) March 28, 1953 (age 59)
Nationality	Australia
Opposed	Neoclassical economics
Influences	Hyman Minsky Piero Sraffa Joseph Alois Schumpeter François Quesnay
Contributions	Mathematical models of financial crises and debt-deflation

Steve Keen is a professor in economics and finance at the University of Western Sydney. He classes himself as a post-Keynesian, criticizing both modern neoclassical economics and Marxian economics as inconsistent, unscientific and empirically unsupported. The major influences on Keen's thinking about economics include John Maynard Keynes, Hyman Minsky, Piero Sraffa, Joseph Alois Schumpeter, and François Quesnay. His recent work mostly concentrates on mathematical modeling and simulation of financial instability. He is a Fellow at the Centre for Policy Development.

Financial instability and debt deflation[link]

Most of Steve Keen's recent work focuses on modeling Hyman Minsky's financial instability hypothesis and Irving Fisher's debt deflation.^[1][2] The hypothesis predicts that an overly large debt to GDP ratio can cause deflation and depression. Here, the falling of the price level results in a continually rising real quantity of outstanding debt. Moreover, the continued deleveraging of outstanding debts increases the rate of deflation. Thus, debt and deflation act on and react to one another, resulting in a debt-deflation spiral. The outcome is a depression. Steve Keen argues that the current global economic crisis is the result of too much debt.

[edit] Debunking Economics

Keen's full-range critique of neoclassical economics is contained in his book Debunking Economics.^[3] Keen presents a wide variety of critiques on neoclassical economic theory, and argues that they show neoclassical assumptions are fundamentally flawed. Keen points out that several neoclassical assumptions are empirically unsupported (that is, they are unsupported by observable and repeatable phenomena) nor are they desirable for society at large (that is, they do not necessarily produce either efficiency or equity for the majority). He argues that economists' overall conclusions are very sensitive to small changes in these assumptions.

Keen's book closes with a survey of various schools of heterodox economics, concluding "None of these is at present strong enough or complete enough to declare itself a contender for the title of ‘the’ economic theory of the 21st century." However, he argues that neoclassical economics is a degenerative research program, not generating new knowledge but growing a belt of protective auxiliary hypotheses to shield its core beliefs from critique. There is an accompanying web site which provides more detailed mathematical expositions.

Critique of neoclassical theory of the firm[link]

Keen's work (as opposed to his popularization) has also focused on refuting the neoclassical theory of the firm, which argues that firms will set marginal revenue equal to marginal cost. Keen notes that empirical research finds real firms set price well above marginal cost: they charge a markup, often cost-plus pricing; compare fellow post-Keynesian Alfred Eichner, who also argued for markup pricing.

He cites Eiteman & Guthrie,^[4] finding 89% of firms set prices above the level where marginal revenue is equal to marginal cost, as well as more recent work by Alan Blinder.^[5]

Keen's article on "profit maximization, industry structure, and competition"^[6] has had counter-arguments by Paul Anglin.^[7]

Criticisms[link]

Some reviewers contend that Keen has not shown what he claims and that he misrepresents economic theory.^[8] Keen agrees that some more nuanced and qualified versions of neoclassical economics exist at very high levels. However he claims that his critique is aimed at the core neoclassical ideas that are taught in universities at undergraduate and postgraduate level and which are often used as the basis for policy prescriptions. As a cover blurb from Alan Isaac states, Keen's book is "A wide-ranging yet accessible critique of the staples of neoclassical pedagogy."

Firms setting price to marginal cost is consistent with the neoclassical theory of the firm if those firms have some market power.^[9] However, Keen argues"^[6] that economic theory neglects the effect on price of increasing or reducing supply by a single item and finds that charging a markup is actually a more stable, profitable equilibrium. In neoclassical theory, a firm would also charge a markup above marginal cost.^[9] In fact, part of the purpose of the work by Eiteman & Guthrie and by Blinder that Keen cites as evidence, was to show that real life firms have some monopoly power, within the standard context of a neoclassical model.

Other publications[link]

• Lee, Frederic S. and Steve Keen (2004): "The Incoherent Emperor: A Heterodox Critique of Neoclassical Microeconomic Theory", Review of Social Economy, V. 62, Iss. 2: 169-199
• Co-editor of: 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. ISBN 0-521-62030-9.

See also[link]

• Paul Ormerod

References[link]

1. ^ The Roving Cavaliers of Credit
2. ^ Steve Keen (1995): "Finance and economic breakdown: modelling Minsky’s Financial Instability Hypothesis", Journal of Post Keynesian Economics, Vol. 17, No. 4, 607–635
3. ^ Debunking Economics: The Naked Emperor of the Social Sciences (2001, Pluto Press Australia) ISBN 1-86403-070-4
4. ^ Eiteman & Guthrie (1952): "The shape of the average cost curve", American Economic Review 42: 832–838
5. ^ Blinder, Alan; et al. (1998): Asking about prices: a new approach to understanding price stickiness, Russell Sage Foundation, New York
6. ^ ^{a b} Steve Keen & Russel Standish (2006):"Profit Maximization, Industry Structure, and Competition: A critique of neoclassical theory", Physica A 370: 81-85
7. ^ Paul Anglin (2008): On the proper behavior of atoms: A comment on a critique Physica A 387: 277-280
8. ^ David Stern, "BOOK REVIEWS: Debunking Economics", Ecological Economics Volume 39, Issue 2, November 2001,pages 319–320 [1]
9. ^ ^{a b} Tirole, Jean, 'The Theory of Industrial Organization', MIT Press 1998

External links[link]

Wikiquote has a collection of quotations related to: Steve Keen

• Website of "Debunking Economics" and Steve Keen's personal web site
• Steve Keen's Debtwatch blog
• List of Steve Keen's publications
• There is madness in their method A sample chapter from Debunking Economics.

• A more detailed presentation of the contents in the Physica A article.
• A news feature on an Econophysics paper co-written by Prof. Keen appeared in the journal Nature, accompanied by an editorial.
• Interview conducted on the 13th of Dec 2009 by Dominic Frisby about Steve Keen's predictions for 2010
• Steven Keen 04 February 2010 (video from Switzer TV)
• Steve Keen interviewed on BBC's Hard Talk
• Steve Keen interviewed on RT's Capital Account (10 Nov 2011)