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      World Review of Political Economy

      Volume 1, Issue 2
       
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      CRITIQUES OF NEOCLASSICAL ECONOMICS: AN EXAMINATION OF SOME OF THE CRITIQUES OF STEVE KEEN

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            Abstract

            Neoclassical economics (NE) is under siege from multiple directions. Some see NE as a whole and essentially coherent theoretical system and paradigm and some not. The work of Steve Keen represents one class of critics of NE who attack it from the perspective of internal logical inconsistencies and mathematical paradoxes embodied within NE rather than for the potential ideological and rhetorical intentions of NE and which class interests may be served by those intentions. This article explores some of the breadth and depth of the critiques of Steve Keen and provides also a critique of their critiques from a Marxist perspective.

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            Journal
            Journal ID (jstor): worlrevipoliecon
            Journal ID (doi): 10.2307/j50005553
            Title: World Review of Political Economy
            Publisher: Pluto Journals
            ISSN (Print): 2042891X
            Publication date (Print): 1 July 2010
            Volume: 1
            Issue: 2
            Pages: 315-335
            Article
            DOI: 10.2307/41942923
            SO-VID: 46829a9d-7c0c-4c1d-bbf0-e59ce700a37f
            Copyright © © WORLD ASSOCIATION FOR POLITICAL ECONOMY 2010
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            All content is freely available without charge to users or their institutions. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles in this journal without asking prior permission of the publisher or the author. Articles published in the journal are distributed under a http://creativecommons.org/licenses/by/4.0/.

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            Subject: COMMUNICATIONS

            ScienceOpen disciplines: Political economics

            Notes

            1. Steve Keen, Debunking Economics: The Naked Emperor of the Social Sciences (London: Zed Books, 2003); "Nothing to Lose But Their Minds: Why Marxists are Irrelevant But Most of Marx is Not," pp. 269-299; www. debunking-economics.com and www.debtdeflation.com/blogs/2009/01/31/therovingcavaliersof- credit/and www.stevekeen.net.

            2. Keen, Debunking Economics, p. 4.

            3. Ibid, citing K. Lancaster and R. G. Lipsey, "The General Theory of the Second Best," Review of Economic Studies 24 (1956): 11-13.

            4. Keen, Debunking Economics, p. 14.

            5. Christian Arnsperger and Yanis Varoufakis, "What is Neoclassical Economics?" Post-autistic Economics Review 38 (July 2009) cited in James Craven, "Neoclassical Economics and Neo-liberalism as Neo-imperialism," paper presented to The Academy of Marxism, Chinese Academy of Social Sciences (CASS), August 11, 2009. Beijing, PRC.

            6. Keen, Debunking Economics, p. 8.

            7. Keen, Debunking Economics, p. 52

            8. Piero Sraffa, "The Law of Returns under Competitive Conditions," Economic Journal 40: 538-550; "The Trees of the Forest: A Criticism," Economic Journal 44: 89-92; cited in Keen, Debunking Economics, p. 317.

            9. Keen, Debunking Economics, p. 80.

            10. Keen, Debunking Economics, p. 82

            11. Keen, Debunking Economics, p. 110

            12. Alan Musgrave, '"Unrealistic Assumptions' in Economic Theory: The F-Twist Untwisted," Kyklos 34: 377-387, cited in Keen, Debunking Economics, p. 318.

            13. Francis Fukuyama, "The End of History and the Last Man" (1992).

            14. Keen, Debunking Economics, p. 162.

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