Steve Keen

Steve Keen is Professor of Economics and Head of the School of Economics, Politics and History at Kingston University London, author of Debunking Economics and Can We Avoid Another Financial Crisis? and the developer of Minsky open source system dynamics modeling program.

Steve Keen

Nobel prize-winning economics of climate change is misleading and dangerous – here’s why

Steve Keen, UCL While climate scientists warn that climate change could be catastrophic, economists such as 2018 Nobel prize winner William Nordhaus assert that it will be nowhere near as damaging. In a 2018 paper published after he was awarded the prize, Nordhaus claimed that 3°C of warming would reduce global GDP by just 2.1%, …

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The appallingly bad neoclassical economics of climate change

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; …

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