Steve Keen
Distinguished Research Fellow, University College London
Bio:
Abstract:
Economics went astray from the path towards biophysical realism in 1776, with the publication of Smith's Wealth of Nations. That has culminated in today's Neoclassical economic analysis of climate change, which is utterly delusional, and also highly influential--the fossil fuel industries may have waged the war against action on climate change, but the weapons of mass distraction they have wielded were crafted by Neoclassical economists, commencing with Nordhaus's uneducated dismissal of the Limits to Growth, and culminating in an economic orthodoxy which sees a trajectory towards 7°C of warming in 2 century's time as reducing annual economic growth by a mere 0.02%.
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