Debunking Economics — When Economic Models Cannot See the Crisis

Crisis in Perception · Jul 21, 2026 · 54m

What happens when the models used to understand an economy exclude the forces capable of destabilizing it?

Welcome to Crisis in Perception, where we examine the systems shaping our world.

Using Debunking Economics – Revised, Expanded and Integrated Edition: The Naked Emperor Dethroned? by Steve Keen as our lens, this investigation examines why neoclassical economics failed to anticipate the 2007–08 financial crisis—and why the dominant framework remained institutionally powerful afterward.

Keen argues that equilibrium-centered economics minimized the importance of private debt, bank-created…