Piet Keizer on the Bump, Bust, Bump Movie

Piet Keizer on the Bumb, Bust, Bump movie

Tuschinski Theater, Amsterdam Tuesday 26 may, 16.00 h. première!

The movie is about the incapability of neoclassically educated economists to foresee the financial crisis 2008, and it deals with the problems of the neoclassically orientated politicians and media economists in diagnosing the actual situation. It offers serious criticism on the neoclassical dominance, and is presented in a funny Monty Pyton-like way.

The paradigm of the movie

The movie focusses on the rationality axiom of the neoclassical analysis, which is

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Economics as an (In)dependent Science


Science has always been heavily influenced by the ideologies and interests of people. Although this phenomenon is unavoidable, it makes sense to reduce it as much as possible.

When reviewing the history of economics, we see that texts were influenced by the interests of the political and clerical powers, and later by the interests of traders and factory-owners, or by the intertests of the workers. During the 17th and 18th century moral philosophers became more independent of private interests, and searched for universal truth. Adam Smith is considered as the first economist, who made economics to an independent science. He was followed by economists, such as David Ricardo, Robert Malthus, and Karl Marx. Now we group these economists under the heading Classical Political Economy.

The question arises of which economics became more independent. There are three possibilities: independent of economic-social-political powers (1), of the subject of the

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Analysis Without Synthesis Makes The World Fall Apart

Piet Keizer (2015), Analysis Without Synthesis Makes The World Fall Apart, Essays on Multidisciplinary Economics, 1, 2015; http://www.Pietkeizer.com


The history of scientific method is characterized by many methodological divides. As soon as someone makes a distinction between A and B, some people commit themselves to A, while others focus their strategies on B. From then on the different groups of people barely communicate with each other anymore. Now and then methodologists  – some defending position A, others defending B – are battling about the differences (in German: Methodenstreit). After a while they stop battling, without satisfactory results most of the time. In section 2 we will shortly discuss a number of distinctions, that have become divides. In section 3 we discuss three basic philosophical questions, which are about ontology, epistemology, and about methodology in the narrow sense of the word. In section 4 and 5 we discuss the structure of knowledge and the methodological research strategy, which could be followed, respectively. In section 6 we draw a few conclusions.

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Piet Keizer, Multidisciplinary Economics, A Methodological Account,

Oxford University Press, May, 2015.


Post-crisis Economics

When the global economy was hit by a severe financial crisis, mainstream economists were surprised. The global financial system appeared very fragile, especially in the North-western world. Now – five years later – the European economy is still in a depression. The unemployment figures, especially in the Southern part are unacceptably high, and there are no clear signs that we are at the brink of a new period. An important reason for the failure of Europeans to solve their economic problems can be found in the inadequacy of economic science as it manifests itself for a long time already. The official institutions like the central banks, the ministries of finance, and even the trade union organisations show a lack of vision. In The Netherlands prime-minister Rutte has no clue what to do, except the implementation of a classical-liberal programme: smaller governments!

About forty years now I work on an alternative vision of economic science. During

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Syriza, an Opportunity for Greece ánd Europe

  • Introduction

It might be historic, the victory of Syriza in the Greek elections of 25 January 2015. It offers Greece and Europe the chance to break the trend of ineffective neoliberal policies, as advocated by the Trojka (EU, ECB, IMF).

The most important barrier to renewed full employment and growth of well-being is of a psychic-social nature, which is the cognitive capture of the Germans and the Dutch (Keizer 2015). This short essay discusses the role of Greece as the scape-goat of the euro zone (section 2), a realistic alternative in case the Germans and the Dutch open their minds (section 3), and the way the euro zone can deal with the claims put on the table by Syriza (section 4).

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The ECB supports banks, not the economy

  • Introduction

Recently the ECB announced a new round of quantitative easing (QE): the ECB buys large volumes of (bad) financial paper, so as to improve the financial situation of banks. By doing this the ECB hopes to improve the trust of investors in the economy. In this short essay we will explain why this policy will not contribute to the necessary recovery in terms of employment and growth in well-being of the mass of the people. More effective methods, such as monetary financing of government investments, are excluded by the Maastricht Treaty.

In section 2 we explain why monetary policy in a balanced economy is quite different from monetary policy in an economy, which is out of balance (Leijonhufvud, 2009). In section 3 we discuss the way we should tackle the European macroeconomic problem. In section 4 we draw a few conclusions.

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