Steve Keen
speaker
110 appearances
1 recordings
1 series
first heard Aug 2026
last heard 1 Aug
Steve Keen’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Aug 2026 with 1.
Appearances
Oh, absolutely.
There's absolutely no doubt about that.
And this is a typical thing that happens in capitalist economies.
When a new technology comes in, numerous people dive in, expecting to be the one that dominates the market for the foreseeable future.
And you get massive overinvestment.
Then you have a boom while the overinvestment is occurring and a slump afterwards.
You never can tell because it depends on how much they actually put into it.
But if we're looking at the level of revenue coming in right now for AI companies, the revenue is about one-tenth of their costs on average.
Now, some are going to be 20 times, others are going to be five times.
And you don't know how deep their pockets are either.
So there's no real way of identifying in advance who's going to fail, but it's inevitable that the majority of companies that have gone into this will fail and there'll be a handful of survivors.
The technology will permeate through society, but it'll do so in a slump that is caused by the decline in spending by these companies once they've built their technologies and by these technologies underwriting other industries.
And, of course, in the case of AI, it's underwriting a lot of people's jobs.
They never do.
I once gave a presentation on my model of financial instability and booms and buffs following Hyman Minsky's what he calls financial instability hypothesis.
And I walked out of the room with a typical economist, mainstream economist, and he said to me,
Steve, the difference between you and me is I believe people learn from their mistakes.
And I replied to him saying, yes, Andrew.
And the other difference between you and me is I believe that people forget and die.
That's right.
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