Steve Keen

speaker

316 appearances 2 recordings 2 series first heard Apr 2026 last heard 10 Apr

Steve Keen’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 2 in all, peaking in Apr 2026 with 2.

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They published a paper called The Capital Asset Pricing Model Theory and Evidence in 2004.

And they literally said that this should not be used for practical purposes.

Now they continue promoting it because they can't work anything else to do.

You'd also know of Sharpe who came up with the idea of the capital asset pricing model itself.

wrote that he made the assumptions to actually go from a model of a single individual to the model of the entire market.

He said he's seen what he called homogeneity of investor expectations.

Investors are seen to agree on all the various details, the mean return, standard deviations, et cetera, for every share in the market.

And he justified that by an appeal to Friedman's nonsense ideas of methodology.

But in the paper in 2004, Fama and French, first of all, said it fails.

It doesn't empirically fit the data by any stretch of imagination.

And in fact, the angle, like it'll talk about the slope of a trade-off between risk and return.

Well, the slope has to be the opposite of what they say when you do the empirical measurements.

And they admitted in that paper that not only does Sharpe assume that we all have the same expectations, he also assumes they're correct.

That's William Sharpe, right?

Yeah, well, that's stuff you can find in alternative theorems.

So you've got, for example, the stuff that Mandelbrot gave us, the fractal markets hypothesis.

That's one that covers it.

You get the work of Hagen.

Yeah.

Well, he said textbook bullshit.

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