MB Fund Podcast: The disastrous Economics of Climate Change, with Prof. Steve Keen

On the agenda today:

• prof. Keen’s recent work on the appallingly bad neoclassical economics of climate change, in which he contends numerous errors have been made in calculating the economic effects of climate change. Correcting for these errors makes it feasible that the economic damages from climate change are at least an order of magnitude worse than forecast by economists, and may be so great as to threaten the survival of human civilization.
• an update on the costs of fossil fuels vs renewables
• how all of this may impact investments going forward

In today’s investment webinar, MB Fund’s Head of Investments Damien Klassen, Head of Advice Tim Fuller, Head of Operations Shelley George and prof. Steve Keen discuss the disastrous Economics of Climate Change.

View the presentation slides here


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Tim Fuller is Head of Advice at the MacroBusiness Fund, which is powered by Nucleus Wealth.

The information on this blog contains general information and does not take into account your personal objectives, financial situation or needs. Past performance is not an indication of future performance. Tim Fuller is an authorised representative of Nucleus Wealth Management, a Corporate Authorised Representative of Nucleus Advice Pty Ltd – AFSL 515796.

Tim Fuller


  1. Tim FullerMEMBER

    Our viewer question of the week:
    Will reality force the economists hands or do they have a trump card?

  2. In the first 6 minutes – I made a very clear decision not to waste a further 1 hour and 13 minutes listening to this man.
    – the number of times the use of ‘morons’ and ‘idiots’ occured in that first 6 minutes was amazing.
    – I wish this arrogant man all the best in trying to communicate clearly, logically and credibly to the great unwashed masses!
    I note that:
    – his education only goes to Bachelor of Arts and Laws and a Diploma in Education
    – he was well known for endorsing Jeremy Corbyn’s campaign in 2015!
    Clearly well qualified to handle the complexities of climate change!
    Normally – MB Fund Thursday Podcast is excellent.

    • Good feedback.
      More generally civility has been a big loser on MB of late. Lack of humanity shown to real people, even ill-will to POTUS catching COVID is totally shameless. It does suit many followers who are special friends of editors. Cancel culture is a real thing. MB should do better to avoid fostering it with degenerative content / editorials.

    • Keen is a PhD and his scorn for neo classical economics is well know, and his argument and discussion of the models was evidence enough, of its flaws as well as its deliberate manipulations.

    • Maybe. How wrong does someone have to be before it is OK to call them an idiot?
      Ignoring concerns about civility and listening to his arguments, and reading the linked paper, I agree with his concerns that economic modelling of climate change presented in IPCC reports has ignored physics and is far too optimistic. Moron and idiot is actually fairly restrained.

  3. The predictions that the world’s atmosphere / climate will be forced to spiral out of control, by man’s miniscule carbon dioxide emissions, have been running hard for 40 years. The only problem is that the predictions are date dependent, and as each calamitous prediction date passes, be it the ice caps, snow, sea levels, rain etc, they are proven false. We now have any natural event be it a storm or a hot day, a drought, or a bushfire, being presented as climate change when it is nothing but the natural order of events. The world has real problems, be it real pollution (toxic waste), hunger, corrupt governments, organised crime, armed conflict, religious conflict. Why not focus on those real problems.

    • >real pollution (toxic waste), hunger, corrupt governments, organised crime, armed conflict, religious conflict.

      All the above are caused by the same problem – collapse of the environment – i.e. resource, soil, air and species extinction, with the end result being collapse of civilisation, this time, global.

      Denial is a very strong human trait, a component of the collapse of all preceding civilisations.

      And here we are again – not long to wait now.


  4. Just glad I won’t be around when the worst of it hits. Also glad I never had any kids. But every time friends announce a new child born to the world I smile and say congratulations that’s terrific. But I’m thinking god the misery and despair that will be their future.

    Hell on earth is coming.

    We could of course as a country make the tough decisions now to prepare this country as a life boat for humanity. To hope to ride out the coming appocalyse and preserve the knowledge and civilization of humans. But we won’t. Because the decisions that need to be made are ones that require a cohesive balanced society led by men of strength and wisdom. But all we have are weak left wing pathetic politicians that have corrupted and weakened us from the inside out.

    The end times are here.

    • >But I’m thinking god the misery and despair that will be their future.

      This. Because no one – left, right, or so-called Green will tell the truth – that the emperor has no clothes, that we’re at the end of the road, out of time, out of FFs and with nothing comparable to replace them with, and so our current way of life is terminal.

      I have two grandsons born this year. Currently building them a house on remote 50 acres with water at source, planting hundreds of tree crops, a milk cow etc….only solution I can think of that might buy them a bit of time, food water and safety – but probably not, but may at least provide some hope to hang onto.

  5. The amazing thing is, that even when the economics of renewable energy are obvious, nearly all the worlds right wing nut jobs (in particular) are still going to publicly disagree (obviously for their own personal finances) and the majority right wing media has the job of convincing the plebs that climate change is b.s. Australia, even though small in population is an absolute disgrace considering how much sun and wind and open space it has aligned with enough scientists and engineers, ie the perfect conditions for renewables. And could in fact be the world leader, exporting technology. Obviously IPA pockets say NO

    • These ‘nutjobs’ have no say in the matter – just an opinion. It’s the economics that matters — if renewables are better and cheaper they will prevail. Relax ..

      • >if renewables are better and cheaper they will prevail. Relax ..

        There’s the rub – renewables are actually ‘non-renewable renewables’ as they can in no way replace the energy obtained from FFs once all the FFs required to build, install, maintain, store the energy, dispose of and replace them are factored in – hence the term ‘non-renewable renewables’. It’s all a giant mirage and Ponzi. The real reason so-called ‘renewables’ still supply only a tiny fraction of the world’s energy despite decades of claims to the contrary, is that they can’t replace FFs.

        The only solution is to use less of everything. Which will collapse the capitalist economy…..and this is what no one, left, right or so-called Green, will reveal. So no relaxing, we’re going down – hard and soon.

        • Your point about cheap energy being the linchpin of endless economic growth notwithstanding, the thrust of my own is that I’m over this mythical notion that we could move to 100% Green energy today but for the FF lobby which is keeping renewables suppressed in favour of FF companies.