This post was first published on Steve Keen's DebtWatch blog.
Jetlag has me up and at the keyboard at 5.54am here in London, 43 minutes before sunrise, which today is at 6.37am.
Only it’s not “sunrise”, is it? As we all know, it’s really “Earth Axial Rotate” at the point in its 24 hour axial rotation when the Sun—around which the Earth rotates once each year—becomes visible from London.
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We still call it “sunrise” because it’s a lot less awkward—and a lot more romantic—than saying “Earth Axial Rotate Earth-Sun Radial Alignment”, which is what it really is. We all know that it’s not really the Sun “rising” at all: that implies that the Earth is fixed while the Sun rotates around it, whereas ever since Copernicus we have known that,...
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Steve Keen is Professor of Economics & Finance at the University of Western Sydney with over 60 academic publications, and author of the popular book ,a href="http://www.amazon.com/Debunking-Economics-Revised-Expanded-Dethroned/dp/1848139926">Debunking Economics. Steve predicted the financial crisis as long ago as December 2005, and warned that back in 1995 that a period of apparent stability could merely be “the calm before the storm”. His leading role as one of the tiny minority of economists to both foresee the crisis and warn of it was recognised by his peers when he received the Revere Award from the Real World Economics Review for being the economist who most cogently warned of the crisis, and whose work is most likely to prevent future crises. Follow Steve on his blog or Twitter.