Many of the important ideas in Steve Keen's brilliant but difficult book Debunking Economics, which I reviewed not too long ago, can be gathered in this video, "The self-destruction of academic economics" (watch all of it):


But here is the key to Keen's lecture: Neoclassical economists do not think they are anything but economists. Meaning, neoclassical thought (the idea that markets are the beginning and end of economics) sees itself as the natural state of things. This is ideology in a state of perfection. Ideology as a glass window that's so clear, so clean that it can't be seen separating outside from inside.

If you want a great introduction to the work and mind of Keen (the most famous unemployed economist in the world), I recommend reading Demand Side Economics: Demand Side Minds, a book by the local economist Alan Harvey. In one part of the book, he points out:

Debt and the change in debt also allowed Keen to identify the policy solutions that offer a realistic path to recovery. His prescription for recovery is not the random stimulation of consumer demand proposed by many so-called Keynesians and executed primarily via tax cuts. Nor is it the continual and futile measures by central banks to make borrowing ever cheaper for investors. Since the core of the problem is the debt — not the public debt, but the massive private debt — the core of the solution should be dealing with this debt. Since the great mass of it is in residential mortgages, a write-down of these mortgages is the starting point.

The economic crisis will not be solved by addressing public debt (austerity), but by becoming realistic about private debt.