Marx, Capitalism, and Neoclassical Economics | Steve Keen

Marx, Capitalism, and Neoclassical Economics | Steve Keen | Escaped Sapiens #65

Рет қаралды 5,764

Күн бұрын

On this episode of the podcast I speak with UCL Honorary Professor of Economics and
ISRS Distinguished Research Fellow Steve keen. Steve famously predicted the 2008 market crash. He is also known for his criticism of modern economic theory, which he views as being inconsistent, unscientific, and empirically unsupported. He is currently working on a new science of economics built upon incontrovertible facts. We discuss the history of economic theory, the problems with neoclassical economics, and the way that our economic theory causes environmental destruction.
►Find out more about Steve's work:
profstevekeen.substack.com/
www.profstevekeen.com
►Support Steve on Patreon:
/ profstevekeen or Substack
►Follow Steve on KZfaq:
/ @profstevekeen
These conversations are supported by the Andrea von Braun foundation (www.avbstiftung.de/), as an exploration of the rich, exciting, connected, scientifically literate, and (most importantly) sustainable future of humanity. The views expressed in these episodes are my own and those of my guests.
Menu:
0:00 - Introduction
1:22 - Is economics a science?
3:15 - Chaotic and complicated systems.
6:25 - Economic Tribalism.
10:11 - Neoclassical economics & BullS@%t!
18:40 - History of neoclassical economics.
22:44 - Socialism Vs Capitalism.
29:20 - China and dynamism.
36:55 - Ghost cities.
40:45 - Economics on mars.
46:10 - Should there be billionaires?
48:40 - What is value?
56:20 - Micro Vs macro economics.
59:15 - Managing the economy.
1:01:50 - The value of economic predictions.
1:12:45 - Toxic assets & the little guy.
1:16:10 - Value and free energy.
1:22:20 - Avoiding economic disaster.
1:28:10 - Fossil slaves
1:31:55 - AI and consumption
1:36:40 - UBI.
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Пікірлер: 93

@waynemcmillan5970 2 ай бұрын

Internationally famous and the most trenchant critic of mainstream economics, Steve Keen elaborates brilliantly why economics isn’t a science.He wants to rebuild economic theory from the top down and I support wholeheartedly his noble goal. Economics as taught in universities today is just sophisticated, mathematised, elegant cant, devoid of reality.

@krishammond8851 Ай бұрын

Economics as a degree is predominantly an easy pass. It’s not actually that difficult. Looking back, math was simple. Never touched linear algebra for example. Only uses of it without knowing underlying mathematics. Micro and macro is pretty crap aswell. Very out of date. The only reason I don’t regret is that I had a teacher akin to that teacher in dead poets society who was a legend and very inspiring

@Lyra0966 Ай бұрын

Indeed, but it's even more cynical than that. Neo-liberal economics is little more than an 'academic' edifice built to justify greed, inequality and exploitation.

@Chasebald 18 күн бұрын

OMG, the part where he absolutely bolts through all of neoclassical orthodoxy was completely insane. Steve Keen is something else lol.

@andrewpaterson5192 Ай бұрын

" Economists get away with their bullshit because they are not essential to the functioning of capitalism" . 😢

@truthaboveall7988 16 күн бұрын

America can’t do capitalism we do something far more nefarious & the so called capitalists r fully reliant on the symbiotic relationship between the govt & the policies that protect them from having to compete or succeed on their own sans taxpayer bail outs subsidies free printed $$$ & trade wars / China does capitalism if we’re honest about using definitions in their actuality & not the Orwellian way the US defines things including democracy

@voidisyinyangvoidisyinyang885 Ай бұрын

I'm glad Ricardo corroborated my Environmental Economics University paper, "The Incorrect Supply and Demand Model"!! I relied on a great book called "ANTI-Samuelson"

@daraolugbake7895 15 күн бұрын

Fantastic as usual, thank you Mr Keen.

@DaveShap 2 ай бұрын

Nice beard! EDIT: SYSTEMS THINKING! Yes. The world needs more systems thinking.

@EscapedSapiens 2 ай бұрын

Its never a permanent feature :,D

@Pasandeeros 2 ай бұрын

I wish I could give this more than just one thumb up.

@carolyntyrrell1645 2 ай бұрын

Agree

@stringlarson1247 Ай бұрын

I feel the same about every conversation or talk with/by Steve over the past 10+ years.

@arminius6506 2 ай бұрын

35:02 last time i checked CCP had nearly 90 million members.

@craigrik2699 Ай бұрын

Who is the CCP? I know of the CPC?

@mikhailfranco 13 күн бұрын

@@craigrik2699 CCP is the normal English abbreviation in common usage. CPC is the official English abbreviation approved by the CCP.

@shaunbooth1836 Ай бұрын

This was so refreshing to hear someone who truly understands the limitations of unscientific economics!

@scoutjohnson1803 Ай бұрын

It’s easy to see how well economics work. All you have to do is look at the IMF statistics, (comparing the approx. 200 countries). It shows their ideas don’t work!

@blairhakamies4132 Ай бұрын

Excellent. I got that idea around the third lesson of introduction of Economics. 👏

@mathieuraetz2041 2 ай бұрын

Great talk.

@EscapedSapiens 2 ай бұрын

Glad you enjoyed!

@BFWRParadigmChange 21 күн бұрын

Everything Keen says about the economy is correct...and the new monetary paradigm of Gifting strategically implemented is the solution.

@vivianoosthuizen8990 14 күн бұрын

The high cost of technology that was claimed to reduce prices had the opposite effect.

@jacktherip7750 2 ай бұрын

truth and facts here....very nice thanks

@EscapedSapiens 2 ай бұрын

Very Welcome... :)

@knasil 6 күн бұрын

This is probably the best video about economics that I saw in my whole life... And I have been trying to understand this complete pile of garbage since the 2008 crisis!!! Thank you!

@The0ldg0at Ай бұрын

One of Marx goals was to build a scientific fondation to Economics. That's why he started with Dialectical materialism to be able to build some "objective" definition that could help to describe the evolution of societal economic interactions in the know human history. His best known dialectic expression is "Class strugle" between the few people of the "Ruling Class" against the "Working Class" which archeologists use to distiguish between between "civilized" and "non-civilized" societies. Like the famous Mr Spock said "The needs of the many common people should outweight the needs of the few (ruling) elites people. Live long and prosper." And that why the few elite capitalists wanted to promote the neo classical economic religion ("religare" what connect all people) in our higher education system.

@vivianoosthuizen8990 14 күн бұрын

It’s not isms that causes problems it’s lack of anti monopoly laws taxing the poor

@vivianoosthuizen8990 14 күн бұрын

Why is shares not treated as debt when the corporations are literally borrowing from the investors cash and giving them a portion of the business?

@vivianoosthuizen8990 14 күн бұрын

Marketing and advertising blows ALL so-called theories of labour consumption and logic out of water

@vivianoosthuizen8990 14 күн бұрын

The double entry accounting is the root of the problem. It’s the smoke and mirrors of the system

@sebastianbalbo1906 Ай бұрын

Grazie

@vivianoosthuizen8990 14 күн бұрын

Why the heck are we trying to run the economy in 21st century according to theories from the world as it was before technology and marketing in the 18th century

@vivianoosthuizen8990 14 күн бұрын

When those that benefits in increased demand also have the power to control supply of a critically important product or services then the entire demand supply price nonsense falls apart

@jeffchapman8992 Ай бұрын

Enjoy Steve Keen BUT this is the first time I've heard him reference how "we've screwed up climate"! WTF? 😂 I'd love to hear him expand on this. Bizarre. 🤷‍♂️

@vivianoosthuizen8990 14 күн бұрын

When debt goes up so should wages to afford the debt of families. If business debt goes up and it failed to achieve growth from it then they should be declared bankrupt

@vivianoosthuizen8990 14 күн бұрын

The ultra rich families use the most energy by far per person

@vivianoosthuizen8990 14 күн бұрын

Is governments going to tax the robots and are corporations going to sell to their robots?

@scoutjohnson1803 Ай бұрын

The colonisation of Australia could be a blueprint for the colonisation of Mars. Without the mistakes the English made. No soldiers, no criminals from the slums of London. Maybe they should have somebody who knows what is going on.

@jesperandersson889 24 күн бұрын

Mars bars

@thecarpenter645 Ай бұрын

Good as usual Steve Keen. A good experiment for a society on Mars would be to send all the believers to Mars and see how they cope with life on mars, Elon and Jeff would be good starters for this experiment

@HerrschmannNachmann Ай бұрын

1. CBDC 2. CBDC-backed UBI 3. to avoid hoardings and gains based on these: a ressource tax 4. use the centralized data provided by CBDC (= status of all resources in real time, patterns and trends) for optimizations of resource allocations 5. implement a real competition - that means: innovations / best-practices - and provide gratifications for sharing this knowledge (I'd have a Groupware-CSCW-solution with AI-integration for agile development with reviewsa, assessments and feedbackloops for CIPs at hand, btw ...) PS: the argument for private ownership of capital goods was what again? ... is this argument still valid, after pts 1-5 are implemented?

@crhu319 Ай бұрын

It isn't. Information problem solved.

@vivianoosthuizen8990 14 күн бұрын

Welfare harms humans except for the very disabled and sickly elderly all should earn their daily bread

@terrancedick8912 22 күн бұрын

Proudly sponsored by The world economic Forum. How far can "you" walk in 15 minutes steve?

@vivianoosthuizen8990 14 күн бұрын

Economists read books they don’t run factories that’s the issues

@vivianoosthuizen8990 14 күн бұрын

Why can’t pensioners work in Australia?

@crowesarethebest Ай бұрын

Great conversation. Thanks for posting.

@vivianoosthuizen8990 14 күн бұрын

Only life has value in other words we sell our hours of labour and if we spend too many hours on anything it’s unproductive

@life42theuniverse 10 күн бұрын

Economics is legally a science... for the grants and tax deductions

@life42theuniverse 10 күн бұрын

Neoclassical ideology emerged from the oil market kzfaq.info/get/bejne/o5lgpMh-x9W9iI0.htmlsi=sjR248m9IIt4Kv5_

@life42theuniverse 10 күн бұрын

Is there enough wood to make more chairs? How fast does the wood regrow? What purpose does the wood serve to nature? External and Irrelevant to the Rich.

@vivianoosthuizen8990 14 күн бұрын

Go study the Armish economy and you will see what economics should be

@Keyur904 2 ай бұрын

Loved your deep dive on Marx and modern economics! If you're looking to boost engagement, I specialize in transforming long-form content into catchy reels and shorts. Let's make your insights pop and reach a wider audience!

@vivianoosthuizen8990 14 күн бұрын

How much energy does robots and AI consume? Bet it’s more than humans.

@mikhailfranco 13 күн бұрын

36:30 China does far less to help its poor than Western countries. You might say that the West is _much more_ socialist than China. China has poor education, private healthcare (and a bunch of TCM quackery), no state pensions and very few welfare benefits. Families are expected to help each other, and support the elderly - difficult after the one-child policy created an inverted pyramid. The West has decent public education, access to healthcare, massive welfare state, and pension system, so a huge fraction of GDP is public education/healthcare and transfer payments. For example: healthcare is free at point of use in UK and Canada, even the US has Medicaid and Medicare; education is free 5-18, university used to be free in the UK, until student fees & loans in 1998 (ironically introduced by Blair under Labour). China falls far behind the West on social support. Tier 1 cities give a false impression, because The Party tries to keep everything looking good, but there is a lot of poverty in the countryside (especially ethnic minority regions), smaller cities and local towns.