Here are the timestamps. Please check out our sponsors to support this podcast. 0:00 - Introduction & sponsor mentions: - Weights & Biases: lexfridman.com/wnb - Skiff: skiff.org/lex - Indeed: indeed.com/lex to get $75 credit - NetSuite: netsuite.com/lex to get free product tour - InsideTracker: insidetracker.com/lex to get 20% off 1:51 - Defining economics 8:50 - Schools of economics 33:10 - Karl Marx 51:24 - Labor theory of value 1:11:10 - Socialism 1:26:12 - Soviet Union 1:39:33 - China 1:59:24 - Climate change 2:21:27 - Economics vs Politics 2:29:30 - Minsky's model 2:44:14 - Financial crisis 2:49:31 - Inflation 3:02:46 - Marxism 3:10:06 - Space and AI 3:16:11 - Advice for young people 3:20:02 - Depression 3:24:35 - Love 3:28:35 - Mortality

As an engineer, in the US Capitalist system, we designed appliances to fail, on purpose, shortening their life span, from 30-40 years, to 10 years. It is called design obsolescence. We put a tiny cheap part in these new appliances, as a design feature, so they fail. This new phenomenon is in monopolies, which have no competition, such as Whirlpool. They have bought up all competition, and don’t worry about losing market share, if their product is inferior. Design Obsolescence creates profits, while destroying our natural resources, as we put perfectly good appliances, in the landfill, so that a corporation can make profits. I find this practice unethical. And it is rampant in modern day Capitalism.

Lex, heading your finishing line again, that I’m a “Deadly Bastard”, literally made me laugh out loud. It was a pleasure to talk with you. Thank you for the invitation (and the opportunity to indulge my inner geek, thanks to you, and see Starbase).

I am amazed by Keynes mind because of the mental gymnastics he has to do to avoid facts presented to him by Austrians or just reality

This is possibly the hardest podcast I’ve ever listened to

This podcast taught me more about economics than my entire undergraduate business curriculum.

The high sparrow from Game of Thrones has a side job as an economist. Who knew? Great conversation, as always.

He’s been studying this for decades but wasn’t able to give a single example, anywhere in the world, at anytime in history, where socialism was better than capitalism.

Regarding Bolsjeviks and Mensheviks. I fervently believe that if it wasn't for the Bolsjevik revolution, i.e. if the Mensheviks more reformist vision had prevailed, a large part of the modern social democratic societies of Europe never would have come about, simply because capitalists were forced to make consessions for fear of a revolution, where they would lose their power and privilege altogether. This is also a major reason why since the collapse of the Soviet Union, we have seen capitalists reassert power in the west and welfare societies are being gradually dismantled.

I wrote an essay on socialism... it got full Marx.

Wow. One of, if not my favorite conversations you've had. Please have him back.

Barely thirty minutes in and I know that I'm going to have to watch this several times

This is hilarious ! 😂 Well, Lex ... It's easy to listen about black holes, astrophysics, theoretical physics, gravitational ripples, A.I. but this is on another level.. damn great show !

I bought his book "Debunking Economics" back in the day (15 years ago??) and I was 1 of a small handful of people who voted for him to represent New South Wales in the Australian Senate (his party was a micro party that didn't have money or run a big campaign... hence he didn't have a chance). I'm always surprised why he hasn't become more well known, but his perspective is worth observing when trying to navigate the complex field of economics.

You’re becoming excellent at the simplified breakdowns Lex. Keep going, it’s really great work.

I listen to a great many podcsts, but I have gotten so much more out of this one than any other. Great; now I have another person whose collective works I have to read. Thank you for making these talks available.

Third time lucky...I have been trying to watch this bloody podcast for ages...every time I settle down with a beer and my cat " no sarcastic remarks you bastards " something or someone gets in the way... it was worth the wait mind you, pretty sure the cat agrees with you to lad. Good man, thank you for your time 🤙

You can tell Lex really liked his guest because he challenged him all the time. When he hosts a "dangerous" interviewee he's usually very careful when to chime in and go for a tough question. First example that comes to my mind was the exchange about "friction" with Douglas Murray.

Appreciate lex getting a more diverse range of voices on the show. Steve is a very smart guy.

I'm pretty sure the first law of thermodynamics is you don't talk about thermodynamics.

I had the pleasure of having Steve as an university lecturer many years ago - he was as brilliant then as he is now.

Wow, I really didn't expect to see Steve Keen on this podcast. Thanks Lex! What an awesome episode.

One of my biggest “issues” with economics has always been what Lex pointed out in his question, “do they not consider a worker a human being?” They really don’t when you read economics. Workers aren’t viewed as humans nor are the consequences of lay offs or other actions that affect workers are considered as particularly bad. The idea is that the workers will just learn a new trade (which is totally not how it works in real life).

Marxian economics, I didn't know that there was such thing. I guess it is what we have in Cuba, well, I don't even want to talk about the results. It really sucks as a cuban that many persons insist around the world in the same ideas over and over after the disastrous effects they have had in the lives of millions of human beings. Then central planners (what we are surrounded by) insist and keep insisting, it always reminds me to Hayek and the information problem that central planners ignore, the knowledge is not in the core, it is in the cells that surround the core, it is in the market.

So glad that Steve Keen raised the problem of the effects of consumption on the environment and human induced planetary ecocide. Most other economists, including Richard Wolff never mention the environment.

I’ve posted this many times on various interviews with economists Lex has done, but he needs to have Yanis Varoufakis on his show.

Lex's best podcast as a very capable interviewer. Keen is intellectual but accessible and breaks down a complex area of his expertise. Lex did a good job. I think his most confident at pushing back, but objectively.

Thank you for these long videos. I can’t get enough of you.

took me a few days to complete this one, but I enjoyed every minute!

i go to sleep listening to Lex every day. best therapy ever. your a phenomenal human being man. keep it up

I’ve seen a bunch of talks by prof. Steve Keen and this is the first time I was able to follow his line of thought. Thanks

I love your podcasts, Lex. You seemed more witty and at ease than ever on this one. Steven Keen is amazing, too. Thank you!

One of your most enlightening and thought provoking interviews! For one who has studied and thought about economic theories and their impact on the human condition, this was a feast!

I have to say that lex's podcast is one of the most interesting pieces of information you can ingest.

This discussion is at the nexus of all the different chains of thought I've been having over the past few years

Perfect timing to hear this wonderful talk. I do so appreciate Lex and your wit and being ok with not knowing and asking a most fundamental and yet powerful question of: "What is money?" and then in a incisive manner offer this: “That is not French it is another language and I will explain it to you another day….” My wife who is French never understood why this idiom is used in English. Thank you

I like Lex. Probably my favorite Podcast to watch.

Please get Michael Hudson on. He is unparalleled when it comes to economics and has a fascinating history and background.

I’ve recently retired. Now my true education begins. Thank you and all the best to everyone. Enjoy every day. My fear is that money will continue losing the buying power planned for in my retirement, Seems that, except for the criminals that rig the game, making ends meet grows ever more challenging. This must end. Power must be stewards for humanity.

I've listened to Steve a bunch of times and just now realising I've outgrown his theories

He started me reading again on economics with his last book. I ordered several of the books he recommends in this book (The new Economics). Very interesting books. I'm almost through with the MMT macro book and enjoying it very much. Great interview. Thanks.

Lex’s episode output is immense, it’s always worth listening to and looking forward to this one. To his credit he always looks from both sides and embraces the differing viewpoints

This was great. I've listened to Keen a bit talking his economic viewpoints but this was far ranging and he expounded on a lot of things that surprised me. It's a little intimidating listening to someone so thoughtful and well read. While I have thought his economic ideas interesting, it really fleshes them out in other ways knowing all his considerations. I haven't even gotten through the entire interview without having to re-listen to some of his explanations. A fine job Lex!

I love this guy. These are the topics I love reading about and am familiar with so many of his points and most philosophy language. I've had more than one lex brain break while reading hegel lol

I think the humor especially at the end is quite refreshing in the middle of deep conversation

I like how Steve Keen recognizes the fundamental ecological basis of economics. This is a key insight that grounds his way of thinking in reality to a degree that has not been achieved by any traditional school of economic theory.

This guy is so incredibly likable. Some of this was really hard for my head to make sense of but a great conversation.

It is the balance or the synthesis of the two systems. Thank you for trying to bring more love and understanding into the world. I'm grateful that you allow for civil discourse between opposing ideas. This is what journalism used to accomplish.

This is the third time I watch this interview!

Lex's humor was on point and has been lately. Also his pushbacks are superb

I would see Steve a lot over the years on like a Kaiser Report or other smaller financial channels. This was really nice to hear him longer than a 20 min interview. It seems like this is how an intro to higher level Econ classes should be.

I like how Lex takes these intellectual conversations and follows it with questions the common man in this situation would ask to attain enlightenment of a certain topic. Good stuff

Austrian economic theory combined with GK Chesterton political theory (Distributism) is the way things ought to be.

great to see Steve Keen getting mainstream recognition.

Best podcast on KZfaq. I have to say, I was getting a bit put off by the lack of differing political opinions on the show a while back (one libertarian after another), but recently Lex has been smashing it. Keep it up and thank you for having the courage and patience for listening to so many viewpoints

Don't worry Lex I remember assets and liabilities being explained to me during a compulsory accounting paper and I didn't understand a word. Told my lecturer at the end of class and he laughed at me and then asked if anyone else didn't understand and nearly everyone raised their hand. I'm sure there is a good way to explain it but this guy much like my lecturer hasn't found it.

An interesting thing about economics is that economists can make one sweeping claim affer another, assured of how valid their claims are, and yet none of these claims need ever be proven or supported by a preponderance of good evidence.

Fascinating and thought provoking episode, nice work.

As an Australian I love hearing the accent in contrast to the American majority I listen to on youtube. We really flap our gums in the wind hoping for coherence

Thank you so much for coming on the show and now I will be able to follow your social media- I don’t have $ yet - but I am very interested in helping any other way

Thank you Steve Keen, Even I without a science background could follow the general concepts. Thank you for all the thankless work you have done and are doing.

For those interested in the double entry bookkeeping system: it was conceived by Pacioli.

Wow, already masterful interviewing, this one raises the bar once again. So happy to have run into this podcast, thanks from the heart for what you do and how well you do it! ⭐

This was one of the best guests you’ve had. I think more people should see this and listen to understand. Very dope podcast and if some can listen and open their hearts a bit, this can be quite introspective and learning for a lot.

Steve Keen is F’ing brilliant. Great interview!

I think He loves to impress rather than express with his words. I feel his speaking at an audience that are already familiar with this subject as a posed to talking with the general public trying to understand them. Well done Lex for trying to contain conversation.

Finally! An economist who's actually an economist and not just some ideologue!

Hello, Thank you for this interview - Few questions for Steve What measures/indexes are used to determine if an economic or social system approach is broken or approaching a breaking point? What are some good outcomes to solve for besides profit in an economic model? What are your thoughts on reciprocity models? Are they ethical? Are they useful?

This is really fascinating. One of my favorite Lex podcasts.

Keen deserves this exposure. Always amazed me he isn't more highly regarded.

Thanks Lex for interviewing Steve . Simply Brilliant?🙏🏻

I do watch your vid posts repeatedly. This one reminded me that "capital" (money) is a fluid dynamic formula (as stated in this conversation) has to do with volume, flow, and environment effects.

Gonna have to re-listen to this one. A lot going on, but I want to make sure I get this right, because I think there are good ideas here.

I think it would be cool to see a debate and discussion mediated by Lex between some of the economists you’ve had on with differing points of view.

Einstein on said "if you can't explain it simply, you don't understand it well enough"

First-time listener to Keen. Learned a lot - despite probably missing some nuggets too! 😕

30min in my nose is bleeding and I just opened a portal to the upside down with my mind. AMAZING conversation, kudos Lex and Steve 👏

I recently discovered this channel and I am amazed at how good this guy Lex Fridman is at interviewing in-depth and conducting a great conversation with interesting guests. I knew Steve Keen (who is great!), but Lex Fridman is somebody the BBC could only dream of having for a special programme anchor (like they perhaps did 40 years ago). To have a 3 hour in-depth talk on Marxist economics, surplus value..., history of economic doctrine.... WOW! It take a lot of skill to both keep the high level and bring the guest to explain on a basic level, put focus on the guest while also knowing how to probe further into the subject discussed.... and Lex Fridman is masteful at it! And what a great guest to bring on! Great that I discovered this channel which I will now follow.

That was a beautiful catch, understanding that 'store of value' is not in contradiction to 'means of exchange' because they're characteristics that make up a definition (of money), not prescriptions. It's a literal balancing act, but you wouldn't cleave off one end of a seesaw

It’s very impressive how lex kept up with Steve Keen. This was a really tough discussion spanning so much theory and history in one. How does he do it?

Holy smokes… I’ve never seen Lex reaching his thinking capacity. Tricky subject, economics.

He makes more sense to me than any economist I've listened too. Love his explanations of different economic models but hard to retain. Have to listen to this a few times Lex to wrap my mind around it.

Such a good talk.

Based on what I learnt in a module on IPCC science in my masters in Environment and Economics, I have two answers to Lex's question asking how we can be at all confident about our predictions of the future patterns of the complex system of the climate: 1. The General Climate Models (GCM) that the IPCC uses are verified by simulating climate change in the past and comparing it to real data - i.e., we use a GCM to 'predict' temperature change in the 20th century as a result of emitted greenhouse gas emissions and compare it to actually measured temperatures, if they are identical or very similar then we can be confident the models are accurate. Such validation has been carried out, and the GCMs do indeed predict temperatures very similar to observed temperatures. 2. Using the palaeo-environmental record - ice cores, tree rings, marine sediments, etc. - we can estimate carbon dioxide concentrations, temperature, sea-levels and many other variables for past climate periods. Using such 'climate reference periods' we can guess what kind of changes we are likely to see as temperature and CO2 concentrations increase and make predictions about how the climate will change in the future, based on real data of what the climate has been at earlier points in Earth's history. Essentially, we can look at how the climate changed in the past and use that to guess how it might change in the future if add energy to the system via the greenhouse effect. If we consider the Gulf Stream (or Atlantic Meridional Overturning Circulation [AMOC]), we can see from ice cores that this current has stopped multiple times in the past and may stop again in the future as a result of climate change, which is a cause for concern because of the changes to ecosystems and human societies this would cause - e.g., as Steve points out, as this would significantly reduce the area of land globally that could grow wheat, which is a staple crop in the global food system. Sources: -The Summary for Policymakers and FAQs from the WGI (physical science basis) chapter of the most recent IPCC report - www.ipcc.ch/report/ar6/wg1/ -Source discussing how the AMOC has shut down multiple times in the last 60,000 years -www.nature.com/articles/nature01090

Even though I strongly disagree with some of his political views regarding freedom and the pros and cons of a top down, authoritarian government, I loved the discussion and his teachings on different economic schools of thought. Hands down the best discussion I've heard on learning the basics of Marx's theories. You did a great job of getting definitions of basic terms that are often given different meanings by different schools of thought. Made for a deep and much clearer discussion. Well done!

I'm so pleased to know my evening is booked with Lex. One of my most Favourite Guests. He speaks frankly.

Wow, i just watch this episode only now, it's so fun, i don't understand anything but it makes me want to study more about it😂

Joe Rogan podcast has nothing on Lex Fridman podcast. This is a Master Class.

Lex - I appreciate you calling Steve out on his anecdotal statements surrounding climate change. You are the BOSS !!! Love you brother, be safe!

Thanks for speaking with Keen. If you’re interested in alternative economics you should also interview Michael Hudson sometime!

probably one of the best vids i've watched on this channel.

To each according to his abilities= You work as hard as you can. To each according to his needs= But receive only the bare minimum in return.

Guest recommendation: Slavoj Zizek :) I would pay to see that interview.

I am with you Lex. You are asking the correct question. Thank you Lex great podcast👍🏽

As an econ student, It is fun to see how economics blowed Lex's mind, for how smart he is, I felt better after failed my exam.

Steve Keen is on point as always. I’ve read two of his books: New Economics and Can We Avoid Another Recession. Working on Debunking Economics.

Hey Lex! I appreciate the big picture summaries you do during the podcast to help keep both a wide big picture with context while still diving deep into topics at other points of the podcast! -Steven

Did not expect to hear some classic AFL vs Rugby ("Grub Ball") banter on Lex Fridman! And Mr Keen is of course completely correct - AFL is the superior sport XD

The Lex Fridman show......Is THE best thing that ever hit the internet.

Very nice! Didn't agree with half of what he said but it was somehow healthy to listen until the end, some different and nice perspectives!