Marx, Capitalism, and Neoclassical Economics | Steve Keen | Escaped Sapiens #65
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 KZhead:
/ @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.
►Subscribe And Turn On All Notifications To See More:
kzhead.info...
Watch These Videos Next:
►Hacking The Blueprint Of Life | Michael Levin | Escaped Sapiens #37
• Hacking The Blueprint ...
►How Your Evolved Psychology Controls You | Diana Fleischman | Escaped Sapiens Podcast #28
• How Your Evolved Psych...
►3 Months Lost at Sea, Human Endurance and Ingenuity | Steve Callahan | Escaped Sapiens Podcast #22
• 3 Months Lost at Sea, ...
►A Blueprint For Mars Colonization | Robert Zubrin | Escaped Sapiens Podcast #5
• A Blueprint For Mars C...
OMG, the part where he absolutely bolts through all of neoclassical orthodoxy was completely insane. Steve Keen is something else lol.
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.
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
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.
Nice beard! EDIT: SYSTEMS THINKING! Yes. The world needs more systems thinking.
Its never a permanent feature :,D
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"
This was so refreshing to hear someone who truly understands the limitations of unscientific economics!
Excellent. I got that idea around the third lesson of introduction of Economics. 👏
I wish I could give this more than just one thumb up.
Agree
I feel the same about every conversation or talk with/by Steve over the past 10+ years.
35:02 last time i checked CCP had nearly 90 million members.
Who is the CCP? I know of the CPC?
Great talk.
Glad you enjoyed!
" Economists get away with their bullshit because they are not essential to the functioning of capitalism" . 😢
truth and facts here....very nice thanks
Very Welcome... :)
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!
Grazie
Everything Keen says about the economy is correct...and the new monetary paradigm of Gifting strategically implemented is the solution.
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.
Great conversation. Thanks for posting.
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. 🤷♂️
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?
It isn't. Information problem solved.
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.
Mars bars
Proudly sponsored by The world economic Forum. How far can "you" walk in 15 minutes steve?
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
No. It is not.
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!
Anglosaxon imperialism... wow POPCORN!!!
there is no climate crisis
😅
Its ok to be stupid
@@glenwarrengeology kzhead.info/sun/jZ2jZZiqjqCjmKc/bejne.html
I cannot understand his entglish. He shoud speak more clearly
He is Australian 😂. They speak like that😂.
He's not speak 'entglish' :)
hat sounds like Your Problem. Deal with it.