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Unlearning Economics: Jon Erickson, Josh Farley, Steve Keen, & Kate Raworth | Reality Roundtable #03

The Great Simplification with Nate Hagens

CHAPTER

The Defective Prices Equal Marginal Products

The neoclassical theory of income distribution says the wage equals the marginal product of labor. And that in both cases you get what you deserve, which is a major reason why people get seduced by it. But if this substitution is one for one, then you get nonsensical predictions about these ideas. So when you look at the neoclassical consensus that's been formed starting from ideas like Nordhaus is 30 years ago,. Here's a paper that surveyed over 2000 economists who work on climate change. They answered that they thought if you're going to head towards 5 degrees warming by 2130, so another 4 degrees in the next century, and another 6 degrees in 2 centuries to 7 degrees Celsius

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