4min chapter

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#303 – Steve Keen: Marxism, Capitalism, and Economics

Lex Fridman Podcast

CHAPTER

Capitalism and the Backscratcher

In feudal society, what's focused upon is the utility and the cost of production when you're the emperor. Capitalism reverses that: The commodity in a capitalist economy is a plastic $2 scratchyYou can get from came up or target. And so the use value is necessary, but irrelevant to forming the price. That was a completely different vision of exchange in capitalism compared with neoclassical theory.

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