3min chapter

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

Lex Fridman Podcast

CHAPTER

What Is Austrian Economics?

Austrian economics grew out of a rebellion against the classical school. Schumpeter went beyond that and said an entrepreneur is somebody with a great idea and no money. To become a capitalist, you've gotta get money. And therefore you've gotta approach the finance sector to get the money. But because he talked about the importance of money it took him away from the Austrian vision.

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