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#303 – Steve Keen: Marxism, Capitalism, and Economics
Lex Fridman Podcast
Is There Something Fundamental to the Ideas of Karl Marx?
Heim and Minsky was the person who developed analysis of capitalism based on financial instability. His parents were both refugees from Russia during the Stalinist period, because the Mensheviks were being wiped out in Russia. He ended up fighting in the Second World War on the American side, coming back to America and studying mathematics then doing an economics degree leading to a PhD. The question he posed for himself is what causes great depressions? And he put it beautifully, he said, can it happen again, it being the Great Depression? If it can't happen, then what has changed between the society before the First Second World War and after that makes a depression impossible? Let's answer those two
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