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17min chapter
Marx, Capitalism, and Neoclassical Economics | Steve Keen | Escaped Sapiens #65
The Escaped Sapiens Podcast
Economists' Shortcomings in Managing the Economy
The chapter critiques economists for failing to predict the 2007 financial crisis due to reliance on outdated models and neglecting crucial factors like private debt. It discusses flaws in traditional economic theories and highlights the importance of considering private debt and the monetary system in economic modeling. The conversation explores government deficits, borrowing, private debt, and money creation, as well as the impact of government policies on credit money and the financial system.
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