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#303 – Steve Keen: Marxism, Capitalism, and Economics
Lex Fridman Podcast
The Pomer-Manneville Route to Chaos
When you have a three social class system, your income goes between workers, capitalists and bankers. Effectively, the workers end up paying for it - they get a lower level of wages. What you get is a period of diminishing cycles then leading to rising cycles. And that looks like what Neoclassical economists call the great moderation. So when I first modeled this in 1982, I finished up my paper,. which is published in 1995, but what I thought was an isotrotorical flourish said the chaotic dynamics of this paper should warn us against regarding relative stability as anything more than a lull before the storm.
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