2min chapter

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

Lex Fridman Podcast

CHAPTER

Is the Austrian School to Thought Worthwhile?

Adam Smith said value comes from human labor. neoclassical is value comes from like bananas and coca has the preference. Human preference is like human happiness. The moment you try to put value to a banana and a coconut, you're already working in the past. It's always going to be chaos and stability. And that's where to embrace that and come up with tools that model that well.

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