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Joseph Schumpeter, self-described "greatest lover in all Vienna" penned the book Capitalism, Socialism and Democracy, which not only still serves as an insightful rejoinder to mainstream economics, but also might be Patient 0 for the ironic Black Pill.
Schumpeter dismisses the autistic formalism of perfect competition and market modeling and casts the economy as a battle not for a stagnant market positions, but a gradual, evolving system whose main goal is the development of new means of production and the overthrowing of their inefficient predecessors, a process he termed Creative Destruction. Monopolistic competition is the natural state of the market, and desirable at that. He also prophecies the end of capitalism as we know it, but also the rise of a socialist government which might look a little more familiar than we anticipate...
Readings and Links
Note that pay-walled academic articles may be obtained by feeding their URLs to sites like Sci-Hub.
- Capitalism, Socialism and Democracy (Joseph Schumpeter)
- The Economics of Imperfect Competition (Joan Robinson)
- General Theory of Employment, Interest, and Money (John Maynard Keynes)
Timecodes
00:00 Introduction to Capitalism, Socialism and Democracy and Joseph Schumpeter
01:36 What level of irony are you on?
03:16 The Invention of the Black-pill
04:14 Name-dropping
05:20 The Context: Socialism and Keynes
08:49 Schumpeter on Capitalism
10:14 Capitalism and Inequality (Le 99% Face)
12:33 The Virgin Perfect Competition
17:46 Profits are people too!
19:44 The Virgin Equilibrium
21:26 Agree and Amplify! Creative Destruction
25:06 How Capitalism Causes Autism
27:20 Why Soyboys and Catladies don't have children or the Holy Grail
29:45 Hostile Elites and European-Style Socialists
33:26 Daddy, why is my schoolteacher a communist?
36:10 Donate: https://donate.notrelated.xyz
37:44 Comments on the Origin of Consciousness in the Breakdown of the Bicameral Mind
39:45 Luke responds to an NPC
47:41 The Rise of Socialism (but ironically)
48:56 Can my version of True Socialism survive?
49:14 This is where we talk about von Mises (libertarians will click here)
53:25 Cargo Cult Capitalism
55:09 China as Schumpeterian Socialism
55:56 Schumpeter as Troll
56:52 Mises again
58:24 "Da Socialists r da real Capitalists!"
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