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#303 – Steve Keen: Marxism, Capitalism, and Economics
Lex Fridman Podcast
Modern Monetary Theory Is Accounting
Schumpeter's argument is the deviation from equilibrium. That's where all the fun happens, that's the magic of capitalism. So what Schumpeter gave us was a vision of the creativity of capitalism being driven by entrepreneurs who are funded by money creation by the finance sector. And when you do it, you find all the answers that come out of thinking as money is a commodity, you're wrong. The actual dynamics of money creation has the same sort of story if the government runs a deficit and so on.
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