5min chapter

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

Lex Fridman Podcast

CHAPTER

Is There Something Interesting to Say About the Plots?

Lorenz: I took a model by Richard Goodwin, who's one of the great neglected economists. What he did was build a model of cycles. He wrote it in 1967 and it was putting it in a mathematical form. Marx tried to learn enough calculus to be able to model himself mathematically. But he got too caught up in the whole philosophy. Lorenz: The fascinating parts about it was that as the level of private debt rose, workers' income share fell. And therefore what you're seeing is a manifestation of chaos, complexity in those plots.

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