The Escaped Sapiens Podcast Marx, Capitalism, and Neoclassical Economics | Steve Keen | Escaped Sapiens #65
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Mar 19, 2024 
Economist Steve Keen challenges modern economic theory, criticizes neoclassical economics, explores China's economic transformation, discusses building a sustainable economy on Mars, contrasts subjective and objective value in economic theory, critiques economists for missing the 2007 crisis, examines the interplay of energy, value, and sustainability, and advocates for Universal Basic Income and valuing human life.
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Economics as a Science
- Modern economics isn't scientific because it relies on outdated theories like Marshall's, not empirical data.
- It's similar to pre-Copernican astronomy, prioritizing established texts over observations.
Ideology in Economics
- Economics is intertwined with societal beliefs and ideological struggles about wealth creation and distribution.
- Neoclassical economics views capitalism as a utility-maximizing system, ignoring its evolutionary nature.
Galileo and the Moon
- Galileo's telescope revealed imperfections on the moon, contradicting established beliefs about heavenly perfection.
- This illustrates how scientific advancements challenge existing paradigms, unlike economics, where contradicting data is often ignored.