The Great Simplification with Nate Hagens

Unlearning Economics: Jon Erickson, Josh Farley, Steve Keen, & Kate Raworth | Reality Roundtable #03

88 snips
Aug 13, 2023
Ask episode
AI Snips
Chapters
Transcript
Episode notes
INSIGHT

Limits of Homo Economicus Model

  • The Homo economicus model isolates humans as purely self-interested agents acting rationally at the margin.
  • This oversimplification ignores cooperation, emotions, and cultural influences on real human behavior.
INSIGHT

Cooperation Drives Human Success

  • Cooperation, not competition, drives human evolutionary success and moral behavior.
  • Economists defining humans as selfish neglect this universal trait validated by evolutionary biology and anthropology.
INSIGHT

Internal Flaws in Demand Theory

  • Neoclassical economics fails internally as it cannot derive a logically downward sloping market demand curve from individual demand.
  • This core flaw is glossed over by unrealistic assumptions undermining much economic theory.
Get the Snipd Podcast app to discover more snips from this episode
Get the app