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Lex Fridman Podcast

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

Jul 17, 2022
Steve Keen, a heterodox economist and author, challenges conventional economic thinking. He discusses the relevance of Karl Marx's ideas in today’s capitalist society, particularly the labor theory of value and how it contrasts with modern practices. Keen critiques capitalism's response to climate change and explores the potential for socialism to offer a more equitable future. He also reflects on the systemic failures of both economic models and emphasizes the importance of adapting economic theories to contemporary societal needs.
03:36:45

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Quick takeaways

  • Economics should explain how human civilization thrives and sustains itself.
  • Understanding the history and contributions of different schools of economics.

Deep dives

The Importance of Understanding the Soul of Economics

In this podcast episode, Steve Keen, an economist, critiques modern economics and advocates for a deeper understanding of the soul of the discipline. He emphasizes the need to recognize the true role of economics, which is to explain how human civilization thrives and sustains itself. Keen discusses the intertwined concepts of energy consumption, knowledge levels, and human civilization. He argues that our dependence on high-grade energy sources, such as fossil fuels, allows us to elevate ourselves above the base level of the planet. Keen highlights the crucial need to preserve and respect life in order to ensure the survival of humanity amidst the challenges we face.

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