Lex Fridman Podcast #303 – Steve Keen: Marxism, Capitalism, and Economics
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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.
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Economics' True Purpose
- Economics should explain how human civilization arose and can be sustained.
- It should focus on how we utilize energy and the environment to elevate ourselves.
Schools of Economic Thought
- Physiocrats believed wealth originated from land, while classical economists like Adam Smith emphasized labor.
- Neoclassical economics focuses on subjective value and equilibrium.
Schumpeter's Unique Perspective
- Austrian economics, while acknowledging deviations from equilibrium, still emphasizes it, unlike Schumpeter.
- Schumpeter highlighted money's crucial role in funding entrepreneurs and driving deviations, leading to innovation.
