#303 – Steve Keen: Marxism, Capitalism, and Economics
Lex Fridman Podcast
Money Matters
Marx turned classical economics, which was procapitalism and anti-futal, into a critique of capitalism, which led to the neoclassical school coming along as a defense of capitalism./nThe neoclassical school defended capitalism using the ideas of the subjective theory of value, so that value does not reflect effort./nCapitalism equilibrates marginal cost and marginal utility./nThe concepts of equilibrium and marginal lists and marginal, that became the neoclassical school, are still the dominant school, now 150 years later.
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