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Marx, Capitalism, and Neoclassical Economics | Steve Keen | Escaped Sapiens #65
The Escaped Sapiens Podcast
Evolution from Classical Economics to Supply and Demand Theory
Classical economists like Smith and Ricardo initially dismissed supply and demand theory, emphasizing the cost of production instead to determine prices. However, over time, supply and demand theory became dominant due to the influence of the classical school, which led to Marx's view that capitalism creates wealth through worker exploitation. Despite Marx's belief that capitalism should lead to socialism, history showed otherwise, and his ideas gained political significance in the late 19th century with the publication of 'Capital' in 1867.
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