Marx, Capitalism, and Neoclassical Economics | Steve Keen | Escaped Sapiens #65
The Escaped Sapiens Podcast
Rise of Neoclassical Economics
- Classical economics, originating from Adam Smith and David Ricardo, led to Marx's theories.
- Marx argued that capitalism generates wealth by exploiting workers, suggesting a transition to socialism.
- As Marx became politically influential around 1867, the classical school declined in academic circles between 1867 and 1880.
- The neoclassical school then took over, spearheaded by William Jevons, Leon Volrus, and Menger.
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