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#303 – Steve Keen: Marxism, Capitalism, and Economics
Lex Fridman Podcast
Value Lies in Satisfaction, Not Effort
Marx transformed classical economic thought, which supported capitalism, into a critique of it. This shift influenced the emergence of the neoclassical school, which defended capitalism through the subjective theory of value. According to this theory, value arises from the satisfaction individuals derive from objects, rather than from the effort expended to produce them. This led to concepts such as marginal utility and marginal cost, which are central to the neoclassical framework. This dominant school of thought emphasizes equilibrium and marginal analysis, shaping the way economics is taught today, often without addressing the role of money.
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