Marx, Capitalism, and Neoclassical Economics | Steve Keen | Escaped Sapiens #65
The Escaped Sapiens Podcast
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Higher Level of Aggregation
- The logical conclusion from the impossibility of driving a demand curve given that people have different preferences is that economists need to reason at a higher level of aggregation than the isolated individual.
- The classical school was correct to work in terms of social classes such as workers, capitalists, landlords, and bankers.
- Steve Keen suggests aggregating at the level where individuals are more similar (e.g., Bill Gates and Jeff Bezos) to find patterns.
- This allows for analyzing capitalist consumption, worker consumption, and banker consumption, along with their respective incomes.
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