Marx, Capitalism, and Neoclassical Economics | Steve Keen | Escaped Sapiens #65
The Escaped Sapiens Podcast
Neoclassical Economics
- Neoclassical economics, or mainstream economics, focuses on microeconomics.
- It analyzes individual behavior as consumers and firms as producers.
- Firms aim to maximize profits, and consumers aim to maximize subjective utility.
- Consumers are subject to diminishing marginal utility, where each additional unit consumed provides less utility.
- Consumption decisions are made through rational calculation.
- Firms also face diminishing marginal productivity as they increase output with fixed inputs like capital and variable inputs like labor.
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