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Marx, Capitalism, and Neoclassical Economics | Steve Keen | Escaped Sapiens #65
The Escaped Sapiens Podcast
Maximizing Output over Innovation in Supply Constrained Economies
In economies where production is supply-constrained, the focus shifts to maximizing output rather than innovation. This was evident in countries like Russia, China, and Eastern Europe after the devastation of wars. The need to rapidly develop industries led to a scarcity of resources in every sector, hindering the achievement of production targets set by five-year plans. In such scenarios, the strategy is to prioritize output by replicating previous models rather than investing in innovation.
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