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Debunking Economics and Why Bitcoin Will Fail With Steve Keen

Summary:
This one much better. Steve Keen says how Karl Marx successfully incorporated classical economics to counter capitalism in the same way Ricardo and Smith developed classical economics to counter feudalism. So, to save capitalism conservative economists came along and developed neoclassical economics, but to make their theory work they had to leave out banking and the financial sector as this made the maths much easier. They simply stated that as all money in existence was borrowed then as one person lost spending power another person gained it, and so the net effect of money was neutral. Whoops!In second half Steve Keen says why he thinks bitcoin will fail. For one thing, it uses too much power, and as much as Belgium while only doing seven transactions per second. He says that if it

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This one much better. Steve Keen says how Karl Marx successfully incorporated classical economics to counter capitalism in the same way Ricardo and Smith developed classical economics to counter feudalism. So, to save capitalism conservative economists came along and developed neoclassical economics, but to make their theory work they had to leave out banking and the financial sector as this made the maths much easier. They simply stated that as all money in existence was borrowed then as one person lost spending power another person gained it, and so the net effect of money was neutral. Whoops!

In second half Steve Keen says why he thinks bitcoin will fail. For one thing, it uses too much power, and as much as Belgium while only doing seven transactions per second. He says that if it became a major currency it would burn the planet up. It turns that Steve Keen's first job is an economist but his second job is a climate change expert.

Published on 2 Nov 2018
In this episode, I talk with economist Steve Keen, author of Debunking Economics and Can We Avoid Another Financial Crisis. We discuss the inherent flaws in capitalism and why Steve believes that Bitcoin will fail.
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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