by 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
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
Jeremy Smith writes UK workers’ pay over 6 years – just about keeping up with inflation (but one sector does much better…)
Robert Vienneau writes The Emergence of Triple Switching and the Rarity of Reswitching Explained
Lars Pålsson Syll writes Schuldenbremse bye bye
Robert Skidelsky writes Lord Skidelsky to ask His Majesty’s Government what is their policy with regard to the Ukraine war following the new policy of the government of the United States of America.
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.