by Summary:
"That's right, and so that's what makes them interesting." Dive into a thought-provoking journey with a critical analysis of historical and modern economic theories as unfolded in the conversation. Uncover why ancient economic insights might hold key solutions to today's financial uncertainties and how a contrarian viewpoint can dismantle longstanding economic beliefs. Discover how the debate of value origin—from land, labor to subjective utility—has shaped the dynamics of capitalism and why this matters to anyone interested in the future of economics.
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"That's right, and so that's what makes them interesting." Dive into a thought-provoking journey with a critical analysis of historical and modern economic theories as unfolded in the conversation. Uncover why ancient economic insights might hold key solutions to today's financial uncertainties and how a contrarian viewpoint can dismantle longstanding economic beliefs. Discover how the debate of value origin—from land, labor to subjective utility—has shaped the dynamics of capitalism and why this matters to anyone interested in the future of economics.
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Steve Keen considers the following as important:
This could be interesting, too:
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| "That's right, and so that's what makes them interesting." Dive into a thought-provoking journey with a critical analysis of historical and modern economic theories as unfolded in the conversation. Uncover why ancient economic insights might hold key solutions to today's financial uncertainties and how a contrarian viewpoint can dismantle longstanding economic beliefs. Discover how the debate of value origin—from land, labor to subjective utility—has shaped the dynamics of capitalism and why this matters to anyone interested in the future of economics. |
I always learn from the Professor. Thanks for this
Of all the missteps of the field, its orthodoxy has never corrected itself. Even the medical profession, one of the most authoritarian and pig headed of disciplines (see excess acid theory of ulcers), eventually submitted to germ theory or abandoned spontaneous generation or blood letting. Those analogies are more potent over astronomy, because biology can kill, so can blood loss.
Hey Steve if your watching the comments.
This comment is so others know we are at least starting to have a conversation about TEACHING fundamental economics.
This part of your interview with Lex is right in line with the email I sent you regarding what I think (as an engineer) what Econ 101 SHOULD HAVE BEEN.
Econ 101 should have been about what Economics ACTUALLY IS as well as the HISTORY.
As I said in the email I never heard about things like mercantilism or the physiocrats. I never knew that Marx was basically an economist rather than a political theorist until I started doing my own work a few years ago.
As I said all I was fed was a pile of supply-demand market fundamentalism. The only thing they wanted us to learn was how to IDENTIFY what kind of market we were looking at based on the supply demand curves. We didn't even go into marginal cost structures or cover money theory let alone history let alone that actual other economic systems even existed. It wasn't until I heard Mark Blyth talk about (and then read Angrynomics) that we had already had 3 versions of Capitalism. I had to follow on from another thing Mark Blyth said and actually go and download that Bank of England report (Q1 2014) that covered what Money in the Modern World is.
Without reading those Bank of England papers what you and others say about MMT makes no sense at all.
The REAL FAILURE of Economics education is the lack of basic education in what economics ACTUALLY IS, which in the simplest of descriptions is: Economics is the study of how we trade value.
That simple statement should have been what my Econ 101 professor wrote on the board before he said ANYTHING ELSE.
Then we should have discussed what is value and why we have money which is exactly what the Bank of England paper goes into.
This is why engineers do so much math as well as courses in basic chemistry and physics in their 1st 2 years of college. It so we have the basic skills to do what we then do in the 3rd & 4th years.
Economics is taught the same way young boys are taught in the fundamentalist Madrasa's and how the Catholics taught in the monasteries and seminaries. They didn't teach the basic skills of reading , writing and thinking. They taught people how to RICITE DOCTRINE. Most of Catholic Europe never learnt to read or write Latin, but they could RECITE IT.
That's what really needs to be broken in Economics. We have to BREAK the RECITING of DOCTRINE and that is best done by teaching the basics. Go look at the Protestant Reformation for an example. The Catholics considered it heresy to write or print even a single page of the Bible in any other language than Latin. At one point they sent people to the stake and burned them alive if they were found in possession of even one page of scripture irrespective of which language it was in. WHY? Because knowledge of basic truths are very dangerous to people who build their power on intellectual deprivation of the general population.
Look at Trumpism right now and some of the other fanatical regimes of the last century. Among the first people Pol Pot murdered were the school teachers and college professors. Its much easier to then go on a rampage when the population can't describe what's happening. Orwell spoke about this in 1984 when he describe the real purpose of doublespeak. In fact I should have started with Orwell and doublespeak because that's how economics get taught.
10X that in ecological complexity and discuss how effectively and efficiently we're operating in the time-timing sync-duration calendar cycles, ..and this is a practical solution worked on the job?
(Otherwise, technically, it is temporal superposition thermodynamical real-time Superposition-point math-music measurement problems in situ)