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Economics summarized in 10 minutes | Steve Keen and Lex Fridman

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Steve Keen is a heterodox economist and author.

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Written by Lex Clips

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  1. How can one have great economic intellect without even understanding basic human nature? Marx understood what was wrong with classical capitalism, but had no practical or realistic solution to the problems he pointed out… and he hated the Jews. So, congratulations?

  2. I would summarize it like that. There is a thin area in the economical system which allows both sides, employees and employers, to constantly grow and to operate in a stable way. But because we are humans, or because we have been educated really poorly or both, we tend to destroy this balance, for the most part, from the top to the bottom and imo this is the one universal mechanism, that frequently torpedizes ANY econmocial system, over and over again. Employers want to pay less and earn more, constantly. They do not value the balance and the stability of the system enough. Their greed always is bigger. This mechanism keeps destroying our systems. Employees have to sell their skills for less and less money until it is impossible to live from the money they earn. This is when the system breaks down. This is why emotional and energetic structures and educational systems are invaluable and more importantly, essential, to make stability more probable. Also it is connected to guarantee infinite growth. Anybody who does, is making a horrible mistake and puts an impossibly large burden unto his or her shoulders. This promise also is turning employers into slaves of a cold theoretical system, that only accepts one behaviour. This kind of inflexibility is deadly to the system. This also is the reason why they want to earn more and pay less, constantly. Because they made an unwise promise, that will destroy everything in the end and they sacrifice everything for it, only to be sacrificed themselves, ultimately.

  3. Karl Marx had a high capacity for thought? What about the fact that all his ideas have been debunked in practice? Marx was an idiot who didn’t understand how the world works

  4. See… apes don’t get controlled in the wild because they aren’t limited to shelter like humans.
    Humans need a house to live. House controlled by corporation. Humans need work to survive and barely survive we are.
    Apes don’t have landlords and economic bullshit created to enslave them. Apes might be better life than being human. Humans deal with invisible prison bars called debts.
    Humans no common goal besides short term hedonistic activities.

  5. 3:18 He clearly has never read "Das Kapital". I HAVE. Marx had ONE IDEA, and he repeated it ad nauseum. He could not write; he could not communicate. Marx's ideas led to the deaths of hundreds of millions of people over more than a century. Anyone who thinks Marx was a genius greater than Adam Smith is insane.

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