The Escaped Sapiens Podcast Marx, Capitalism, and Neoclassical Economics | Steve Keen | Escaped Sapiens #65
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Mar 19, 2024 
Economist Steve Keen challenges modern economic theory, criticizes neoclassical economics, explores China's economic transformation, discusses building a sustainable economy on Mars, contrasts subjective and objective value in economic theory, critiques economists for missing the 2007 crisis, examines the interplay of energy, value, and sustainability, and advocates for Universal Basic Income and valuing human life.
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Propagandists for Furniture
- A Chinese furniture factory sent "propagandists" to Shanghai to secure sales from a state-directed buyer.
- This highlights the artificial demand and lack of real competition in China's planned economy during the early stages of its economic opening up.
Economics on Mars
- A Mars colony would necessitate minimal inequality and strong communal cooperation for survival.
- Shared purpose and high-quality technology would be vital in this challenging environment.
Problems with Subjective Value
- Neoclassical economics struggles to aggregate individual subjective utility into market demand curves.
- It relies on unrealistic assumptions like identical consumers and goods.