Steve Keen: Marxism, Capitalism, and Economics | Lex Fridman Podcast #303

ℹ️ EPISODE INFO

Released

July 17, 2022

Duration

3h 31m

Channel

Lex Fridman Podcast

Watch on YouTube

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📝 EPISODE DESCRIPTION

Steve Keen is a heterodox economist and author. Please support this podcast by checking out our sponsors:

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EPISODE LINKS: Steve's Twitter: https://twitter.com/profstevekeen The New Economics (book): https://amzn.to/3zb4eg4 PODCAST INFO: Podcast website: https://lexfridman.com/podcast Apple Podcasts: https://apple.co/2lwqZIr Spotify: https://spoti.fi/2nEwCF8 RSS: https://lexfridman.com/feed/podcast/ Full episodes playlist: https://www.youtube.com/playlist?list=PLrAXtmErZgOdP_8GztsuKi9nrraNbKKp4 Clips playlist: https://www.youtube.com/playlist?list=PLrAXtmErZgOeciFP3CBCIEElOJeitOr41 OUTLINE: 0:00 - Introduction 1:51 - Defining economics 8:50 - Schools of economics 33:10 - Karl Marx 51:24 - Labor theory of value 1:11:10 - Socialism 1:26:12 - Soviet Union 1:39:33 - China 1:59:24 - Climate change 2:21:27 - Economics vs Politics 2:29:30 - Minsky's model 2:44:14 - Financial crisis 2:49:31 - Inflation 3:02:46 - Marxism 3:10:06 - Space and AI 3:16:11 - Advice for young people 3:20:02 - Depression 3:24:35 - Love 3:28:35 - Mortality SOCIAL:

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🎤 SPEAKERS

• Steve Keen

  guest

• Lex Fridman

  host

🧾 EPISODE SUMMARY

In this episode of Lex Fridman Podcast, featuring Steve Keen and Lex Fridman, Steve Keen: Marxism, Capitalism, and Economics | Lex Fridman Podcast #303 explores steve Keen dissects Marx, money, crises, and climate-driven collapse Steve Keen and Lex Fridman explore the history of economic thought from the physiocrats and Adam Smith through Marx, Keynes, Schumpeter, Austrians, and modern monetary theory, highlighting how each school frames value, money, and capitalism’s dynamics. Keen argues that mainstream (neoclassical) economics uses the wrong mathematical tools, ignores money and instability, and has dangerously misled policy, especially on private debt and climate change. He offers an alternative, systems-engineering view of the economy as a complex, monetary, non‑equilibrium system, illustrated by his Minsky modeling software and by Minskyan debt‑driven boom–bust cycles. The conversation closes with reflections on why socialism failed, the ecological limits of capitalism, the role of love and collective stupidity, and why humanity must learn systems thinking and likely expand industry into space to survive.

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