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

Here are the timestamps. Please check out our sponsors to support this podcast. 0:00 - Introduction & sponsor mentions: - Weights & Biases: lexfridman.com/wnb - Skiff: skiff.org/lex - Indeed: indeed.com/lex to get $75 credit - NetSuite: netsuite.com/lex to get free product tour - InsideTracker: insidetracker.com/lex to get 20% off 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

As an engineer, in the US Capitalist system, we designed appliances to fail, on purpose, shortening their life span, from 30-40 years, to 10 years. It is called design obsolescence. We put a tiny cheap part in these new appliances, as a design feature, so they fail. This new phenomenon is in monopolies, which have no competition, such as Whirlpool. They have bought up all competition, and don’t worry about losing market share, if their product is inferior. Design Obsolescence creates profits, while destroying our natural resources, as we put perfectly good appliances, in the landfill, so that a corporation can make profits. I find this practice unethical. And it is rampant in modern day Capitalism.

Lex, heading your finishing line again, that I’m a “Deadly Bastard”, literally made me laugh out loud. It was a pleasure to talk with you. Thank you for the invitation (and the opportunity to indulge my inner geek, thanks to you, and see Starbase).

This is possibly the hardest podcast I’ve ever listened to

Barely thirty minutes in and I know that I'm going to have to watch this several times

The high sparrow from Game of Thrones has a side job as an economist. Who knew? Great conversation, as always.

I am amazed by Keynes mind because of the mental gymnastics he has to do to avoid facts presented to him by Austrians or just reality

This is hilarious ! 😂 Well, Lex ... It's easy to listen about black holes, astrophysics, theoretical physics, gravitational ripples, A.I. but this is on another level.. damn great show !

Regarding Bolsjeviks and Mensheviks. I fervently believe that if it wasn't for the Bolsjevik revolution, i.e. if the Mensheviks more reformist vision had prevailed, a large part of the modern social democratic societies of Europe never would have come about, simply because capitalists were forced to make consessions for fear of a revolution, where they would lose their power and privilege altogether. This is also a major reason why since the collapse of the Soviet Union, we have seen capitalists reassert power in the west and welfare societies are being gradually dismantled.

I bought his book "Debunking Economics" back in the day (15 years ago??) and I was 1 of a small handful of people who voted for him to represent New South Wales in the Australian Senate (his party was a micro party that didn't have money or run a big campaign... hence he didn't have a chance). I'm always surprised why he hasn't become more well known, but his perspective is worth observing when trying to navigate the complex field of economics.

I wrote an essay on socialism... it got full Marx.

took me a few days to complete this one, but I enjoyed every minute!

Third time lucky...I have been trying to watch this bloody podcast for ages...every time I settle down with a beer and my cat " no sarcastic remarks you bastards " something or someone gets in the way... it was worth the wait mind you, pretty sure the cat agrees with you to lad. Good man, thank you for your time 🤙

One of my biggest “issues” with economics has always been what Lex pointed out in his question, “do they not consider a worker a human being?” They really don’t when you read economics. Workers aren’t viewed as humans nor are the consequences of lay offs or other actions that affect workers are considered as particularly bad. The idea is that the workers will just learn a new trade (which is totally not how it works in real life).

Wow. One of, if not my favorite conversations you've had. Please have him back.

I listen to a great many podcsts, but I have gotten so much more out of this one than any other. Great; now I have another person whose collective works I have to read. Thank you for making these talks available.

Perfect timing to hear this wonderful talk. I do so appreciate Lex and your wit and being ok with not knowing and asking a most fundamental and yet powerful question of: "What is money?" and then in a incisive manner offer this: “That is not French it is another language and I will explain it to you another day….” My wife who is French never understood why this idiom is used in English. Thank you

You can tell Lex really liked his guest because he challenged him all the time. When he hosts a "dangerous" interviewee he's usually very careful when to chime in and go for a tough question. First example that comes to my mind was the exchange about "friction" with Douglas Murray.

You’re becoming excellent at the simplified breakdowns Lex. Keep going, it’s really great work.

He started me reading again on economics with his last book. I ordered several of the books he recommends in this book (The new Economics). Very interesting books. I'm almost through with the MMT macro book and enjoying it very much. Great interview. Thanks.