4.8 • 1K Ratings
🗓️ 15 October 2024
⏱️ 16 minutes
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0:00.0 | Yeah, I would really like to answer both, because I think both lead to similar conclusions. |
0:05.6 | Yes. |
0:06.6 | Let me first talk about Neoclassical economics and Keynesian economics, right? |
0:12.2 | So, Neoclassical economics arise. economics and there is a good argument, |
0:15.0 | historical economics, historically, |
0:17.0 | and there is a good argument, historical argument |
0:19.7 | to be made on this respect, it arises as a way of moving our attention the economics profession |
0:28.5 | away from Marx basically because all the way until marks the classical economists |
0:35.7 | where the orthodoxy in the economics profession right and the labor theory of value was the |
0:40.9 | orthodoxy and all of the theories that were aligned with it, even some kind of a |
0:46.4 | tendency of the rate of profit to fall like that you can see in Ricardo already and you can see |
0:51.1 | also some what you can, like socialist leanings in |
0:54.7 | Adam Smith where he would say something like, okay, you shouldn't take the |
0:58.8 | interests of the capitalist class at face value because there is this distinction between the private profit-driven |
1:06.2 | incentives of these people and the social benefit of the entire societal corpus, right? |
1:12.8 | So even Adam Smith and David Ricardo |
1:14.8 | had some of these ideas, and you can see |
1:17.1 | as a big tradition of socialism arising from Ricardo, |
1:21.2 | which Marx was critical of of and Engels as well. |
1:24.4 | But it is specifically with Marx that the classical tradition comes to a theoretical, let's say, coherence that is no longer ideologically convenient in a |
1:38.1 | capitalist mode of production, right? |
1:40.9 | It's no longer useful to ideologically justify the capital small production and therefore new |
... |
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