A critical look at economics from a Professor of Economics, For more join my Patreon page www.patreon.com/profstevekeen, where most posts are free access--no paywall
Were banks always like factories or did this change when this modern monatary theory hit. I mean you have to theorize about things which exist so probably did before?
Keen starts by saying " Subjective " theory of Value and then goes on about Aggregate. I used to watch Keen on RT and I picked up an impression that he never valued Marx much. I think Keen doesn't understand the Marx's Use-Value and Exchange-Value contradiction.
The business cycle goes back to farming. You can’t grow more on the same soil year after year. Showing in nature that when things are working, people make more people allowing for more food to be needed. Then there’s a year where the crops fail, an then we have to decide who gets what to keep the farm going. Showing that the idea we can have something for everyone is not built into nature.
Steve Keen misses one of the most serious problems with how most economists see price as clearing all markets. This is just not the case with regard to land, to natural resources and to natural assets with an inelastic supply (e.g., frequencies on the broadcast spectrum or take-off and landing slots at airports). Absent to public capture of the full rental value of nature, there is a strong financial incentive to both hoard nature and to speculate in nature. Thus, as price is increasing, the supply curve is leftward leaning. And, because the cost of holding nature even when prices are declining, the supply curve for nature is essentially leftward leaning under almost all circumstances at the macroeconomic level. At the level of local markets, of course, conditions may from time to time result in competitive forces bringing land to market at prices that potential users can afford to pay. Recommended reading: Mason Gaffney, a long time economics professor at the University of California.
Transactions between two parties for goods or services of any kind are not a promise by bank to pay. The bank is merely an intermediary involved in transferring payment to the nominated seller at the request of the purchaser. The promise to pay is according to contract between the buyer and seller where the buyer makes the promise to the seller. Not the bank. Seems Mr Keen has no idea about what happens in selling and buying goods. I would not be surprised if Steve Keen will next be saying the bank creates new money to pay the seller since he does where international transactions are involved because he has no idea of what happens.
Information is reduction of uncertainty between two points in time. Data is data. Interestingly, the increase in chaos between two points in time is entropy. Can we prove increase in information, decrease in uncertainty is reduction in entropy.
As a Chinese who quite often works with American colleagues and collaborators, it is always a struggle to try to talk about ideas that they are not familiar with. They (not all of them, but many I encountered) tended to stick to their preconceptions adamantly, so I had to repeatedly remind them that their preconceptions were not supported by empirical data. So, I am beginning to think that this is not arrogance per se. This is just cognitive inertia. They would rather let other people do most of the thinking and reasoning while they just reap in and rip off the best ideas in the end. I mean this is probably how a lot of the "innovation" is done in the US - most of my US collaborators have Asian graduate students or postdocs working for them.
Prof Keen gave an anecdote about the happiness that he witnessed in both the elderly and the young dancing amongst many others in one of the many public squares in China. What was Lex’s reply? Well, he interrupted Keen and basically said that he’s very cautious to interpret this as real and genuine happiness. He insinuated that they’re only displaying outward happiness because they don’t know any better. What the hell Lex?! Are you that propagandized and clueless??? I’m a Chinese who was raised in the Bay Area of N. CA and hearing this crap spewed out of his mouth is truly insulting af
Lex really does not know much about China nor Chinese people. His perception is that we’re ignorant of the world and lack autonomy. This is someone who is clearly propagandized and extremely ignorant. China exports the most tourists in the world by a large margin. We have access to western media, yet westerners think everyone can’t see bc of “the great firewall”. Most Chinese are well-informed on history and partake in world politics. I think Lex means well, but frankly speaking, he has a lot to learn and as a Chinese person myself, this video clearly shows how little he knows about us and tbh, it’s quite disrespectful to think that we lack intellectual autonomy or critical thinking. This idea is seriously insane to me…
ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-PL8r1DH1Hw8.htmlsi=cVbxlP-q8ekAyF1z This is a 10 minute explanation of why China will NOT succeed as a society
😅What on earth have you been smoking Lex?? Demographics alone will end China! Watch Peter Zeihan on China. He explains succinctly why the current Chinese system will fail.
What on earth have you been smoking Lex?? Demographics alone will end China! Watch Peter Zeihan on China. He explains succinctly why the current Chinese system will fail.
No. Lex hasn't been to China. Also looking at it through a superior, supremist point of view. I mean 'they don't know any better...' says it all from this guy....🤦🏿🤦🏿🤦🏿🤦🏿🤦🏿🤦🏿🤦🏿🤦🏿🤦🏿🤦🏿🤦🏿🤦🏿🤦🏿🤦🏿🤷🏾♀🤷🏾♀🤷🏾♀🤷🏾♀🤷🏾♀🤷🏾♀🤷🏾♀🤷🏾♀
Why is a man who never worked a day in his life an authority on capitalism and theory of value? Marxism always was a pie in the sky, anyone who ever had to work for a living gets cured of it quickly.
Lex, I'm from Singapore, I can assure you your idea of China is completely flawed and outdated! I believe you don't even know that China has 5G, the best battery for EVs, has just landed on the far side of the moon etc etc. while you just sat in your tiny studio questioning the fake happiness of the Chinese people! This just show how tiny your brain is and how pathetic you are, just a typical arrogant white racist.
Lex gives his best to present the situation in China as worse than it seems and find flaws, mostly by relying on stereotypes. He’s just not very successful at it.
I love when people who have never been to China talk like they know everything about Chinese society. And then when you tell them to visit they arrogantly go I have no interest in China when they are clearly obsessed but with hate and envy.
China is not winning...its always a high civilisation.... ...but it needs a hundred years to transform to industrial economy.... Hopefully, India can do so in a shorter period of time !
Our Jacinda Adern saved the lives of thousands by taking about 95 percent of the population "the team of 5 million" with her during the Covid epidemic but in the process a small minority demonised her and undermined her very rational approach in dealing with it. They saw her as being dictatorial instead of seeing it as a pragmatic informed approach to saving lives..
Why would anyone listen to this clown when after 50+ years of evidence that surgical masks are useless in protecting against viruses, he says that the problem was we didn't have enough masks??
