@evonomics: Economist Steve Keen has a provocative take on neoclassical economics: “The most dangerous cult is the one that doesn’t realize it’s a cult.” #economics #capitalism #economy #microeconomics #econ Credit: Institute for New Economic Thinking

joelyons6237 :

Professor: The math works, ceteris paribus. Student: But the real world doesn't work that way. Professor: Well, it's predictive. Student: But it doesn't predict real world outcomes. Professor: You forgot ceteris paribus. Then it works perfectly.

metanoic :

I just had a similar thought listening to Abdul El Sayed talk about capitalism. He keeps referring to an ideal about capitalism and the capitalist that is an attempt to define capitalism as the ideal in spite of the real world, just like how Christianity becomes this weird argument between the ideals of Jesus versus the church. The ideals.. like Talarico imo versus the zealots. Capitalism is a parasite that always needs regulations to not become one of several parasitic forms like shareholder value for instance. It's a cult. Capitalism is like a cult. Maybe liberalism?

Steph 🏳️‍⚧️🇦🇺 ☭ :

“Very nice people”?!!!

INFJ writer :

I knew this all along 😅

spice_miner 🇺🇦 :

Unbridled "free" markets and trickle-down seemed like BS to me in 1980, when I was 7. Turns out a system that promotes monopoly, greed, and theft by rich c.... is thus anathema to Smith's capitalism and the collective nature of human existence and success. Who could possible have known . . .

Mooaaahhhh :

Capitalism is good for trade and generating jobs and wealth. If there is no regulation there could be a problem with standards in quality, and poor working conditions but with the right regulation it shouldn’t be a problem. I think a mixed economy of private and public sectors is the ideal. To have solely a state or command economy is just as much like a cult and as dangerous as an unregulated free economy.

Darth_Vader_Lives :

If we were all on an island with 1000 people.... and one rather clever person on that island ended up with 85% of the wealth on that island.... while 100 people on that island lived in squalor..... we would all agree something would need to change.

evonomics.com :

Full video: https://www.youtube.com/watch?v=JeplRmADW3E

mR963 :

so many years of this insanity

Dead Kel :

this is exactly why I despise economists... still waiting for you all to explain to me why we need 2 to 4% growth every year.

Ishkabibble :

This isn’t that provocative or new. I’ve read books to this effect for decades. I think most economists know all this.

sumof69 :

I remember realizing this will reading Thomas Sowell. All theories and make believe

Redbluegreenblack07 :

I always suspected this during my Econ 1 and 2 classes back in college. ✌

Squidosi :

ceteris paribus... heh... more like ceteris bupkis

Anthony :

Basically there is no invisible hand. Everything comes down to labor and material context

Village Person :

Alan Greenspan was very sincere about his shock at the great recession in 2008. He helped created and wanted to believe in a free market society that was ultimately good for everyone.

Markpwalsh :

Like raising interest rates is the only way to deal with inflation.

Che Guevera was right :

they base everything on consumer preferences 😭

millygrams :

what ive been trying to explain to ppl. if you go to harvard business school, youre learning only inside the scaffolding they want you to learn within.

Anathema🍉 :

Robin King :

It’s is a cult

brucrew :

seems like a like of projecting

cloroxchewables :

Yeah but at least you can see the sincerity coming and defend or retaliate.

user3703302497512 :

The lack of basic understanding about human psychology in economics is astounding.

bethicality :

I was most interested in how the only economic “theories” that stuck around were the ones that kept working when people with wealth believed in them. But that wasn’t part of our classes.