Austrian Economics Explained | Steve Keen and Lex Fridman

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GUEST BIO:
Steve Keen is a heterodox economist and author.

PODCAST INFO:

SOCIAL:

[HikeRx]

Who is this Ronbard character that Keen so quickly dismisses? He cannot even remember that his name is Rothbard. He also fails to mention Mises. Sounds like a caricature of Austrian economics.

[leonardolage]

It amuses me to see people who believes money creation of thin air is somehow a positive thing

[wyattjd]

He never meantion Mises who was foundational in modern Austrian economics so he doesn't seem to have a full understanding of it. Also fails at saying Rothbard. It's fine to criticize him but at least say his name right if your going to.

[brunopbch]

In his great short book Profit & Loss, Mises says that "Profit and loss are ever-present features only on account of the fact that ceaseless change in the economic data makes again and again new discrepancies, and consequently the need for new adjustments originate.". Mises was better than Schumpeter on money as well.

[nameunavailable]

Rothbards economic writing on the Great Depression is still some of the best in the field. His social philosophy is why he’ll be remembered.

[geoffgjof]

You need to have Bob Murphy on the podcast. He can clarify the Austrian perspective much better than anyone you've had on so far.

[JamesOGant]

The thing he said about the temporary currency during times of recession or collapse I thought was the most interesting in the Austrian Economics part of the conversation.

[tiananman]

the Austrians have a lot to say about the business cycle. Of course it's all highly critical of central planners who think they can outsmart the market and produce desirable outcomes without "unforeseen" negative consequences.

[investorbettor]

Keynesians : let’s obfuscate economics so no one can understand it

Austrians : economics is all of us combined. do math.

[NickMart]

Hes a neo-Keynesian, AKA communist. All statists are communists if you ask “and then what” five times.

[russman]

I've never been so interested in a conversation about Economics.

[evolassunglasses]

Be good to have a deeper look at the Austrian School please.

[Minder]

This guy didn't explain Austrian Economics whatsoever.

[rebusd]

People like to pretend that the world will end without free liquidity but no one in the MSM ever brings up the moral hazard of a backing-free printing press.

[darylbenson]

An entrepreneur is someone who "believes" he has a great idea but has no money.

[seankennedy]

Austrians (Misesians and Rothbardians, more precisely), separate the role of entrepreneur from that of capitalist. The entrepreneur takes the role of establishing the business, and the capitalist of funding it.

The capitalist is a saver. He has nothing to do with "creating money." Schumpeter, if this is his view----that money need be "created"---is basically putting a stamp of approval on central banking and fractional reserve lending. Which, as Mises/Hayek and others demonstrate persuasively, is the cause of the business cycle and its attending destruction of capital.

In short, according to Keen's estimation, Schumpeter endorses the monetary process that creates business cycles and capital destruction, and Keen endorses Schumpeter.

Way to go, Keen.

[perobusmaximus]

the question is about austrian economics, so lets speak about schumpeter, because he was austrian

[williamsamuel]

Thank you, Joe Rogan for introducing the world of podcasting to Lex.

[topmindithink]

deviation from equilibrium and a need for hard money.... got it

[Austin_Harm]

Good ole Steve.

Stoked he is on here