Austrian Economics Explained | Steve Keen and Lex Fridman

Your'e wrong.

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

The Heterodox Austrian School of Economics is splited between two people.

Bawerk and Weiser.

I lean towards Weiser and his Three Students than Bawerk and his students which includes Mises, Hayek and Rothbard.


Respect to Keen and the Heterodox Fundmentalist Post Keynesian/MMT School of Economics.

wow this dude knows nothing about Austrian economics

This guy is clueless about the Austrians

Some folx might say that "this dude looks like he'd stink if you sat next to him". But not me. Keep peddling your poisoness Marxist bollocks until the world dies dude!

Jörg Guido Hülsmann

Dumb take, robbing money from poeple to let delusional dreamers spend money that isn't theirs on whatever they want isn't capitalism but socialism. This is core fundamental.
And then for the innovation if that entrepreneur's customer is the money creator then he will serve the money creator not the consummer.
And those cycle, you don't have to be a genius to understand when you receive money from robbery then pretend to provide a service for the consumer, maybe the consumer won't pay for that shittery service and it will lead to more money creation.

Have bob murphy or Jeff Diest this guy is a joke

What a boring guy to be talking about Austrian.

Schumpeter might have started as one, but he was not an "Austrian" economist. Moreover, this guy (Steve Keen) has a lot of deficiencies in his knowledge of the work of Menger. I don't think it is innocent, he is lying about and omitting basic facts. Menger always had money as a central focus of his work, the same for Mises and Hayek. The Origins of Money (book by Menger) should serve as obvious refutation of this sad propagandist's misinformation. Moreover, the look in his face when discussing Walras was a dead giveaway of his Socialistic/Communistic tendencies ("if they can be solved then central planning bla bla bla bla).
Richard Feynman, once reportedly said at a Caltech graduation ceremony: “Imagine how much harder physics would be if electrons had feelings!” - This illustrates well why from Keynes to the Monetarists and to the socialists, in the end they all fail due to the same repetitive causes long ago diagnosed by dead Austrians.

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.

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

Austrian economics is the only real economics. Everything else is just making excuses for government failure.

"the magic of capitalism".....HAHAHAHAHAHHAHAAHHAAHHAHAH

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

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.

Explain how a finance sector is not entrepreneurial. Where is the delineation? He respects Schumpeter because then he can gear Austrian Economics toward his bias. Excluding money from the whole theoretical coherent argumentation about economics is a grave basic mistake. The theory of money cannot and should not be separated from the other moving parts of the economy. The correct theoretical frame was set up by Mises and Rothbard (that´s how you pronounce the trivial guy) took it to its ultimate logical conclusion: basically that Government is cancer.

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

Mr. Ronbott and his cardboard cutout version of The Wealth of Nations is trivial. That's like when asked to find X on a geometry quiz triangle, Mr Keen circles the X. So pitiful. So dishonest. What an embarrassment. Cringe cringe cringe.

It’s usury

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.

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.

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

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.

He sounds like he says "Ronbard." He says he finds his worth trivial but he can't even give the correct name! I'm no economist, but even I know Rothbard's work is not trivial.

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

capitalism has never been tried (because it would collapse in a second) socialism has never been tried because the rich wouldn't allow it.. Let's be honest a hybrid system is the only way forward for now. But we need to move towards direct democracy whatever happens!

This guy has absolutely no idea what he's talking about in terms of Austrian economics.

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.

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.

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

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.

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

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.

I would like to c you interview Jordan B Peterson thanks

Id like him to prove that austrian thinking makes people invest and spend in a less wealth generating way becouse money is sound.

Thinking you can control the final outcome of economics with state control is a false claim, if you think you understand the way money should flow thru a big economy better than supply and demand(keynes) you are simply a over confident statesman.

Men like this is what created the mess we are facing now.

Austrian economics is the only reality based system. Everything else is pushing the water up hill.

I propose to invite Nassim Taleb

Good ole Steve.

Stoked he is on here

Invite NAVAL RAVIKANT

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