All models are wrong, but some are useful.
Unlearning Economics covers the weaknesses of the Marxian labor theory of value as well as the even bigger weaknesses of other value theories.
#Economics #Ideology #Marxism #Marx #Ricardo #Labor #Marginalism #Friedmann
Unlearning Economics' guide to you-know-what.See every side of every news story with Ground News https://ground.news/unlearningeconomicsChapters0:00 Intro 0:...
In #economics there's this huge debate between #marginalism and the #labortheoryofvalue.
In my opinion, where these things intersect is in the fact that rich people are willing to pay a lot more money when they think a human made something.
For example, caramel. It's made of like 3 ingredients: sugar, cream, and salt. It's just that rich people are alienated from the process of turning those inputs into a final good, so they don't understand how cheap making caramel truly is.
Listen to this episode from Economics In Ten on Spotify. Leon Walras was described as ‘the greatest economist’ by Joseph Schumpeter and in his own lifetime he struggled to have his unique voice heard by economists in his native France, let alone those colleagues across the Channel and the Atlantic. So what were the ideas touted by Walras that would force such a claim from Schumpeter? This is what your friendly neighbourhood economists, Pete and Gav explore in our last episode of our sixth season. You will discover how Walras helped kick-start the ‘Marginal Revolution’ and laid out the groundwork for the theory that has captured the attention of many mathematically-minded economists - General Equilibrium Theory. You will also hear some of the worst French spoken in history, a rant by Pete about the state of economics today and another wonderful poem that describes the life and ideas of Walras in rhyming couplets! What more could you want from a podcast? Technical support comes from "Franglais" Nic.
Acid Communist | Aachen
The Impulsive Vulcan🖖
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