Chapter
Karl Marx's explanation for why Socialism would have to come about
1:14:59 - 1:22:25 (07:25)
Karl Marx believed that the public ownership of means of production would lead to socialism. He saw it as a solution to the tendency for the rate of profit to fall and as a way to create a utopian future society.
Clips
This podcast episode discusses Karl Marx's theory on the tendency for the rate of profit to fall, which he used to explain why he believed socialism would inevitably become the dominant economic system.
1:14:59 - 1:17:41 (02:41)
Summary
This podcast episode discusses Karl Marx's theory on the tendency for the rate of profit to fall, which he used to explain why he believed socialism would inevitably become the dominant economic system. The episode explores both the flaws in Marx's logic, as well as the high-level philosophical concepts of socialism and its utopian vision for a better future society.
ChapterKarl Marx's explanation for why Socialism would have to come about
Episode#303 – Steve Keen: Marxism, Capitalism, and Economics
PodcastLex Fridman Podcast
The crux of socialism is public ownership of the means of production, which is in direct contrast with private ownership.
1:17:41 - 1:20:20 (02:38)
Summary
The crux of socialism is public ownership of the means of production, which is in direct contrast with private ownership. This means that all goods produced are done so under the ownership of a centralized entity.
ChapterKarl Marx's explanation for why Socialism would have to come about
Episode#303 – Steve Keen: Marxism, Capitalism, and Economics
PodcastLex Fridman Podcast
The easiest way to overcome resource constraints in industrialization is to produce last year's commodity instead of innovating, as it fully employs and possibly over employs all available resources.
1:20:20 - 1:22:25 (02:05)
Summary
The easiest way to overcome resource constraints in industrialization is to produce last year's commodity instead of innovating, as it fully employs and possibly over employs all available resources.