Chapter
Money as an Object vs Money as a Creation
25:29 - 31:19 (05:50)
This episode highlights the difference in perception between Austrians, gold bugs, and Bitcoin enthusiasts who perceive money as an object and Schumpeter who believed that the financial sector plays a significant role in empowering entrepreneurs by creating money. However, approaching the finance sector to get money also creates debt for the entrepreneur.
Clips
Austrian economics emerged as a response to the classical school, with notable figures such as William Jevons, Menger, and Vollrass leading the way towards a better understanding of supply and demand curves and achieving equilibrium in multi-product economies.
25:29 - 26:24 (00:54)
Summary
Austrian economics emerged as a response to the classical school, with notable figures such as William Jevons, Menger, and Vollrass leading the way towards a better understanding of supply and demand curves and achieving equilibrium in multi-product economies.
ChapterMoney as an Object vs Money as a Creation
Episode#303 – Steve Keen: Marxism, Capitalism, and Economics
PodcastLex Fridman Podcast
Economist Joseph Schumpeter believed the financial sector played a crucial role in empowering entrepreneurs by creating money and debt.
26:24 - 29:25 (03:00)
Summary
Economist Joseph Schumpeter believed the financial sector played a crucial role in empowering entrepreneurs by creating money and debt. This conflicted with the Austrian school's idea of a market reaching equilibrium, but their acceptance of the importance of constant disturbances allowed for a broader vision of capitalism.
ChapterMoney as an Object vs Money as a Creation
Episode#303 – Steve Keen: Marxism, Capitalism, and Economics
PodcastLex Fridman Podcast
The underlying philosophy behind money and banking is a matter of perspective.
29:25 - 31:19 (01:54)
Summary
The underlying philosophy behind money and banking is a matter of perspective. Some, like Austrians and Bitcoin enthusiasts, see money as an object, while others believe it is a representation of credit and debt.