Chapter
Private Debt and its Effect on a Capitalist Economy
2:45:35 - 2:52:49 (07:14)
Private debt levels have been rising exponentially, leading to a stagnation in capitalist economies. While capitalists borrow, it's the workers who pay for the high level of private debt.
Clips
The speaker presents a three social class system model that investigates the impact of private debt on income share, income distribution, employment and private debt levels.
2:45:35 - 2:47:41 (02:06)
Summary
The speaker presents a three social class system model that investigates the impact of private debt on income share, income distribution, employment and private debt levels. The model revealed that, in this system, only capitalists borrowed, but the workers paid for the high levels of private debt.
ChapterPrivate Debt and its Effect on a Capitalist Economy
Episode#303 – Steve Keen: Marxism, Capitalism, and Economics
PodcastLex Fridman Podcast
Economist Robert Waldmann explains the chaotic dynamics of capitalism, specifically examining laminar flow in fluid and its similarities to the economy.
2:47:41 - 2:50:10 (02:29)
Summary
Economist Robert Waldmann explains the chaotic dynamics of capitalism, specifically examining laminar flow in fluid and its similarities to the economy. He warns against regarding a period of stability in a capitalist economy as anything more than a lull before the storm.
ChapterPrivate Debt and its Effect on a Capitalist Economy
Episode#303 – Steve Keen: Marxism, Capitalism, and Economics
PodcastLex Fridman Podcast
The role of credit in aggregate demand and income, along with its connection to private debt, was a key factor leading up to the last economic crisis.
2:50:10 - 2:52:49 (02:39)
Summary
The role of credit in aggregate demand and income, along with its connection to private debt, was a key factor leading up to the last economic crisis. However, there is debate surrounding its importance, as some experts, such as Paul Krugman, believe credit has no impact on aggregate demand. Looking towards the future, understanding the dynamics of credit and private debt will be essential in predicting and preparing for the next crisis.