Saturday, 7 February 2009
The title of this video is taken from a book of the same name by Steve Keen. The author manages to present the philosophy underlying economics, including its iconic assumptions or core beliefs. Keen also steps into the sociology of professional economists. This video is limited to a review of a small portion of chapter 7 dealing with the key core building block of economics - equilibrium. This is the iconic notion that capitalist free markets always produce a productive meritocracy. However, history reveals capitalism offers chaotic business cycles, depressions, great inequality and meritocracy restricted to the Power Elite alone.