Dec 26, 2022 • 35M

Joseph Schumpeter and creative destruction

This week Steve Keen looks at the work of Joseph Schumpeter, who argued if economies were in a state of equilibrium, then the profits of companies would always be zero. Listen in for more.

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Economist Steve Keen talks to Phil Dobbie about the failings of the neoclassical economics and how it reflects on society.ems-based alternative to mainstream economics
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This week, another economist that has influenced Steve Keen’s thinking; the Austrian born economist Joseph Schumpeter. His economic thinking veers a long way from the traditional Austrian school. As Steve explains this week, Schumpeter argued that if an economy was always moving to or from a point of equilibrium, then it follows that the profit of compa…

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