Transcript of Interview on The Left Lens with Danny Haiphong May 25th, 2022
Michael Hudson — On Finance, Real Estate And The Powers Of Neoliberalism
Finance Capitalism’s Self-Destructive Nature
Michael Hudson | President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City, and Guest Professor at Peking University
10 comments:
“Creative destruction “ it’s paradox all you Art Degree people should support the thesis…
“Creative destruction (German: schöpferische Zerstörung) is a concept in economics which since the 1950s is the most readily identified with the Austrian-born economist Joseph Schumpeter[1] who derived it from the work of Karl Marx and popularized it as a theory of economic innovation and the business cycle. It is also sometimes known as Schumpeter's gale.“
https://en.wikipedia.org/wiki/Creative_destruction
It’s like dummy Minsky’s “stability creates instability!”
Mill/Darwin’s “survival of the fittest!”
All Art degree people should support these pre Science Degree era art degree theses…
How can you people be believing Darwin is true and at the same time not support “creative destruction!”?
If you are believing Darwin then this is the way it all works..,
Can’t have it both ways..,
btw did you Art degree guys remember to pay your AAA membership dues this year if not here is a reminder…
Just pay it now because at some point this year you’re probably going to be diving and come to a tee in the road and not being able to make a decision on which way to turn and end up in the farmers field and have to get towed out…
When Mulder & Scully came to a tee in the road, they kept on driving across the cornfield... and came upon a high tech apiary.
@Matt Franko Steve Keen, an engineer as well as an economist, and no mean mathematician, has high praise for Schumpeter and Minsky, and perhaps so should you, if only because Schumpeter seems to have espoused views on credit not unlike yours. As for Minsky, who built on Schumpeter's work, what is wrong with the financial instability hypothesis? It tracks our historical experience of the last 40 years very closely.
Steve keen is not an Engineer … iirc he has multiple Art Degrees…
“ Keen graduated with a Bachelor of Arts in 1974 and a Bachelor of Laws in 1976, both from the University of Sydney. He then completed a Diploma of Education at the Sydney Teachers College in 1977. In 1990, he completed a Master of Commerce in economics and economic history at the University of New South Wales.”
He’s a lawyer all he knows how to do is argue….
ie not qualified…
I give a good many talks to audiences of well-meaning and well-educated lay people, many of whom have had a course or two in academic economics. I write a good many reviews of books by well-meaning scholars without PhDs in economics, such as Robert Reich and Michael Sandel. I engage in a good many academic disputes with well-meaning scholars with PhDs in economics, such as Thomas Piketty and Marianna Mazzucato. None of these fine people has the slightest understanding of elementary economics. —Deirdre McCloskey
I stand partially corrected, Matt! Keen appears to have a degree in Law, Economics, Masters in Mathematics/Psychology (with some engineering training), and PHD in Economics.
Steve: Yeah. No, I was… I did my undergraduate degree in arts and law, in fact. What I wanted to do was engineering and economics, there’s no such combination. So I was advised to do arts and law and major in economics, and master, I did mathematics and unfortunately two years of psychology.
I wish I had done two years of maths and one year of psychology, if at all, ’cause I regarded psychology a bit of a waste of time, frankly. The mathematics was very useful.
But anyway, so I did mathematics with my touch of engineering there, and then I continued to do my law degree, never actually practiced as a lawyer, ended up doing school teaching, working in overseas aid, working for a government body involved in trying to get trade unions and management to work together, running conferences on journalism with the journalists in China and Southeast Asia, and then finally went back and did my master’s and PhD at the University of New South Wales; my undergrad was at the University of Sydney. And in the master’s and PhD, I began developing both my critique of mainstream economics and my own alternative approach.
Jed: And did you get into a PhD program in economics, or was it in a different field?
Steve: Oh, yeah.
Jed: Okay. So, even though you had such a different career, you had done so many different things, you were still able to apply and get into an economics program because you had taken enough economics classes as a college student.
Steve: I’d done three years of undergraduate economics, and actually 40% of my arts degree was economics.
Jed: Oh, okay.
Steve: I would have done a bit more economics had I done an Australia Economics degree but not an enormous amount more, so yeah. Yeah
https://academicinfluence.com/interviews/economics/steve-keen
“ actually 40% of my arts degree was economics.”
Probably monetarism….
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