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What’s the problem with neoclassical economics? RT’s Keiser Report explains

6 Jul, 2021 10:02

What’s the problem with neoclassical economics? RT’s Keiser Report explains

FILE PHOTO: A Wall Street sign is pictured outside the New York Stock Exchange © Reuters / Carlo Allegri

The Keiser Report looks at neoclassical economics, which bases value on a subjective satisfaction of utility, instead of the classical approach, where the value is based on the time and materials it took to create something.

Max Keiser and Stacy Herbert speak to Professor Steve Keen, of the UK’s Kingston University, about the popularity of using the first, a fantasy model of economics, and the problems it creates for the global economy.

For more stories on economy & finance visit RT’s business section

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