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Joseph Schumpeter, self-described "greatest lover in all Vienna" penned the book Capitalism, Socialism and Democracy, which not only still serves as an insightful rejoinder to mainstream economics, but also might be Patient 0 for the ironic Black Pill.
Schumpeter dismisses the autistic formalism of perfect competition and market modeling and casts the economy as a battle not for a stagnant market positions, but a gradual, evolving system whose main goal is the development of new means of production and the overthrowing of their inefficient predecessors, a process he termed Creative Destruction. Monopolistic competition is the natural state of the market, and desirable at that. He also prophecies the end of capitalism as we know it, but also the rise of a socialist government which might look a little more familiar than we anticipate...
Note that pay-walled academic articles may be obtained by feeding their URLs to sites like Sci-Hub.
00:00 Introduction to Capitalism, Socialism and Democracy and Joseph Schumpeter 01:36 What level of irony are you on? 03:16 The Invention of the Black-pill 04:14 Name-dropping 05:20 The Context: Socialism and Keynes 08:49 Schumpeter on Capitalism 10:14 Capitalism and Inequality (Le 99% Face) 12:33 The Virgin Perfect Competition 17:46 Profits are people too! 19:44 The Virgin Equilibrium 21:26 Agree and Amplify! Creative Destruction 25:06 How Capitalism Causes Autism 27:20 Why Soyboys and Catladies don't have children or the Holy Grail 29:45 Hostile Elites and European-Style Socialists 33:26 Daddy, why is my schoolteacher a communist? 36:10 Donate: https://donate.notrelated.xyz 37:44 Comments on the Origin of Consciousness in the Breakdown of the Bicameral Mind 39:45 Luke responds to an NPC 47:41 The Rise of Socialism (but ironically) 48:56 Can my version of True Socialism survive? 49:14 This is where we talk about von Mises (libertarians will click here) 53:25 Cargo Cult Capitalism 55:09 China as Schumpeterian Socialism 55:56 Schumpeter as Troll 56:52 Mises again 58:24 "Da Socialists r da real Capitalists!"
No transcript available for this episode.