What Happens When Economics Doesn’t Reflect the Real World?

Anwar Shaikh critiques neoclassical economics, arguing that perfect competition is a fantasy. He shares his journey in economics, motivated by the inadequacy of existing theories to explain real-world phenomena. Shaikh introduces the concept of 'real competition' and discusses consumer behavior using a stochastic approach. He emphasizes profitability as the core of capitalism and analyzes historical economic policies. Shaikh proposes a unified economic framework to better understand global issues like inequality and globalization.

What parallels does the speaker draw between consumer behavior and sociopathic behavior?

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What historical examples does the speaker use to illustrate the effects of economic policies?

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How does the speaker explain the relationship between profitability and economic growth?

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In what ways does the speaker suggest that economic theory can be improved?

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