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?

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

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

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