Capitalism | Anwar Shaikh

Talking about economics, especially capitalism, we cannot fail to mention Professor Anwar Shaikh. Anwar M. Shaikh (born 1945) is an unorthodox Pakistani-American economist in the classical political economy and Marxist tradition.

Capitalism: Competition, Conflict, Crisis is a book written and published by Anwar Shaikh in 2016. By drawing theoretical and empirical results from classical assumptions, it attempts to recover the classical political economy.

In Capitalism, Anwar Shaikh proves that most economic analysis can be derived without reference to criteria such as hyperrationality, optimization, perfect competition, perfect information perfect, representative agent, or so-called rational expectation.

He takes a very different view of almost all elements of economic analysis: interest rates, unemployment, inflation, exchange rates, the determination of wages and profits, technological change, prices relative, futures and trade balances, growth, the laws of supply and demand, bond and stock prices, and general recurring crises.

To the same problem, Shaikh's innovation theory contrasts with Neoclassical, Keynesian, and Post-Keynesian approaches.

Video Summary:
00:00 - Introduction
01:45 - Developing an economics model
03:31 - Economics 101 textbooks
05:49 - What happened to economics
07:24 - Politics and economics
08:31 - Gary Becker
09:47 - Stochastic Economics
10:50 - Competition Not Monopoly
12:43 - Arbitrage
13:20 - Imperfection
17:05 - Conclusion

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