I am frustrated by the denialism of trained economists that prevents them from questioning the foundation of the model. Start by asking why does there always have to be growth? What demand is being fulfilled by growth? My answer would be the interest, rents, and profits that grow the exorbitant accumulated capital of the ultra wealthy. The use of terms like unused labor resources reduces the complex issue of international labor relationships into supply pressures by commodifying workers into interchangeable parts. We must build an economy that serves the purpose of coexisting on our one shared planet and not the exploitation of unused resources to continue the growth of the ultra wealthy. Growth of one system comes at the cost of other systems. I have so much more to say but I've got to get back to work.

The people who brought us in this grave situation offering a plan to get out... 🏆

Its amazing that no mention of economic “overshoot” is even hinted at. How do we deal with infinite growth in a finite planet, plus the ideology of freedom for the wealthy oligarchs and power elites?

Today when we’ve been reminded by WHO of the latest IPCC report of the drastic changes we need to make across the entire economic system, the talk is still of growth!!?!! The GDP-growth paradigm is what has got us into this climate mess. The ending of the pursuit of capital accumulation is what will bring us a new economic order …. and more equality, if we set out to do so, both inside and across countries.

Why do we need immigration? Western policymakers got to work on solving the demographics problem. 1) Sky high housing costs 2) Student loans 3) Low wages and precarious part time jobs 4) A minimum wage specified at an hourly rate that won’t pay a living wage in a part time job 5) Both partners need to work to pay the bills Hardly anyone should have the money to be able to start a family now. Western policymakers have made the demographics problem worse, rather than better. That’s why we need immigration.

Shared this video with Jaden Smith and now he’s on another level than people my age knowing about the economic state of our world is insane thank you for opening my eyes.

People need to wake up to the end of the no inflation gravy train. Stimulative policies for aggregate demand had been largely without cost since the addition of China to the global economy. This has lasted already for a good 40 years and no good thing can last for ever. Today we find the budget constraint again in our previously not so constrained maximization problems. Every stimulus now will have an onerous inflationary cost and grandiose dreams of further optimizations of supply are simply unrealistic. Time to learn to learn to live with less and within our means.

From improving mental health and wellbeing to reducing pollution and flooding, plants hold the key to solving many of Earth’s major problems

My view is that an alternative education system needs to evolve. The current system is allowing too much failure in the effort to maximize students moving into academia. We need quality in all levels of employment. Tradespeople, technicians and professionals.

Rich folks talk about service economies but act like they're above "essential services."

Linking ever decreasing productivity to the exhaustion of a once surplus of underemployed underutilized labor but pointing to "innovation" as a means to recover growth...😏 How about paying more than livable wages including attractive benefit packages to all workers, how about rebuilding a strong middle class instead of rewarding CEOs 1000 times the wage of a worker... How about shifting corporate ownership to stakeholders over shareholders/CEOs...otherwise fk the productivity.

Return to agriculture. Abandon the cities buy land.

You guys at the end, that was awesome. I found a new channel to enjoy. Thank you both.

Isn't this about a program really about the old economic theories falling apart as the imperial Anglo-American empire begins its decline igniting wars in many locations ?

Good to listen to reasoned thought and reasoned comments, the world is and always has gone thru economic change. Economics and politics do not seen to be well aligned at present . My hope for the future is that politicians can gain a better economic understanding.

Why doesn't he talk about the rural economy's role in providing more than enough labor for food production?

Old people should not be expected to work longer. Social security needs to be funded. Period. The elderly should be anole to be “ productive “ on their own terms, after working for a lifetime. Also, most working class men of your age, do not have 13 year old children, because they don’t have the money, health, or the opportunity to find a young fertile woman in middle age. Also, fork you, mister incentive! We live in a system, one which most of us don’t control. No one in the middle class has time to “ plan”!

I'm 34 and I'm not assuming social security will exist for me.

"What's the next Train Wreck" I Love it.

What makes one Human think that a transition into a New Economic World will turn out better for Humanity .

The “Lewis Tipping Point,” Has been toppled. It’s Finnegan’sWake that is more applicable.

Fascinating

How does free trade actually work? Why is it so much cheaper to get things made elsewhere? The early neoclassical economists took the rentiers out of economics. Hiding rentier activity in the economy does have some surprising consequences. The interests of the rentiers and capitalists are opposed with free trade. This nearly split the Tory Party in the 19th century over the Repeal of the Corn Laws. The rentiers gains push up the cost of living. The landowners wanted to get a high price for their crops, so they could make more money. The capitalists want a low cost of living as they have to pay that in wages. The capitalists wanted cheap bread, as that was the staple food of the working class, and they would be paying for it through wages. Of course, that’s why it’s so expensive to get anything done in the West. It’s our high cost of living. Disposable income = wages - (taxes + the cost of living) Employees get their money from wages and the employers pay the cost of living through wages, reducing profit. High housing costs have to be paid in wages, reducing profit. The playing field was tilted against the West with free trade due to our high cost of living The early neoclassical economists had removed the rentiers from economics so we didn’t realise. That’s why it’s so much cheaper to get things made elsewhere.

Maybe better retirement funding would help stop older home owning voters for supporting NIMBY zoning that drives up home prices. High home prices fund retirements and prevent new often younger workers from living near vibrant cities this hurts peoples careers, the economy, and lengthens commutes hurting health and creating more pollution and green house gases.

I would recomend the song as an apropriate sound track to the theme. Highway to Hell or something like that from the Paranoid album from Black Sabath aprox 1970 .

This guy misses that the rural economy is first modernized and as a consequence it sheds surplus labor. With out this you end up with less food production.

Somewhere in Picketty's book "Capital" he says that historically the GDP growth of the world has been one percent.

Things are changing adapt or be left behind. That's all. There will not be much competition.

interesting video!

The foundational, freely chosen principles that make the United States work and become radically constructive (<a href="#" class="seekto" data-time="3337">55:37</a>): 1. "EVERYBODY in the country is important." 2. "We HAVE to listen to each other." 3. "We HAVE to compromise." 4. "We have to do ALL the other things that are a part of life." We are too PRACTICAL to be too divisive for too long, Americans. This country wasn't established out of wilderness in a few, short centuries because avoiding personal, individualized frustration and an unwillingness to compromise with one's neighbors (who have heralded from every corner of this globe) were high priorities. Since our beginnings as a nation state in a vast wilderness at the dawn of the European Enlightenment, everything about the American experiment has generated high levels of personal frustration and immediate needs for frequent, negotiated compromises amongst ourselves. No one facing such high levels of personal frustration and need for interpersonal compromise ALSO sets the goal of securing a "more perfect union" and defines as its primary objectives the promotion of BOTH security AND happiness EQUALLY without adhering to the aforementioned Four Principles as a purely PRACTICAL requirement. We all KNOW we need to do these four things, Americans. It is self-evident to us, and in our hearts, we know it as truly as we know the noses on our own faces. SO...let's just do it. Again. Like we always have. And most wonderfully, always will. That is the POTENCY of truths that are self-evident: Such truths define US---not the other way 'round. 1. We Americans (and our friends) KNOW everybody in the country is important (because there were times we acted like they weren't). 2. We Americans (and our friends) KNOW we have to listen to each other (because there were times we didn't). 3. We Americans (and our friends) KNOW we have to compromise (because we suffered whenever we refused). 4. We Americans (and our friends) KNOW we have to do all the other things that are a part of life (because that always led to our greatest collective successes). These have been the lessons of our asserted and defended lives, liberties, and pursuits of happiness; this tested knowledge is perhaps the most useful and noblest gift the American Experiment offers the world. I do not overstate. "It is for us the living, rather, to be dedicated here to the UNFINISHED WORK which they who fought here have thus far so nobly advanced. It is rather for us to be here dedicated to the GREAT TASK REMAINING before us-that from these honored dead we take increased DEVOTION TO THAT CAUSE for which they here gave the last full measure of devotion-that we here HIGHLY RESOLVE THAT these dead shall not have died in vain-that this nation, under God, shall have a new birth of freedom, and that GOVERNMENT OF THE PEOPLE, BY THE PEOPLE, FOR THE PEOPLE SHALL NOT PERISH FROM THE EARTH." ~President Abraham Lincoln at the dedication of the Gettysburg Civil War Cemetery on November 19, 1863, where between July 1 and July 3, 1863, one of the bloodiest battles of the United States Civil War, with over 51,000 casualties-soldiers killed, injured, or otherwise lost to action-was fought. Around 3,100 U.S. troops were killed, while 3,900 Confederates died. The U.S. victory there marked the turning point of the war, and THIS is what Lincoln ultimately, had to say about it in a terse, two-minute speech, the "Gettysburg Address," all U.S. schoolchildren are taught and encouraged to memorize.

Oversimplifying racial tensions around scarcity of government resources is like blaming famine on the lack of an agricultural insurance company.

Every asset class must be repriced to reflect a permanently weakened economy, demand pulled forward by ten years, and a Fed that no longer can run a debt based economy.

What is growth? Growth for whom?

What about Sri Lankan economic crises?

I'd really like to hear this channel discuss the growth model of economics. A sustainable world economy will require either degrowth or zero growth and a completely circular use of resources. Climate change is just one clear example of the effects of the conventional model. How is that sort of transition to be achieved?

I wish we were entering a new economic world but all I see are warring capitalists while I and millions of others as working class exploited peoples struggle to eat and pay rent while we freeze, freeze so remind me how that is any different to the last circa 450 years? I can literally pick up a tale of two cities from 150 bloody years ago and find a written documentary on today within its pages, so please, for the love of god dear highly educated upper middle class person claiming we are in a new economic world, explain to the majority of us in the gutter how it is any different at all to the old.

It was a fruitful conversation, especially the part that inspects the realistic trajectory of the changing global economy in terms of the workforce and digital transformation. One constructive comment: It would be great to give a more clear-cut structure to the talk(s), in a way that one part focuses on the effects of aging/digitalization and one part regards all the ethical and moral concerns. Also creating different KZfaq chapters* (I am not sure what it's called, the one where one can have random access to specific points in the talk). Cheers

Which economic theory supports the idea that we can only achieve peace and prosperity if WE ALL achieve together? Whether those left behind are justified by the society by race, age, IQ, gender or BloodType... it will always create an unsustainable path. I feel that's where America's greatest sin lies. The idea that it's ok for SOME to get ahead while others are forgotten. I've been lucky enough to live in countries where that type of thinking is looked down upon and they are much happier people. They take care of their aging parents at home, raise their children communally, and take care of the less fortunate with grace and purpose. Poor USA

People do not realize that a second digital revolution is replacing the first. The touchscreen smartphone allows greater levels of illiteracy and has become the digital technology of choice for most of the modern world. The literacy reliant personal computer is stagnating, it is being bypassed for a low learning curve, mobile and individual platform that provides for most common social functions. But instead of developing human potential, it is creating a world of content consumers. Personal television screens instead of information tools.

comment: "setup some stuff for themselves...." ---- yes indeed true unfortunately these goes under tier civ 0 where slowdown upon slowdown imminent we began to immersed ourselves towards only.... self time and resources spent the balancing act the unnexpected impromptus needed maneuverings etc do any of you truly believe at some point future somewhat quantifiable and therefore mitigating improbabilities? what at stake here are -- the needed physics the tides itself the people providence of .... ugh nvm maybe i'll continue next time you guys continue whatever epicness here gtg

Is humanity capable of making the 'right' decisions and urgent implementation?

I like some of these lectures but what always gets me is the thought that people have free choices and not guided choices by the limitations societies puts upon them. For example as a minority living in the Caribbean , there is a huge limitation in terms of equality of opportunity based on race, class, geography, age, social networking and the separation of a meritocracy from actual opportunity. I mean the common thought regarding opportunity is that opportunities are "GIVEN" not earned. Someone gives you your job, your education your etc based on their predefined factors . I mean to give an example a lot of the popluation has been educated but the diversification in the econom has not occurred why because of restrictions from the higher classes.

America outsourced its infrastructure. Who does that?🤨

So much words....

As for blaming China for not adjusting to the US, you may as well blame the Earth for not adapting to humans. Climate change is the Earth's fault. Not your fault. LOL.

How come after WWII no one went back to the family farm and stayed there! Jefferson wanted an agrarian society for you and me, but he bought himself a large group of laborers that never got a salary and built himself Monticello( look at the back side of a nickel)!!! See what I mean about growth! Now, IF he would have given a salary to those free laborers who never got paid a penny for all their work, then we could say that there was growth. Because, paying your workers meant that everyone was moving forward. Growing!

Interview Kate Raworth: the Circular Economy, Planetary Boundaries, Economies for Human Well-being

Sweet. We can all add a comment of our mindset as we confront our death.

Humanity may survive if they can re-invent the future.

The diminishing Rhine river is creating new supply chain challenges. Cut back on consumption or pay higher prices. Nature is prompting us to cut back.

Dear Sirs, we entered a new economic world the moment QE1 was tried. We have been perfecting this "new economic thinking" ever since and now with QE2 and QE3 under our belts it is off to the future, especially with QE3. You fellas might want to try to catch up?

When the government cares about the welfare of underprivileged classes, the wealth distribution will become more sensible. This is how Singapore works and China follows the same path.

There is no change without pain, maybe the world is about to put those who abused their power and destroyed countries to pillage on the back burner, we must never forget who is who and who did what.

Destination: one humanity makes due with one planet.

I think the older generation (and with that, regulators, as always) are oblivious to what is the future of digital platforms. Platforms will be decentralized (and I don't mean Blockchains need to be involved, they are completely unnecessary), it is what we call the Federalized Internet. Social Media platforms and E-Commerce don't need to be controlled by a single company in order to work properly, we just didn't have the computational power and speed to scale it in a decentralized fashion. But now we do. This ship has already sailed, just a matter of time before it overcomes the centralized platforms.

As a Latin American old woman, hearing this couple conversation what puts me really bad impressed is how they don’t consider this huge and rich continent part of the world that counts for they both. Except for Mexico. Shame on this so called Empire.

One thing I noticed missing from this interview and observation is: the societal cultural differences. Example:the Asian culture has an enormous cultural value in education (academia). Where in the west (US) the societal culture is more focused on the societal trends of the times. The US has been denigrating “schools/teachers” which are the forefront of education, stripping funding, vilifying, blaming (for parental failures). Where in Asia parents play a huge role in instilling education as a value. While China (and India and other Asian nations) are graduating educated citizens. The US is creating a society of citizens more caught up in “cultural identities” most irrelevant to a future productivity/career/development. I disagree about the tracking of citizens, with China it is in the open that that’s what’s happening. In the US its happening but the citizens are deceived about it. If you use a mobile phone, a computer connected to the internet, credit card, bank account, employment, schooling, automobile, etc, the US/state government is tracking you. The minute you leave your home in pretty much any modern country you are popping up on video recordings. The 21st century has ended privacy. The only difference is Americans like to cling to self delusion about their entitled privilege that they have a “freedom” that only they have. Even if someone was living off the “tech-grid” there’s someone else with a video phone. As for Ukraine the ONLY media promoting propaganda and lies is the US/West media. The only ones committing war crime atrocities are the Ukraine AZOV NAZIS that the US is arming, as well as this war is a US war. Russians soldiers and Russia have nothing to apologize or feel shame for. This was another US war aimed at harming other nations

Food,shelter, healthcare energy. The rest is luxury. Digital technology is nothing more than a ledger sheet. The pandemic proved learning through technology didn't happen. WHY? Because social and cultural factors- religion and ideology have a far greater influence than KNOWLEDGE.

Do Slaves Retire under your systems ,its finished and Just ,call it a day as u are past your sell by date?

I realize this is naïve, but what if all people in all sectors... what if we all just decided everything is free? Even as children we learn to share. Why must we have so much disparity?

It's Noble Laureate in Economics, Michael Spence. Read the show notes.

PLEASE RESEARCH. I think it is quite possible all the weird events over the past several years including Trump, pricey homes, and illnesses are a result of lack of supply. The US is without supply as before or pre-2008, and is in panic to avoid excessive inflation. But of course, without significant supply, they cannot do much or must act in abnormal ways. Cheap raw materials post-2012 & pre-2020 especially with steel leads me to believe this is possible. It signals low production of many goods. THANK YOU.

You did it to yourselves...and to everyone else BOOMERS!

Most of our woes are caused by the politicians having to please their corporate handlers pitted against their need to please the plebs in order to get re-elected. The result is massive borrowing,

Did he ever answer the guy's question question on Africa.. I heard a lot of talk about India and then no more about Africa

pay lose attention to the fact that this 'expert' states general facts--a lot of them--alongside not saying a damn thing.

The current course is unsustainable. The current system squeezes the middle and lower classes too hard. We have millions of Americans working 'jobs' that are not worth filling the gas tank to commute to. The average American is saddled in debt before the age of 30. I will never understand the logic of supporting a top-heavy system that results in millions upon millions living precariously. This is what we have currently and for some reason, we keep going down this path.

Global Trade Unit

No heat?

The World /Nature sets the rules (business cycles) will mold human political structure and economies models as survival tools . Humans like our bee cousins desperately strive to stave off hunger, thirst, and cold in a day to day fight we do not understand. These are the good days with days of not so good to follow which will send humanity off into directions unforeseen by any pundit. Some will say ," pray to the almighty lord", that will not work; however, it will cause us to take a few minutes to consider the options of survival. You must be ready to live with less and walk away from the fallow earth you stand in hopes to arrive at verging ground. If anyone else is there you will most likely have to fight as you move into you're new home. The nature of the world we live requires us to eat other life forms to survive . Welcome to the promised LAND.

U think!!!!

World: "question: _______?". Economist: "answer: supply, demand, innovation, efficiency, growth, blah, blah, blah"

Peter Zeihan called it 12+yrs ago, I knew he was correct but I soooo wanted him to be wrong.

You have to "pay" people enough to save for retirement. The Canada pension Plan should be similar around the planet billionaires should NOT be allowed to pay wages you can't live on. I never saved a penny for my old age, most months had a zero balance at the end.

So in short we are fucked

#GTU

Re localization is underway

´´ya know,right?´; where do these ´high level´ people practice talking?

how true trying to blame china & mexico for 'taking' the jobs when our own politicians try to deflect that blame .. and yet on the other hand the folks who lost jobs didn't complain when they paid lower prices for things they wanted .. who's going to pay an extra $5 for a toaster to support your uncle or neighbor .. ??

✨🌎 DELOEZ= Decentralized Localization Encrypt 🌀

This talk of upgrading human capital is non-sense. The west is near the maximum of human capital potential. Meaningful markers such as general population educational levels, the ones that can't be gamed by credential inflation, haven't moved in decades. The real skill level of the population of the first world is essentially maximized at the macro level. To try to say there is more to be mined by doing micro level optimization is completely unrealistic. No one can mine out all the micro level optimums in a complex system. That requires omniscience. Large scale increases in educational spending at this point will achieve nothing but credential inflation. The only places left with still more obtainable human capital maximization left is Asia, in particular China. The only part of the world where the real average skill level of the people is still increasing is there. That will not continue forever but could very well last for another 2 decades.

Tell your graphic designer the thumbnails hurt my eyes.

<a href="#" class="seekto" data-time="960">16:00</a> ish

Universal Basic Income token

Where are we going? To the end. Éventualy to a beguining if we survive the coming yeárs. I dont thank god ór devil.

China by GDP per capita is indeed a developing country. But with such a huge country with huge population, some part of the country could be just as advanced or more advanced the average developed countries. If ¼ Chinese population is as advanced, not yet, as the US, You are talking about a USA + more.

There is still a lot of cheap labour around.

Economists are winning Nobel prizes for equations that first-year physics students do on a daily basis.

Solutions are usually very simple but oligarchs make it complicated to confuse the public. Social security will be in great health for next 80 years by raising income levels for contribution. Currently if you make a million a yr your ss contribution stops at l40k. How is this insane law makes any sense. Complete idiocy.

Over industrialization and Under Industrialization.. the Demographic bomb is accelerating!

Xiaomi

Finally we get the facts straight regarding China. I always knew that the Chinese youth are brighter than those in most Western Countries; I did not know that Chinese Leaders were upgraded to the brightest, and that they also reformatted their plan to educate their young citizens into technology (math & science.)

A whole lot of monotonous talk but nothing to really take from this discourse.

Economics is not a science.

Also, the Bank of Sweden "Nobel Prize" in Economics is not a Nobel Prize. Please stop spreading mis-information.

We have a new system we have new masters we do not have a democracy, it's happened before, I'm sure we all know what's happened, and I'm also sure we don't know who or how many our masters are. The truth is it's none of our business never has been never will be, our job is to do whatever we can that's useful to earn our living until we are unfit then we hope the PPL in charge alow us to rest awhile with some dignity till we die. It baffles me that PPL don't understand this simple truth. 99% of us ain't Elon Musk

My impression of you guys is that you are well informed, have empathy, and care about finding solutions, but you are utterly priviledged as academics. You are removed from truly competitive economic forces, especially if you have tenure, which is a ridiculous anachronism.

I don't want china to be the top dog in world economy

meow meow. 😹😼

You Can not Talk a job Up? when you are well Provied for , Get on a diffrent plant ,this System is T Fucked?