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It is not hard to imagine the fossil fuel companies have been very clear to these neoclassical economists that good things will happen for them personally if they convince lawmakers that climate emergency is not going to effect much...

What is the software they used to simulate? He said it’s open source and anyone can download and use it. Anybody know please help me about this. Thanks.

Economics was not prioritised as highly as it is now, in the past. Economic theory was always the means to fund projects and infrastructure that benefited a specific nation. A nation's people, and their prosperity was it's purpose. Currently it is being used to justify greed and pulls the efforts from nations to benefit individuals outside the national interest. Environment, health and scientific progression is being sidelined in order to continue an obsessive act of watching a number go up. This number has no correlation to the flourishing of people.

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The introduction that relates economics to religion, then separated various disciplines of the Psyche into disassociated sciences is why Physics is in "Crisis", because it's all about aspect-version(s) of holography dimensionality and inside the e-Pi-i function is what composes the Periodic Table and Standard Model spectrum of logarithmic Fluxion-Integral Temporal superposition as understood to be outside of the Aether connection. Think about the inside-outside presence of the Camera Obscura, vertices in vortices manifestation and how vanishing-into-no-thing is as a consequence of logarithmic 2-ness string-like nodal-vibrational distance-time stretched inside 3-ness Cavity Resonance of WYSIWYG transverse trancendental sync-duration dimensionality. Imagine sound as light inside an Auditorium, because distance-time is Electron-photon-phonon-Proton Neutronic oscillation transparency in Spacetime-distance-time superposition. All analogous comparisons lack congruence in Truth, if the images are not true flash-fractal thermodynamical resonance in e-Pi-i Fusion-Fission Function projection-drawing modularity.., 3D-T Holographic Principle Perspective.

When it comes to the math derivation that derivation is only correct if w times L / Y is constant. Otherwise, the integration step is wrong, as alpha depends on time. Also, when you integrate you add a constant C, which after you get rid of the logarithm will become multiplication by C.

Fantastic presentation

Fascinating.

Sheerest brilliance imo.😏😳🤭

The speaker might have confused neoclassical economics with neoliberalism interpretation. Another problem is that his emphasis on dynamics might be a misunderstanding about the purposes of neoclassical economics. The objective here is not to predict but rather to see what happens if certain assumptions can lead to meaningful results, which might have practical policy implications.

great! loved it.

NEWS FLASH! The U.S. abandoned the actual U.S. dollar, $, in the 1960's. The fiat Federal Reserve Note, FRN, is not, and bears no relationship whatsoever to the actual U.S. $. th-cam.com/video/pP8Mz4IDDXk/w-d-xo.html th-cam.com/video/CK81ik2NZoc/w-d-xo.html

Load of wishful thinking and delusions of superior knowledge which in reality is best described as rubbish !

For those of us who have raged over the rather obvious and perverse elements of standard economics this lecture is hilarious and gratifying. For the longest time they have pulled assertions from their nether regions and not one of their colleagues cried fowl or even ran away from the smell.

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I found the first part quite interesting, and then it fell apart as he failed to apply the same thinking to climate change hysteria. th-cam.com/video/WB69D_Yi7Po/w-d-xo.html

great lecture

If you want slaves, why educate them to be masters. This lightweight extends beyond even today's insistence on banality. The most frightening image I can conjure is this person being in charge of anything.

Great questions!

Steve Keen can't even see his own hypocrisy. Consensus of economists means nothing because economist are controlled by the elite who use them to push neoclassical policies but climate change will destroy the planet and the environment will die off because there's a consensus in academia (there isn't).

3,501 views on MON 18 APR 2022 - - 20:40 hrs ( -5 GMT )

If you took 1000 economists and joined them end to end they would never reach an agreement.

Venezuela and zimbabwe are keynesianism in a nutshell. you channel money to unproductive outlets then youll kill off saving which is the driver of economic growth. Debunking economics is like Debunking gravity or debunking spherical earth. keen is an economist like flat earthers are physicists.

Me: "Help, I'm going to fall from the 10th floor of my building." Neoclassical firefighter: "We've surveyed all the residents of the building and found that height off the ground has no correlation with health. You'll be fine."

As a psychologist, this makes me even more skeptical about the ‘new’ behavioural sciences based on nudge theory and economic models of consumer behaviour. Thanks for sharing.

I'm not an economist, but from my perspective in the field of biology, the assumptions, models, methods, and claims of economics have long seemed absurd to me. Yet business and economics people react as though I'm the one who is insane. They also seem blissfully unaware that anyone in the Natural Sciences putting up a paper using the same methods and standards would be rightfully mocked and ridiculed.

TBH I am a very Trump-sceptic person and I would like to point out that Biden has to improve circumcstancees for the people. Elsewise they risk a Trumy dynasty and sadly they are not good leaders exactly. It is most annoying to me that of all people Trump run as hard was the one to as hard oppose the left as he did. I am more a I wish I could share your view of the non-threatening nature of the mosr lunatic right in gernerall.

Menticide

Zoom owned by Chinese Bill Gates

The connection between Amazon and Alibaba is not dealt with. Individual traders buy from Alibaba in China and sells on Amazon. So the Americans is fueling Chinese economic growth

FERGUSON IS A SOCIALISTIC LYING PUPPET OF SATAN!!! HE THINKS HE KNOWS IT ALL, WELL, NOT BY MY BOOK!!! IN MY BOOK, ALMIGHTY GOD IS STILL THE ONE WHO SITS ON THE THRONE! HE SEES ALL, KNOWS ALL, HEARS ALL & KNOWS THE END FROM THE BEGINNING!!! HE PREDICTED THE COVID DEATH TOLL WAY TOO HIGH. WHY, BCUZ HIS MASTER WAS HOPING FOR MANY TO DIE!!! HE DIDN'T COUNT ON THE FACT THAT WE HAVE SPIRITUAL WEAPONS THAT GUARD US FROM THE EVIL ONE & THAT OUR PRAYERS RISE UP BEFORE THE THRONE OF GOD & CAUSES GOD TO MOVE ON BEHALF OF THEM! NO WEAPON FORMED AGAINST US SHALL PROPER. EVERY TONGUE THAT ACCUSES US IN JUDGEMENT, WE WILL CONDEMN, THIS IS OUR HERITAGE, AS SERVANTS OF THE MOST HIGH GOD, OUR VINDICATION IS FROM THE LORD!!! HE KNOWS THIS VIRUS WAS PLANNED WAY AHEAD OF TIME, FROM CHINA, AND IT WAS PURPOSELY SPREAD ACROSS THE NATIONS. GOD ALLOWED THIS TO HAPPEN FOR MANY REASONS, WHICH I WON'T GO INTO, BUT WE, THE PEOPLE OF AMERICA ARE AWAKE & RISING & WE WILL FIGHT FOR OUR NATION'S FREEDOMS & RIGHTS!!! WE WILL NEVER GIVE UP! OH, THOSE VARIENTS & STRAINS, THOSE WERE ALSO CREATED. AS FOR MASK, THEY DON'T WORK! THE VACCINE IS BEING SHOVED DOWN OUR THROATS, WHY? POWER & CONTROL! YEA, WE'RE NOT AS DUMB AS YOU ALL THOUGHT WE WERE! YOUR TIME IS ALMOST UP, IF I WERE YOU, I'D GET DOWN ON MY KNEES & REPENT & ASK GOD TO FORGIVE YOU, YOU STILL HAVE TIME, AS LONG AS YOU ARE BREATHING. CHOOSE WISELY!!!!

Who is an Economist? NOT a Mathematician NOT an expert in Finance NOT a Psychologist NOT an Engineer NOT a Physicist NOT a Linguist NOT a Political Scientist. Then who is he dealing with everything from the impact of technology to money matters as pseudo scientist? And the most funny thing is that he plans everything ex post facto and then try to lead us to Neverland.

For 40 years all western scholars failed dismally about China true analysis and its nature...China is a formidable opponent the western world has ever had..China is bigger and older than the rest of the western world

Thanks for the thoughtful discussion. I was already a Goodfellows fan- now glad to have found the Marshall Society. I loved Ascent of Money- looking forward to reading his new Doom...

With the pandemic, the world at last awakening to Cold War 2.0, Stalin 2.0 and 1984 2.0.

Respect, Mr rogers

Existential threat no.1 is the exponential increase in the development and capacity of Artificial Intelligence (soon to be Artificial General Intelligence). If it goes wrong, possible to create a totalitarian hellscape that we will all end up living under. The solution is to get a group of ethical engineers to build a benevolent AI system that is good for all humanity, as it is impossible to regulate this industry worldwide. Also find a way to stop squabbling and hack our desire for status and winning as individuals, groups, nations bla bla. Find a way to transcend this or everything will burn. Our toys are too powerful now.

Fantastic conversation and great insight as always from Niall Ferguson

Thanks for Uploading.

Niall's caution on China is well founded. Thank you

The real pandemic is the transformation of democracies into authoritarian states.

I love this man. Thanks to you both for a great discussion.

Thank you Jim!

Wow zero adds. Unlike reditsilvwr bit??s

@1:50:00 yeah, Thailand did not really do so well. Sure they contained covid, but they completely crashed their hospitality and tourism industry and failed to provide full wage subsidies for those workers who are now almost completely uberized. Same in NZ. F-ing disaster for the precariat. Just not as bad as the USA. Writing from NZ I can tell you we did bloody well by world standards, we've got pro-cricket and the America's Cup going full blast, and it all looks fantastic, beautiful summer Christmas with BBQ's and all,... but still needless suffering heaped upon those who could least afford it, the unseen unheard poor. I mean, we've actually now got Dalit in New Zealand.

@42:30 (and relevant to the tax question @1:05:00) note that war bonds did not really significantly provide the fiscal space for war spending. In the UK in particular it was rationing that was the main inflation control. Likewise today in getting green energy infrastructure up and running governments will not need to sell green bonds, they could, but it is regressive, since it hands out free money (interest) to only those who can afford to purchase bonds in the first place. It will be more progressive to ration "use of carbon" (e.g., concrete, air travel, high NCE foods) and the more polluting forms of energy generation, and impose the rationing inversely to incomes. If only there will be the political will.

@22:00 Blanchard is even wrong about his "long slog." Modelling the real economy as distortions to a "completely competitive" economy is a bogus notion which suggests classical _physics envy._ (Physicists use perturbation theory in QFT because they have no other viable option.) But the physicist is perturbing a zeroeth order linear system. What's the correct analogy in macroeconomics? It is not a perfect competition system! In economics the zeroeth order is in fact a perfectly fair (non-competitive) system with trade parity, cooperation and everyone spending all their income. The non-linear distortions are _adding in competition,_ equity imbalances, trade imbalances, savings leakages, wealth imbalances and the rest.

We could rise a CO2 tax, but redirect revenues directly back to citizens, per capita!

Shall I have the following argument? The interest rate reflects the cost of capital (and growth opportunity), right? Following this logic, for example, if the government is facing the problem of paying back debt, it would mean the economy lacks growth opportunities. The lower growth opportunity would in turn mean a lower cost of capital or a lower interest rate. Then it's actually hard for the government to have debt concerns. Thinking of the sovereign debt problem in a static framework may be misleading.

This is a very nice talk. Thanks a lot for the Speaker Oliver Hart and moderator.