I want to express my utmost gratitude and admiration for this lecture and the series which I am going to watch rapidly. I have training in multiple schools (including Keynesian and Marxist schools) and am now working in a heavily neoclassical space. I am often surprised and disillusioned at what the sub-discipline of "political economy" is understood to mean in different spaces.
The phrase "Economics for People" reflects a much-needed shift in economic thinking and policy, emphasizing that the ultimate goal of economics is to serve humanity, rather than prioritize abstract metrics or corporate profits. This perspective aligns with inclusive and equitable approaches, where economic systems are evaluated based on their ability to improve living standards, reduce inequality, and ensure sustainable use of resources. Economics, as a discipline, is rooted in understanding and optimizing the allocation of scarce resources. By focusing on people-centered goals like access to education, healthcare, and fair wages-economics can better address pressing global challenges such as poverty, climate change, and social inequality. This approach also highlights the interconnectedness of markets and human well-being, encouraging policies that balance efficiency with fairness. The "nature of economics" as a field is constantly evolving, shaped by historical, cultural, and technological contexts. Moving forward, integrating diverse perspectives, interdisciplinary insights, and the voices of marginalized communities can help ensure that economics genuinely works for the common good. What policies or principles do you think are most critical to achieving a people-focused economic system?
Daniel Defoe 1728 "A plan of the English commerce." when I read that little bit about Henry VII banning wool exports I knew Prof. Ha-Joon Chang's Bad Samaritans book was going to be a blast! Economists make up stories about how things happened after it actually happened. This is enshrouded in a lot of math making them extremely well paid if they go work for finance. Thus overwhelmed by math; acknowledging societies norm that if an investment bank is willing to pay them so much their explanations have a sciency feel. They are solidly a Social Science.
Interesting points especially about the class nature of Adam Smith's writing, the reference to "political economy" and the actual structure of the Singaporean system.
Great presentation nice and honest ! how refreshing. Paul Krugman believes banks act as intermediaries only lending others money so should not factor in the economic models, yet we know now that banks create money from debt with in reality few limits. This is a huge issue that's impacting the western world with asset inflation and debt bubbles. Once we understand credit we will have a greater understanding of economics.
A very good overview to economics and its various schools of thought, but still an important dimension is missing: Ecology; nature as the primary producer. Climate crisis is a much more important market failure than the financial crisis in 2008, even if most US citizens refuse to understand this fact. Deceiving societies with propaganda vocabulary like "economic growth & development, technological progress, job creation etc." to justify extractive enterprises like dirty industry/energy/mining or industrial agriculture should also be mentioned.
it says "lecture 1 part 1", where's the rest? oh wow, it this one was really good. found the rest of the whole lectures: th-cam.com/play/PLmtuEaMvhDZbNVIDHA-MTVH0sLb5HP7Pn.html
Krugman is a New Keynesian, which is a certain approach to interpreting and incorporating Keynes into neoclassical theory. Joan Robinson, who was a student of Keynes, called this approach "bastard Keynesianism", since it discarded the most substantial criticism of neoclassical economics which Keynes had formulated over his career. Elements that were discarded include the differentiation between risk and uncertainty, the special nature of the labor market, the inherent instability of financial markets, the cyclical nature of capitalism, and the non-neutrality of money.
This is a populist lecture. Pure economics doesn’t focus on the entire economy but on micro transactions. Proper economists make no claim for whole economic policy or forecasts. Second, the central problem of depression: liquidity and bank failure has indeed been solved. That is why 2008 remained a recession and didn’t become depression. Stopped watching after that, no interest in populist rant pandering to activist types. Nothing to learn
Well, then "pure" economics is unrealistic and incorrect. Should've figured it out by now that unpredictable behavior at the microscopic level becones defined behavior at the macroscopic level, just like in quantum physics. It's called emergence. It's how systems work. Sorry if you want to ignore the existence of skin because you only believe in individual cells. Doesn't make you right that skin doesn't exist.
I want to express my utmost gratitude and admiration for this lecture and the series which I am going to watch rapidly. I have training in multiple schools (including Keynesian and Marxist schools) and am now working in a heavily neoclassical space. I am often surprised and disillusioned at what the sub-discipline of "political economy" is understood to mean in different spaces.
This is about the clearest and decipherable academic economic presentation I've heard in a long time.
The phrase "Economics for People" reflects a much-needed shift in economic thinking and policy, emphasizing that the ultimate goal of economics is to serve humanity, rather than prioritize abstract metrics or corporate profits. This perspective aligns with inclusive and equitable approaches, where economic systems are evaluated based on their ability to improve living standards, reduce inequality, and ensure sustainable use of resources.
Economics, as a discipline, is rooted in understanding and optimizing the allocation of scarce resources. By focusing on people-centered goals like access to education, healthcare, and fair wages-economics can better address pressing global challenges such as poverty, climate change, and social inequality. This approach also highlights the interconnectedness of markets and human well-being, encouraging policies that balance efficiency with fairness.
The "nature of economics" as a field is constantly evolving, shaped by historical, cultural, and technological contexts. Moving forward, integrating diverse perspectives, interdisciplinary insights, and the voices of marginalized communities can help ensure that economics genuinely works for the common good. What policies or principles do you think are most critical to achieving a people-focused economic system?
Finally, a clear description of what economics is and isn’t. Great lecture.
Great lecture, made me fall in love with Economics all over again
Holy shit, All I did was search for Ha-Joon Chang and came across this gem of a series!
Daniel Defoe 1728 "A plan of the English commerce." when I read that little bit about Henry VII banning wool exports I knew Prof. Ha-Joon Chang's Bad Samaritans book was going to be a blast!
Economists make up stories about how things happened after it actually happened. This is enshrouded in a lot of math making them extremely well paid if they go work for finance. Thus overwhelmed by math; acknowledging societies norm that if an investment bank is willing to pay them so much their explanations have a sciency feel.
They are solidly a Social Science.
Fantastic lecture! More please!
yes more please
He has written several books, highly recommended. 😎
Really this man is amazing ✌✌✌
04:24 - The Study of the Economy
_________ How We Produce Things
_________ How We Distribute the Income
_________ How We Consume things
Interesting points especially about the class nature of Adam Smith's writing, the reference to "political economy" and the actual structure of the Singaporean system.
Great series
Great presentation nice and honest ! how refreshing.
Paul Krugman believes banks act as intermediaries only lending others money so should not factor in the economic models, yet we know now that banks create money from debt with in reality few limits. This is a huge issue that's impacting the western world with asset inflation and debt bubbles.
Once we understand credit we will have a greater understanding of economics.
This shows how horribly wrong Paul Krugman is
th-cam.com/video/GUvTJ0xy74c/w-d-xo.html
A very good overview to economics and its various schools of thought, but still an important dimension is missing: Ecology; nature as the primary producer. Climate crisis is a much more important market failure than the financial crisis in 2008, even if most US citizens refuse to understand this fact. Deceiving societies with propaganda vocabulary like "economic growth & development, technological progress, job creation etc." to justify extractive enterprises like dirty industry/energy/mining or industrial agriculture should also be mentioned.
Are you from Turkey?
Well said! Doughnut economics by Kate Raworth is worth a read.
Very insightful!
Fascinating
it says "lecture 1 part 1", where's the rest?
oh wow, it this one was really good. found the rest of the whole lectures:
th-cam.com/play/PLmtuEaMvhDZbNVIDHA-MTVH0sLb5HP7Pn.html
Is Joseph Stiglitz a neoclassical economist? His positions seem in line with New Keynesianism.
Useful video =)
Wow Wow Thanks
Krugman is Neoclassical? I thought he was a Keynesian? And where is MMT?
Krugman is a New Keynesian, which is a certain approach to interpreting and incorporating Keynes into neoclassical theory. Joan Robinson, who was a student of Keynes, called this approach "bastard Keynesianism", since it discarded the most substantial criticism of neoclassical economics which Keynes had formulated over his career. Elements that were discarded include the differentiation between risk and uncertainty, the special nature of the labor market, the inherent instability of financial markets, the cyclical nature of capitalism, and the non-neutrality of money.
MMT generally falls under post-keynesian thinking, although it is perfectly compatible with any other empirical approach to economics.
Türkçe alt yazı koyabilecek var mı
Politics affect the economy,
Singapore economics works because its similar to what China is doing.
Convolution of double speak "science" of perceptions?
This is a populist lecture. Pure economics doesn’t focus on the entire economy but on micro transactions. Proper economists make no claim for whole economic policy or forecasts. Second, the central problem of depression: liquidity and bank failure has indeed been solved. That is why 2008 remained a recession and didn’t become depression. Stopped watching after that, no interest in populist rant pandering to activist types. Nothing to learn
Well, then "pure" economics is unrealistic and incorrect.
Should've figured it out by now that unpredictable behavior at the microscopic level becones defined behavior at the macroscopic level, just like in quantum physics. It's called emergence. It's how systems work.
Sorry if you want to ignore the existence of skin because you only believe in individual cells. Doesn't make you right that skin doesn't exist.
This is why no one takes "pure economics" seriously anymore outside the cultists. Keep drinking that Koolaid.