I work in High-Tech Pharma services. We shifted from producing more standard goods to quality services. For the first time in several quarters we are getting blue numbers, but no substantial growth. I believe what you have clearly explained in this video applies to any business.
Imagine the enormous waste of plastic packaging, short-life throw away cheap exploitative clothing, and other gidgets that sell, but break quickly and don't really help. All that waste is 'economic growth'. It is staggering and disastrous.
There's much to it too, printing, design, delivery and the oldest protection racket in the business, insurance, and the latest protection racket, re-insurance. They don't want brown paper bags in the faux eco-no-money, because they will kick the heels of the climate warming change thing.
Not all expensive clothing is good quality - but British clothing and fabrics, even if not sourced in UK, tend to be strong and hard wearing. Food is, or was, good quality and tasted good and flavoursome. I’m willing to pay for quality and hope to be wearing clothes at least 10 years after buying them. So classic, rather than fashionable.
Yup, hot air. Every time Elon farts in a bathtub it creates GDP growth. But that's not the same thing as economy or real economic growth. Sloshing water from one side of the tub to the other and back again isn't economic growth.
But remember, we were all told for over a decade that as part of "Austerity" we have to tighten our belts, temper our spending blah blah blah. There has been no growth for households for over a decade and when the UK government financially squeeze working people to the point of near death and the 10% don't pay any tax = stagNation
Kuznets understood this in 1934 when he warned against carte blanche use of GDP. He understood the difference between quantity and quality. And we are now slaves to GDP. Stunningly idiotic!
KarlMarx was the first to put it in writing; that capitalism at some point would be so big that it would eat itself from within. Weve reached that point. Companies no longer manufacture a product or 3 they invented themself. companies are investmentfunds that eats up everything they can get their hands on. And even if there is a lot, then theres only so much in the end. - We need to tax the rich in a way that makes sense with modern means of production and volumes of ownership
It is indeed. Odd how he was not listened to when he kind of made it quite plain. Ninety years of it does not seem to have been enough time for folks to listen to what he actually said. There is a lot of this kind of writing over what an originator says and means.
And the worst part is the ones that started it all knew it wasn’t forever and ‘told’ the people coming after them they had to develop something else. Imagine thinking people weren’t as greedy as themselves when they said that 😂😂😂
@@gmc9451neoliberalism - A political theory of the late 1900s holding that personal liberty is maximized by limiting government interference in the operation of free markets
Although Richard has a point, I think there is still plenty of room for economic growth. He’s right that there is a limit to how much each person can consume, and perhaps Richard is close to that limit, having a good quality home large enough for his family, a relatively new reliable car, modern TV & white goods etc in his home, regular replacement of clothing for all his family & the ability to have one or two holidays abroad every year & to visit restaurants etc with his family & if he likes have a few pints or glasses of wine with friends & family at his local. This is not the case for many millions of British citizens. Economic growth will come from better distribution of income & therefore the ability of more people to consume closer to their limit.
Very good point, 1/5 people live in poverty in the UK, they wouldn't mind some growth within their household, thus growth within the country. Do we focus on growth? I think chasing that figure has led to very poor decisions. Perhaps there is a financial limit or some kind of phycological limit as to how much we'll consume, but we'll always consume a better product at the same cost, I think?
I'm not sure "economic growth will come from better distribution of income", that's just slicing up the pie in a different way, but quality of life certainly will.
this is a solid point, wholly agree. also doesn't contradict with Richard's observation that we need to find a different measure of success based on quality vs quantity
The thing is we are now a service industry based country, and the services are hard to measure. It is the way with intangible stuff. This has been the way of it for some time now. I would be interested to see what measures have sprung up since the change took place.
Making poor wealthy isn't "eternal" also. And in fact... the poor are there on purpose. First almost all growth in the last decades was taken by the very wealthy and rich people to put it in financial industry crap. Second a large segment of poor is convenient for the capital owner to pay less to the middle class and create a lot pressure because they don't wanna get poor. Indeed we could create growth rather easy. Give poor people more money. Just give it to them. They spend almost 100% on consumption when they are poor. If you have 10 million poor people in the country give everybody just 100 bucks per month more and you generated 12 billion of growth which is already noticeable (about 0.3 percent of GDP growth? maybe even more). But this is not wanted cause we have a deep ideology that poor have to suffer. If they wanna get rid being poor they have to work their asses of. It's sort of a sacrifice mentality - still coming from the reformation 500 years ago (being rich equals blessed by god, all others have to "qualify" by suffering = "hard" work). In the end it's true that in rich countries overall we would have most of the times a constant need of material goods. Sometimes you have some increase by new technologies. Sometimes even a decline when some technilogy fields are just grown up and the market are in no real need anymore (like Smartphones we still buy every 2 years when all 5 years would be really enough cause the technology is really good enough and only very little steps are happening for years now - its only marketing why we sell/buy so much smartphones). And what Richard even doesnt say: Several private market services are actually unhealthy! Cause economy gives a shit about health. they could have created (un)social networks that are positive and are used fairly and healthy with a moderate amount of ads... but they created (un)social networks that make people addicted and create this huge advertisement systems where people are tricked all the time. Insurance companies often don't pay although you have a contract. There is a huge gambling and sport bets market - many of the addicted people there get harmed by their addictive behavior. You can probably find several other examples of services that aren't that good in terms of quality or health. But they use certain emotions to mislead customers. And if you make money and it's not put under law... you always find a provider to this service - no matter how unhealthy it is.
This channel is my daily watch at the breakfast table. It’s so heartening to have a cogent economic alternative to the one put forward by those moribund government talking heads that blather about the equivalence of the nation’s economy to your mums weekly budget. Now let’s have a televised debate between Rachel Reeves and Richard Murphy. So much blood on the floor. And it wouldn’t be Richards’!!
Reeve's budget reminds me of all the reasons I hated Gordon Brown Chips away at all sorts but doesn't address the fundemental inequality in the tax system Not that I would vote Tory but its a missed opertunity to set a new and bolder course at least we have Milliband driving a renewable agenda
@BlyatimirPootin it's miles better than a Tory one but it still stinks of soggy centerism If you put a tax on employer's ni it will affect growth, so if it suppresses growth by 1 % which its expected to do in some economic circles your loosing 10 billion in future tax revenues and also the loss in subsequent years. There were lots of ways to get 10-20 billion out of the system including hiring more hmrc staff to collect the 42 billion in owed but uncollected tax in 2023 or stop paying interest to the 425 billion on deposit with the banks at the boe which we printed in the 1st place during the banking crisis. Our problem is rich people not paying tax
@@SlowhandGreg I agree, its better than nothing but its about 1% of what is needed to drag the country out of the depression it is in. This was my comment: THERE IS AN EVEN MORE FUNDAMENTAL PROBLEM in the UK and the USA - growth is INFRASTRUCTURE LIMITED We didn't spend ANY money on roads, rail, ports, bridges, power stations, the national grid, water and sewage in the 80's 90's 00's when times were good - we can NOT physically do more than we do now cos everything is AT capacity, over capacity actually and it is breaking down. The UK needs to spend £4 Trillion on this and it has a budget of £0
I can’t believe this is the end of year already and I have investment goals I haven’t achieved yet. I hear people talk about a bull run in the financial market and I just recently sold a home. Do you suggest I utilize a financial advisor on stocks to buy, or can I do it on my own?
its just like asking if you should self-medicate, of course it’s always better to consult a doctor, so yes it’s a good idea to seek financial advise if you think you need guidance
True, I'm in line with advisory service cos my job doesn't permit me the time to analyze stocks myself. Thankfully, my portfolio is well matched for every season of the market and has yielded over 300% since the 2020 pandemic to date. IMO, nothing beats expertise.
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I’m cautious about giving specific recommendations as everyone's situation varies. You may consider independent financial advisors like Katherine Nance Dietz. I've worked with her for barely 5 years now and I'd gladly commend her exemplary service on a public post.
Thanks for sharing; I must say Katherine Nance Dietz appears to be quite knowledgeable. Just inputted her full name on the web and at once came across her consulting page, no BS!
When watching this video, for me, the elephant in the room not addressed is money spent on rent. Some people in London spwnd up to 50% of their income on rent. The video implies we are already "doing well" and that will contradict many people's daily experiences. The fact they are effectively paying a tax to the rich is the reason why they dont feel rich.
I've said this for years. If there's not enough property for everyone, whatever extra money you earn will get sucked into your housing, either mortgage or rent. Simple supply & demand
A good point. We can only increase production by reducing the huge differences in wealth and incomes. There are still plenty of poor people who need "more".
This is precisely why Westen nations have catastrophically set upon increasing their populations through mass migration. They foolishly believed that bringing new consumers into the country will stimulate growth.
Exactlty, i think one of the reasons. Increase demand. The problem is they're generally low skilled so alot of their income will be subsidised by government. Hence gdp per capita means were getting poorer( by this measure 27th in the world, way behind Norway, Switzerland and Austria
They are trying to stop the decline not stimulate growth. If you look at it, most workforce the UK imports are just here to keep some sectors at their current level.
@@benjaminhuston1390 you are not very well informed: a lot of academics, medics, engineers are foreign born. Due to the nature of their work, they are not as prominent as the Kurdish hari dresser or Afghani car wash staff, but they are very vital. People arriving in the "small boats" might look dishevelled etc, but they had lives, and there are skilled immigrants among them too.
a lot of migrants are very high skilled, the trouble is the UK is a desert for skilled jobs. Energy is way too expensive, so production uncompetitive. People waste their time and skills in this place. If you want to use your skills, go where energy is cheao, China, Russia. The UK is right at the opposite end with the highest energy costs in the world, but Americans still want the gov to build data centres and train AI here. You can't make it up ..
@@swojnowski8214 The UK is not a desert for skilled jobs, but there are issues and the price of energy is one of them. Creaking infrastructure is another. And then: the one which irks me the most is the COMPLETE and UTTER lack of joined up thinking (due to short termism). If AI and data processing centres consume a lot of energy, why is this energy not being diverted and used to heat swimming pools or whatever? When I was working for IBM, we had to freeze in the winter because of the need to keep the servers cool. The servers' heat could have been used to keep us warm, I suggested it and was told "It would be expensive". I replied: but it would save you money in the future. Answer: "We do not intend to remain in this building" (that was in 2001 and they are still there).
If Bitcoin follows the same patterns it followed in the last cycles,we will have a 200k Bitcoin by the end of 2025.I think we can even have more than 200k because many catalysts will impact the crypto market in 2025:1-Central banks joining the Bitcoin bandwagon in January 2025,2-A new SEC commissioner will be nominated 3-More institutions will come to the market 4-A potential Crypto regulation will come out in 2025 5-FED lowering interest rates all year of 2025...never been a better time to be involved in the market........ I have managed to grow a nest egg of around 3b"tc to a decent 26B'tc in the space of a few months. Amidst this, the insights of a knowledgeable guide like that of Francine Duguay can be crucial. Her expertise in navigating the nuances of trading has been the key for Me understanding and making the most of these emerging financial trends.
One thing I know for certain is crypto is here to stay, the only thing that leaves is the people who don't manage their risk. Manage that, or the market will manage it for you. With the right strategies you will survive.
Thank you for sharing your experience. She’s helped grow my reserve, despite inflation, from $87k to $246k as of today…..Her insights and daily siignals are worth following.
Growth in economies with a large service sector should consider wellbeing, particularly education and health (not just 'happiness'). We need new measures - believe Cameron made a start on these
Recently I've been talking about this exact issue. Services only maintains the position we are currently in.. .. Growth in unexpected places around the world..
For the Newbie if you are actually trading in the crypto space and you don't have a sound mentor. Then you are certainly going to get liquidated in 90% of your trades. Yeah that's sad truth. I remember when i just got into crypto back in 2019 but later in 2020 i ended up selling it because i have lost alot trading all by myself without a guide. Got back into crypto early in 2024 with $20k and I'm up with $232k in a short period of time
Tracy Britt Cool Consulting... has always been on the top of my list.. She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
I recently started trading last year in April, invested 50k in the market, and my portfolio is currently worth slightly over 190k. That's a lot more than I make in a vear from my job.
Good advice to anyone today, Don't simply retire from something; have something to retire to. Start saving, keep saving, and stick to investments. Everyone should have BTC in their portfolio…
Investing in many source of income that are independent of government paychecks is the prudent thing that everyone should be thinking about right now, especially given the global economic crisis. Good assets and digital currencies are still good investment at this time.
This is superb! Information, as a noob it gets quite difficult to handle all of this, and staying informed is a major cause, how do you go about this are you a pro investor?
As a beginner in this, it’s essential for you to have a mentor to keep you accountable. Jihan Wu is also my trade analyst, he has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
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We are saturated by the goods we have been convinced to own but these days many more people are more discerning of what they "want" at the same time as their "needs" have dramatically changed. Not so long ago no-one spoke of "minimalism" but in recent times it has become fashionable and comfortable to live in this fashion; it is also economically much better when the cost of living, see goods, is so high. In some respects this is a response to the greed of the companies making record profits from people who know all too well they are being ripped off. The rise in "Charity Shop" shopping now encompasses people from all walks of life.
You’re describing a situation we’ve had since 1970 but there has been enormous economic growth. More money amongst the population drives demand for more expensive houses, cars and smartphones. The end of growth is connected to the lack of money amongst the population. Zero wage growth means zero economic growth as companies doesn’t have customers for their new and more expensive products.
Growth is over for many reasons, resource depletion, increasing energy cost of energy etc etc but do we want more more more anyway? Busier roads, more crowded spaces, more hassle, movement, needless unhealthy consumption?
I’ve never forgotten the time we got a quote for a new kitchen. It was more than we could afford. The man, who I was friendly with, in the bike shop next to the kitchen suppliers said, “You don’t have to get an expensive kitchen. Just do what I do. Put in a cheap one then replace it every three years.” I suppose that’s a way to increase consumption, and waste.
@@martinvenner5258 Tried to make exactly that point in my comment above. We could just consume less, not a total solution but is the cheapest and simplest step. Except the corporations want us to buy buy buy.
This explains why the US sanctions and attacks on EU energy was so devastating. With Nordstream, they effectively de-industrialized Germany over night. The potential exists for abundant, almost free energy, but we have to get there first. China will get there, but I'm less sure we can due to lack of Keynesian economics
"Getting and spending, we lay waste our powers; / Little we see in Nature that is ours; / We have given our hearts away, a sordid boon!" William Wordsworth, "The World is Too Much With Us" (1807)
Like seriously, how did the economists become THIS disconnected from reality??? In the UK the absolute majority of the population struggles to make ends meet. People cannot afford minimum supply of food or energy, let alone buy a house. And yet, here we are with an economist telling us that our consumption is peaking and hence there will be no more growth. Ironically, Richard is probably right about growth. The reasons why, however, are completely different - inefficiency, socialism, globalization, approaching technological singularity.
It’s because he most likely lives in a suburban home in west Sheffield worth 500k with a stonking pension of 70-100k a year plus ample assets both liquid and physical. It’s very easy to wonder what all the fuss is about when you live in a world like that. If you’re 21 and working in McDonald’s for £11.44 an hour with a £30,000 student debt hanging over your head and no prospect of buying property even with a partner, It’s different.
Some of your reasons are flat out wrong too, some are just symptoms of a failing system. Technological singularity? This is still the stuff of sci-fi. Don't worry though, we will off ourselves before we can get there.
@@Exiztential Singularity is not some sci-fi mumbo-jumbo. It is actually the main reason why everything is falling apart. An average person has nothing to offer to high-tech economy we have, and it is getting progressively worse. Entire occupations are lining up for elimination in very near future - drivers, doctors, lawyers, HR, all sorts of customer care, warehouse workers etc. Even engineers and coders are under pressure already. What are you going to do? Write music? Become another useless PhD? But yes, there is a good chance that we won't survive this long.
@@kayholand_ TH-cam is eating my comments again without any good reason. Yes, socialistic healthcare and social security are the largest expenditure components, which suffocate the economic growth through the high tax burden. Singularity is also not a myth, but an objective process that squeezes more and more people out of the labor market because they cannot compete.
Keep saying it, and maybe with hope it will eventually get through. I am now a digital journalism student and have kept quiet on this stuff. For the reason you have spelled out.
I'd argue that most of us should consume less material goods; it's the cheapest and simplest way to mitigate climate change. Besides, owning stuff is a liability, it needs maintenance etc. and ends up owning you. Great video.
Spot on. Great video. I have had a nagging feeling for years that our historic model can’t continue to succeed. You express the why behind this feeling very well.
Thank you, sanity! Economic growth based on increased wealth creation requires raw materials extraction, manufacturing or increased farming etc. Services simply move wealth around and don't provide growth. Similarly high tech high skilled jobs are almost always a fixed proportion of total jobs because you inevitably need both. Off shore manufacturing means less wealth creation here.
Fantastic video🔥🔥! I have incurred so much losses trading on my own....I trade well on demo but I think the real market is manipulated.... Can anyone help me out or at least tell me what I'm doing wrong??
Trading on a demo account can definitely feel similar to the real market, but there are some differences. It's important to remember that trading involves risks and it's normal to face looses sometimes. One piece of advice is to start small and gradually increase your investments as you gain more experience and confidence. It might also be helpful to seek guidance from experienced traders or do some research on different trading strategies.
If you are trading without a professional guide... Ah, I laugh, because you will stay where you are or even suffer huge losses that will prevent you from trading, this has been one of the biggest problems for new traders.
I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Charlotte Grace Miller.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I'm celebrating a $30k stock portfolio today. started this journey with 6k. I have invested on time and also with the right terms now I have time for my family and the life ahead of me
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
Interesting argument. Economic growth doesn't need to be confined to material items. Any service we provide others or even ourselves is economic growth. There is enormous scope for improving our social and psychological well-being, for example.
Funny thing human beings we tech children how right and important sharing is and then find ourselves in a political and economic system that is focused on greedy narrow self interest
In fact, economic growth is a very young history. For the most part of the ~300000 years of our history economic growth didn't play any role in our life at all.
I agree , I see it like this , underdeveloped nations and developing nations have plenty of room and scope for growth . However nations such as ours the UK which are fully developed have zero or marginal room for growth . This is why we see 1% growth every quarter and countries like India and China see 7/8% growth every quarter .
The UK has - through its tax, regulatory and planning systems - made meaningful growth effectively illegal. This will not change - boomers, the wealthy and NIMBYs have got theirs and are a big enough bloc to win elections. They offer either landlordism or degrowth - both of which are fine for them, but offer penury for everyone else.
*THERE IS AN EVEN MORE FUNDIMENTAL PROBLEM* in the UK and the USA - growth is *INFRASTRUCTURE LIMITED* We didn't spend ANY money on roads, rail, ports, bridges, power stations, the national grid, water and sewage in the 80's 90's 00's when times were good - we can NOT physically do more than we do now cos everything is AT capacity, over capacity actually and it is breaking down. The UK needs to spend £4 Trillion on this and it has a budget of £0
The services suck here in the US. Go to come place like Thailand where things services are delivered cheaper with more value. America is the least service oriented place on earth. I wood rather stay home than to go out. In Thailand I would rather go out than stay home.
It seems like the main point of this video is built around the idea that "we, as consumers, already have enough, and that’s why growth is impossible." However, I would argue that this premise is flawed from the start. Maybe you feel that you have enough in your life, but many people don’t. For instance, the UK has outdated building infrastructure that is in dire need of upgrades. Addressing this would drive both production and consumption. If this idea were true for humanity as a whole, we would also see stagnant GDP growth in countries like the US, India, and China. Yet, these countries continue to experience economic growth. This suggests that your argument is not valid.
A great informative video. Thank you. I wish I could forward this video to the Australian Treasurer, who as recently as yesterday, was going on about the 'poor' productivity figures, which have been flatlining or going backwards for a long time. He would be very much the wiser for seeing this video presentation.
We’ve been hoodwinked about this for so long! Where did those ideas for ever-smarter cars, new kitchens and bathrooms, replacing your sofa and mattress periodically and flying off in squashed seats to look-alike sunny hotel pools come from? They told us it was ‘demand’ but really it’s emotional stuff whipped up by glossy advertising and, yes, politicians. We work longer hours under more stressful conditions and tell ourselves that’s the way to contentment. Baloney! This capitalist ‘dream’ we’ve been living since WWII is really just that: make-believe. Richard has really hit the nail on the head this time but I fear our political leaders are stuck in the past.
This is the best and most important video so far. We're at a fork in the road. In one direction, there's reduced inequality. This would be a two-way street: All to benefit from the wealth we create with our labour but also less alienation as we would all be better able to contribute. The alternative is to keep increasing poverty at one end of the scale while allowing the likes of Musk and Bezos to trouser an increasing proportion of the "wealth" created. The ultimate conclusion of this choice would be to deplete the planet's resources until it can no longer sustain us.
And its good. We need to get the spiralling houseprices under control, we need to get the global consumption down, we need to stop the global warming, we need to get foodprices down to an acceptable level. And whats with the microplastics, the water, the oceans, the increased number of billionaires and deca-millionaires who at this point is no more than detriments to the society. All of the issues can be solved in a generation or two where people dont get as many kids as previous gens. Or we could tax the rich proportional to their fortunes and not the nickles n dimes we operate with here. Its the rich who base their gigantic fortunes on the total value of the housemarket who fears losses. The rest of us will benefit from a smaller population.
Just this evening I read Benjamin Studebaker’s post “The Triangle of Essentialism” in which he divides countries into ones occupying one of three niches: extractive, producer, and consumer. And consumer states, Ben says, of which the US is the premier example, always prioritize maintaining the capacity to consume. The timing of this video could not be better.
"Growth" is a key signature policy outcome from Starmers New Labour WMD v2.0. And as such shoukd be used as a benchmark to show up Starmer and his plucky band of like-minded neoliberals they all are. Blair readily admits he failed at his industrial policy. Starmer recognises that and this is why he puts an emphasis on headlining his plan tomtackle it, at least in terms of headlines. Quite how Starmer plans to resurrect the industrial dead, I've no idea and nor does he. If Germany is struggling badly, then how on Earth does Starmer hope to out-rebuild them when their infrastructure has been place for decades, I've no idea and neither does he. This is also against all current shifts in global power and economics, including financial realignment and of course ongoing to pending climate change impacts. It's all a smoke and mirrors con. Carrots on Sticks. Jam Tomorrow ad nauseam... And for every single day you wait for it, just as waiting for Godo was a waste of time, the filthy rich keep getting richer and you forever poorer.
We are sat on one of the best places in the world for offshore wind The North Sea has multiple shallow shelves and is the confluence of multiple weather systems As a domestic Octopus customer I'm already benefiting from ultra cheap off peak always on energy, Dogger bank has been ramping up and there are plans to expand off teesside
@oneoflokis Currently renewable energy is the cheapest on the grid, our old grid is geared around coal power stations and we don't have the mass storage to time shift the large amounts of always on power that it generates. The cost of nuclear has also gone through the roof. The grid currently pays wind farms to turn off yet uses GAS standby generation at peak demand time's at a staggering cost to the overall energy price.
This is an interesting and important argument [that we cannot continue indefinitely producing / consuming material goods, or commodities]. But advertisers and Amazon [along with mainstream politicians] are intent on convincing us otherwise - especially at this time of the year! Our economic system [capitalism] is premised on indefinite growth, accumulation, expansion which, on a global scale, must surely hit its limits sooner or later. One way forward would be to have localized, worker control of production so that factories etc produce what is democratically considered necessary [use values] - rather than endlessly chasing profits and bonuses [exhange values] for bosses and shareholders.
Hmmm, I'm worrying that GDP can be kept growing by inventing more and more unnecessary jobs. More bureaucracy in privatised industries, the NHS managerial infrastructure designed to open it up to outsourcing for instance, the finance sector creating new ways to inflate assets, stock market and currency gambling. After all, before yellow parking lines there was no such thing as a traffic warden. Adding more rules (bureaucracy) creates more jobs, that we could all do without.
I agree about growth. And I've wondered why governments cannot see that it isn't possible on a finite planet. I think it may have something to do with fractional reserve and needing perpetual growth of debt to avoid collapse. But, honestly I don't know.
Perhaps look up 'Escaping growth dependency' by the UK based Positive Money. Bascially governments find growth to be an easy answer, because otherwise they would probably need to consider redistribution of some kind.
Thank you! I just wish more people would think about this more. As a species we are committing slow suicide by consumerism and having a good go at taking the rest of the planet with us 😐
I love the grounded reality of this channel!! Retirement took a toll on my finances, but I am so excited with my involvement in the digital market. $172k monthly has been life changing. Regardless of how bad it gets on the economy.
Impressive! Been trying to trade on my own for a while now, but it isn't going well. few months ago I lost about $27,000 in the trade. Can you please at least advise me on what to do?
Giving her my initial savings of $43,000 to invest in a brokerage account was a turning point in my life. It's been an incredibly rewarding experience and the best decision I ever made!
Finally, an economist not employed by the corporations and told what to say. The truth. There's a limit to the money we can earn, so there's a limit to the consumption.
I don't know about anyone else but I'm in my late 30's I've got a pretty decent paying job and I find that the things I can actually afford to buy is going down.. most of my money goes on bills.. if I'm lucky I'll have extra at the end of the month to spend on material goods..
I would suggest looking at those bills and seeing if the services they provide are actually necessary, and if they are, can you get them cheaper from a competitor? This is how businesses reduce their expenditures, so, if it works for them, why not you as well?
@@jimthain8777can't really do much about utilities, insurance and phone bills if you have already shopped around. Food and fuel costs are a big expenditure, not much you can do about that. You need to eat. If you eat cheap garbage, you will feel like garbage. Mortgage payments are set for 5 years.
Thank you mr Richard.When I study in Australia I learned that the level of economic growth in US and Europe is very low ( below 2%).This is different with countries in south east asia where the number can reach 8%
Isn’t confidence a big factor in determining the stock market’s monetary fluctuations? Maybe I’m wrong, not an economist, I just love learning. But if confidence is a factor, there’s no confidence in the dollar on a global scale. If this is the case, shouldn’t Europe (I’m sorry the uk has not any tradition of class war) just join the BRICS to avoid hyperinflation?
@ if they don’t abandon the dollar and join the BRICS trading countries they will suffer hyperinflation. They don’t have primary materials of production for technological advancement or enough capital to sustain their internal market. What do you think the result will be? Uk is already running towards complete economic stagnation and at the same time are spending trillions on proxy wars. Do you think that in a multipolar market, led by completely different principles than unilateral, dollar dominated trading conditions uk and USA won’t crash their economies? The vaults will be full of a currency good only to be used as wall paper. Have you seen the exchange rate between euro and pound? Look at it , it’s comical. And what do you think the Yankees will find in their vaults when the dollar will be obsolete? That is economic stagnation. That means that the inflation will be of universal dimensions. Wait until the ban on USA uk imports an ban to export on these two countries will have effect. What do you expect, economic surplus? Dream on
Our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
That is a limited market as birth rates fall globally. There are only a limited number of countries growing enough to produce significant numbers of immigrants.
UK is a low value, high cost economy. UK sustains itself without any improvements to infrastructures. Corrupt capitalism(costs £300B a year), poor leadership, weak regulation & no real cohesive strategy means higher debts, less skills, lower quality, higher inflation. 70-80% of household income is on essentials. High rents, high business rates, & high energy costs means UK has reached its limits. Average age of a car is 11 years old. A shrinking working population, higher emigration, low productivity(50% of managers are unqualified, low investment in operations(safety problems, poor design, unreliable technology & software), acute skill shortages, means more imports, higher immigration, & more contracts to international companies. 3M due to retire by 2026/27. Many skilled people are in low paid jobs because the job opportunities are rare or dont exist. Many people have left professions, eg, teachers, nurses, to do something different, particularly those who are 45 or over. Bullshit jobs have increased exponentially because we have too many upper middle class graduates & retired sporting professionals. We have too many deputies & assistants. Heirarchies have become overcomplicated with unclear roles & responsibilities.
“Everything that can be invented has been invented”. This quote is usually attributed to the Commissioner of the US Patent Office in 1899. The ethos behind this sentiment is repeated here. I think that most people can see clearly that this chap is just as wrong. Some people are limited by small imaginations. Imagine looking at the last 2000 years of human civilisation, let alone the last couple of centuries and concluding that further sustained economic growth was unattainable given potential technological leaps. The human ability for self delusional is truly monumental.
that's not what is being said here at all. the point being made is that as the population (note, not all individuals) get richer collectively the amount they consume as a proportion of their wealth/earnings declines. not that they dont want new things, more things, or things to replace what they had already. this is supported by the fact that the genuinely rich spend a majority of their outgoings on assets - property, buisnesses, stocks/shares (which is why the stockmarket value can increase by ~25% whilst the economy only grows at ~1-2%), and debt (i.e. they own the debt and therefore the income from it), colectively considered 'investments' - not products. that's why with the increasing wealth disparity you see a rise in asset prices and a move towards providing higher end products. the effect being that for the average person their rent/mortgage increases (as does their debt) and the products they need increase in price (and/or decrease in quality), as do largely the services they require. and they therefore have less to spend on 'things' supressing the opportunity for growth further.
Before retiring I worked in hospitality, in a hotel, when there were more residents or diners it was busier but its hard to see whether this would add to national growth. On leaving that until retirement age I worked in the service sector, for Serco, handling outsourced refuse services for a local council , mostly dealing with complaints about bins not being collected. Again its difficult to measure productivity in terms of its contribution to national growth
Growth is not confined to our domestic consumers. There are 4 billion people in developing economies who are the opportunity for us to provide goods and services to, and that's how we can achieve our economic growth. AI powered robotics absolutely could take over back of house functions in a restaurant. Recipes are literally algorithms, so preparing and cooking food is particularly well suited to automation.
Productivity used to be the driver of growth. In recent decades, increased consumer credit, an increased working population and an increased overall population are also key factors. All that said, I agree growth in high income countries is, and must be, largely history. By the way, climate change requires degrowth.
In real life....earn, pay tax, pay mortgage or rent, pay council tax, utilities (gas, electric, water, broadband), insurances (home, boiler, car etc), pay for overpriced groceries, fuel etc... There is no money left for goods or services hence no growth... If people had spare money, trust me they would spend it. 😅
Have money earned by the sweat of your brow wired abroad to help a few family members barely able to survive OR have literally billions earned through venture capital tucked safely away in an off shore tax haven? What’s ur poison?
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I have never understood this fixation with economic growth when it's individual personal disposable income that is the true measure of how well off we (the general public) are.
I have known this for years. Companies need to accept loss. There are only so many shoes and burgers you can buy. We are working to overproduce to throw away goods.
Several factors are responsible for the reduction or curtailment of growth. Auserity measures, inflation,the cost of living, chaange of lifestyles, resurgence of make do and mend, increase in the second hand market, technology stall are just some of the main ones.
I work in High-Tech Pharma services. We shifted from producing more standard goods to quality services. For the first time in several quarters we are getting blue numbers, but no substantial growth. I believe what you have clearly explained in this video applies to any business.
Imagine the enormous waste of plastic packaging, short-life throw away cheap exploitative clothing, and other gidgets that sell, but break quickly and don't really help. All that waste is 'economic growth'. It is staggering and disastrous.
There's much to it too, printing, design, delivery and the oldest protection racket in the business, insurance, and the latest protection racket, re-insurance. They don't want brown paper bags in the faux eco-no-money, because they will kick the heels of the climate warming change thing.
That's because we can't afford quality stuff anymore. Often fixing expensive stuff breaks thr bank too because wages are super low.
@@paxundpeace9970 It's expensive to be poor.
Not all expensive clothing is good quality - but British clothing and fabrics, even if not sourced in UK, tend to be strong and hard wearing. Food is, or was, good quality and tasted good and flavoursome. I’m willing to pay for quality and hope to be wearing clothes at least 10 years after buying them. So classic, rather than fashionable.
Yup, hot air. Every time Elon farts in a bathtub it creates GDP growth. But that's not the same thing as economy or real economic growth. Sloshing water from one side of the tub to the other and back again isn't economic growth.
Common sense wisdom, knowledge and expertise all in this one man. I wish he was Labour's Chief Economic Advisor.
Capitalism cannot be made to work in the interest of workers.
If he had stood with Corbyn when it mattered, he might have been. Zero chance with Starmer's neoliberal montrosity.
Corporate owned media would absolutely rinse him sadly.
@@Sankara561 Capitalism cannot be made to work in the interest of workers and will not be voted away.
Depressingly credible. We should spend capital on quality of life e.g. health, education, culture and the environment
Thats what we do, and surely better services or more people employed and this more services produced is a productivity growth.
But can you have Culture without Manufacturing.
That would make a change from a thousand years of English history destroying native cultures in Britain and around the world
That's how poor people have felt-live today, (spend that penance income) for tomorrow we d$!.
But remember, we were all told for over a decade that as part of "Austerity" we have to tighten our belts, temper our spending blah blah blah. There has been no growth for households for over a decade and when the UK government financially squeeze working people to the point of near death and the 10% don't pay any tax = stagNation
To add, "austerity" was applied in an historical near zero interest rate (almost free money) to invest in good services....
All true. End austerity!
@@antilunioStupid, wasn't it? 😏
@@krismacg5673 Not only that but the corporates are making ever increasing profits without increasing wages to anything like the same growth.
@@nickbarton3191 10% don't pay tax? That would be 6.8M / 68M people in the UK, or 1 in 10 people. Seems a solid and accurate stat that. :D
Kuznets understood this in 1934 when he warned against carte blanche use of GDP. He understood the difference between quantity and quality. And we are now slaves to GDP. Stunningly idiotic!
KarlMarx was the first to put it in writing; that capitalism at some point would be so big that it would eat itself from within.
Weve reached that point. Companies no longer manufacture a product or 3 they invented themself. companies are investmentfunds that eats up everything they can get their hands on. And even if there is a lot, then theres only so much in the end. - We need to tax the rich in a way that makes sense with modern means of production and volumes of ownership
It is indeed. Odd how he was not listened to when he kind of made it quite plain. Ninety years of it does not seem to have been enough time for folks to listen to what he actually said. There is a lot of this kind of writing over what an originator says and means.
I know some ppl in my town so poor they live like a Victorian pauper
It’s almost as if building our future around consumerism and neoliberal ideas wasn’t ever going to be a great idea for society.
And the worst part is the ones that started it all knew it wasn’t forever and ‘told’ the people coming after them they had to develop something else. Imagine thinking people weren’t as greedy as themselves when they said that 😂😂😂
Nor for the planet.
What is a neoliberal idea?.
It was fake multiculturalism.....
Real cultural death is massive rn
@@gmc9451neoliberalism - A political theory of the late 1900s holding that personal liberty is maximized by limiting government interference in the operation of free markets
Although Richard has a point, I think there is still plenty of room for economic growth.
He’s right that there is a limit to how much each person can consume, and perhaps Richard is close to that limit, having a good quality home large enough for his family, a relatively new reliable car, modern TV & white goods etc in his home, regular replacement of clothing for all his family & the ability to have one or two holidays abroad every year & to visit restaurants etc with his family & if he likes have a few pints or glasses of wine with friends & family at his local.
This is not the case for many millions of British citizens.
Economic growth will come from better distribution of income & therefore the ability of more people to consume closer to their limit.
Very good point, 1/5 people live in poverty in the UK, they wouldn't mind some growth within their household, thus growth within the country.
Do we focus on growth? I think chasing that figure has led to very poor decisions. Perhaps there is a financial limit or some kind of phycological limit as to how much we'll consume, but we'll always consume a better product at the same cost, I think?
I'm not sure "economic growth will come from better distribution of income", that's just slicing up the pie in a different way, but quality of life certainly will.
this is a solid point, wholly agree. also doesn't contradict with Richard's observation that we need to find a different measure of success based on quality vs quantity
The thing is we are now a service industry based country, and the services are hard to measure. It is the way with intangible stuff. This has been the way of it for some time now. I would be interested to see what measures have sprung up since the change took place.
Making poor wealthy isn't "eternal" also. And in fact... the poor are there on purpose. First almost all growth in the last decades was taken by the very wealthy and rich people to put it in financial industry crap. Second a large segment of poor is convenient for the capital owner to pay less to the middle class and create a lot pressure because they don't wanna get poor.
Indeed we could create growth rather easy. Give poor people more money. Just give it to them. They spend almost 100% on consumption when they are poor. If you have 10 million poor people in the country give everybody just 100 bucks per month more and you generated 12 billion of growth which is already noticeable (about 0.3 percent of GDP growth? maybe even more).
But this is not wanted cause we have a deep ideology that poor have to suffer. If they wanna get rid being poor they have to work their asses of. It's sort of a sacrifice mentality - still coming from the reformation 500 years ago (being rich equals blessed by god, all others have to "qualify" by suffering = "hard" work).
In the end it's true that in rich countries overall we would have most of the times a constant need of material goods. Sometimes you have some increase by new technologies. Sometimes even a decline when some technilogy fields are just grown up and the market are in no real need anymore (like Smartphones we still buy every 2 years when all 5 years would be really enough cause the technology is really good enough and only very little steps are happening for years now - its only marketing why we sell/buy so much smartphones).
And what Richard even doesnt say: Several private market services are actually unhealthy! Cause economy gives a shit about health. they could have created (un)social networks that are positive and are used fairly and healthy with a moderate amount of ads... but they created (un)social networks that make people addicted and create this huge advertisement systems where people are tricked all the time.
Insurance companies often don't pay although you have a contract.
There is a huge gambling and sport bets market - many of the addicted people there get harmed by their addictive behavior.
You can probably find several other examples of services that aren't that good in terms of quality or health. But they use certain emotions to mislead customers. And if you make money and it's not put under law... you always find a provider to this service - no matter how unhealthy it is.
There doesn't seem to be any limit to the amount of money my wife can spend at the supermarket.
This channel is my daily watch at the breakfast table. It’s so heartening to have a cogent economic alternative to the one put forward by those moribund government talking heads that blather about the equivalence of the nation’s economy to your mums weekly budget. Now let’s have a televised debate between Rachel Reeves and Richard Murphy. So much blood on the floor. And it wouldn’t be Richards’!!
Reeve's budget reminds me of all the reasons I hated Gordon Brown
Chips away at all sorts but doesn't address the fundemental inequality in the tax system
Not that I would vote Tory but its a missed opertunity to set a new and bolder course at least we have Milliband driving a renewable agenda
Would be good! 🙂
@@SlowhandGregI'd say Reeves budget is a step in the right direction.
@BlyatimirPootin it's miles better than a Tory one but it still stinks of soggy centerism
If you put a tax on employer's ni it will affect growth, so if it suppresses growth by 1 % which its expected to do in some economic circles your loosing 10 billion in future tax revenues and also the loss in subsequent years.
There were lots of ways to get 10-20 billion out of the system including hiring more hmrc staff to collect the 42 billion in owed but uncollected tax in 2023 or stop paying interest to the 425 billion on deposit with the banks at the boe which we printed in the 1st place during the banking crisis.
Our problem is rich people not paying tax
@@SlowhandGreg I agree, its better than nothing but its about 1% of what is needed to drag the country out of the depression it is in. This was my comment:
THERE IS AN EVEN MORE FUNDAMENTAL PROBLEM in the UK and the USA - growth is INFRASTRUCTURE LIMITED
We didn't spend ANY money on roads, rail, ports, bridges, power stations, the national grid, water and sewage in the 80's 90's 00's when times were good - we can NOT physically do more than we do now cos everything is AT capacity, over capacity actually and it is breaking down. The UK needs to spend £4 Trillion on this and it has a budget of £0
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its just like asking if you should self-medicate, of course it’s always better to consult a doctor, so yes it’s a good idea to seek financial advise if you think you need guidance
True, I'm in line with advisory service cos my job doesn't permit me the time to analyze stocks myself. Thankfully, my portfolio is well matched for every season of the market and has yielded over 300% since the 2020 pandemic to date. IMO, nothing beats expertise.
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When watching this video, for me, the elephant in the room not addressed is money spent on rent. Some people in London spwnd up to 50% of their income on rent.
The video implies we are already "doing well" and that will contradict many people's daily experiences.
The fact they are effectively paying a tax to the rich is the reason why they dont feel rich.
Exactly! That and overpriced utilities. 💯
he means he's doing well, so everything is rosy
@@harrisonbergeron9746it seems to me that you are not understanding the difference between global and local.
Yep, then we get rinsed in taxes to pay for the same people's pensions who own multiple houses
I've said this for years. If there's not enough property for everyone, whatever extra money you earn will get sucked into your housing, either mortgage or rent. Simple supply & demand
A good point.
We can only increase production by reducing the huge differences in wealth and incomes. There are still plenty of poor people who need "more".
💯💯💯
you want increase production till energybis very cheap. Forget it.
@swojnowski8214 💯
Exponential economic growth is unsustainable
no growth is sustainable any more.
Just as well we're not getting it then
Looks like we’re getting sod all at the moment anyway
So is exponential economic and social decay, you have to pick your poison and I would rather have growth.
Not for billionaires apparently
This is precisely why Westen nations have catastrophically set upon increasing their populations through mass migration. They foolishly believed that bringing new consumers into the country will stimulate growth.
Exactlty, i think one of the reasons. Increase demand.
The problem is they're generally low skilled so alot of their income will be subsidised by government. Hence gdp per capita means were getting poorer( by this measure 27th in the world, way behind Norway, Switzerland and Austria
They are trying to stop the decline not stimulate growth. If you look at it, most workforce the UK imports are just here to keep some sectors at their current level.
@@benjaminhuston1390 you are not very well informed: a lot of academics, medics, engineers are foreign born. Due to the nature of their work, they are not as prominent as the Kurdish hari dresser or Afghani car wash staff, but they are very vital. People arriving in the "small boats" might look dishevelled etc, but they had lives, and there are skilled immigrants among them too.
a lot of migrants are very high skilled, the trouble is the UK is a desert for skilled jobs. Energy is way too expensive, so production uncompetitive. People waste their time and skills in this place. If you want to use your skills, go where energy is cheao, China, Russia. The UK is right at the opposite end with the highest energy costs in the world, but Americans still want the gov to build data centres and train AI here. You can't make it up ..
@@swojnowski8214 The UK is not a desert for skilled jobs, but there are issues and the price of energy is one of them. Creaking infrastructure is another. And then: the one which irks me the most is the COMPLETE and UTTER lack of joined up thinking (due to short termism). If AI and data processing centres consume a lot of energy, why is this energy not being diverted and used to heat swimming pools or whatever? When I was working for IBM, we had to freeze in the winter because of the need to keep the servers cool. The servers' heat could have been used to keep us warm, I suggested it and was told "It would be expensive". I replied: but it would save you money in the future. Answer: "We do not intend to remain in this building" (that was in 2001 and they are still there).
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It all comes back to our definition of growth and primarily the method of prosperity measurement. GDP is suboptimal
GDP is a con.
There is a LOT of growth in firms specialising in advising wealthy people how to better avoid taxes.
Growth in economies with a large service sector should consider wellbeing, particularly education and health (not just 'happiness'). We need new measures - believe Cameron made a start on these
Recently I've been talking about this exact issue.
Services only maintains the position we are currently in..
..
Growth in unexpected places around the world..
Growth was premised on expansionism, which was premised upon imperialism.
Spot on!
Yeah-nah.
Steam engines pumping water out of coal mines wasn't imperialism.
Technology can take the place of imperialism. So... no. Because the pie isn't growing, because the people don't have the money, the top has it all.
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What opportunities are there in the market, and how do I profit from it?
You can make a lot of money from the market regardless of whether it strengthens or crashes. The key is to be well positioned.
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Everyone should have BTC in their portfolio…
Investing in many source of income that are independent of government paychecks is the prudent thing that everyone should be thinking about right now, especially given the global economic crisis. Good assets and digital currencies are still good investment at this time.
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We are saturated by the goods we have been convinced to own but these days many more people are more discerning of what they "want" at the same time as their "needs" have dramatically changed. Not so long ago no-one spoke of "minimalism" but in recent times it has become fashionable and comfortable to live in this fashion; it is also economically much better when the cost of living, see goods, is so high. In some respects this is a response to the greed of the companies making record profits from people who know all too well they are being ripped off. The rise in "Charity Shop" shopping now encompasses people from all walks of life.
that's just copium for people who won't admit they can't afford stuff they want
And they ate getting greedy too.
You’re describing a situation we’ve had since 1970 but there has been enormous economic growth. More money amongst the population drives demand for more expensive houses, cars and smartphones. The end of growth is connected to the lack of money amongst the population. Zero wage growth means zero economic growth as companies doesn’t have customers for their new and more expensive products.
Yeah, I think that's the elephant in the room
Growth is over for many reasons, resource depletion, increasing energy cost of energy etc etc but do we want more more more anyway? Busier roads, more crowded spaces, more hassle, movement, needless unhealthy consumption?
I’ve never forgotten the time we got a quote for a new kitchen. It was more than we could afford. The man, who I was friendly with, in the bike shop next to the kitchen suppliers said, “You don’t have to get an expensive kitchen. Just do what I do. Put in a cheap one then replace it every three years.” I suppose that’s a way to increase consumption, and waste.
I see that economic growth is also directly related to energy consumption. We are so screwed
@@martinvenner5258 Tried to make exactly that point in my comment above. We could just consume less, not a total solution but is the cheapest and simplest step. Except the corporations want us to buy buy buy.
This explains why the US sanctions and attacks on EU energy was so devastating. With Nordstream, they effectively de-industrialized Germany over night.
The potential exists for abundant, almost free energy, but we have to get there first. China will get there, but I'm less sure we can due to lack of Keynesian economics
@WarrenPeaceOG The German car industry was selling less and less anyway.
@@nickbarton3191does that make it alright? I dont understand this comment.
@@Redf322 I mean that the German automotive industry has been winding down since before the NordStream issue.
"Getting and spending, we lay waste our powers; / Little we see in Nature that is ours; / We have given our hearts away, a sordid boon!" William Wordsworth, "The World is Too Much With Us" (1807)
Like seriously, how did the economists become THIS disconnected from reality??? In the UK the absolute majority of the population struggles to make ends meet. People cannot afford minimum supply of food or energy, let alone buy a house. And yet, here we are with an economist telling us that our consumption is peaking and hence there will be no more growth. Ironically, Richard is probably right about growth. The reasons why, however, are completely different - inefficiency, socialism, globalization, approaching technological singularity.
It’s because he most likely lives in a suburban home in west Sheffield worth 500k with a stonking pension of 70-100k a year plus ample assets both liquid and physical. It’s very easy to wonder what all the fuss is about when you live in a world like that.
If you’re 21 and working in McDonald’s for £11.44 an hour with a £30,000 student debt hanging over your head and no prospect of buying property even with a partner, It’s different.
Some of your reasons are flat out wrong too, some are just symptoms of a failing system. Technological singularity? This is still the stuff of sci-fi. Don't worry though, we will off ourselves before we can get there.
@@Exiztential Singularity is not some sci-fi mumbo-jumbo. It is actually the main reason why everything is falling apart. An average person has nothing to offer to high-tech economy we have, and it is getting progressively worse. Entire occupations are lining up for elimination in very near future - drivers, doctors, lawyers, HR, all sorts of customer care, warehouse workers etc. Even engineers and coders are under pressure already. What are you going to do? Write music? Become another useless PhD? But yes, there is a good chance that we won't survive this long.
Lol you think socialism is the bad guy here!!! ahhh jesus you are so wrong xD
@@kayholand_ TH-cam is eating my comments again without any good reason. Yes, socialistic healthcare and social security are the largest expenditure components, which suffocate the economic growth through the high tax burden. Singularity is also not a myth, but an objective process that squeezes more and more people out of the labor market because they cannot compete.
Absolutely! What I say over & over, but mostly get rubbished - thanks, again Richard!
Keep saying it, and maybe with hope it will eventually get through. I am now a digital journalism student and have kept quiet on this stuff. For the reason you have spelled out.
People have no idea how poor they are and becoming in the uk
I'd argue that most of us should consume less material goods; it's the cheapest and simplest way to mitigate climate change.
Besides, owning stuff is a liability, it needs maintenance etc. and ends up owning you.
Great video.
But you NEED to own stuff, to operate in a modern society. We're not all living in the rainforest here.. 😏😏
And things like hobbies (including crafts) are quite expensive too..
if you don't own anything, somebody owns you
@oneoflokis Depends on your passions and tastes, I play piano, was expensive to buy but it's a one-off capital expense.
@harrisonbergeron9746 I'm not saying not to have investments, I was talking about material goods.
The only thing that’s growing is yachts! we are getting poorer for the sake of bigger yachts. 🤯
😏💯
And the ones who own these yachts have bought all the steps of the production and theyre effectively holding everybody else out
The haves and the have yachts!!!
@JohnWilkinson-f4k 😂😏
@martinwinther6013 And they should be dealt with..
Spot on. Great video. I have had a nagging feeling for years that our historic model can’t continue to succeed. You express the why behind this feeling very well.
Thank you, sanity! Economic growth based on increased wealth creation requires raw materials extraction, manufacturing or increased farming etc. Services simply move wealth around and don't provide growth. Similarly high tech high skilled jobs are almost always a fixed proportion of total jobs because you inevitably need both. Off shore manufacturing means less wealth creation here.
Another great monologue sir. Keep them coming 🙌
Fantastic video🔥🔥! I have incurred so much losses trading on my own....I trade well on demo but I think the real market is manipulated.... Can anyone help me out or at least tell me what I'm doing wrong??
Trading on a demo account can definitely feel similar to the real market, but there are some differences. It's important to remember that trading involves risks and it's normal to face looses sometimes. One piece of advice is to start small and gradually increase your investments as you gain more experience and confidence. It might also be helpful to seek guidance from experienced traders or do some research on different trading strategies.
If you are trading without a professional guide... Ah, I laugh, because you will stay where you are or even suffer huge losses that will prevent you from trading, this has been one of the biggest problems for new traders.
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Buying trees is very rewarding .
Interesting argument. Economic growth doesn't need to be confined to material items. Any service we provide others or even ourselves is economic growth. There is enormous scope for improving our social and psychological well-being, for example.
Funny thing human beings we tech children how right and important sharing is and then find ourselves in a political and economic system that is focused on greedy narrow self interest
💯
In fact, economic growth is a very young history. For the most part of the ~300000 years of our history economic growth didn't play any role in our life at all.
I agree , I see it like this , underdeveloped nations and developing nations have plenty of room and scope for growth .
However nations such as ours the UK which are fully developed have zero or marginal room for growth .
This is why we see 1% growth every quarter and countries like India and China see 7/8% growth every quarter .
The UK has - through its tax, regulatory and planning systems - made meaningful growth effectively illegal.
This will not change - boomers, the wealthy and NIMBYs have got theirs and are a big enough bloc to win elections. They offer either landlordism or degrowth - both of which are fine for them, but offer penury for everyone else.
Excellent video. The acquisition of things does not satisfy, and as you get older you understand this more acutely.
*THERE IS AN EVEN MORE FUNDIMENTAL PROBLEM* in the UK and the USA - growth is *INFRASTRUCTURE LIMITED*
We didn't spend ANY money on roads, rail, ports, bridges, power stations, the national grid, water and sewage in the 80's 90's 00's when times were good - we can NOT physically do more than we do now cos everything is AT capacity, over capacity actually and it is breaking down. The UK needs to spend £4 Trillion on this and it has a budget of £0
Letting home grown nuclear power industry die was a biggie. Its so expensive because of undeveloped efficiency and standardization.
Over 40 thousand infrastructure projects have been undertaken in the USA under Biden for the past 3 years. Please do your research
The services suck here in the US. Go to come place like Thailand where things services are delivered cheaper with more value. America is the least service oriented place on earth. I wood rather stay home than to go out. In Thailand I would rather go out than stay home.
It seems like the main point of this video is built around the idea that "we, as consumers, already have enough, and that’s why growth is impossible." However, I would argue that this premise is flawed from the start.
Maybe you feel that you have enough in your life, but many people don’t. For instance, the UK has outdated building infrastructure that is in dire need of upgrades. Addressing this would drive both production and consumption.
If this idea were true for humanity as a whole, we would also see stagnant GDP growth in countries like the US, India, and China. Yet, these countries continue to experience economic growth. This suggests that your argument is not valid.
A great informative video. Thank you.
I wish I could forward this video to the Australian Treasurer, who as recently as yesterday, was going on about the 'poor' productivity figures, which have been flatlining or going backwards for a long time. He would be very much the wiser for seeing this video presentation.
Certainly thought provoking
I consider the introduction of planned obsolescence to be the attempt of manufacturers to perpetuate the growth in material consumption.
We’ve been hoodwinked about this for so long! Where did those ideas for ever-smarter cars, new kitchens and bathrooms, replacing your sofa and mattress periodically and flying off in squashed seats to look-alike sunny hotel pools come from? They told us it was ‘demand’ but really it’s emotional stuff whipped up by glossy advertising and, yes, politicians. We work longer hours under more stressful conditions and tell ourselves that’s the way to contentment. Baloney! This capitalist ‘dream’ we’ve been living since WWII is really just that: make-believe.
Richard has really hit the nail on the head this time but I fear our political leaders are stuck in the past.
Richard thank you! You’re one of the few saying this!
He's basically correct, except for USA which is reshoring production, but it's also because of ageing societies.
23 countries going to lose half their population the next 80 years and never before been around 25% over 65 for most of the world.
This is the best and most important video so far. We're at a fork in the road.
In one direction, there's reduced inequality. This would be a two-way street: All to benefit from the wealth we create with our labour but also less alienation as we would all be better able to contribute.
The alternative is to keep increasing poverty at one end of the scale while allowing the likes of Musk and Bezos to trouser an increasing proportion of the "wealth" created. The ultimate conclusion of this choice would be to deplete the planet's resources until it can no longer sustain us.
Everything's demographics now. We have a shrinking global population
This is a major problem when you live in a corrupt system, when the younger generation pays the older generation's pensions.
And its good.
We need to get the spiralling houseprices under control, we need to get the global consumption down, we need to stop the global warming, we need to get foodprices down to an acceptable level. And whats with the microplastics, the water, the oceans, the increased number of billionaires and deca-millionaires who at this point is no more than detriments to the society.
All of the issues can be solved in a generation or two where people dont get as many kids as previous gens. Or we could tax the rich proportional to their fortunes and not the nickles n dimes we operate with here.
Its the rich who base their gigantic fortunes on the total value of the housemarket who fears losses. The rest of us will benefit from a smaller population.
We need a shrinking population.
@@MichaelPetek You are correct but that would be disastrous with current system
Is it actually shrinking or just growing more slowly?
Just this evening I read Benjamin Studebaker’s post “The Triangle of Essentialism” in which he divides countries into ones occupying one of three niches: extractive, producer, and consumer. And consumer states, Ben says, of which the US is the premier example, always prioritize maintaining the capacity to consume. The timing of this video could not be better.
"Growth" is a key signature policy outcome from Starmers New Labour WMD v2.0. And as such shoukd be used as a benchmark to show up Starmer and his plucky band of like-minded neoliberals they all are.
Blair readily admits he failed at his industrial policy. Starmer recognises that and this is why he puts an emphasis on headlining his plan tomtackle it, at least in terms of headlines.
Quite how Starmer plans to resurrect the industrial dead, I've no idea and nor does he.
If Germany is struggling badly, then how on Earth does Starmer hope to out-rebuild them when their infrastructure has been place for decades, I've no idea and neither does he.
This is also against all current shifts in global power and economics, including financial realignment and of course ongoing to pending climate change impacts.
It's all a smoke and mirrors con. Carrots on Sticks. Jam Tomorrow ad nauseam... And for every single day you wait for it, just as waiting for Godo was a waste of time, the filthy rich keep getting richer and you forever poorer.
We are sat on one of the best places in the world for offshore wind
The North Sea has multiple shallow shelves and is the confluence of multiple weather systems
As a domestic Octopus customer I'm already benefiting from ultra cheap off peak always on energy, Dogger bank has been ramping up and there are plans to expand off teesside
Eat the rich? 😄
@@SlowhandGregReally?
@oneoflokis Currently renewable energy is the cheapest on the grid, our old grid is geared around coal power stations and we don't have the mass storage to time shift the large amounts of always on power that it generates. The cost of nuclear has also gone through the roof.
The grid currently pays wind farms to turn off yet uses GAS standby generation at peak demand time's at a staggering cost to the overall energy price.
@SlowhandGreg Really? Wow.
Thanks Richard. Excellent analysis
He speaks the truth
This is an interesting and important argument [that we cannot continue indefinitely producing / consuming material goods, or commodities]. But advertisers and Amazon [along with mainstream politicians] are intent on convincing us otherwise - especially at this time of the year! Our economic system [capitalism] is premised on indefinite growth, accumulation, expansion which, on a global scale, must surely hit its limits sooner or later. One way forward would be to have localized, worker control of production so that factories etc produce what is democratically considered necessary [use values] - rather than endlessly chasing profits and bonuses [exhange values] for bosses and shareholders.
Economic growth is just people buying stuff they don't need
or (as in the USA) eating stuff they should not and getting ill.
I expect you to be the first to give up your luxuries.
@@RogerBacon-p1y Do you know the poster? I tthought not, so please do not make assumptions just to sound clever. and sarcastic.
Story of my life
Hmmm, I'm worrying that GDP can be kept growing by inventing more and more unnecessary jobs. More bureaucracy in privatised industries, the NHS managerial infrastructure designed to open it up to outsourcing for instance, the finance sector creating new ways to inflate assets, stock market and currency gambling. After all, before yellow parking lines there was no such thing as a traffic warden. Adding more rules (bureaucracy) creates more jobs, that we could all do without.
I agree about growth. And I've wondered why governments cannot see that it isn't possible on a finite planet.
I think it may have something to do with fractional reserve and needing perpetual growth of debt to avoid collapse. But, honestly I don't know.
Physical resources are limited, money isn't
You are rjght . We are all victims of the economic Ponzi scheme
Perhaps look up 'Escaping growth dependency' by the UK based Positive Money. Bascially governments find growth to be an easy answer, because otherwise they would probably need to consider redistribution of some kind.
@@TilmanHartleyVideo💯💯
@@skyblazeeterno The value that money has comes from physical resources
Thank you! I just wish more people would think about this more. As a species we are committing slow suicide by consumerism and having a good go at taking the rest of the planet with us 😐
I love the grounded reality of this channel!!
Retirement took a toll on my finances, but I am so excited with my involvement in the digital market. $172k monthly has been life changing. Regardless of how bad it gets on the economy.
Hello how do you make such monthly??
Impressive! Been trying to trade on my own for a while now, but it isn't going well. few months ago I lost about $27,000 in the trade. Can you please at least advise me on what to do?
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Finally, an economist not employed by the corporations and told what to say. The truth. There's a limit to the money we can earn, so there's a limit to the consumption.
And part of this is about oil depletion
Economic growth is doing most damage
I don't know about anyone else but I'm in my late 30's I've got a pretty decent paying job and I find that the things I can actually afford to buy is going down.. most of my money goes on bills.. if I'm lucky I'll have extra at the end of the month to spend on material goods..
💯
I would suggest looking at those bills and seeing if the services they provide are actually necessary, and if they are, can you get them cheaper from a competitor?
This is how businesses reduce their expenditures, so, if it works for them, why not you as well?
💯
@@jimthain8777 Like energy? 😏 All the companies are in located..
@@jimthain8777can't really do much about utilities, insurance and phone bills if you have already shopped around. Food and fuel costs are a big expenditure, not much you can do about that. You need to eat. If you eat cheap garbage, you will feel like garbage.
Mortgage payments are set for 5 years.
Thank you mr Richard.When I study in Australia I learned that the level of economic growth in US and Europe is very low ( below 2%).This is different with countries in south east asia where the number can reach 8%
Isn’t confidence a big factor in determining the stock market’s monetary fluctuations? Maybe I’m wrong, not an economist, I just love learning. But if confidence is a factor, there’s no confidence in the dollar on a global scale. If this is the case, shouldn’t Europe (I’m sorry the uk has not any tradition of class war) just join the BRICS to avoid hyperinflation?
Why would EU countries suffer from hyperinflation?
Also the EU has, or is negotiating, agreements with BRICS.
@ if they don’t abandon the dollar and join the BRICS trading countries they will suffer hyperinflation. They don’t have primary materials of production for technological advancement or enough capital to sustain their internal market. What do you think the result will be? Uk is already running towards complete economic stagnation and at the same time are spending trillions on proxy wars. Do you think that in a multipolar market, led by completely different principles than unilateral, dollar dominated trading conditions uk and USA won’t crash their economies? The vaults will be full of a currency good only to be used as wall paper. Have you seen the exchange rate between euro and pound? Look at it , it’s comical. And what do you think the Yankees will find in their vaults when the dollar will be obsolete? That is economic stagnation. That means that the inflation will be of universal dimensions. Wait until the ban on USA uk imports an ban to export on these two countries will have effect. What do you expect, economic surplus? Dream on
You're a world of wisdom. Love these videos! Happy Holidays!
Our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
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Just research the name Stacy Lynn Staples . You’d find necessary details to work with a correspondence to set up an appointment.
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Yeah we're goners
The government will just increase the number of people by migration to get the increase in GDP.
That is a limited market as birth rates fall globally. There are only a limited number of countries growing enough to produce significant numbers of immigrants.
UK is a low value, high cost economy. UK sustains itself without any improvements to infrastructures. Corrupt capitalism(costs £300B a year), poor leadership, weak regulation & no real cohesive strategy means higher debts, less skills, lower quality, higher inflation. 70-80% of household income is on essentials. High rents, high business rates, & high energy costs means UK has reached its limits. Average age of a car is 11 years old. A shrinking working population, higher emigration, low productivity(50% of managers are unqualified, low investment in operations(safety problems, poor design, unreliable technology & software), acute skill shortages, means more imports, higher immigration, & more contracts to international companies. 3M due to retire by 2026/27. Many skilled people are in low paid jobs because the job opportunities are rare or dont exist. Many people have left professions, eg, teachers, nurses, to do something different, particularly those who are 45 or over. Bullshit jobs have increased exponentially because we have too many upper middle class graduates & retired sporting professionals. We have too many deputies & assistants. Heirarchies have become overcomplicated with unclear roles & responsibilities.
Lots of good sense as usual Richard
Look on the brightside. It's good for the planet!
“Everything that can be invented has been invented”. This quote is usually attributed to the Commissioner of the US Patent Office in 1899.
The ethos behind this sentiment is repeated here. I think that most people can see clearly that this chap is just as wrong. Some people are limited by small imaginations.
Imagine looking at the last 2000 years of human civilisation, let alone the last couple of centuries and concluding that further sustained economic growth was unattainable given potential technological leaps. The human ability for self delusional is truly monumental.
that's not what is being said here at all. the point being made is that as the population (note, not all individuals) get richer collectively the amount they consume as a proportion of their wealth/earnings declines. not that they dont want new things, more things, or things to replace what they had already.
this is supported by the fact that the genuinely rich spend a majority of their outgoings on assets - property, buisnesses, stocks/shares (which is why the stockmarket value can increase by ~25% whilst the economy only grows at ~1-2%), and debt (i.e. they own the debt and therefore the income from it), colectively considered 'investments' - not products. that's why with the increasing wealth disparity you see a rise in asset prices and a move towards providing higher end products. the effect being that for the average person their rent/mortgage increases (as does their debt) and the products they need increase in price (and/or decrease in quality), as do largely the services they require. and they therefore have less to spend on 'things' supressing the opportunity for growth further.
Before retiring I worked in hospitality, in a hotel, when there were more residents or diners it was busier but its hard to see whether this would add to national growth. On leaving that until retirement age I worked in the service sector, for Serco, handling outsourced refuse services for a local council , mostly dealing with complaints about bins not being collected. Again its difficult to measure productivity in terms of its contribution to national growth
Growth is not confined to our domestic consumers. There are 4 billion people in developing economies who are the opportunity for us to provide goods and services to, and that's how we can achieve our economic growth.
AI powered robotics absolutely could take over back of house functions in a restaurant. Recipes are literally algorithms, so preparing and cooking food is particularly well suited to automation.
Ex[orts are a cost, it's us sending real resources out of our country in return for someone's digital tokens.
This was so interesting. I'm glad I watched it. I feel like it's one of those huge topics that would meet some serious discussion among smart people.
Productivity used to be the driver of growth. In recent decades, increased consumer credit, an increased working population and an increased overall population are also key factors. All that said, I agree growth in high income countries is, and must be, largely history. By the way, climate change requires degrowth.
I always think of growth as the movement of debt, although for the few personal wealth increases.We need growth, but we need honesty more.
I switched off at Climate Change; get a grip, Richard...🙈
Are you a climatologists?
@burner9147 yes.
@@TheConsideredManwhere did you study?
In real life....earn, pay tax, pay mortgage or rent, pay council tax, utilities (gas, electric, water, broadband), insurances (home, boiler, car etc), pay for overpriced groceries, fuel etc...
There is no money left for goods or services hence no growth...
If people had spare money, trust me they would spend it. 😅
Not withstanding the fact that swathes of the economy dont spend but wire it elsewhere.
Have money earned by the sweat of your brow wired abroad to help a few family members barely able to survive OR have literally billions earned through venture capital tucked safely away in an off shore tax haven? What’s ur poison?
All the growth has gone to the top richest 1% of the population while the rest has stagnated or even regressed
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The only things growing are taxes and prices, even with nearly full employment.
I have been entertained by your service
Adam form mythbusters busts the economic growth myth.
I have never understood this fixation with economic growth when it's individual personal disposable income that is the true measure of how well off we (the general public) are.
It's going to take forever for politicians to truly embrace this as it is far from popular to bring to the masses, let alone to the stock markets
Very informative 🤩 I fully agree with what you have said professor ☺️👍
I have known this for years. Companies need to accept loss. There are only so many shoes and burgers you can buy. We are working to overproduce to throw away goods.
Get back to pre Brexit days, go back to banking and financial services which was profitable
Very interesting! Thanks for sharing. But what you forgot is that with AI we can produce productivity growth also in services
Excellent presentation and clear style. I wish I had had you at uni
Learn a lot from this video.
Thank you, sir
Several factors are responsible for the reduction or curtailment of growth. Auserity measures, inflation,the cost of living, chaange of lifestyles, resurgence of make do and mend, increase in the second hand market, technology stall are just some of the main ones.