One whoshould be on the short list is Mason Gaffney, emeritus professor of economics at the University of California. Read anything of Gaffney's available online and you will see why I put his name forward.
Economics is not only studying of supply and demand of goods and services rather observing and fulfilling human real needs should be a point to get notified. Thanks Pro Paul for such a creative lecture.
Economics is really a sub-discipline of political economy, in turn, a sub-discipline of moral philosophy. Sadly, economic theory was developed so that moral questions could be ignored.
A primary reason why land and natural resources are considered scarce is the private appropriation of the rent associated with control of such resources. All societies still need systemic reform to move toward becoming a full employment society, one in which there is no longer widespread poverty. What is the key reform required? It is the same reform called for by the great political economists beginning with Richard Cantillon, Anne Robert Jacques Turgot and Adam Smith: the societal collection of the rent of land and the elimination of taxation of earned income, of actual capital goods and of commerce. What Professor Romer describes is the remarkable ability of human beings to achieve productivity gains that outpace the accelerating concentration of rent-derived income flows and so-called "capital" gains. At the core of continued inflationary forces are rising land rents, rents capitalized into selling prices, the prices pulled upward by the hoarding of land and by investment in land purely for speculation rather than for development.
"It's better to have more people" - he came to this conclusion before the housing crisis went national and global, or as it was doing so while he and his collegues were in their bubble of economic safety, walking past the homeless on their way to meetings with their wealthy sponsors. Now we know better.
re: using light-hours as a measure of prosperity. Buckminster Fuller had the same kind of idea for measuring prosperity: energy slaves. One energy slave is equivalent to the labor of one human. Americans, for example, have immediate access to the equivalent power from, say, 3,000 energy-slaves. Europeans might have 1,000. Africans might average somewhere near zero. Same idea, I think. Prosperity should be measured these days not by access to matter, but to energy - or ideas.
20:50 "unified global system". I think that if one global systems fails, it is catastrophical. On the other hand if a local system fails is not such a big deal. So a unified system might be way more RISKY. Think again... a plane has parallel safety systems.. not just one big global system.
remember his point about a unified global system there is 'Particular', not general. That is, only in regards integrating the 'trade of ideas', not of every or anything. Therefore your argument works if you can reject his evidence that more ideas is better for humankind: ie, provide evidence that a system where having less ideas is better for human kind.
Kind of if "more people" means "more people who are allowed to think and contribute". Then of course it makes sense. For example if women could learn and work as freely as men everywhere on the world the chances for good ideas Leasing to more growth could almost double.
An economist does not invent anything, they teach you how do it. Romer's speech is phenomenal. You need at least +25 years of accumulated experience to argue with with him.
resources are scarce then we must discover more. however, there is no way put by economists to halt human desire. given this, the economist's tries and errors in solving the human problem are yet to come because they do not halt their desire first i.e. their trial and error for their egos and to get a prize. anyhow Romer is king and he deserves it.
Few economists deserve the award more than him. What a brilliant mind.
Remember they also gave one to James "balance the budget myth" Buchanan, Milton Friedman and Paul Krugman. Kinda tarnishes the tribute.
One whoshould be on the short list is Mason Gaffney, emeritus professor of economics at the University of California. Read anything of Gaffney's available online and you will see why I put his name forward.
@@firstal3799 I've read your comments and I have yet to find anything remotely smart in your statements
Wow i know right
Economics is not only studying of supply and demand of goods and services rather observing and fulfilling human real needs should be a point to get notified. Thanks Pro Paul for such a creative lecture.
Economics is really a sub-discipline of political economy, in turn, a sub-discipline of moral philosophy. Sadly, economic theory was developed so that moral questions could be ignored.
Absolutely, grabbing the reigns of bank credit is a key to that imo.
what an inspiring man to listen to. His opinions are like prophecies..
Uplifting and logical! Love this
A primary reason why land and natural resources are considered scarce is the private appropriation of the rent associated with control of such resources. All societies still need systemic reform to move toward becoming a full employment society, one in which there is no longer widespread poverty. What is the key reform required? It is the same reform called for by the great political economists beginning with Richard Cantillon, Anne Robert Jacques Turgot and Adam Smith: the societal collection of the rent of land and the elimination of taxation of earned income, of actual capital goods and of commerce.
What Professor Romer describes is the remarkable ability of human beings to achieve productivity gains that outpace the accelerating concentration of rent-derived income flows and so-called "capital" gains. At the core of continued inflationary forces are rising land rents, rents capitalized into selling prices, the prices pulled upward by the hoarding of land and by investment in land purely for speculation rather than for development.
Celebration of enlightenment
Well articulated.
"It's better to have more people" - he came to this conclusion before the housing crisis went national and global, or as it was doing so while he and his collegues were in their bubble of economic safety, walking past the homeless on their way to meetings with their wealthy sponsors. Now we know better.
Is there a transcript available?
agreed
good lecture with humanism intact.
re: using light-hours as a measure of prosperity. Buckminster Fuller had the same kind of idea for measuring prosperity: energy slaves. One energy slave is equivalent to the labor of one human. Americans, for example, have immediate access to the equivalent power from, say, 3,000 energy-slaves. Europeans might have 1,000. Africans might average somewhere near zero. Same idea, I think. Prosperity should be measured these days not by access to matter, but to energy - or ideas.
20:50 "unified global system". I think that if one global systems fails, it is catastrophical. On the other hand if a local system fails is not such a big deal. So a unified system might be way more RISKY. Think again... a plane has parallel safety systems.. not just one big global system.
Of course, you are correct. This argument is made persuasively by Leopold Kohr in his book "The Breakdown of Nations"
remember his point about a unified global system there is 'Particular', not general. That is, only in regards integrating the 'trade of ideas', not of every or anything.
Therefore your argument works if you can reject his evidence that more ideas is better for humankind: ie, provide evidence that a system where having less ideas is better for human kind.
Abdul-Kareem Abdul-Rahman this is the important nuance in his proposal! Well said
More people => more ideas. => more growth Is that the idea? Frankly I am very confused.
Kind of if "more people" means "more people who are allowed to think and contribute". Then of course it makes sense. For example if women could learn and work as freely as men everywhere on the world the chances for good ideas Leasing to more growth could almost double.
An economist does not invent anything, they teach you how do it.
Romer's speech is phenomenal. You need at least +25 years of accumulated experience to argue with with him.
resources are scarce then we must discover more. however, there is no way put by economists to halt human desire. given this, the economist's tries and errors in solving the human problem are yet to come because they do not halt their desire first i.e. their trial and error for their egos and to get a prize. anyhow Romer is king and he deserves it.
if we would have as much views as a reggaeton "music" has We could change the world
all the other "winners" are afraid of PitchForks
As they should be.
But I disagree I don't think they are at that level. Right not I would say "concerned".