Відео

Economics is a branch of thermodynamics!!!!

Hi, I was wondering why MB has to equal MC? What does it mean if MB > MC

THANK YOU SIR! This is the only video on youtube that makes this topic easy to understand. You got a new like!

Thank you! This was very clear and helpful

i advise you to watch this videoi

I love you bro pls dont die

Sounds bad.

Amazing

Giorgos Kallis knows very well deep down inside, that such fantasies of degrowth is only possible for say 10% people on earth. The rest 90% have to work, have to burn more fossil-fuels, have to toil and slave so that the above group can practice all such degrowth mantras. Try again...

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Percentage wise 72% of world in 1980 lived under $7.40/day. In 2015 that percentage dropped to 56%.

Is he Marxist? Usually "degrowth" is Marxism in drag.

Moloch is winning, Moloch always wins.

“In any system of energy, Control is what consumes energy the most. No energy store holds enough energy to extract an amount of energy equal to the total energy it stores. No system of energy can deliver sum useful energy in excess of the total energy put into constructing it. This universal truth applies to all systems. Energy, like time, flows from past to future” (2017).

I have an economics final next week and I have been struggling with this concept all year! This simple video explained it SO well and I am so ready for this final! Thank you so much!!

A great overview of this extremely important field. Blessed to say I will be studying environmental economics and policy in college to hopefully add to this movement

"Let's aggregate historical data and deduce principles from it." - someone who doesn't understand statistics, the scientific method, nor economics Economic data IS historic data. There are too many factors involved to ever have reproduceable data; thus there cannot be logically sound deductions of that data. Real economics has to start from fundamental axioms and make deductions from there.

This misses key economic factors like technological growth and how earth we can harness a lot more than what we do now with nuclear and solar, now there are even sodium batteries. This is the free market at work. But this just falls into economic fixed pie fallacy, but as a whole discipline.

This is profound bullshit.

This is missing key parts of any real economy 1. Capital can be improved, like Americans have been actually been burning less carbon per capita. It cannot be the case that the sum is zero, no real economy works like this. 2.Entropy would be an issue if the earth was not getting new energy and innovations from humans. Otherwise Evolution by natural selection would not work, you're slipping into an economic creationism. The economy under your model is a closed system (save bit of space-junk). But it is still getting more energy from other sources. With nuclear and solar, we will have plenty energy to keep the earth a good habitat for humanity.

Hi Dan, Once again a very insightful explainer video. Speficially, for the synthesis regarding 'interest and the growth imperative' about which I also have a question. You say: "...and if everyone is doing this - taking out loans and having to pay them back (including interest) - then it would seem that the total money supply would have to increase over time. However, this argument assumes that interest payments are somehow taken out of circulation by banks, which they are not." New for me is this part: "this argument assumes that interest payments are somehow taken out of circulation by banks." I'd like to know more about this argument and the usual assumption. Do you have a name/reference? Thanks and keep up the good work!

THIS is why socialism has been demonised. Marx, Chomsky and co saw this coming decades ago but were pilloried and vilified so that corporations could profit instead.

0:11 What do you mean by "social equity"?

Μπράβο Γιώργο! Great interview!

I love this guy!

He said “to say economics has no ideology is its ideology”

I appreciate the concept of population control as well or better than most, but demographic challenges presented by population decline in industrialized countries (or any country, for that matter) can't be so easily ignored. Financial incentives for reproduction exist for powerful, multifaceted reasons and are thus difficult to untangle and/or erase. I am very much on board with what you're doing here, but I do think we have to drill down a lot deeper on questions like these to provide workable solutions for global governments. Like it or not (and I don't like it, ha), these solutions have to be politically palatable to be actionable in the absence of authoritarian regimes...which I suspect most of us can agree that we'd prefer to avoid. That said, this is a great foundation for a lot of people looking for answers (or at least the right questions) on the subject. Thanks for your work.

Clear and useful, thank you! I will cite it in my book.

So, marginal cost is equivalent to total utility?

okay so basically their argument is just: (1) put the money supply under direct democratic control (2) somehow only 'green energy'/similar projects receive increases to money supply?? (3) economy stops growing because money supply is growing slower?? (4) ??? (5) everything is better did I understand?

"Precision is not Accuracy", and wave-particle coordination-identification positioning is subject to the Uncertainty Principle, Absolutely all about the aspect-versions of Singularity-point Lensing Partitioning of Superspin Modulation Mechanism for time duration timing, which is why Euler's e-Pi-i 1-0-infinity sync-duration Unit Circle is a set of Mathematical symbols to precisely self-define thermodynamical real-time superposition Fluxion-Integral Temporal superposition Logarithmic logic. Good presentation, near enough for most practical purposes in Economics and science references to Ecology.

Wind is renewable. Sunshine is renewable. Wind turbines and solar panels are about as renewable as a Volkswagon. As they scale, raw material extraction costs more energy, and recycling both costs a lot of energy and fails to fully recover all the materials (see earlier videos on thermodynamics and stock-flow). Furthermore, extraction of materials for these devices, refinement, steel and glass production, transportation to the factory and then to point of use all use oil, not electricity. These devices don't last more than 25 years. How long until THEIR EROI declines below usefulness? I hope Dr. O'Neill addresses this in a future video.

Let's see if I got this right. Neoclassical capital and labor are fund-service resources, while raw materials inventory and finished goods inventory are stock-flow resources. A company naturally uses different accounting methods for each. Dividing it up that way, if a company wishes to cut costs, it should reduce incoming raw materials before laying off labor. If a resource can be identified first as a fund-service type, then we have to ask if it is excludable or rival to determine whether to manage it as a public good or to privatize it. Sometimes there is a gray area where a formerly non-excludable, nonrival resource can be made excludable and/or rival for the purpose of privatization. An example might be seeds. Formerly, they were non-excludable because anyone with physical access to a seed producing plant could gather some seeds, and non-rival, though maybe congestible, in that one farmer gathering seeds didn't prevent the next farmer from gathering them. "Green Revolution" industry, such a Monsanto, made seeds excludable by patenting them and made them rival by making the resulting crop plants sterile, thus allowing it to privatize seeds. Did I get it?

Absolutely informative! Thank you for sharing.

Brilliant discussion and insight on Degrowth. Dr. Kallis

Degrowth is a marketing scam that tries to manipulate people into adopting socialism.

No degrowth but full collapse are possible within the current monetary system. Good luck.

Love of God = Love of Man. This is the path of virtue. Without virtue and virtuous leaders and society the “system” is irrelevant.

Much resonates. The issue is where do we find these angles to determine “fair” and “efficient” allocation of resources? Everyone thinks they would do what is right and just if they only had the ring of gyges

The laws of economic thermodynamics 101: You can't win; The best you can do is draw; The game is rigged; You can't get out of the game; It's a long game!

The idea of our economy being a system has not been explained. In thinking about it, the social business part of it is clearly a system with the entropic features so described above. This does not get us very far until one realizes that the natural resources which are low entropy, get transmitted into a mixture of even lower entropy produce plus some higher entropy ones continuously by our productive activities. But because we do not all have equal rights for access to these resources, our productivity becomes varied and those who own these resources have an advantage over those who merely have the right to use some of them as tenants and as hired employees, in the situation where the lower entropy produce is sold. Surely it would be more socially just if we all had equal rights and benefits from these resources and the control of high entropy waste were properly allocated.

Regarding the possibility of Sovereign money, surely we are already half way there in that every time the Gov't spends it creates new money, eg it tells the BoE to pay the NHS £1bn, this is effectively created on overdraft anew, it's not spent out of tax money. The gov't then balances its books by deducting any tax it got in today and "borrows" the balance, by accepting savings from my pension fund, or by me buying more premium bonds, thus withdrawing money from circulation, but it doesn't need to do that, thus going the whole way.

Plz keep going…. Great content 😊

The Spirit Level? I thought that book was largely conjecture and opinion? The statistics were shaky.

thank you so much!

It's hard to escape the notion that a lot of academic buzzwords such as degrowth and sustainability simply equate to reductionism and deprivation. No one can successfully argue that there should not be limits, it's just that there is no way to rationally set delimiters . Then the whole thing devolves into endless admonitions and activism followed by doomsday scenarios. How, for example, can growth be set in reverse without creating an economic recession or worse? Who makes the determination that it is time to reverse course? We do know that government intervention has caused recessionary results in the past. That in turn gives rise to laissez faire arguments that economies are best left to manage themselves. Then we get treated to babble about the lack of equality and the need to go back to interventionism. I could have predicted that the equality psychobabble would quickly follow along. It seems that is the desired end goal of ecological economics.

Can anyone define the point at which we have too much growth? Does Degrowth mean deprivation for all? Anyway you slice it there is no way you can plot these levels without central control which means authoritarian dictation. When do we know when we have reached a saturation point on consumerism and impose controls? This guy equivocates every time he is asked for a definition. Degrowth is a fancy bullshit word for socialism which means rapid reduction to poverty.

We barely make enough money to pay our bills private and public. Where is the money for universal basic income supposed to come from in countries in a bad fiscal situation?