Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
In particular, amid inflation, investors should exercise caution when it comes to their exposure and new purchases. It is only feasible to get such high yields during a recession with the guidance of a qualified specialist or reliable counsel.
True, initially I wasn't quite impressed with my gains, opposed to my previous performances, I was doing so badly, figured I needed to diversify into better assets, I touched base with a portfolio-advisor and that same year, I pulled a net gain of $550k...that's like 7times more than I average on my own.
@@williamDonaldson432 This aligns perfectly with my desire to organise my finances prior to retirement. Could you provide me with access to your advisor?
Annette Marie Holt is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
America can’t do capitalism we do something far more nefarious & the so called capitalists r fully reliant on the symbiotic relationship between the govt & the policies that protect them from having to compete or succeed on their own sans taxpayer bail outs subsidies free printed $$$ & trade wars / China does capitalism if we’re honest about using definitions in their actuality & not the Orwellian way the US defines things including democracy
@@truthaboveall7988 When you don't understand what the words mean, and are ignorant of the history of the species, that you have anything positive to to offer to the discussion is highly improbable. As most are simply reacting to the circumstances they are subject to, positive contributions are negligible to nonexistent, and most are simply engaged in preaching to the various factions in order to accumulate power for themselves and the benefits that accompany it.
"All warfare is based on deception." - Sun Tzu Economists help maintain confusion. Adam Smith wrote "read, write and account". When have economists advocated mandatory accounting in the schools? Of course Smith and Marx never saw Planned Obsolescence but Marx used the word 'depreciation' 35 times in the first two volumes of his major work. Where is the data on the annual depreciation of automobiles? The first gas powered automobile was not invented until 2 years after Marx died.
Jgalt It’s not just people reacting to circumstances. Yes the average person is technically working so much they can’t study or learn more deeply but you can a little more with the internet or it’s easier to listen to books as you drive. However id argue schools teach in such a way people don’t use critical thinking. I never learned that our centralbankwas pricayeluowned until I was in college. It was until years later that I actually read the federalreserveact and learned they pay a 6%dividend. It’s not actually owned by the government. Not once in college did they push students to read US monetary historybymurraryrothbard or creaturefromjekyllisland.
Internationally famous and the most trenchant critic of mainstream economics, Steve Keen elaborates brilliantly why economics isn’t a science.He wants to rebuild economic theory from the top down and I support wholeheartedly his noble goal. Economics as taught in universities today is just sophisticated, mathematised, elegant cant, devoid of reality.
Economics as a degree is predominantly an easy pass. It’s not actually that difficult. Looking back, math was simple. Never touched linear algebra for example. Only uses of it without knowing underlying mathematics. Micro and macro is pretty crap aswell. Very out of date. The only reason I don’t regret is that I had a teacher akin to that teacher in dead poets society who was a legend and very inspiring
Indeed, but it's even more cynical than that. Neo-liberal economics is little more than an 'academic' edifice built to justify greed, inequality and exploitation.
Keen is out to lunch. Top down management of the economy is a foolish ambition. Economist proving how irrelevant they are. The Austrian school of economics has it right. Praxeology, human action is best. Leave people alone to solve their own problems.
@10raystube You claim "the Austrian school of economics has it right". Based on what? They have absolutely no explanation for why China's economy works so well for benefit of all citizens rather than only the wealthiest 1% as they promote.
19:44 - David Ricardo said , it is ultimately the cost of production that determines the prices at which goods are sold and not, as has often been said, supply & demand.
I'm glad Ricardo corroborated my Environmental Economics University paper, "The Incorrect Supply and Demand Model"!! I relied on a great book called "ANTI-Samuelson"
Check out the book on macroeconomic theory by the late Mason Gaffney, who taught for many years at the University of California. Gaffney was a great admirer of Henry George.
@@nthperson Eagle River. Average Sales Price $742,446. Median Sales Price $452,450. Total Listings 100. Population 7,346. Welcome to Eagle River, Wisconsin, - he mentions that town! wow.
Theories of economic are closer to religion than anything else. We've repeatedly seen facts that contradict the proposed "solutions", yet the hardcore adherents will adamantly claim that their view is the "the only way" to correct the problems.
When I was in college, I took an economics 101 class and I distinctly remember my professor asking me after class to consider becoming an economics major because I grasped the concepts so well. I remained a political science major, and remember, even at 18 years old, I thought, I couldn't possibly spend my time studying something that's inherently made up and ignores the facts and realities of human nature. Looking back, while there's nothing scientific about "political science" either, at least the study of power dynamics and human behavior on both the micro and macro level was real. (I probably would have made more money, though)
There is one economics professor I came to respect as a true scientist. This was the University of California professor Mason Gaffney. I can recommend his many articles and one of his last published writings was a 100-page critique of Macroeconomics.
@@williamgrabowski453 Here is a direct link to the paper: cooperative-individualism.org/gaffney-mason_a-new-framework-for-macroeconomics-2009.pdf. Gaffney's writings over a long professor life are assembled on this website.
No, it's an ecosystem and they keep disrupting that ecosystem. For an economy to function money cannot be allowed to pool. For the last 30 years money has been allowed to pool at the top of society instead of flowing, and the pool keeps getting larger.
Money most certainly can pool and the economy still functions. Read Us monetary historybymurraryrothbard. You’ll some realize people used to actually work and save and then spend. The economy worked. The issue is the U.S. went bankrupt fifty years ago and now we no longer have money. Now we have fiat currency or currency that’s legal only because the government declares it has value. Of course its logical currency would pool to the top of society. What do you expect would happen when we have a banking system where people take out a mortgage and new fiat currency is magically created out of thin air on the ledger expanding the currency supply. Those with assets benefit from an expanding currency supply while those that work for a paycheck never grow as rising asset inflation is generally higher than wage inflation.
24:17 - János Kornai (21 JAN 1928 - 18 OCT 2021) Hungarian economist noted for his analysis & criticism of command economies of Eastern European communist states. He also covered macroeconomic aspects in countries undergoing post-Soviet transition. He was emeritus professor at both Harvard & Corvinus U of Budapest. Kornai was known to have coined the term shortage economy to reflect perpetual shortages of goods in the centrally-planned command economies of the Eastern Bloc. - Wikipedia
36:30 China does far less to help its poor than Western countries. You might say that the West is _much more_ socialist than China. China has poor education, private healthcare (and a bunch of TCM quackery), no state pensions and very few welfare benefits. Families are expected to help each other, and support the elderly - difficult after the one-child policy created an inverted pyramid. The West has decent public education, access to healthcare, massive welfare state, and pension system, so a huge fraction of GDP is public education/healthcare and transfer payments. For example: healthcare is free at point of use in UK and Canada, even the US has Medicaid and Medicare; education is free 5-18, university used to be free in the UK, until student fees & loans in 1998 (ironically introduced by Blair under Labour). China falls far behind the West on social support. Tier 1 cities give a false impression, because The Party tries to keep everything looking good, but there is a lot of poverty in the countryside (especially ethnic minority regions), smaller cities and local towns.
Because the west is exploiting people and resources in all other countries of the world, including China and its population. They ARE ABLE to afford better social security for their people. Their loot is far greater than that of China.
16:36 - So when you do the empirical work - that is exactly like finding craters on the surface of the moon or moons circling Jupiter and Saturn - when you do that , the [ neo-classical economic ] paradigm [ and all neo-classical economic thinking built on that paradigm ] should go out the window
It is astounding to me that Australia can produce a top notch economic thinker like Steve Keen, yet we operate an economic system that is designed to sideline those like him precisely because he shows them the fallacies of their models.
It’s easy to see how well economics work. All you have to do is look at the IMF statistics, (comparing the approx. 200 countries). It shows their ideas don’t work!
Economics only works in free democratic environments wh8ch are very scarce...you can only find them in the fairly developed societies...the rest are only partial attempts limited by erroneous policies and mostly incapable management officials...
One of Marx goals was to build a scientific fondation to Economics. That's why he started with Dialectical materialism to be able to build some "objective" definition that could help to describe the evolution of societal economic interactions in the know human history. His best known dialectic expression is "Class strugle" between the few people of the "Ruling Class" against the "Working Class" which archeologists use to distiguish between between "civilized" and "non-civilized" societies. Like the famous Mr Spock said "The needs of the many common people should outweight the needs of the few (ruling) elites people. Live long and prosper." And that why the few elite capitalists wanted to promote the neo classical economic religion ("religare" what connect all people) in our higher education system.
"or the ONE!!!" But you seem to have missed the plot, and the ending/continuation because the "reality" and the choice, was totally the opposite of that "ideology". The essence of "being human"...or as Robert Sapolsky has shown...that altruism in behavioral biology is one twin, two siblings, or eight cousins.
We seem to forget that the original ruling elite -- the landed -- never went away. They took the rents gained from tenant farmers and even from businesses and either bought more land, started banking empires or lobbied government to create monopolies that protected them from competition. What he accomplished and still accomplish is the redistribution of income and wealth from the actual producers to themselves. Call them "rentiers" or call them "monopolists" the outcomes are still the same.
1:38:10 - Unable to find the website of the Solomon Island charity _________ that helps house Australian homeless. Anyone know their _________ URL or telephone or mailing address ?
The CPC and the CCP are two distinct entities. The CCP is a political party. It was founded in 1921. The CPC is the name of the government of the People's Republic of China. It came into common use in October 1949. Not all government officials come from the CCP. There are 9 political parties in China. Government officials can be a member of anyone of these parties. Plus, there Independent officials: they have no party affiliation.
20:24 - Here are the 6 external elements which, together, comprise the needed Decent Livelihood without which no one may pursue Happiness & which a Good Self-Governing People Provides & Maintains for all its members to its best ability:
They've created a system so complex that they can't even coherently explain it to themselves or others. That's when you know you're dealing with "naked emperor's", not legitimate expertise.
Economics is a function of biology, i.e. human societies seeking and exploiting energy sources until they have to transition to a new energy source or a new technological form of utilising energy. These energy utilisation transitions tend to follow a long-wave cycle of about 250 years. The current carbon-based economic cycle began in the 18th century, during the Industrial Revolution. We are now riding the tail end of this 'Carbon Impulse' to human societies and economies.
Technically speaking there were carbon cycles before this current carbon cycle you mentioned. Before they burned carbon in England they burned wood. They burned wood back in Roman times too if I’m not mistaken.
Not only do economists ignore the question of where wealth comes from but (for the most part) they decline to define what is and what is not wealth. Is wealth any asset that has exchange value? Or is wealth limited to the tangible goods one produces by applying one's labor to nature (i.e., to the factor land) with or without the assistance of tools (i.e., capital goods). Henry George, building on the analysis of earlier political economists, argued that our planet is a commons and that justice requires law that secures and protects equal opportunity of all individuals to access the planet. As it is practically impossible to divide the planet into parcels each with the same potential to produce tangible wealth, George adopted the physiocratic approach: access to land should be achieved by competitive bidding for a leasehold interest. The rents generated by the system would become the revenue with which society would be able to pay for democratically agreed upon goods and services. This rent fund is not taxation but a charge for benefits received. George believed rents would be sufficient to pay for all that people desired from government, so that taxation of individual incomes or business revenue, taxation of capital goods and other tangible assets, and taxation of commerce would not be necessary.
This is probably the best video about economics that I saw in my whole life... And I have been trying to understand this complete pile of garbage since the 2008 crisis!!! Thank you!
1. CBDC 2. CBDC-backed UBI 3. to avoid hoardings and gains based on these: a ressource tax 4. use the centralized data provided by CBDC (= status of all resources in real time, patterns and trends) for optimizations of resource allocations 5. implement a real competition - that means: innovations / best-practices - and provide gratifications for sharing this knowledge (I'd have a Groupware-CSCW-solution with AI-integration for agile development with reviewsa, assessments and feedbackloops for CIPs at hand, btw ...) PS: the argument for private ownership of capital goods was what again? ... is this argument still valid, after pts 1-5 are implemented?
The private ownership of capital goods like gold money in my opinion is that individuals held their own money and stored the fruit of their labor. Banks and privatecentrwlbanks and the government couldn’t print away and “steal” the purchasing power or the fruit of the workers labor. It’s absurd or super naive to think workers will be motivated with a centrally planned economy which you so eloquently outlined in your comment. The UsSr already did that so did Mao. Stalinabdmao killed like the equivalent of the number of people killed in ww2. Ukraine had millions starve and the U.S. lied saying there’s no famine or genocide which makes me think today something is weird a foot if the U.S. is pretending to care about Ukraine. They didn’t just become altruistic.
Not true...as the shares are sold in the free market with no obligation of the issuer to purchase them. Actual ownership belongs to those holding "common "voting" stock, and in terms of the debt a corporation may be liable for, they are the last to be compensated should the corporation be dissolved due to bankruptcy. Other creditors, must be satisfied first before these shareholders receive whatever value might be left. Many corps do not issue "common stock" nor pay dividends...such as Amazon, so any gain comes from the appreciation of the stock itself and that is determined by the market. Those who issue loans to corps or who purchase "bonds" issued by them, are those who hold the "debt" and have priority in bankruptcy proceedings.
Why the heck are we trying to run the economy in 21st century according to theories from the world as it was before technology and marketing in the 18th century
As much as I am convinced that colonising Mars is the stupidest idea anyone ever had, a colony on mars would have to be basically primitive communist, like most indigenous societies where and still are.
True enough. Public revenue should come from economic rents and not taxing what we produce. A good start would be to simplify the income tax and make it really progressive. Exempt all individual incomes up to the national medium, eliminate all other exemptions and deductions, then impose an increasing rate of taxation on higher ranges of income. At the highest levels, almost all income is unearned.
That’s so wrong. Progressive taxes are a joke. The masses love them because they’re uneducated and swayed by emotion not logic. If we use logic look up a chart of tax revenue as a percentage of gdp vs highest income tax rate over time or something. Tax rates go up and down over the last century. But if taxes are 90% the logical person will adjust his work to avoid that tax. But while tax rates change I believe the chart showed tax revenue was around 18%ofgdp over time. Point is the should have a flat tax rate of 20% on all individuals. You could just do the average salary or higher. Or you can ban the income tax and switch back to tariffs to fund the federal government or a national lottery. We don’t need a massive government that spends 40% of gdp. Nato should be funded by Europe. Tons of ways to cut costs. Isrrale coudl paycost etc.
When those that benefits in increased demand also have the power to control supply of a critically important product or services then the entire demand supply price nonsense falls apart
Some technology has reduced prices. Elon has come out maybe with a 250dollarsmart phone. Yes planned obsolescence is horriblewhichappledoes however look at the money supply. It grow by 40% or something over a couple years after the Rona.
I think a housing bubble in China is different than one in the U.S. for 2 reasons: China thinks in much longer time spans than we do. So those ghost cities might not be ghost forever Also, China will use hover much fiscal power it needs to prevent a depression
When debt goes up so should wages to afford the debt of families. If business debt goes up and it failed to achieve growth from it then they should be declared bankrupt
The colonisation of Australia could be a blueprint for the colonisation of Mars. Without the mistakes the English made. No soldiers, no criminals from the slums of London. Maybe they should have somebody who knows what is going on.
20:20 - [ K-Marx's perfect socialism he called COMMUNISM & was a ____ system of ONLY-STATE PROPERTY producing. ____ Our private property producing system survived & the ____ ONLY-STATE-PROPERTY producing system did not survive.
They place significant emphasis on "economists" failure to predict the 2008 financial crash. I've long held a theory that what really happens (in the USA) has a crisis level disruption in each presidential election year that the GOP expects to lose incumbancy. A) if the wall street bosses of politicians expect their GOP pets to win the election and the presidency (and hence responsibility for the economy for next 4 years IN THE MINDS OF VOTERS), then moves are made to keep a "happier" situation for voters. B) if forecast GOP loses, then a really messed up economy is left for the winners. Similar for military (Carter/Reagan and Iran resolution), eg has notoriously conservative officer class of military EVER won an action for a Dem admin, or lost one for a GOP admin since Vietnam? (Actually i was surprised at raid on Osama compound actually achieving objective, highly motivated lower ranks overcame several problems. How long had CIA known he was there?)
You may see the illusion you wish to see. Read the book creature fromjekyllisland. You’ll see first republicans tried to pass and make a privatecentralbank. It failed. Then democrats pushed for it. Republicans claimed it’d be bad for big business so workers thought it must be good and democrats passdtbefederalreserveact. The private centrosbankoaysa6%dividend. I have to write badly lest youtube censors me.
Also if Obama or even the populist FDR wanted to they could have let it play out. Obama didn’t have to bail out Wall Street. Obama helped create more massive monopolies when he could have broke them up. FDR the freemasob that bannedgoldownership he could have abolished the orivatecentralbqnk but instead he gave them more power by banninggold.
Good as usual Steve Keen. A good experiment for a society on Mars would be to send all the believers to Mars and see how they cope with life on mars, Elon and Jeff would be good starters for this experiment
Yep. Estate taxes are direct taxes. The constitution says direct taxes must be apportioned amongst the states. Congress claimed estate taxes are magically an excise tax on the privilege to pass on wealth. They should just not bail out Wall Street if they want wealth inequality to go down. They need to get rid of the estate tax. In reality most assets go up simply cause the currency supply has increased so much.
By the same logic psychology isn´t a science, only believing what's in the DSM, which does not have empirical support to be the way mental health issues are supposed to be categoriesed. And it does not explain how there are different ways of thinking, from visual to lingual to abstract.
Well the Dsm is good though to outline words definitions etc to standardize things. It’s important for courts and legal issues and medication etc. Not everything is about pretending to be scientists as having a standard book in my view helps with efficiency
If your hypothesis can't reliably explain or predict cause and effect, even with a limited sample size, then no, it's not a science. A discipline, sure. But then I'd argue that astrology is also considered a discipline by some. Fact is that economic theory is largely based on the political persuasion of the economist. Hell, they can't even agree on what can be deemed "good or bad" for an economy.
Actually there are some traders that do trade and make money based on some indicators. They’ve found a cause and the effect they gamble on or trade and make move.
@koltoncrane3099 Sure. Indicators. But if it's not predictable and replicable, it's not a science. Even qualitative disciplines have a vastly larger foundation. If a cat on a keyboard is only marginally less accurate than your average stock broker, it's a casino, not a science.
Is there enough wood to make more chairs? How fast does the wood regrow? What purpose does the wood serve to nature? External and Irrelevant to the Rich.
@@life42theuniversebut not only to the rich. To the poor as well. Poor are just as indifferent to environment or even more so than rich people. They like to play victim and put all of the blame on rich, as if poverty automatically implies righteousness. And i say it as a poor peasant. Humans just suсk.
Enjoy Steve Keen BUT this is the first time I've heard him reference how "we've screwed up climate"! WTF? 😂 I'd love to hear him expand on this. Bizarre. 🤷♂️
What will happen to the labor theory of value when/if they develop AI to do most of the white and blue collared labor, which seems an ever more real possibility these days. Will they give us all UBI? Or will they simply quietly kill us off by ignoring pandemics and the like? I want to be optimistic, but I'm guessing in a world that values money, business and commerce more than human lives, it will be the latter. It seems to me that a government that has no ethical qualms financing the bombing of hospitals and aid workers and universities and refugee camps... probably also lacks any qualms about doing roughly the same to its own populace... should they turn out to be inconveniently expensive. I would love to hear from any people who understand the higher level workings of economics on how things could work out for everyone. IOW, please talk me out of my pessimism if possible. Thank you.
Clearly, you missed that part of the discussion...and that Marx buried the "objective reality" to achieve his"intended result". The whole point of Keen's work He is currently working on a new science of economics built upon incontrovertible facts. However, that should read...economics as "science"...since it never has been and still isn't. a.k.a. entropy and the laws of thermodynamics.
*GDP is Grossly Distorted Propaganda* What is NDP, Net Domestic Product? Where is the data on the annual depreciation of automobiles and other durable consumer goods since Sputnik? In his major work Karl Marx used the word 'depreciation' 35 times. But consumers did not buy automobiles and air conditioners when Marx and Smith wrote about economics. John Maynard Keynes never saw a television commercial for automobiles. Wealth requires land. Iron and copper had to be dug up somewhere. Crops have to be grown somewhere. But money does not give people brains though intellectual property can be bought or stolen. The NAZInomic Wargame is a continuation of the Military Wargame by other means.
Limits to growth were published by MIT back fifty years ago predicting we’d be doomed already and that population growth was an existential crisis. Obviously mit didn’t think their amazing students could be innovative to increase growth or technology.
@@koltoncrane3099 Science is : 1) repeatable measurement 2) prediction/falsification That's it ! Cuts the crap. The disciplines you mentioned are not scientific.
Confusion is his forte from being confused about himself and what he has predicted and which did not turn out to be true - like his insistent continued predictions a few years ago on massive falls in housing prices in Australia which turned out to be the opposite.. But he does not want to be reminded of that.
Loved your deep dive on Marx and modern economics! If you're looking to boost engagement, I specialize in transforming long-form content into catchy reels and shorts. Let's make your insights pop and reach a wider audience!
What about Steve Keen's prediction of what would happen to Australia's g housing prices? Oh that failed miserable but he doesn't want to talk about it because it shows his prediction that turn out correct are just due to chance. What about his MMt idea that Taxes put value into the money and get it accepted when the reality is Taxes did Nothing to keep the money accepted or put any value at all into it in all of the countries where massive inflation made the money worthless and rejected by everyone including their own governments. But I am not holding my breath because his admission of being wrong is not something his stunted emotional growth will allow. He doesn't want to talk about his failed economic theory because it will show he and Kelton and the other MMT economists are perpetuating MMt myths of huge proportions. They rely on the financially challenged people to fool and when someone with difficult challenging questions comes up to question them and point out their fallacies they run away and hide.
Look they made the thirdorivatelyowned centralbank in the U.S. just before ww1. What did they make after the federalreserve? That’s right they made the IrS. Read the book US monetary history by Murray Rothbard. There’s an Example of the government taking the centralbank notes for taxes I believe. Also the big question is some countries have hyper inflation but do their monetary system offset new currency creation with debt or does it just increase with new currency? There is a book about the history of central banks how in England they didn’t use fractionalbamkinguntiljudahpeoolecsne and were gold smiths issuing gold deposit recipes more than they had or something. But England later used a wood with markings on it for money and taxes. The point of the book is you don’t need private centralbanks. Abraham Lincoln did MMT to fund the civil war and didn’t issue debt but literally printed. Yes that’s inflationary. But id prefer that over having a centralbankownedbywallstreet. MMT is bad sure but with the inflation actually hitting people and voters they’d stop. Today inflation hits voters silently and through asset prices and they think all is well and there’s zero inflation from decades of increasing the currency supply Look Kelton in theory maybe right but she admits the government must raise taxes and cut spending when inflation increases which will never happen.
Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
In particular, amid inflation, investors should exercise caution when it comes to their exposure and new purchases. It is only feasible to get such high yields during a recession with the guidance of a qualified specialist or reliable counsel.
True, initially I wasn't quite impressed with my gains, opposed to my previous performances, I was doing so badly, figured I needed to diversify into better assets, I touched base with a portfolio-advisor and that same year, I pulled a net gain of $550k...that's like 7times more than I average on my own.
@@williamDonaldson432 This aligns perfectly with my desire to organise my finances prior to retirement. Could you provide me with access to your advisor?
This aligns perfectly with my desire to organise my finances prior to retirement. Could you provide me with access to your advisor?
Annette Marie Holt is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
" Economists get away with their bullshit because they are not essential to the functioning of capitalism" . 😢
America can’t do capitalism we do something far more nefarious & the so called capitalists r fully reliant on the symbiotic relationship between the govt & the policies that protect them from having to compete or succeed on their own sans taxpayer bail outs subsidies free printed $$$ & trade wars / China does capitalism if we’re honest about using definitions in their actuality & not the Orwellian way the US defines things including democracy
@@truthaboveall7988 When you don't understand what the words mean,
and are ignorant of the history of the species, that you have anything positive to
to offer to the discussion is highly improbable.
As most are simply reacting to the circumstances they are subject to, positive contributions are
negligible to nonexistent, and most are simply engaged in preaching to the various
factions in order to accumulate power for themselves and the benefits that accompany
it.
"All warfare is based on deception." - Sun Tzu
Economists help maintain confusion. Adam Smith wrote "read, write and account". When have economists advocated mandatory accounting in the schools?
Of course Smith and Marx never saw Planned Obsolescence but Marx used the word 'depreciation' 35 times in the first two volumes of his major work. Where is the data on the annual depreciation of automobiles? The first gas powered automobile was not invented until 2 years after Marx died.
Jgalt
It’s not just people reacting to circumstances. Yes the average person is technically working so much they can’t study or learn more deeply but you can a little more with the internet or it’s easier to listen to books as you drive.
However id argue schools teach in such a way people don’t use critical thinking. I never learned that our centralbankwas pricayeluowned until I was in college. It was until years later that I actually read the federalreserveact and learned they pay a 6%dividend. It’s not actually owned by the government. Not once in college did they push students to read US monetary historybymurraryrothbard or creaturefromjekyllisland.
Internationally famous and the most trenchant critic of mainstream economics, Steve Keen elaborates brilliantly why economics isn’t a science.He wants to rebuild economic theory from the top down and I support wholeheartedly his noble goal. Economics as taught in universities today is just sophisticated, mathematised, elegant cant, devoid of reality.
Economics as a degree is predominantly an easy pass. It’s not actually that difficult. Looking back, math was simple. Never touched linear algebra for example. Only uses of it without knowing underlying mathematics. Micro and macro is pretty crap aswell. Very out of date. The only reason I don’t regret is that I had a teacher akin to that teacher in dead poets society who was a legend and very inspiring
Indeed, but it's even more cynical than that. Neo-liberal economics is little more than an 'academic' edifice built to justify greed, inequality and exploitation.
Religion
Keen is out to lunch. Top down management of the economy is a foolish ambition. Economist proving how irrelevant they are. The Austrian school of economics has it right. Praxeology, human action is best. Leave people alone to solve their own problems.
@10raystube You claim "the Austrian school of economics has it right". Based on what? They have absolutely no explanation for why China's economy works so well for benefit of all citizens rather than only the wealthiest 1% as they promote.
The ultra rich families use the most energy by far per person
19:44 - David Ricardo said , it is ultimately the cost of production that determines the prices at which goods are sold and not, as has often been said, supply & demand.
Goodness, Ricardo's view was debunked by Von Mises in 1920's!
Nice beard!
EDIT: SYSTEMS THINKING! Yes. The world needs more systems thinking.
Its never a permanent feature :,D
OMG, the part where he absolutely bolts through all of neoclassical orthodoxy was completely insane. Steve Keen is something else lol.
I'm glad Ricardo corroborated my Environmental Economics University paper, "The Incorrect Supply and Demand Model"!! I relied on a great book called "ANTI-Samuelson"
Check out the book on macroeconomic theory by the late Mason Gaffney, who taught for many years at the University of California. Gaffney was a great admirer of Henry George.
@@nthperson am listening to him now. Thanks. Mason Gaffney Ph.D Oriignal air date 05-22-13 - he talks fast!
@@nthperson Eagle River. Average Sales Price $742,446. Median Sales Price $452,450. Total Listings 100. Population 7,346. Welcome to Eagle River, Wisconsin, - he mentions that town! wow.
Theories of economic are closer to religion than anything else. We've repeatedly seen facts that contradict the proposed "solutions", yet the hardcore adherents will adamantly claim that their view is the "the only way" to correct the problems.
18:22 - Only use a [ college , neo-classical economic ] textbook
_________ if you can't keep the door open because it's too windy outside
This was so refreshing to hear someone who truly understands the limitations of unscientific economics!
When I was in college, I took an economics 101 class and I distinctly remember my professor asking me after class to consider becoming an economics major because I grasped the concepts so well. I remained a political science major, and remember, even at 18 years old, I thought, I couldn't possibly spend my time studying something that's inherently made up and ignores the facts and realities of human nature.
Looking back, while there's nothing scientific about "political science" either, at least the study of power dynamics and human behavior on both the micro and macro level was real.
(I probably would have made more money, though)
There is one economics professor I came to respect as a true scientist. This was the University of California professor Mason Gaffney. I can recommend his many articles and one of his last published writings was a 100-page critique of Macroeconomics.
@@nthperson Could you tell me the title of that paper if you wouldn't mind? Thanks!
@@williamgrabowski453 Here is a direct link to the paper: cooperative-individualism.org/gaffney-mason_a-new-framework-for-macroeconomics-2009.pdf. Gaffney's writings over a long professor life are assembled on this website.
I wish I could give this more than just one thumb up.
Agree
I feel the same about every conversation or talk with/by Steve over the past 10+ years.
No, it's an ecosystem and they keep disrupting that ecosystem. For an economy to function money cannot be allowed to pool. For the last 30 years money has been allowed to pool at the top of society instead of flowing, and the pool keeps getting larger.
Money most certainly can pool and the economy still functions. Read Us monetary historybymurraryrothbard. You’ll some realize people used to actually work and save and then spend. The economy worked. The issue is the U.S. went bankrupt fifty years ago and now we no longer have money. Now we have fiat currency or currency that’s legal only because the government declares it has value. Of course its logical currency would pool to the top of society. What do you expect would happen when we have a banking system where people take out a mortgage and new fiat currency is magically created out of thin air on the ledger expanding the currency supply. Those with assets benefit from an expanding currency supply while those that work for a paycheck never grow as rising asset inflation is generally higher than wage inflation.
This was marvelous.
Thanks for listening!
A person much cleverer than me once said, ‘the only real winner is the voyager probe heading away from earth at 17 kilometres a second’.
24:17 - János Kornai (21 JAN 1928 - 18 OCT 2021) Hungarian economist noted for his analysis & criticism of command economies of Eastern European communist states.
He also covered macroeconomic aspects in countries undergoing post-Soviet transition.
He was emeritus professor at both Harvard & Corvinus U of Budapest.
Kornai was known to have coined the term shortage economy to reflect perpetual shortages of goods in the centrally-planned command economies of the Eastern Bloc.
- Wikipedia
36:30 China does far less to help its poor than Western countries. You might say that the West is _much more_ socialist than China. China has poor education, private healthcare (and a bunch of TCM quackery), no state pensions and very few welfare benefits. Families are expected to help each other, and support the elderly - difficult after the one-child policy created an inverted pyramid.
The West has decent public education, access to healthcare, massive welfare state, and pension system, so a huge fraction of GDP is public education/healthcare and transfer payments. For example: healthcare is free at point of use in UK and Canada, even the US has Medicaid and Medicare; education is free 5-18, university used to be free in the UK, until student fees & loans in 1998 (ironically introduced by Blair under Labour).
China falls far behind the West on social support. Tier 1 cities give a false impression, because The Party tries to keep everything looking good, but there is a lot of poverty in the countryside (especially ethnic minority regions), smaller cities and local towns.
Because the west is exploiting people and resources in all other countries of the world, including China and its population. They ARE ABLE to afford better social security for their people. Their loot is far greater than that of China.
16:36 - So when you do the empirical work - that is exactly like finding craters on the surface of the moon or moons circling Jupiter and Saturn - when you do that , the [ neo-classical economic ] paradigm [ and all neo-classical economic thinking built on that paradigm ] should go out the window
It is astounding to me that Australia can produce a top notch economic thinker like Steve Keen, yet we operate an economic system that is designed to sideline those like him precisely because he shows them the fallacies of their models.
Check out the work of Prosper Australia, based on Melbourne.
It’s easy to see how well economics work. All you have to do is look at the IMF statistics, (comparing the approx. 200 countries). It shows their ideas don’t work!
Economics only works in free democratic environments wh8ch are very scarce...you can only find them in the fairly developed societies...the rest are only partial attempts limited by erroneous policies and mostly incapable management officials...
Scout
Look up how the IMFisprivstleyowned and how the britishmonarchownedshares in it until like the year2000.
One of Marx goals was to build a scientific fondation to Economics. That's why he started with Dialectical materialism to be able to build some "objective" definition that could help to describe the evolution of societal economic interactions in the know human history. His best known dialectic expression is "Class strugle" between the few people of the "Ruling Class" against the "Working Class" which archeologists use to distiguish between between "civilized" and "non-civilized" societies.
Like the famous Mr Spock said "The needs of the many common people should outweight the needs of the few (ruling) elites people. Live long and prosper." And that why the few elite capitalists wanted to promote the neo classical economic religion ("religare" what connect all people) in our higher education system.
"or the ONE!!!" But you seem to have missed the plot, and the ending/continuation
because the "reality" and the choice, was totally the opposite of that "ideology".
The essence of "being human"...or as Robert Sapolsky has shown...that altruism in
behavioral biology is one twin, two siblings, or eight cousins.
We seem to forget that the original ruling elite -- the landed -- never went away. They took the rents gained from tenant farmers and even from businesses and either bought more land, started banking empires or lobbied government to create monopolies that protected them from competition. What he accomplished and still accomplish is the redistribution of income and wealth from the actual producers to themselves. Call them "rentiers" or call them "monopolists" the outcomes are still the same.
20:23 - If you DO NOT have a right to everything you NEED to pursue Happiness,
then you DO NOT have a right to pursue Happiness
Green UBI while we reconstruct a non profit oriented society
1:38:10 - Unable to find the website of the Solomon Island charity
_________ that helps house Australian homeless. Anyone know their
_________ URL or telephone or mailing address ?
truth and facts here....very nice thanks
Very Welcome... :)
35:02 last time i checked CCP had nearly 90 million members.
Who is the CCP? I know of the CPC?
@@craigrik2699 CCP is the normal English abbreviation in common usage. CPC is the official English abbreviation approved by the CCP.
The CPC and the CCP are two distinct entities. The CCP is a political party. It was founded in 1921. The CPC is the name of the government of the People's Republic of China. It came into common use in October 1949.
Not all government officials come from the CCP. There are 9 political parties in China. Government officials can be a member of anyone of these parties. Plus, there Independent officials: they have no party affiliation.
20:24 - Here are the 6 external elements which, together, comprise the needed Decent Livelihood without which no one may pursue Happiness & which a Good Self-Governing People Provides & Maintains for all its members to its best ability:
why is necessary to produce precise demand curves of the aggregate in order to determine a theory of value?
20:25 - [ 1. A decent supply of the means of subsistence
_________ 2. Living & working conditions conducive to health
_________ 3. Medical care
They've created a system so complex that they can't even coherently explain it to themselves or others.
That's when you know you're dealing with "naked emperor's", not legitimate expertise.
Fantastic as usual, thank you Mr Keen.
Such an underrated channel!
20:27 - [ 5. Opportunities for access to the goods of the mind
_________ through educational facilities in youth & adult life
Great talk.
Glad you enjoyed!
Economics is a function of biology, i.e. human societies seeking and exploiting energy sources until they have to transition to a new energy source or a new technological form of utilising energy. These energy utilisation transitions tend to follow a long-wave cycle of about 250 years. The current carbon-based economic cycle began in the 18th century, during the Industrial Revolution. We are now riding the tail end of this 'Carbon Impulse' to human societies and economies.
Technically speaking there were carbon cycles before this current carbon cycle you mentioned. Before they burned carbon in England they burned wood. They burned wood back in Roman times too if I’m not mistaken.
Not only do economists ignore the question of where wealth comes from but (for the most part) they decline to define what is and what is not wealth. Is wealth any asset that has exchange value? Or is wealth limited to the tangible goods one produces by applying one's labor to nature (i.e., to the factor land) with or without the assistance of tools (i.e., capital goods).
Henry George, building on the analysis of earlier political economists, argued that our planet is a commons and that justice requires law that secures and protects equal opportunity of all individuals to access the planet. As it is practically impossible to divide the planet into parcels each with the same potential to produce tangible wealth, George adopted the physiocratic approach: access to land should be achieved by competitive bidding for a leasehold interest. The rents generated by the system would become the revenue with which society would be able to pay for democratically agreed upon goods and services. This rent fund is not taxation but a charge for benefits received. George believed rents would be sufficient to pay for all that people desired from government, so that taxation of individual incomes or business revenue, taxation of capital goods and other tangible assets, and taxation of commerce would not be necessary.
1:39:44 - Anything a machine can do a man [human] should not do - Aristotle
Cost drop until capacity is reached and additional capital must be added, resetting the fix cost to a new higher one.
24:18 - Constrained
This is probably the best video about economics that I saw in my whole life... And I have been trying to understand this complete pile of garbage since the 2008 crisis!!! Thank you!
Look up British economic journalist Fred Harrison, author of about a dozen hard-hitting and thoughtful books on our economic system's problems.
20:22 - [ It's up to voters in a self-governing polity to know best how to govern themselves]
Excellent. I got that idea around the third lesson of introduction of Economics. 👏
1. CBDC
2. CBDC-backed UBI
3. to avoid hoardings and gains based on these: a ressource tax
4. use the centralized data provided by CBDC (= status of all resources in real time, patterns and trends) for optimizations of resource allocations
5. implement a real competition - that means: innovations / best-practices - and provide gratifications for sharing this knowledge (I'd have a Groupware-CSCW-solution with AI-integration for agile development with reviewsa, assessments and feedbackloops for CIPs at hand, btw ...)
PS: the argument for private ownership of capital goods was what again?
... is this argument still valid, after pts 1-5 are implemented?
It isn't. Information problem solved.
The private ownership of capital goods like gold money in my opinion is that individuals held their own money and stored the fruit of their labor. Banks and privatecentrwlbanks and the government couldn’t print away and “steal” the purchasing power or the fruit of the workers labor. It’s absurd or super naive to think workers will be motivated with a centrally planned economy which you so eloquently outlined in your comment. The UsSr already did that so did Mao. Stalinabdmao killed like the equivalent of the number of people killed in ww2. Ukraine had millions starve and the U.S. lied saying there’s no famine or genocide which makes me think today something is weird a foot if the U.S. is pretending to care about Ukraine. They didn’t just become altruistic.
Read US monetary history by Murray Rothbard. Why promote a CBDC if the centraobank is ownedbywallstreet? It also pays a 6%dividend.
Why is shares not treated as debt when the corporations are literally borrowing from the investors cash and giving them a portion of the business?
Not true...as the shares are sold in the free market with no obligation of the
issuer to purchase them. Actual ownership belongs to those holding "common
"voting" stock, and in terms of the debt a corporation may be liable for, they are
the last to be compensated should the corporation be dissolved due to bankruptcy.
Other creditors, must be satisfied first before these shareholders receive whatever
value might be left.
Many corps do not issue "common stock" nor pay dividends...such as Amazon, so any gain
comes from the appreciation of the stock itself and that is determined by the market.
Those who issue loans to corps or who purchase "bonds" issued by them, are those
who hold the "debt" and have priority in bankruptcy proceedings.
Actually some bonds or debt centuries ago are perpetual bonds and some still exist paying interest. But yes most bonds expire and are paid off.
Why the heck are we trying to run the economy in 21st century according to theories from the world as it was before technology and marketing in the 18th century
20:21 - [ Socialism & democracy are 2 sides of the same coin when speaking of political & economic HAVES without HAVE-NOTS ]
As much as I am convinced that colonising Mars is the stupidest idea anyone ever had, a colony on mars would have to be basically primitive communist, like most indigenous societies where and still are.
Everything Keen says about the economy is correct...and the new monetary paradigm of Gifting strategically implemented is the solution.
I would like to ask Dr. Steve Keen to outline 5 Characteristics of science.
Dr. M.H.A.
It’s not isms that causes problems it’s lack of anti monopoly laws taxing the poor
True enough. Public revenue should come from economic rents and not taxing what we produce. A good start would be to simplify the income tax and make it really progressive. Exempt all individual incomes up to the national medium, eliminate all other exemptions and deductions, then impose an increasing rate of taxation on higher ranges of income. At the highest levels, almost all income is unearned.
That’s so wrong. Progressive taxes are a joke. The masses love them because they’re uneducated and swayed by emotion not logic. If we use logic look up a chart of tax revenue as a percentage of gdp vs highest income tax rate over time or something. Tax rates go up and down over the last century. But if taxes are 90% the logical person will adjust his work to avoid that tax. But while tax rates change I believe the chart showed tax revenue was around 18%ofgdp over time. Point is the should have a flat tax rate of 20% on all individuals. You could just do the average salary or higher. Or you can ban the income tax and switch back to tariffs to fund the federal government or a national lottery. We don’t need a massive government that spends 40% of gdp. Nato should be funded by Europe. Tons of ways to cut costs. Isrrale coudl paycost etc.
When those that benefits in increased demand also have the power to control supply of a critically important product or services then the entire demand supply price nonsense falls apart
The high cost of technology that was claimed to reduce prices had the opposite effect.
Some technology has reduced prices. Elon has come out maybe with a 250dollarsmart phone. Yes planned obsolescence is horriblewhichappledoes however look at the money supply. It grow by 40% or something over a couple years after the Rona.
Only 1991 didn't have a steep rise in personal debt to income, all others since 85 absolutely did
The double entry accounting is the root of the problem. It’s the smoke and mirrors of the system
I think a housing bubble in China is different than one in the U.S. for 2 reasons:
China thinks in much longer time spans than we do. So those ghost cities might not be ghost forever
Also, China will use hover much fiscal power it needs to prevent a depression
When debt goes up so should wages to afford the debt of families. If business debt goes up and it failed to achieve growth from it then they should be declared bankrupt
Right...so you have no clue what money is or inflation or the source of either?
The colonisation of Australia could be a blueprint for the colonisation of Mars. Without the mistakes the English made. No soldiers, no criminals from the slums of London. Maybe they should have somebody who knows what is going on.
Mars bars
Marketing and advertising blows ALL so-called theories of labour consumption and logic out of water
Is governments going to tax the robots and are corporations going to sell to their robots?
making a lot of dubious assumptions re the uniqueness of our current "knowledge"
Economists read books they don’t run factories that’s the issues
20:40 - Classical economic school decline
We don't have to lower our quality of life if we cut down the cost of rent seeking
A realistic model would and should include the power and influence of money in politics!
I think you have to call that "better than free trade" for the Chinese business partner".
2040 is the commonly held date for limits to growth
20:20 - [ K-Marx's perfect socialism he called COMMUNISM & was a
____ system of ONLY-STATE PROPERTY producing.
____ Our private property producing system survived & the
____ ONLY-STATE-PROPERTY producing system did not survive.
They place significant emphasis on "economists" failure to predict the 2008 financial crash. I've long held a theory that what really happens (in the USA) has a crisis level disruption in each presidential election year that the GOP expects to lose incumbancy.
A) if the wall street bosses of politicians expect their GOP pets to win the election and the presidency (and hence responsibility for the economy for next 4 years IN THE MINDS OF VOTERS), then moves are made to keep a "happier" situation for voters.
B) if forecast GOP loses, then a really messed up economy is left for the winners.
Similar for military (Carter/Reagan and Iran resolution), eg has notoriously conservative officer class of military EVER won an action for a Dem admin, or lost one for a GOP admin since Vietnam? (Actually i was surprised at raid on Osama compound actually achieving objective, highly motivated lower ranks overcame several problems. How long had CIA known he was there?)
You may see the illusion you wish to see. Read the book creature fromjekyllisland. You’ll see first republicans tried to pass and make a privatecentralbank. It failed. Then democrats pushed for it. Republicans claimed it’d be bad for big business so workers thought it must be good and democrats passdtbefederalreserveact. The private centrosbankoaysa6%dividend. I have to write badly lest youtube censors me.
Also if Obama or even the populist FDR wanted to they could have let it play out. Obama didn’t have to bail out Wall Street. Obama helped create more massive monopolies when he could have broke them up. FDR the freemasob that bannedgoldownership he could have abolished the orivatecentralbqnk but instead he gave them more power by banninggold.
Why can’t pensioners work in Australia?
Welfare harms humans except for the very disabled and sickly elderly all should earn their daily bread
Economics is mostly opinions!
Good as usual Steve Keen. A good experiment for a society on Mars would be to send all the believers to Mars and see how they cope with life on mars, Elon and Jeff would be good starters for this experiment
2026 - [ 4.Opportunities for access to the pleasures of sense
_________ as well as the pleasures of play & the aesthetic pleasures
Way off on inhereted wealth, who spends unearned wealth most grotesquely? Politicians.
You surely mean corrupt politicians
Yep. Estate taxes are direct taxes. The constitution says direct taxes must be apportioned amongst the states. Congress claimed estate taxes are magically an excise tax on the privilege to pass on wealth.
They should just not bail out Wall Street if they want wealth inequality to go down. They need to get rid of the estate tax. In reality most assets go up simply cause the currency supply has increased so much.
Grazie
Buildings in Australia are glorified tents compared to the rest of the world!
Don’t marginal costs FALL ?
Only life has value in other words we sell our hours of labour and if we spend too many hours on anything it’s unproductive
By the same logic psychology isn´t a science, only believing what's in the DSM, which does not have empirical support to be the way mental health issues are supposed to be categoriesed. And it does not explain how there are different ways of thinking, from visual to lingual to abstract.
Everybody was envious of physicists. Everybody wanted to be as scientific as physicists. So few succeded, but they are all called scientists.
Well the Dsm is good though to outline words definitions etc to standardize things. It’s important for courts and legal issues and medication etc. Not everything is about pretending to be scientists as having a standard book in my view helps with efficiency
No. It is not.
If your hypothesis can't reliably explain or predict cause and effect, even with a limited sample size, then no, it's not a science.
A discipline, sure. But then I'd argue that astrology is also considered a discipline by some.
Fact is that economic theory is largely based on the political persuasion of the economist. Hell, they can't even agree on what can be deemed "good or bad" for an economy.
Actually there are some traders that do trade and make money based on some indicators. They’ve found a cause and the effect they gamble on or trade and make move.
@koltoncrane3099 Sure. Indicators.
But if it's not predictable and replicable, it's not a science.
Even qualitative disciplines have a vastly larger foundation.
If a cat on a keyboard is only marginally less accurate than your average stock broker, it's a casino, not a science.
Economics is legally a science... for the grants and tax deductions
Neoclassical ideology emerged from the oil market ua-cam.com/video/m30qeMboYXY/v-deo.htmlsi=sjR248m9IIt4Kv5_
Is there enough wood to make more chairs? How fast does the wood regrow? What purpose does the wood serve to nature? External and Irrelevant to the Rich.
@@life42theuniversebut not only to the rich. To the poor as well. Poor are just as indifferent to environment or even more so than rich people. They like to play victim and put all of the blame on rich, as if poverty automatically implies righteousness. And i say it as a poor peasant. Humans just suсk.
The poor generally doesn’t push for endless war or vote for billions to go to billionaires through endless war schemes.
Enjoy Steve Keen BUT this is the first time I've heard him reference how "we've screwed up climate"!
WTF? 😂 I'd love to hear him expand on this. Bizarre. 🤷♂️
Turn your car on in the garage and wait around. Thats the exapansion
What will happen to the labor theory of value when/if they develop AI to do most of the white and blue collared labor, which seems an ever more real possibility these days.
Will they give us all UBI? Or will they simply quietly kill us off by ignoring pandemics and the like? I want to be optimistic, but I'm guessing in a world that values money, business and commerce more than human lives, it will be the latter.
It seems to me that a government that has no ethical qualms financing the bombing of hospitals and aid workers and universities and refugee camps... probably also lacks any qualms about doing roughly the same to its own populace... should they turn out to be inconveniently expensive.
I would love to hear from any people who understand the higher level workings of economics on how things could work out for everyone. IOW, please talk me out of my pessimism if possible. Thank you.
Clearly, you missed that part of the discussion...and that Marx buried the "objective reality"
to achieve his"intended result".
The whole point of Keen's work
He is currently working on a new science of economics built upon incontrovertible facts.
However, that should read...economics as "science"...since it never has been and still isn't.
a.k.a. entropy and the laws of thermodynamics.
*GDP is Grossly Distorted Propaganda*
What is NDP, Net Domestic Product?
Where is the data on the annual depreciation of automobiles and other durable consumer goods since Sputnik? In his major work Karl Marx used the word 'depreciation' 35 times.
But consumers did not buy automobiles and air conditioners when Marx and Smith wrote about economics. John Maynard Keynes never saw a television commercial for automobiles.
Wealth requires land. Iron and copper had to be dug up somewhere. Crops have to be grown somewhere. But money does not give people brains though intellectual property can be bought or stolen.
The NAZInomic Wargame is a continuation of the Military Wargame by other means.
Great conversation. Thanks for posting.
As we ruined the Earth, We will ruin the universe wherever we go!
Colonizing Mars is an ironic idea? Did humans start there and after destroying it did we then move to earth? Lol😅
Elon Musk's father had emerald mines in south Africa aparteid state. Ffs how did he not inherit wealth?
Limits to growth has proven to be correct and in fact we are ahead of the projections
Limits to growth were published by MIT back fifty years ago predicting we’d be doomed already and that population growth was an existential crisis. Obviously mit didn’t think their amazing students could be innovative to increase growth or technology.
Go study the Armish economy and you will see what economics should be
What is their system of land allocation? Is the land treated as a commons, or is it individually owned?
Economics is not science.
Economics is not predictive/falsefiable
You can also say psychology or neuroscience etc isn’t a science when it comes to finding what consciousness is and how to prove it.
@@koltoncrane3099
Science is :
1) repeatable measurement
2) prediction/falsification
That's it !
Cuts the crap.
The disciplines you mentioned are not scientific.
Steve Keen is really confused, is really he wants to talk about Economic to be a science or he discuss about economics system , he is really confused.
Confusion is his forte from being confused about himself and what he has predicted and which did not turn out to be true - like his insistent continued predictions a few years ago on massive falls in housing prices in Australia which turned out to be the opposite.. But he does not want to be reminded of that.
How much energy does robots and AI consume? Bet it’s more than humans.
Loved your deep dive on Marx and modern economics! If you're looking to boost engagement, I specialize in transforming long-form content into catchy reels and shorts.
Let's make your insights pop and reach a wider audience!
The Earth is flat. All critical observations confirm it is not a sphere.
Wow. I never thought about it like that. Thanks for the insight.
I’ve never been to space or the moon so using my senses I’ve honestly can’t say if the earth is flat or round and must rely on the “experts”
Anglosaxon imperialism... wow POPCORN!!!
No it isn’t.
So he and his mates peddling pandemics and genocides and wars
What about Steve Keen's prediction of what would happen to Australia's g housing prices? Oh that failed miserable but he doesn't want to talk about it because it shows his prediction that turn out correct are just due to chance.
What about his MMt idea that Taxes put value into the money and get it accepted when the reality is Taxes did Nothing to keep the money accepted or put any value at all into it in all of the countries where massive inflation made the money worthless and rejected by everyone including their own governments.
But I am not holding my breath because his admission of being wrong is not something his stunted emotional growth will allow.
He doesn't want to talk about his failed economic theory because it will show he and Kelton and the other MMT economists are perpetuating MMt myths of huge proportions.
They rely on the financially challenged people to fool and when someone with difficult challenging questions comes up to question them and point out their fallacies they run away and hide.
Look they made the thirdorivatelyowned centralbank in the U.S. just before ww1. What did they make after the federalreserve? That’s right they made the IrS. Read the book US monetary history by Murray Rothbard. There’s an Example of the government taking the centralbank notes for taxes I believe. Also the big question is some countries have hyper inflation but do their monetary system offset new currency creation with debt or does it just increase with new currency? There is a book about the history of central banks how in England they didn’t use fractionalbamkinguntiljudahpeoolecsne and were gold smiths issuing gold deposit recipes more than they had or something. But England later used a wood with markings on it for money and taxes. The point of the book is you don’t need private centralbanks. Abraham Lincoln did MMT to fund the civil war and didn’t issue debt but literally printed. Yes that’s inflationary. But id prefer that over having a centralbankownedbywallstreet. MMT is bad sure but with the inflation actually hitting people and voters they’d stop. Today inflation hits voters silently and through asset prices and they think all is well and there’s zero inflation from decades of increasing the currency supply
Look Kelton in theory maybe right but she admits the government must raise taxes and cut spending when inflation increases which will never happen.