The Economics of Climate Change | Steve Keen
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- Опубліковано 22 тра 2024
- Support this channel: / planetcritical
Professor Steve Keen was one of the few economists to realise that a serious economic crisis was imminent in 2005. He publicly warned the world, and helped his native Australia navigate the 2008 crash without the major repercussions that crippled markets everywhere else.
He is now working on a new model of economics for a post-crash world. He joined me today to discuss why and how capitalism needs to be constrained, the economics of climate change and what mainstream economists and academics are getting wrong-to the detriment of us all.
This is the episode that inspired Platform Enterprise to rebrand as Planet: Critical, a podcast for a world in crisis.
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© Rachel Donald
so glad this guy is getting air time on all the podcasts. his message and the way he tells it directly is so needed.
Love hearing an Aussie ripping apart BS. Thanks mate😊👍
ua-cam.com/video/MG1ntma_vrU/v-deo.html bonus track
Another feature of the loss of the arctic sea ice is the warming of the bogs releasing vast quantities of methane.
One of the best episodes of all the ones I've listened to. Quite amusing to hear him rip apart the field of economics and some famous economists.
Thank you for listening!
Steve Keen has such a big brain. Great to hear this interview, thank you.
It was a pleasure to interview him, thanks for tuning in.
Brilliant and very revealing!
So pleased you think so, thank you for listening!
The best explanation of how our economies are organized and the consequences thereof was provided in the late 19th century by the American political economist Henry George. His analysis was sufficiently powerful that the robber barons of the era decided to endow university schools of economics and bring in professors willing to create the new discipline of economics in support of the status quo. The details of how this was accomplished was provided in the 1994 book co-authored by three economists (Mason Gaffney, Fred Harrison and Kris Feder) titled "The Corruption of Economics."
This explains so much! Thank you Steve.
Thanks for this great interview. So good to hear someone deconstruct the nonsense that is mainstream economics, especially when it comes to climate change.
The comparison of astronomers who believed in Ptolemy theory and modern mainstream economist was fantastic. Great work Rachel 👌..keep going..
Thank you!
Excellent interview, Steve is always entertaining and educational in one. Two suggestions for guests: Economist Richard D. Wolff and Yanis Varoufakis.
Thrilled you enjoyed it, and thank you for reaching out with suggestions, I'll try to track down their emails.
Excellent discussion..
Thank you for listening!
hahaha, that's a really cool interview :-) I have one of his books, which is great (as far as I can understand it as a PhD in physics) but I never imagined, he would also be such a fun guy to listen too. I always suspected that there was something fishy about this Mr. Nordhouse, when he came up with this 2°C target on the IPCC, but Mr. Keens comment on him really nails it! That line alone is worth a gold medal !
very good, thank you
Thrilled you think so-thanks for listening!
In a recent video Richard Werner made a comment about growth. I believe that he said it was a mythological type of concept since it violates the First and Second Laws of Thermodynamics because they state that what is called growth is simply the converting of energy and materials from one form to another. There is no such thing as Growth. The term seems to mean that “growth” is a measure of the change but the word makes us think differently than our thinking about other forms of reality contact.
Thank you for listening and for joining the discussion, Herb.
since when has economics been anything but an attempt to predict observed chaotic human psychology? humans are such slaves to logic ... sarcasm
As some commentary has made clearly unclear because not only is life complicated and messy, a significant proportion of all species work against their own kind,in fact it's built into every individual, in probabilistic prime-cofactor frequency density-intensity connection principles, so the result frequently encountered is chaotic, and you could say that economics is a method of mass distraction that is a "guilt by association" tool of predatory lending of the sense values all common sense objectives are composed of.
Or in other words it's a discussion restricted to specific specialists who draw a line across the comprehensible vs chaos.
Professor Keen and the MMT Provisioning team have our interests in mind.
Super!
Thank you very much!
So, Steve Keen beat me to my realization that a huge part of the only possible solution to the climate crisis is a WWII style rationing program.
Now, I know 'm on the right track, because I respect Prof. Keen.
I love your show! My favorite episode was Tim Garrett, Nate Hagens and this one. Have you thought about having Michael Dowd on your show?
Great to hear, Joseph! I haven't yet, I'll add him to my list. Any chance you have a contact for him?
What is Net Domestic Product?
What has happened to the depreciation of durable consumer goods since Sputnik? What does planned obsolescence do for the depreciation of consumer goods? Making more junk and shipping it around produces more CO2.
So we have listened to economists who cannot do algebra for 60 years.
FINALLY SOMEONE HAS THE GUTS TO TELL THE TRUTH!
When all the large tipping points go, NTHE will follow with a couple of years. Raising the global temp by 4c, removes habitat for humans and reduces gdp to zero.
Great conversation
mandate local only market facilities in every business centre 7 days per week..we can grow clean food but cannot market it locally
I can't believe Rachel didn't know about the Y2K problem...is she that dang young, or am I just that damned old‽
Since the GDP also measures the repairs to the damage caused by climate crises, the allegedly small reduction in GDP with large changes in temperature could be rationalized that way.
How do we pay for repair when insurance is no longer profitable/affordable? Maybe we just have very expensive premiums and minimal cover.. anyway we will have much bigger problems..
6:15 "it means the end of globalisation" listening to this in 2024 and that didn't happen, unfortunately.
Technology is the indirect cause of climate change. "Profit = income - expenses" puts the environment, including us, on the expense side. Companies want to
do away with expenses in order to show more profits. That's counterintuitive because the environment is the only source of our actual 'gain'.
Our first step must be to correct the dictionary definition of profit and create a Global Economic Model GEM that fits well with this new 'profit' definition:
"Profit = our gratefulness and loving care for our Environment, and for the sustenance that it provides to all of us".
Clearly this definition does require a completely new Global Economic Model.
The central part of the new GEM should be the EPA. EPA members will vote on the best 'Profit' definition that states sustenance is our only actual 'gain'
without which we can't live, and states that the environment is our only source of sustenance.
As the central hub of the new GEM, EPA members will establish, by vote, all directives related to both, the GEM and climate rescue strategies.
Here are just some rough ideas of what the EPA directives might be:
1.) Population: Initially we need a one child per family directive.
2.) In place of income, jobs would have an 'equivalency rating'. Some jobs are still more important and more difficult than others.
3.) All equivalency ratings will increase at the same time if and when the environment becomes healthier. The lowest EquivRate must still be livable.
4.) Everyone who can work will be able, and required, to get jobs. No more expenses, so no more cutting jobs to reduce expenses; thus, virtually no more homelessness.
5.) No manufacturing of useless and unnecessary products. All products will be scrutinized by various rating methods.
6.) Whenever possible products should last a lifetime and or be easily upgradable, so we don't buy the same products repeatedly.
7.) EPA will direct "Work Force Flow". Example: Shoe manufacturer will produce 100yearLife shoes for 3 years, then reduce output to about 1/10 of full capacity, and
the majority of shoe employees will be shifted to other work assignments by the EPA. Employees still keep their EquivRate in-between jobs.
I know that this is just a rough outline of what we must do, but it's a good starting point.
This is our Ark. Please help build it! Questions, suggestions and any comments for or against this idea will be very deeply appreciated. Thank you!
💖
Maybe this gdp measure proves how disconnected markets like wallsreet are to the real economy. About the same impact as Vegas. LOL
Climate change isn’t something we can fix at this point it’s only something we can try to survive. Most of us won’t survive but if we are very lucky some will and can start living as we should with minimal energy use and lots of chilling and getting high. The greatest fear of most people on earth now.
Looks like catastrophe is the only thing that's going to make economist change their models.
I personally strongly disagree with Mr Keen on the introductory view on COVID performance of Africa and Asia. I don't thin his analysis is right there. Based on the experience in Italy, where the south was doing well and the north had the first European disaster, to me it's clear that poor public health causes less deaths. Simply, there are less vulnerable people still alive, so there are simply not enough potential victims. The western health system "keeps too many veey sick people alive" so to speak. I have to stress that I am in awe of Mr Keen's economic work!
He's good name dropper. Think his comment that we simply set certain areas aside for nature while needing capitalism for innovation is total nonsense, it ignores that driving force of capitalism is to infiltrate every area and transaction with no end to its commodification. It also ignores the inequality inherent in capitalism. Underwhelmed, I think we all know that capitalism is the problem and on a direct crash course with the life
14:30
54:22 📢
My dream girl didn’t know what the amoc was?!?! Cmon Rach! The amoc run amok is the reason we’re all f’ed. Cutest “oh no” ever btw…
With all due respect, Steve Keen just won't say "capitalism needs to end", he stops short from blaming capitalism by name. He won't answer the question "do we need to end capitalism". He goes into deflection. Unequivocally, CAPITALISM NEEDS TO END, period. We need degrowth and ecosocialism. Power, ownership, capital need to be decoupled from each other, thus ending the capitalist class. I talk about this on my channel.
whats your channel ?
agree
Interviewer seems very giddy about the coming chaos in the intro. Maybe just the sinking in of the knowledge things are only getting worse and nothing can or will be done about it? Anyhoo, enjoy the ride down? We were all mortal and going to die from when our parents fucked us into existence. It s all going to be a little sooner for everyone and their grandkids than everyone expected is all ;-)
Great interview, but also quite disappointing. As a political scientist by education, I didn't exactly have great expectations of economists, but the more I hear them criticized by neo-Keynesians, the more they sound like actual charlatans. And I spent six years writing a science book about astrology and skepticism, so I'm not using the term lightly.
God's leadership of free will kingdom in world providing needed organization for peoples and nations
Ah yes, innovation..Elon Musk…not the military industrial complex!
What a crap. How will you consume less? Less means GDP fall, wages fall, all fall, recession & crisis, depression.
Sometimes it is necessary to not leave the entire system to chance. Sometimes in a state of emergency, you must control those functions to prevent instability and collapse.
Those outcomes are a product of the poor choices that market forces will make in such eventualities. Market forces that are not untouchable.
Until you can comprehend economic systems beyond the only one you've ever known, you can understand what is actually possible. Myopia is an endemic disease in the realms of political economy.
Economics is a way of rationalising doing things which should never be contemplated, simply a way of concealing real costs. Utter bollocks.
Another feature of the loss of the arctic sea ice is the warming of the bogs releasing vast quantities of methane.