What Economics Gets Wrong About Climate Change w/ Ha-Joon Chang

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What would you say a human life is worth? According to the US government, for an American it’s about $7.2 million, compared with the global average of approximately $1.3 million. If you’re Swiss though, you’re worth a pretty penny at $9.4 million.While these estimates might sound absurd, they're important to understand: these kinds of figures and the models that produce them are a core part of how mainstream economics understands and shapes policy, and they have had a significant role in how governments have responded (or failed to respond) to the climate crisis. In this episode, economist Ha-Joon Chang breaks down what mainstream economics gets wrong, and why it has proven so ill-suited to a challenge like climate and ecological crisis, not least by reducing complex decisions to abstract cost-benefit analyses.
Ha-Joon Chang is an economist and Professor at SOAS University of London. Ha-Joon has been an advisor to several governments and international organisations, and is the author of many books, most recently ‘Edible Economics’.
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[@alderom1]

great summary

[@888YangJi]

👍👍

[@jameslawrence3666]

Ine could say the same about climate change and demographics

[@Extreme_Gardening145]

To a large extent yes.

[@BrickGriff]

"If I didn't love my profession, I would have quit already."
With all due respect, and that is a lot, isn't that the height of privilege in this economic system and job market?