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Evonomics: The Next Evolution of Economics

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You know neoliberal economics is in trouble when even the cartoons have had enough. Special guests Robert Reich Hugh Jackman.

You know neoliberal economics is in trouble when even the cartoons have had enough. Special guests Robert Reich Hugh Jackman.

Evonomics: The Next Evolution of Economics

51,869 görüntüleme • 24 gün önce

One of the biggest problems with modern economics is that it began confusing mathematical elegance with scientific truth. To make economic models mathematically tractable, economists have to simplify the real world—often dramatically. That’s not necessarily ideological. It’s what you have to do if you want to solve the equations. But eventually the math became the master rather than the servant. Assumptions about perfectly rational people, equilibrium, efficient markets, and simplified human behavior persisted partly because adding more of the messy reality of how humans and economies actually work makes the equations much harder to solve. And there was another problem: the mathematics gave economics enormous prestige. It allowed economists to imagine their discipline as something resembling classical physics—a precise science governed by elegant mathematical laws. Admitting that economies are complex, evolving systems populated by social, emotional, cooperative, competitive, power-seeking human beings would mean giving up some of that certainty. Heaven forbid! Read more: David Sloan Wilson David McWilliams Yanis Varoufakis Rory Sutherland

One of the biggest problems with modern economics is that it began confusing mathematical elegance with scientific truth. To make economic models mathematically tractable, economists have to simplify the real world—often dramatically. That’s not necessarily ideological. It’s what you have to do if you want to solve the equations. But eventually the math became the master rather than the servant. Assumptions about perfectly rational people, equilibrium, efficient markets, and simplified human behavior persisted partly because adding more of the messy reality of how humans and economies actually work makes the equations much harder to solve. And there was another problem: the mathematics gave economics enormous prestige. It allowed economists to imagine their discipline as something resembling classical physics—a precise science governed by elegant mathematical laws. Admitting that economies are complex, evolving systems populated by social, emotional, cooperative, competitive, power-seeking human beings would mean giving up some of that certainty. Heaven forbid! Read more: David Sloan Wilson David McWilliams Yanis Varoufakis Rory Sutherland

Evonomics: The Next Evolution of Economics

12,707 görüntüleme • 6 gün önce

Friedman brought ideology. Bowles brought the receipts. Full video:

Friedman brought ideology. Bowles brought the receipts. Full video:

Evonomics: The Next Evolution of Economics

32,405 görüntüleme • 27 gün önce

Which belief is the craziest of them all? Nobel-winning economist Joseph Stiglitz: "The trickle-down notion— along with its theoretical justification, marginal productivity theory— needs urgent rethinking." Read more:

Which belief is the craziest of them all? Nobel-winning economist Joseph Stiglitz: "The trickle-down notion— along with its theoretical justification, marginal productivity theory— needs urgent rethinking." Read more:

Evonomics: The Next Evolution of Economics

44,280 görüntüleme • 1 ay önce

Neoliberalism does not mean the reduction of the state. Instead, the state is reorganized by controlling elites to protect monopoly power and capital accumulation, often producing greater inequality and insecurity. As economist Luigi Zingales says "the greatest threat to free markets is not the working class or government regulation, but powerful business incumbents who use political influence to suppress competition." Video credit: Institute for New Economic Thinking J K Galbraith

Neoliberalism does not mean the reduction of the state. Instead, the state is reorganized by controlling elites to protect monopoly power and capital accumulation, often producing greater inequality and insecurity. As economist Luigi Zingales says "the greatest threat to free markets is not the working class or government regulation, but powerful business incumbents who use political influence to suppress competition." Video credit: Institute for New Economic Thinking J K Galbraith

Evonomics: The Next Evolution of Economics

16,789 görüntüleme • 22 gün önce

A political system corrupted by economic elites is also a failed economic system. Law professor Lessig 🇺🇦 quotes the study: “The preferences of the average American appear to have only a minuscule, near-zero, statistically insignificant impact on public policy.” Read the paper:

A political system corrupted by economic elites is also a failed economic system. Law professor Lessig 🇺🇦 quotes the study: “The preferences of the average American appear to have only a minuscule, near-zero, statistically insignificant impact on public policy.” Read the paper:

Evonomics: The Next Evolution of Economics

10,233 görüntüleme • 14 gün önce

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