They're teaching economics wrong – full interview with Ha-Joon Chang

If anyone is interested in the lecture series mentioned in the opening segment above it's here

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Yes Gary I can tell they taught you wrong. You miss real world application and finance.

Imagine thinking these Marxist-communists understand basic economics. Any man or woman who takes these communists seriously is a fool and will remain clueless on economics. If Gary understood basic economics, it would be impossible for him to be a socialist.

Essentially “I’m right and all of economics is wrong”

Excellent as always Gary, you should speak to Corbyn or Mcdonnell since they are the only ones who have come close to electorally upsetting the apple cart, they probably could give insight in to where it went wrong and anything they would do differently if given a do-over.

In order to home in on economic theory and practice that deals with income inequality, poverty and even subsistence survival it is necessary to look at DEVELOPMENT ECONOMICS. I studied this approach from the start by routing through training in a specific economic sector. I chose agriculture because my decision to enter development economics, at the age of 12, was my reaction to being caught up in the middle of a starvation riot in Dacca, then East Pakistan caused by politicians hoarding rice. The next day I visited an agricultural experimental farm demonstrating advancing agricultural techniques to produce food more efficienctly and at more accessible prices. I followed agriculture and then post-grad agricultural economics at Cambridge University which included policy design based on undergrad training in farm planning. Part of this training included courses at the Faculty of Economics which, at that time, was dominated by Keynesianism and obviously divorced from the developmental economic aspects because at that time income disparity was declining in the country BUT no Keynesian policies had been applied because there was full employment. I then went onto international development economics at Stanford University studying at the Food Research Institute, Department of Economics as well as completing systems engineering at the School of Engineering. In terms of solutions to the rising income inequality issue it is necessary to realise that taxation alone cannot solve this problem. This is because all of the main economic schools of thought including Keynesianisn, monetarism, supply side economics and modern monetary theory do not possess any policy instruments to support innovations and raised productivity so as to eliminate inflation and raise the value or purchasing power of the pound. During the high growth period 1945-1965 productivity rose rapidly in spite of high taxes BECAUSE productivity also rose rapidly. Following the 1973 OPEC petroleum price crisis monetary theory was turned on its head but most economists did not detect this and continued to apply the WRONG monetary decisions since then up until now. This is why the Bank of EnglandhasNEVER eliminated inflation. This is why since 1973 revenues have been unable to cover the rising real demands of government provisions. The result has been annual deficits accumulatimng into a rising national debt. I realised that none of the conventional policies could not prevent this as far back as 1975 because real incomes were not the policy objective of any system. This is why I developed RIO-Real Incomes Objective Price Performance Policy (3P) which is, at the moment, the only proposal designed to reverse the trends in income disparity and poverty by raising real incomesacross the board. If you want to discuss this just ask questions or DM me. To find out more there is a book:

This man is dangerous. 15 years ago I was bankrupt washing my balls and armpits in supermarket toilets, living in a van. ‘Mental health’? Not interested. Today my disposable income is several thousand a month - which I choose to reinvest. How possible? Simple - Born in Britain!

Hi Gary - how about giving this guy a voice. search "Heated Debates & Misconceptions about Degrowth" to find

Why do you insist on promoting the idea that the government is being impoverished or heading to bankruptcy? Government deficits are our surpluses. Your guest was interrupted when he tried to start explaining this to you.