Відео

No, your're not alone. I'm watching and listening from Germany, thank you very much. 🙏

We fail to understand the implications of living in a world with 8 billion precious humans. In addition every year another 80 million, 2X population of Canada, join us. We continue to use governance/government models from our barbaric past. The rules of the 20th century, bloodiest in world history, continue to fail civilization. Example is industrial policies which ignore the on the ground facts. Most nations have little to no raw materials let alone an industrial base. In this time of resource depletion including the use of 100 billion barrels of oil equivalent fossil fuels energy annually. There is no Fossil Fuels Fairy refilling the holes. This foolish push to build huge industrial parks that duplicate existing plants as a way to punish other nations doubles down on greenhouse gases pollution for no significant returns other than national pride and defense industries. Currently we're adding 51 billion tons of greenhouse gases pollution annually. Trapping heat equivalent energy released by detonating 7 Hiroshima type nukes every single second for over thirty years. We're connected as never before. Science shows that we're not only related to each other, we're related to the entire biosphere. We need a new model that recognizes at first we are human!!

I belong to a family which is part of the bottom 40% of the wealth distribution in Pakistan. My GRE scores, grades, and intelligence were arguably comparable to the top 5%, if not higher in my society. However, I never had the same opportunities that significantly less talented people had relative to me. If higher education was not captured by the elite, I would have better opportunities.

What a pleasure to hear this thoughtful interview with Dr. Piketty. Thank you both :)

At 1:12:38, it seems that one can apply the HH FOC with respect to theta to reach the last line. If the thetas sum to one (not sure if they do), I think there would be some extra terms in the next line. Thanks for the video!

Thank you for this

I have a question. Why does the model only has one state variable eta? In my understanding, the state variable of the expert problem is n^e, and the state variable of the household problem is n^h. Why is eta sufficient to pin down both n^e and n^h?

Dear Professor, don’t you think that a long term GDP gap in USA (West) to potential trend is a potential signal to the increasing probability of global war with other parts of of the world (China) who may challenge the leadership of the west. Like it was after the Great Depression (west vs Germany/USSR)?

Thank you for offering the summer lecture series at no cost. Appreciate it very much. Please also consider the lectures on numerical computations. Most students are interested in the examples/possibility of numerical computations of theoretical models using open-source languages, particularly Julia. Such data-based applications and evidence would only convince the students about the practical value of these sessions. One notable challenge of these models is the limited availability of resources for demonstrating numerical evidence using actual data. Filling this gap is crucial for substantiating these economic theories to students and convincing them to learn them in today's ML algorithm-based world, where data speaks along with the models. I appreciate your consideration of this suggestion.

I am extremely proud of my beloved first cousin Alexi❤Love from South Africa ❤

Western employment model doesn’t apply to India. India is a entrepreneurial mindset country rooted in the ethos of society before colonialism. The shoving of population forcefully or in planned way over the years is a western industrial model. Indian model is family based business and Indian women doesn’t need to work. There is a concept of generational wealth concept that west doesn’t understand and keep comparing to its own standards, which will not work.

I think shes my music teacher

There are other reasons for unemployment that Prof Rajan do not talk about 1) there is crony capitalism in country 2) privatization of govt jobs and less in number 3) effect of demonitization, covid 4) very minimal hiring in govt sector 5) private sector has become profit oriented, not enough hiring 6) govt lousy schemes agnivir, killing of well paid teachers job, banking jobs, railway jobs 7) even universities positions are filled based on political ideology nexus. 8) Exam paper leaks and failure of govt. Prof. Rajan gives only half truth on problem of unemployment.

Did Mr. Wolf ever asked himself is innovatinon is exclusively possible in a capitalistic system of if Innovation occured all over history? The other question he maby didn‘t asked himself is what the radicalization of neoliberalism has to do with the rise of autoritarisnism and the decrease of democracy all over the world at latest since the last financial crisis in 2008. Fruther more the problem of the planetary overshot is just ignored, which can be more dangerous than the fall of democracy in long terms.

What was the secret of our success? You forget, and finance becomes dominant. A few on the fringes are starting to ask serious questions about the conventional wisdom. ua-cam.com/video/tYWI2cAjQdA/v-deo.html This academic makes the important distinction between primary and secondary markets. A subtlety that has been completely lost in mainstream thinking today. She looked back to see how Holland and the UK went into decline as finance became dominant. Finance seems to deliver so much, but the on the whole the effects are negative. Capital starts flowing into the markets rather than the real economy, where the real wealth creation takes place. The UK was once the world’s great superpower, and it rose to prominence on the back of the industrial revolution. As finance came to the fore, our fortunes started to wane and there was one financial crash after another. Holland had been the world’s great superpower before that, and they met the same fate; as finance came to the fore their fortunes took a turn for the worse. The US seems to be next great superpower to make the same mistake, it’s just one financial crash after another, S&L crisis, dot.com bust, 2008 and the next one is brewing. What we need is for finance to become dominant globally. Then we can see what they are up to. That’s better. How does the constant churning of existing financial assets actually do anything? It doesn’t really; it looks like wealth creation is taking place when you don’t understand the mechanics of the banking system Real wealth creation takes place in the real economy. The illusory gains of finance rely on you not understanding the banking system. Global policymakers never realise the money to push up asset prices is coming out of the banking system. At 25.30 mins you can see the super imposed private debt-to-GDP ratios. ua-cam.com/video/vAStZJCKmbU/v-deo.html It only works because private debt is the Achilles Heel of neoclassical economics. You don’t see where the money is coming from to pump up asset prices.

An excellence session on AI. Congratulations to Luis and Markus!

*promosm* 😊

Dear Mr Piketty, I have written a persuasive essay that I would be honored if you would read it. Please feel free to incorporate any or all of it's talking points into your presentations. Here it is: The Twin Parallel Rails Organizing Society There are two continuums that run side by side like train tracks that don’t cross over each other but together carry a society either to a destination of positive collaborative fulfillment or to the opposite destination of negative self-centered separation. Rail 1. Governance. Democratic Socialism vs Corporate Socialism: a primer. We are all socialists. Humans require society for survival. Socialism is all governance. Governance is the type of gov. tax appropriations, gov. regulations and the direction of gov. agencies. It is a continuum. It goes from Democratic Socialism which is spending tax monies and having policies for the benefit of all those who actually contribute to the tax pool and represent the vast majority of the population, to Corporate Socialism which is spending tax monies and making gov. policies for the benefit of the corporate interests of the 2%, many of which pay little or no taxes and brag about gaming a system they have bought and influence with their ever exponentially increasing wealth. This is a nasty feedback loop that leads us to a state of economic serfdom and ultimately to gated communities for these same people who caused this situation, with their insatiable greed machine of lobbyists and swinging door appointments leading from corporate boardrooms to government agencies and administrations and back again. Rail 2. Economics The second parallel rail/continuum of societal organization is the agreed upon Mode of Economic Exchange which ranges from Capitalism that encourages the individual profit motive, to Communism which says we must share the profits of our labors. Communism has never existed except as an idea. It has historically been implemented as a rallying cry to disaffected people in rebellions against minority rule, but once the new batch of rulers took power they quickly and logically reverted to their own individual capital interests, which in a society governed by Democratic Socialism would be just fine, but instead though, they quickly diverted themselves to the greed interests of the top 2% by adopting extreme Corporate Socialism to become Oligarchs and Fascists. Just look at the brutal suppression where these rebellions took place in the societies of Russia, China and North Korea for example. Actual Communism has only existed in some local communes of people dedicated to the concept, but they only last a short time because they are inefficient at meeting the individual needs and aspirations of its members beyond those who are totally committed to that group. The idea of Communism persists because it is used as a Canard by the top 2% in most all societies. A 'Canard' is a spurious idea presented by someone to provide an excuse for motives that would otherwise be revealed as being for their own selfish ends. It’s a diversionary tactic and smoke screen rolled into one. Communism is held up and used as a 'Canard' by both those who promote the interests of the Corporate Socialists in countries with democracies like the United States, where it is presented as being a bogeyman that will lead them all down the path of 'socialism' and 'communism', to its use by the so called ‘Communist States’, where it is held up by their 'Communist Party' leaders who want to hide their actual oligarchical, fascist intentions from their masses by presenting it as a Utopian ideal to which they must all sacrifice their individual desires. Either way, the end result is the same, with the canard idea of Communism being used to cajole and control the majority into serving the interests of the few. Capitalism’s ability to motivate people into a commerce of ideas, services and products with profits that address individual needs is the only mode of monetary exchange that makes efficient sense. Only you know what you desire and aspire too. Even ‘Communist’ countries use Capitalism but only to the extent the ruling party members permit, in so far as it promotes the wealthfare of the top 2%. There the Corporate Socialist extremists dominate those societies with an iron fist; as seen in China, Russia and North Korea. Rail #1 ‘Governance’ final thoughts Democratic Socialism as governance plus Capitalism for economic exchange equals a society that builds itself up for the betterment of all its members by spending their tax dollars and government policy on national health care, a clean environment, education, timely infrastructure spending, retirement insurance, etc. for all its citizens. The Scandinavian countries and most of Europe and the Commonwealth countries come to mind. Whereas Corporate Socialism as governance, plus Capitalism for economic exchange = a society like ours - The United States; that has government policies, tax money appropriations, regulations, laws, and judicial and agency appointments increasingly designed to shunt money to the top 2% of its citizens; leaving us with no National Health Care, a shrinking middle class, a growing class of unhealthy uninsured working poor, and also with a disproportionate tax burden favoring the wealthy, a deteriorating environment for the short term gain of investors in some industries, and a crumbling infrastructure to avoid any legislation requiring additional taxation of the 2%. Also, it has led us to bogus foreign wars for corporate profit with the resulting deaths of American youths to benefit the shareholders in the Military Industrial Complex, as with Halliburton’s corporate investors and their ilk. The logical conclusion of Corporate Socialism at its extreme endpoint is to shift rule from Democracy to rule by Oligarchy (rule by a few) and Fascism (combining a central dictator), with them foremost always representing the financial interests of the top 2%. In these so called ‘Communist States’, this is combined with threats of military and police force to the citizenry, so they fear their governments readiness to deploy against them for any serious internal challenges they may pose to their rule, as is found in Russia, China, North Korea, Venezuela, Belarus, Cuba and a number of other countries. The interests of the Corporate Socialists are routinely promoted by the top 2% under the guise of patriotic duty and endless flag waving. This perversely manipulates the community’s natural tribal instinct to rally together, while both hiding the greedy intentions of the 2% and steering the rest of the population to serve those interests. This dominance of the short-sighted greed lust of Corporate Socialism in both the Democracies and in the so called 'Communist States' is leading us to a diminishing quality of life, and an inability to make positive adaptive change. This is causing ever increasing societal chaos with uncontrolled desperate migration, a burgeoning global population and environmental degradation. The Societies of our planet need to work towards establishing truly representative Democratic Socialism in order for us to avert disaster and to coordinate our place on Earth in a manner that will sustain a good life for all our species and ecosystems. Everyone, we have got to get it together using Democratic Socialism combined with Capitalism. War, disease and misery are not necessary management tools.

George Reisman has thoroughly refuted and demolished this made up b.s.

As some doubts are raised about using the Phillips curve, an educational video providing a comprehensive overview is recommended for theoretical understanding here: ua-cam.com/video/zcUBH9Zp2kY/v-deo.html , while a video demonstrating practical application is here: ua-cam.com/video/NUo-ERHgojY/v-deo.html.

Adding in potential inputs from floating solar, LED lighting upgrades, reconductoring (upgrading power lines to modern ones), solar canopy over parking lots, regenerative grid theory, and biogas would drastically alter hydrogen forecasts. An excellent presentation.

No mention of productivity reducing policy actions from ever increasing regulation on corporations by the government agencies and now corporate minimum taxes. These are not about start-ups but established large businesses (and prospective foreign direct investments).

Great!

Austan, great presentation, but, hey, no mention of the money supply at all??? Has any form of monetarism completely disappeared??

Goolsbee is so cocky.... Keep doing victory laps about QE, FED has abused QE since 2008 and got drunk off their own koolade. I will be back to clip the 49:00 min mark in a few months.

Great presentation and learning. Thank you very much

It’s a great idea to make such summery videos, especially for those audiences with limited time!

Thanks for this marvelous presentation both of you! 😊

HEADLINE: EU sugar restrictions on Ukrainian exports may force factories to close, says sugar association chairman It might be a good idea to encourage small-scale distilleries, which use massive amounts of sugar (speaking as the descendant of many Scots-Irish in eastern Kentucky, in the Appalachian Mtns). Small batches could be customized for specialized export, and would bring MUCH higher prices than the bulk rates exported raw sugar would bring in. BTW, raw moonshine also can be used to power internal combustion engines... 8-).

14:03

Krugman will be forgotten in history. Let's see how long music chairs can go on for

I’m quite interested - possible to upload full video ? I only see 3 second clip here :/

Markus: excellent introduction

Someone tell Blair du Quesnay to try: Self Made: Inspired by the Life of Madam C.J. Walker by A'Lelia Bundles (her grand-daughter). Also, The Richest Woman in America: Hetty Green in the Gilded Age by Janet Wallach. Blair wrote something about looking for biographies of women.

You can well imagine that as a German I am more than happy about it.not having Britain's colonial past. Because the fact that a country becomes prosperous, rich and happy through the exploitation of other countries is a truth that only lasts for a short time. The long-term consequences are catastrophic, as Martin Wolf's analysis (not stated) is able to show. For this reason, I am very happy that we were prevented from experiencing a colonial past like the British people of Britain.

😡😡😡😡😡😡😡😡😡😡

Huge fan of your webinar series, listening from Hong Kong!

Markus' questions expanded the thinking and hence significantly added value. The regulatory vs. the innovator is age old debate: tell me your preference and I can dig up the case to support your preference. The Pope shut down the heliocentric model; Google is showing us the power of information.

Thank you professor!

Thank you.i wish you happy new year.😊

Thank *you*!

Economics is colonialism-inspired magic false science, similar to communist theory. Printing money without responsibility is magic!

"I yield to no one...!" Fun, informative & important discussion/debate.

In 1988, Lester Thurow addressed the World Economic Forum in Davos: “GATT IS DEAD”. Thurow's message: “In an open world economy, everyone must be willing to live with…… if you are no more skilled than a Korean, have no more capital than a Korean, and work with no more technology than a Korean, then you will work for a Korean wage.” The nature of capitalism is Darwinian change with winners and losers. Any nation would benefit from Elon Musks who exponential add to national wealth. Yep, the Gini coefficient goes up but how fortunate for all, i. e. how do we share this income and wealthy broadly? If we measure the performance of Democratic Capitalism over the last two hundred years those of us lucky enough to live in the USA have been blessed both economically and politically. Compare and contrast the fate of those born on opposite sides of the Rio Grande River which separates Mexico from Texas. The losers in Thurow’s reality are the source of Trump’s appeal. Adults need to stand up, effective governments must find programs which re-engage those who have be displaced by the Darwinian change.

It is like listening to a One Nation Tory or an old Social Democrat. Capitalism in all it's 57 varieties is played out and has become omnicidal. There is no democracy, there never has been, only in little bits in a few areas at certain times in history. The body politic has gangrene and this guy is talking about dermatitis and ointments. America and their English speaking and West European vassels are now psychotically deluded. It is as though the Titanic knows about the iceberg and has decided to head straight for it at full speed. The elite have hijacked the ship, taken over the bridge and engine room. They are now throwing the lower caste passenegers over the side and reserving the life boats for themselves.

Bravo......they have already have tried it........the problem.......u...s.....it raises interest rates to slow economy..........hey Cuba has done it to......one dollar is one peso.......alwise the same......cheers

Very important contribution I will share with my students

Personally I think it's a good thing that an economist of Deaton's standing is arguing against modern market fundamentalism. Summer's reactions remind me of the saying "he doth protest too much".

Wonderful discussion. Thank you both 😊