Why Economists Disagree--Lessons from Astronomy. Kingston University Becoming an Economist Lecture 1
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The first lecture in the Kingston University introductory subject Becoming an Economist Economists clearly disagree with each other, in a manner that is quite unlike both the physical sciences and other social sciences. This lecture discusses why this is so, making an analogy to the state of astronomy back at the time of Copernicus and Galileo, where new observations and a new model challenged the view that the Earth was the center of the Universe. I introduce the 8 or so main approaches to economics, from both "Freshwater" and "Saltwater" variants of Neoclassical economics, through to Econophysics
Comments
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Just finished watching this one (#1 of 6) and can't help myself but thanking you for taking the time and resources to do this.
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Informative, thanks
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How would you address Thomas Sowell?
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"Germany provides great services to their people", including importing rape for their women from the middle-east because the frankfurtian cultural attacks on their western identity has brought them a low fertility rate and now they can't pay the retirement money.
BTW, the laws of France and the Scandinavians countries that Mr. Wolff talks about exist also in my country, Brazil, and they don't work simply because our academies are flooded by marxists, just like him. No wonder we run away to the US and Europe.
"The more you do nanny state, the better off you go out of a crysis", while I agree that O'Reilly is a pure ideologist with no knowledge of what he speaks, one must agree that the debt of Sweden, compared with the many other cultural and sociological aspects that their heavy-tax economical system ahs brought, will bring forth the ruin of their country in about 50 years.
Other than that, cool video. It's great to have classes online. -
In your list of schools you forgot about development economics - with their 2-sector models and emphasis on the informal part of the economy and the qualitative changes to the economy as it grows
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Ref the 8 schools - I would make that 9 - Geonomics/ Georgist economics (at least 2 georgists predicted 2008 before anyone else), which is rooted in classical economics. Neo-classical economics is what Gaffney termed "the corruption of economics":
www.politicaleconomy.org/gaffney.htm -
Really enjoyed this lecture, hopefully it's the first of many you'll be adding to the channel. I'm self teaching myself about economics as a way of trying to understand why there is so much inequality in the world. It's great to be able to have access to same kind of content as what students attending Steve's course at Kingston will be learning.
The lecture really helped to clear up the key differences between the main branches of economic thinking, and introduced some new ones that I hadn't come across yet (the econo-physics stuff sounds very interesting).
Keep up the good work Steve and please post more of this kind of content, it's very much appreciated. -
Great lecture, please give us more :) Thanks !
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What I would like to know is how much of a countries GDP - Australia, UK, USA etc is in property & financial speculation, just circulating around in the fiction of market casino's compared with circulation in the real economy. How much money leaves the economy via inflation is also another concern, since it is no longer circulating?
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steve keen aint nuthing ta fuck wit
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Thanks for posting, prof Keen! Hope to see the following lectures as well.
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"first question" suggestion: Do we understand the economy and wider world better using classical economics' labour-capital-land schema or neo-classical economics' labour-capital schema? Is land a mere subset of capital?
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"...said my old economics professor" i.e. the guy who washed MY brain...
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In the early days of this depression, you could hardly travel 20 miles without coming upon a road construction project. The have been so many QEs they number them. Can't do it right the first time, try, try, try again.
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Humans overestimate the length of their reach in grasping control of large systems. Man raises to his level of incompetence.
Before it was an inconvenient truth
it was "disturbing for policymakers"
1979
Carbon Dioxide and Climate -
A scientific Assessment
"However, the study group points out that
the ocean, the great and ponderous
flywheel of the global climate system,
may be expected to slow the course of
observable climate change. A wait-and-see
policy may mean waiting until it is too late."
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- There's a lot of similarity between
climate change & the economic system,
they're both a mess of non-linear
deferential equations
- James Lovelock -
A book on on Kane-o-nomics in every hotel room just like a bible.
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