Advice to Young Economists

Leading Economists and Professors inspire the next generation of economists by giving advice on what to study and why the future is so open and promising.

[@hijakful]

I don't have much idea about economics in general and I know only it's definition. Well, economics got a beautiful definition - economics is the study of behaviour of people in scarcity. The first principle of economics is that there is scarcity. And now judge the behaviour. The best part that I like was when he said the economists should not follow the bookish models of behaviour. He gives an example of risk taking behaviours. He was focusing on data analysis. A way towards intelligent economic models.

[@mango119]

John Maynard Keynes“The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist" It will definitely bring some evolution in thoughts of those economists but the problems the world faces would not be amend by the ideas however.

[@IEDAeconomics]

Glad I found this video. I think Economics is an interaction between our needs and the platforms we have available to us, so as these change and as we come to understand these better, so also Economics changes.

[@aman_9699]

Love & great respect to all the respected personalities of economics, I'll keep these lessons in my heart, Paul Krugman advice also could have been added.

[@muskduh]

Thanks for the video

[@andresfelipemisat2885]

I don’t need to give my life meaning i need to creat a better world for everyone so that they can enjoy their meaningless lives a little more

[@davidwilkie9551]

Could start by revision of the MMT depictions of how defensive Provisioning has been a successful development of Civilisations that has overstepped the commissioned engagement to repell the survival problems in dealing with the environment and/or competing Civilisations, Piracy and Corruption internally, etc, etc. "Provisioning" is the magic word.

[@jamesclerkmaxwell676]

4:00 onwards hit the hardest.

[@tanveerahmad3944]

James Clerk Maxwell can you explain it to me a little I can't understand that part.

[@enkii82]

We made the same comment!! gimme a high five!

[@andresfelipemisat2885]

I wouldn’t call it exciting but he has a point beacause future economist will find solutions that will intoduce the human species to a new age

[@mangeshkarande7765]

One must read Chanakya book on Economics

[@jodytodd672]

the pioneer economist of India??

[@atulpandit7307]

@@jodytodd672 he was like a "hand of the king" . His books is called "AARTSASTRA" translating to economics in English but its more about how a king should behave for the welfare of kingdom and basic rules and strategies to be used . He was in 10th century and he really died like Jon Snow or caesar in real life

[@enkii82]

at 04:00 it hits me really hard!! omg... wth!!

[@tanveerahmad3944]

enkii82 can you explain it to me a little I can't understand that part.

[@goodfella9807]

Not much to really explain. He's saying pick and choose your battles. What REALLY matters to you and the world. Put your effort towards things that actually matter and don't waste time because we have a limited amount of it.

[@fusion9619]

Got the econ education. Need an econ job. Not sure how I can contribute if I can't even get in the door.

[@hmorseth30]

Higher education is key in economics! Have you looked at Master's/PhD programs?

[@fusion9619]

@@hmorseth30 I'm not sure I want more education. I know that's the 'correct' route, but I'm really angry about my undergrad education. It was just worthless. I don't want a repeat of that. I feel sick thinking about what a waste of time that was... I don't trust universities now.

[@hmorseth30]

Fusion best of luck wherever life takes you. My impression is that economics is mostly an institutionalized academic pursuit, so it can be difficult to practice economics without jumping through the hoops and going through the system. That being said, there are probably other ways and even other options.

[@oreki8707]

undergraduate economics is worthless bro ,u got to atleast complete ur masters

[@darsdarsdarsdars]

Yes, it is melting! finally!!

[@dannywindham3295]

Joe stiglitz you have got some nerve saying that people don't actually understand the way economics works why didn't you tell the truth years ago Joe when you are an advisor to Clinton why didn't you do the right thing then Joe you and Paul Krugman why don't you too talk to Stephanie Kelton she can teach you the definition of integrity

[@lenard3935]

why the fuck would someone dislike this ahha what a world we are living in

[@nthperson]

The unfortunate thing about economics as a scientific discipline is that its theoretical foundation was constructed at the end of the 19th century in order to defend the socio-political status quo. This effort was funded and supported by those who had benefited enormously by monopolistic privilege, men such as Andrew Carnegie, Leland Stanford, John D. Rockefeller, and Johns Hopkins. They found individuals to write economics textbooks and head university departments who would not challenge the systems of law and taxation that allowed monopolies to continue in place. The main way this was accomplished was to discard the three factor model of political economy that had existed from the time of Cantillon, Smith, Turgot and others, and was thoroughly revamped according to rigorous empirical and logical standards by Henry George. What the political economists understood is that nature is a passive factor of production. Nature is our commons from which all that we produce comes from. Ricardo's law of rent explained how locations have greater or lesser value. Henry George extended Ricardo's analysis to include land and land-like assets (i.e., natural assets with a finite supply, such as the broadcast spectrum or even take-off and landing slots at airports). The values arising from locational advantage are societally-created, which brought many of the political economists to argue the case for public collection of the rents derived from such advantage. Henry George extended this analysis to make the case -- on both efficiency and moral grounds -- for the elimination of all taxation. Only the rents derived from natural assets are, he argued, rightfully societal property. For economics to function as an empirical science, economics must return to the three factor model: land, labor and capital (goods). The price mechanism will clear land markets only when the rent of land is fully collected; otherwise, owners of land and natural resources have strong financial motivations to hoard land and to engage in speculation rather than production.

[@nthperson]

If your intention is to pursue an advanced degree in economics be prepared for a course of study that is dominated by mathematics as it applies to neo-classical theoretical assertions. This was my experience as an undergraduate. Only when I was introduced to the writings of Henry George and began an intense study of political economy, generally, did I begin to more fully understand how the world is organized to advance rentier interests. In order to more deeply study the history of political economy I decided to pursue a master of liberal arts degree rather than an advanced degree in economics. In my view, economics as a discipline fosters intellectual conformity. An interdisciplinary degree program stimulates intellectual curiosity.

[@nthperson]

I majored in accounting and finance. My degree required two economics courses. At the time, I had to specific expectations other than to gain a reasonable understanding of economics.

[@nthperson]

Much depends on whether your objective with formal education is to obtain teaching credentials, to write on issues as a journalist, or other personal reasons. These days even earning a Ph.D. is no guarantee of securing a tenure-track faculty position. If your math skills are strong, then entering a Ph.D. program in economics might be the path to take (if you are willing to face the challenge of finding a full-time teaching position). There is an online program offered by the Henry George Institute that might be something to consider. The courses may be eligible for college credit,but the Institute is not a degree-granting institution. There is a long list of readings to gain a real understanding of how the world works. Henry George studied most of them himself before writing his own books. You might find the collection of articles, papers and book excerpts I have put online as a useful resource. In 1997 I began an educational project called the School of Cooperative Individualism (www.cooperative-individualism.org).

[@tictoc5443]

if you are interested in the motivations of real people you might wish to study some social sciences

[@DrCruel]

Probably the most critical thing you can do in an academic setting is to fully reject anything that smacks of Marxist analysis. This whole nonsensical system of belief was initially put forth to promote the interests of anti-Enlightenment activists who were trying to create socialist aristocracies. A century later, with Marxism fully discredited, we still hear echoes of this insidious ideology in academia. The process of rejecting Marxism has already begun decades ago, but we should all do our part to accelerate it.

[@kirstinstrand6292]

Don't you think the corruption needs to be eliminated first? Why pretend anything is normal?

[@shuaibwisekong8733]

Classic

[@cmdrlucas6949]

So much of this is wrong. Not worth the time to explain. Watch Peter Schiff.

[@peterohman8469]

Obviously they need to study heterodox economics, and leave this neoliberal bull crap alone!