Yanis Varoufakis: From an Economics without Capitalism to Markets without Capitalism | DiEM25

A lecture organised by University of Tübingen economics students, delivered on Monday February 3, 2020, on the theme "From an Economics without Capitalism to Markets without Capitalism".
Mainstream economic models lack some important features of really-existing capitalism, including money, time and space. Its models offer ideological cover for a capitalist system that has usurped competitive, free markets.
The result? Unbearable inequality, climate catastrophe and permanent stagnation. A fork on the road is approaching: It will take us either into deeper stagnation and environmental degradation or to a society with markets but no capitalism. Prof. Yanis Varoufakis talks about the future of our economy and the current state of economics with special regard to pluralism in economics.
Source: timms.uni-tueb...
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[@ArtAristocracy]

“Imagine that you are representing some (Political) party, (on TV) and your interlocutor (dialogue partner) from an opposite party says something smart which you hadn’t thought of, suddenly you agree. But what you agree with now goes against the grain of your own party, if you admit it you are out, you are finished. This is why you have an inbuilt process of a dialogue of the deaf, in politics.” - Yanis Varoufakis 7:15

[@davidashley4386]

Totally agree this is a large problem in politics. There is no compromise at all.

[@LechugaWable]

Actually, when you tell your oponent that he or she is right you might surprise him or her, which might help you to quickly counterstrick.

[@focast1825]

He is also guilty of this. That’s why he supports all this mass migration at the same time as being fully aware that Greece can’t pay for it. He admitted as much when he was finance minister. He knows it’s not possible but won’t speak against it.

[@over-cn7qw]

@@focast1825 They all ignore and are silent about the fact that the most developed countries are responsible for mass migration. Afghanistan is the most recent example. We keep shipping weapons around the world and in countries that certifiably opress their people. As long as the benjamins keep flowing, no politician will ever ask the hard questions. It might damage their reputation/destroy their careers. I am really fed up with the apathy of reason in world politics.

[@danielhutchinson6604]

@@over-cn7qw After the economics of Politics, became a dominant feature of the system, the voice of reason, from humans of lesser incomes, became unable to be heard..... The size of the economics has influenced the ability of the majority to influence the conversation of economics in our contemporary social system. Democracy coming from Greece in the form of study of the economics of politics, illustrates how the money dictates the terms that the majority of humans at one time were able to overcome. The concept of populism faces Economics as it attempts to overcome the corruption that Fiat Dollars has enabled.....

[@Robschilder]

Commenting for the algorithm to place me in a subset of users who watched this and similar content. Thanks algorithm

[@heliomachit5651]

Damn, real algor hours

[@197Geek]

+1

[@cannaroe1213]

@@scotthardy6485 more like psychotic gaslighting girlfriend who "knows whats best for you": blog.youtube/inside-youtube/the-four-rs-of-responsibility-raise-and-reduce

[@abluke99]

Liking comment so algorithm does the same. Thank you minions!

[@dynactin8908]

Also doing so by commenting on your post to piggyback on its targeting/tagging.

[@nineallday000]

I always had the distinct feeling as a Mathematics and Economics college student, that I was really just looking at cute mathematical formulas that were fairly simplistic and then someone made some wild assumptions about how the human brain functions individually and collectively to come to some crazy conclusions. But I just shup up, showed up for my tests, and patted myself on the back for managing to get a degree in a subject that is considered valuable to some degree. Of course in reality, I knew that I was in some pseudoscience mix of philosophy and sociology, but worse since it takes its shit so seriously and the math, simplistic though it is for anyone with a math backround, is just complicated enough to make people look smarter than they are. I gave up trying to understand this feeling or explain it besides concluding that it all is so complicated at some point but that surely a computer will be able to solve everything and factor in unexplained factors eventually. As I got older I realized for sure the human brain assumptions are so wildly off target for the reality of what I was seeing. This guy nails it on the head explaining so clearly why this feeling was happening for me and why it will always be there for anyone with a math backround and some level of critical thinking skills during an economics class, that has their brains functioning even slightly. We might as well be studying the stars and then making economic policy based on that.

[@brunischling9680]

You wouldn’t believe it how many economic (and for that matter political decisions) are based on astrology. The difference between economics and astrology is that the star gazers usually get it right. Trust me, I know this because I am an astrologer albeit I am no expert in so- called mundane astrology (the branch that deals with politics and economics).

[@dariuschong4574]

I'm also an economics major. I was actually contemplating whether I should study economics, physics or mathematics and I end up choosing economics. I realise the more I study economics, the more cynical I become towards the subject. Sometimes I think I should've went with my first instincts and study applied mathematics instead but it's too late for me to change course now. I had the exact same thought as Yanis with regards to the simple equilibrium model in comparative statics so I went on to search about comparative dynamics. Turns out there's a paper that's written by Paul Samuelson in 1941 about comparative dynamics but it was never introduced to the economics undergraduate curricula in ANY university. Why is this the case? Is it because simple models are easy to understand and convenient to teach? Where's approximation theory, dynamical systems, entropy, complex adaptive system that seems to me more useful and effective mathematical tools (if economist are so determined to model economic phenomena) in studying economic and social systems. Trying to "predict" individual behaviour as we do in constrained optimization is a futile endeavour. It makes more sense to me to focus the mathematics of complexity and dynamical system and apply it to economics at the _aggregate_ level, rather than _individual_ level, to yield more meaningful results. I also wonder why isn't the humanities side of economics being emphasised enough (or at all in some universities like mine). Why isn't the history of economic thought being taught as a core subject in university? Where is the human aspect of economics? Where's the historical, sociological, psychological, political and philosophical aspect of economics? Aren't we studying humans and not atoms and molecules? Why is only math being emphasised, yet emphasised on branches of math that isn't that helpful to economics, and the human aspect is totally being disregarded. This all seems counter productive to the study of economics which is the study of humans' behaviour that aren't quantifiable. So it seems to me that economics undergraduate curricula teaches the wrong (or simplified/unrealistic) mathematics, WAY too little emphasis is placed on the human side of economics and the subjects becoming more ideological rather than seeking the objective truth. That being said I still enjoy the subject, just don't enjoy that false theories being presented as the truth, and I wish to study all the way to PhD to become an academic economist to reform economics.

[@nineallday000]

@@dariuschong4574 I am 33 now, and having changed career paths so, so many times in my life since undergraduate school (I am now actually a farmer!), I want to encourage you to say it is never too late to change course in life, re-evaluate, and do something else if we are feeling frustrated with our subject. Our minds like to cling to the idea society tells us, that once we make choices a-b-c, it logically leads to choice d... what if instead, we actually come to realize that there was no choice in the first place, and every waking moment offers us a new chance to change the course of our lives? It is an incredibly freeing way to live, and surpressing our "logical" minds that comes up with all sorts of excuses in relation to finances or commitments doesn't understand the reality that THERE REALLY IS ONLY ONE LIFE HERE AND WE ALL ARE GOING TO DIE! Which actually leads to an interesting point that is a common thread in taught in economics, that all people are making choices from a point of selfishness/in their own self interests. What happens when I stop myself, notice where my thoughts are going, and conciously use my will to decide to think something different instead? I have changed my life and way of thinking so many times in life that it is very easy to realize how ridiculously simplified the thought that everyone is working in their own self interest is. The world is so incredibly complex and beautiful, so complex that it can never be mapped out or understood in the entirety, and that is the beauty of it all! So when I read your reply and find you frustrated with your major, and especially you working from a point of negativity ("this subject has major issues, and I want to reform it because of that"), I would encourage you to find a subject or idea in life that allows you to work from a place of positivity. It makes life a lot easier and is a lot more enjoyable really, and leads to a lot of joy and happiness to think positive thoughts and work in a field that breeds positivity, instead of working from a negative place and trying to "fix" everything, which of course we know never happens and never will happen. Nice to read your post, I also contemplated being a physics major, but I realize now probably the best decision I could have made wasn't deciding which major would lead to which path I went down in life, but understanding and having the confidence to step outside my own mathematical/logical based mind to realize how beautiful life is and how wonderful it can be to start fresh with something new when our old paths in life feel "stale."

[@dariuschong4574]

@@nineallday000 Well realistically speaking, it's quite difficult for me to change course right now due to various factors... It's not that I don't like economics. You see, economics is about learning how people make choices to maximise their satisfaction given a certain set of constraints. I've read several books about economics and I thought some of these problems that economics is trying to solve is not just interesting but important as well. Economic theories have the ability to impact thousands, if not, millions of lives around the world. Keynesian economics have impacted billions of people all over the world now. So I see economics have a more direct impact on society as opposed to mathematics or physics. What I find frustrating is that the university economics education doesn't actually teaches you what the subject intends to teach you. I'm learning about make believe fairytales (assume this, assume that, consumers are rational, more is always better, no information failure, perfect competition, etc.) rather than truly understanding how the world works or how humans behave. Economics professors nowadays aren't critical thinkers themselves despite having decades of experience along with their PhD. They're being indoctrinated by neoclassical economics ONLY and presenting ONLY one out of the nine school of thoughts in economics to their students. They teach students about these models as if they're fundamental laws of physics and most students seems to just accept them and not think about the implications behind the mathematics. When I listen to people like Yanis Varoufakis and Ha Joon Chang, read books like Poor Economics or Capital by Thomas Piketty, I get a breath of fresh air, I become interested in the subject. I _know_ there's more to economics rather than just dull 19th century mathematics used to solve constrained optimization problems which reflects nothing in real life. I'll just continue reading and learning more about economics outside of classroom to keep myself motivated and stay curious. It just seems to me that there is so much more to economics than what we're being taught in university. I fancy the idea that one day I'll be working on things beyond mainstream economics.

[@jf9979]

Having studied economics at Uni, Yanis described my studies perfectly. Neo classical was all we learnt. Thats it. And I remember feeling confused because the theory gave me more questions than it answered.

[@svrnclv]

You and me both.

[@NewAgeNomad93]

I started off as an Economics major but changed to political science when my Econ classes put me in the same situation as you. While I do not have an econ degree, I still very much consider myself an economist. Yanis has answered so many of my questions and has given me a path forward towards my graduate and doctorate pursuits. So glad I found him.

[@jf9979]

@@NewAgeNomad93 Yanis certainly is very charismatic figure. He has inspired many.

[@grgamertv4303]

yanis used to be a profesor for the university of Athens , this is where i am studying economics right know and we are actually using his book there. Here we are learning a lot more than the mainstream neoclassical staff .

[@edwardjones2202]

That's what I get when I try to study economics. Just big jumps and assumptions at every turn.

[@MrMimios]

Yanis lecture’s main argument is about introducing a pluralistic approach in teaching economics. As it stands now, major universities all over teach students only the orthodox paradigm of neoclassical economics and have abandoned all together the history of economic thought. He says loud and clear, let’s change this agenda and expose students to every school of thought without any prejudice and allow them to judge what is right and what’s wrong. Being myself an economist I know very well how young economists are indoctrinated with mainstream neoliberal nonsense with the disastrous results of adopted policies around the world.

[@od6951]

What's wrong deserves to be forgotten.

[@ciupenhauer]

it definitely sounds like a good fix to economical maximalism. It should at least teach kids to be more critical of the current turbo capitalist norms, and it should at the same time safeguard againsts left wing excesses. To me it sounds sane, practical and very very liberal, in the classical open knowledge sense. The only problem here is that he is 1 man, we need more, and the kids don't know to ask for this

[@reasonerenlightened2456]

Most people do not go to school to become researchers or scientists. They go to school to get the tools which would allow them to accumulate Wealth for themselves. (I want to know the stuff that gets me money) Researcher and Scientist must learn to write books, proposals and deliver lectures so that somebody with Wealth would give them the opportunity to study ALL approaches to economics, etc. What is the role of schools in a society ? It must be to make you Wealthier than the others, not to make you a cheap labor source for the Professors, as most commonly is the case.

[@edh615]

@@reasonerenlightened2456 Yeah that's poison to humanity and very selfish, how many people want to work on anything just to acquire wealth? or they are forced to work? You don't think humans would want to use their habilities for the help of everybody in a world were you basic needs safe, and have some money to spend? what a reasoning...

[@reasonerenlightened2456]

@@edh615 The engineering task is to make Laws and Legislation resulting in a generous, altruistic, humane, just society made of selfish, petty, greedy, backstabbing, treacherous, vindictive, self-absorbed individuals.

[@demba3465]

"The 1st piece of education, there's no authority " That's very wise. We the students have the right to be told that it's ok to think outside the box or against the mainstream model. Thank you sharing this conference.

[@myfishisnothappy1595]

Read Voltaire Demba, its a very nice reading that can open you multiple universes,

[@hejdar6081]

This attitude is very common among Swedish students , that is "there's no authority". We are thought to think and read critically. But, this is not always the case of course.

[@philiprahman6778]

Dr Yanis Varoufakis is a talented thinker in our time. He talks for the rest of us, I wish he was the head of the UN. Please teach us more you are an invaluable asset. Thank you. Australia

[@dazecm]

When Yanis starts speaking of software giants like Facebook and free channels of communication being free because the supplier sees it as a means of manipulation I think of the following phrase: "If something is free, YOU are the product".

[@SH-op9hc]

its quite chilling

[@zephyrlibs]

Like when New York Times gave a generation bad health advise. It was free, uncritical readers were the product, sold to big pharma. Then Facebook, Reddit etc came, and people tried figuring out the truth from the lies. But the disbalanced power relations make it an unstoppable binary fire pit of truth and lies. Money printer goes brrrr....

[@vasilykatuma5689]

When YANISary(ies) start speaking...1000 working positions left Greece for Usa, uk and lately romanias n bulgarias...

[@andrasdudas8226]

@@vasilykatuma5689 One thing is for sure, the capital will always search for the cheapest labour. This is called race to the bottom. That is what the world is doing, and the governments can compete, who is able to provide the best conditions for investment. The ultimate best for them is slave labour. Unfortunatelly Yanis is a leftist, and he cares about his country's working conditions, and that example is a dangerous one for the international investors. That is why they crushed syriza. People should not see, that There Could be an Alternative. Only allowed and promoted alternative is far right, which is disaster capitalism with no human rights. For me, I would not blame him, if a 1000 job leaves the country. He is just working to build resistance against the inhumane system, that destroys our planet. But they didn't punish him with that 1000, they just democratically imposed credit line freeze against them, just to ensure, that everybody understands, the democracy is just the blue color of their flag, but nothing more.

[@WanderingExistence]

Hi Google!

[@jasmeenmalhotra2225]

Wouldn't it be amazing to be a first year economics student taught by Yanis? You would just be madly in love with economics for the rest of your life.

[@wrarmatei]

That's cute; you're under the impression that's not already true for anyone who's a first year econ student, plus, market fundamentalism is already the world's secular religion. More, more, more...nothing's ever good enough for the ruling classes.

[@emmabee5027]

@Wanderchris he was teaching in athens? Didn’t know that. For how long and in which uni!?

[@emmabee5027]

@Wanderchris ok I think I understand in which department. He is great!! Thanks

[@ΓιάννηςΧατζής-τ3ρ]

Hi I'm a first year student here in Greece,studying economics in EKPA...the thing is that he hasn't shown up at all even though he is supposed to be a professor.

[@emmabee5027]

@@ΓιάννηςΧατζής-τ3ρ His duties have been suspended since he is in the parliament now He said that in this video I think

[@vibhuvikramaditya4576]

Thanks professor Yanis Varoufakis, As an economics student who believes in the rational choice theory, You have inspired me to push beyond.

[@shantanusingh5320]

Good to see Indians here.

[@orlindomachengo6556]

Are u talking about austrian school of economics?

[@vibhuvikramaditya4576]

@@orlindomachengo6556 NAh, I am talking about the neo-classical school, although the both share major things, such as the action axiom and other things, Neo-classical school is like an ostrict which dips its head into the sand to avoid trouble, AUSTRIAN SCHOOL IS MUCH RICHER THAN NEO-CLASSICAL, it uses time, capital, structure of production among other things, which neither neo-classical or keynesians do

[@orlindomachengo6556]

@@vibhuvikramaditya4576 you are mistaken, you should deepen economic theories, austrian and neoclassical (mainstream economic theory) schools are irrelevant in the field of economics. Shumpeterian, developmentalist, Keynesian and heterodox theories are the best.

[@vibhuvikramaditya4576]

@@orlindomachengo6556 That is precisely my approach but I don't think any one field claims superiority over everyone else, I have read keynes himself, and his successors, I don't understand what you mean by developmentalist, but each has their own stronghold over certain areas, the problem that keynes and his successors run into is negation of capital, structure of production, and time, all these are richly developed in classicals like smith, ricardo even marx to an extent , but austrains have developed it the most, the more important point, I want to reconcile and synthesize every stream into one coherent set of logical structure, rigid dualities of right and wrong has no place in our discipline according to me, The neo-classical tools and their paradigms are also powerful in certain areas. I have a strong belief that in the end economics should reign supreme, so words like heterodox and traditional don't make much sense to me. Thus none of us should claim or live in the falacy of the notion that they have the exact version of the economic truth, instead look to search for truth with every possible lens available and then articulate as clearly as one can in either word, or mathematical statement.

[@konstantinaargyriou5169]

The more I see this the more I am getting convinced that psychology explains consumer behaviour better. Τους δίκασες όλους Γιάνη.

[@Floxflow]

See Amos tversky and Daniel kahneman. Nobel Winner in economics, and psycologists.

[@sch4891]

yes. Dr. Ramani once wrote that advertisers (aka propagandist) make better psychologists than actual psychologists. they understand us so well they can shape us. thats what the surveillance is actually for. to improve the algorithm and keep us consuming content. attention is currency now

[@derBene]

Edward Bernays was the nephew of Sigmund Freud and applied Freud's insights in order to create Public Relations as we know it today. Bernays was in Europe after WW2 and wondered how the subconscious could be used in times of peace. "Edward Bernays and Group Psychology" on YT.

[@tomryan4072]

I mean what is economics but sociology+ money and what's sociology except the phycology of lots of people... Makes sense to me that it's useful

[@SeekJesusFindLife]

@@Floxflow They explain human behaviour and decision making through their heuristics definitions

[@jimbob-robob]

Why does the compassionate economic sanity of this man make me cry?

[@farrider3339]

Because time yet hasn't come to implement his ideas 💫💡 💫 in the real world 🌍🌐🌍 😕simply won't happen .•°

[@kostbad]

​@@farrider3339 He tried that in Greece as minister of Finance and failed miserably. Even his own radical left party realized that his plans were ridiculous and replaced him. His idea of an economic plan, was to threaten the E.U, that if Greece goes bankrupt, the EU would collapse economically. His plan to "save" the EU was by giving him a blank check with money from the ECB.

[@farrider3339]

@@kostbad : the way me remember Y.V. story - He tried to blackmail "aLL the rest" with the threat of leaving € . Which is a tactical move in the first place. When negotiations begin or better prior to that the opponents create (!) a mass for the negotiations about which one is willing to debate upon and reduce the absolute content in the course of the negotiations. Rocket-man 🇰🇵 does exactly the same , but there's nobody there that would seriously negotiate on this with him. Except 🇨🇳 who is kinda nanny for dangerous paranoid dictator Kim. Me nOt sure whether an ordinary politician has a comparable comprehension of economix and the financial market these days. Me doubt that emphatically. The narrative created by both sides in retrospective , is highly questionable and debatable (ad nauseum). The way Y.V. sees himself is more like a door opener to a different mode of tinkink 💭 and dealing with the issue of money 💵💸 flying around the virtual 🌐 sphere of global finance market system. Of course none whatsoever liked his proposal's. And the 🇬🇷 political establishment , i'm sure , did some nice offers to leftists on a personal level (💵💵). So Y.V. left the scenery. He himself said the 🇬🇷 demos didn't vote for Syriza party because they wanted left agenda in their country , they voted left for banging those in charge up to this point. Maybe You have somting to add or correct. Me onlY live on hear say. Me wasn't present in any of the green rooms .•°

[@farrider3339]

@Karl Marx : me like humorous people .•°

[@GregoryWonderwheel]

@@kostbad False. He did not "try" anything in Greece because his own Prime Minister who appointed him betrayed him and stabbed him in the back by rolling over in submission to the EU capitalist banks and their austerity demands.

[@XShollaj]

This a patriot and a compassionate intellectual who is not afraid to speak up. Ευχάριστο Γιάννη, τι να κάνουμε που στην Ελλάδα δεν σε τιμούν.

[@rafa_leo_siempre]

As an econ PhD, I just wish we had more professors like Yanis everywhere. After a 1.5 hour lecture, I was just sad it ended! I hope we can all share and contribute to realizing Yanis' dream of a brighter future for all!!

[@seandavey7085]

100% I'm not even into economics but this was amazing.

[@zephyrlibs]

​@@seandavey7085 Ideology is like that, when in primordial soup form, we can only feel the frevor it brings at the same time unable to point at what's so special.

[@zephyrlibs]

I think this musical documentary "Obey": Temujin Doran (StudioCanoe) taught me economic history in 1.5 hour entertainment (the music will save your from tears)

[@andrasdudas5084]

You can translate the subs for your language. :-)

[@dunoobyduby]

Awesome! In which field are you working?

[@omegablack7135]

The problem, as with all these corrupt systems, is not that we lack smart (financial) engineers it's that we lack moral ones.

[@goxdie000]

You should really check out what's going on in Mexico. AMLO is trying to separate economic from political power. The elites, from unscrupulous local businessmen to the international press are trying to derail his plans. Quite a case study.

[@omegablack7135]

@@goxdie000 Same thing happened in South Africa under Nelson Mandela in the 90s. He literally sold out the country. The same "privatization" has been happening in the U.S., and the "Great Reset" is about to make it official and global.

[@goxdie000]

@@omegablack7135 I mean, in Mexico it's quite the opposite, but international media simply writes off anti-privatization measures as "populist". That's why we don't hear it in the rest of the world, but we gotta unite in the correct path.

[@omegablack7135]

@@goxdie000 oh, I totally misunderstood. If that's the case it reminds me of the Zapatistas, and yes, we must unite againat the corporate forces of death.

[@TheSameOneRose6111]

So true 🎉🎉🎉🎉🎉❤

[@riccardo9383]

What a great way to start this year of 2021, with the brilliance of Yanis to free our minds from uncritical analysis of the world we live in.

[@BC-hb7vj]

W

[@pedroghirotti]

It is. But honestly, with the pandemic and all the billionaires organized through the World Economic Forum new fallacy "Stakeholder Capitalism", the fuckers still win and we loose.

[@jenhinton8400]

Yanis is absolutely right about the need for pluralism in economics, for better economic theories, and for better economic systems. And it’s great that Rethinking Economics is getting so much attention, as they are doing such important work! Along those lines, I have recently developed an alternative economic theory of business, markets, and profit for social-ecological sustainability. It's called Relationship-to-Profit Theory. I thought people who watch this video might be interested in it.

[@DistributistHound]

Have you heard about C.H. Douglas Social Credit?

[@bramvanduijn8086]

For those that are interested in Jen Hinton's theory, here's a link: kzbin.info/www/bejne/gne6fJ-anZJ8bcksi=tSi6laQCmGEPf24Z

[@OliverMarson]

That was incredible. Why did I bother going to university ? I should have just watched KZbin videos by yanis

[@alexandrelvao]

to make new friends?

[@djc9210]

@@alexandrelvao you want to pay thousands of dollars...to make new friends?

[@josefranco480]

I've been on a binge of Yanis Varoufakis lately and haven't been disappointed. He's such a great speaker that it makes me wish I was a better listener. Gonna need to read some of his books.

[@mr.t8231]

This is intellectual radicalism. You are a good genius 👏 ❤

[@evans2267]

sad

[@estebana.miralles3619]

Wonderful initiative. Kudos to the students and those who organized this forum!

[@eylam90]

I love listening to Yanis, even though I disagree with him about many things. He feels like a guy i could ferociously argue with about his ideas for an hour with great intensity and then go to down to a bar for a friendly beer and jokes.

[@wachowski9525]

lol exactly

[@infinitysteppingstone331]

That's the very definition of civility.

[@georgekaramanoglou2203]

He is just good for only that and not as a MP or any other government role...

[@user-rx3ny9ji8i]

@@georgekaramanoglou2203 Well, as a representative he lacks the political way of agreeing to a lesser evil that could cause the death of people. He doesn't want to sign down a bill that could hurt people. We should have more people like him defending the better way whether or not the people in power would be mad at it, but I agree he may lack the art of making a deal, fundamental in today's politics that aggregate the decision power in singular persons

[@NikolaRe1]

@@user-rx3ny9ji8i thats an easy way to get rid of him (too easy if you ask me. you have to try at least as he tries to get rid of him). .Yes, he is certainly good at this and very bad to help rich and corrupted people get richer and more powerfull through some crappy deal. he is probably the only one who knows what those deals are really about. Most politicians will just surrender to the establishment without even know what they surrender. Sorry for my english

[@scrambaba]

Bravo and compliments on your courage to challenge arrogant neoliberal economics in germany. A remarkable lecture with many insights. The last answer, about the inability of economics to even apprehend so-called “externalities” such as environmental problems, reveals our alienation from the world. We need to challenge the orthodoxy. How about an economics whose first principle is “abundance” instead of “scarcity”? I look forward to youtube posts from your conference in April!

[@bigmach16324]

Every few months I rewatch this Video. This one of the best economics lectures that I have watched in my whole life. The history of economics and the examples Yanis uses are very great and this helped me understand a lot of the theories and case studies I read in economics books. I have also got understanding of the world around me better.

[@chrishale5213]

It took him just over 15 min before dragging Alan Greenspan and I'm here for every moment of it.

[@fangfang3900]

This is the best lecture I HAVE listened from KZbin. thank you for uploading!

[@vidapluym3027]

14:22 “Excuse me, I have a terrible cold... Not the chinese variety” WELL THAT AGED WELL

[@oliverradivan434]

This was in February 2020. Corona was already quite big back then

[@pc...430]

@@oliverradivan434 wasn't it February 2021?

[@wownoyoudont861]

@@pc...430 it was published on Jan/2021 so must have been earlier.

[@randomchannel1712]

The knowledge of this man is beyond belief.

[@no_type0122]

Wtf have ever talked to a professor befor?;?

[@sakisfotias8617]

The amount of your stupidity is beyond belief if you listen to this clown.

[@randomchannel1712]

@@no_type0122 many many manyyyyyy times beforE

[@512pzk]

@@sakisfotias8617 nice arguments. You don't like logic right?

[@manchesterunited9576]

@@sakisfotias8617 Why is he a clown?

[@bntagkas]

its a question of power, if you have power you can interpret the numbers as you like, and make them reality to have financial or political power means to make YOUR reality into EVERYONE's reality

[@garysalisbury4117]

Total power corrupts Absolutely !! Then come wars, revolution, or Financial depression ... or a mixture of them all ...

[@demonsagex]

Great lecture! This is pretty nice because it is a cursory look at meta-economics accessible to the general public.

[@julieannmyers8714]

One of the most impressive human beings living on this planet. 👏👏👏

[@BC-hb7vj]

For you, not for the Greek people

[@gallectee6032]

@@BC-hb7vj How was he the issue in any of that conflict? he had a deal with his prime minister Alexis (deterrent plan) and Alexis backed out even though the population spoke (you had a vote) which Alexis still ignored. Alexis ignored a deal he made with Yanis before he became minister of finance, that the public also voted and agreed with, yet Yanis is to blame? You realize the alternative deal was a massive ass blast? he's the only guy in government with some of his team that stood up for your country with the support of the population, but then your prime minister backed out and agreed to the ass blast anyway. It's not Yanis that failed you. This is why he resigned in the end as well, so it wouldn't be him that signed the deal because that's how much he disagreed with how your prime minister behaved.

[@gamwpanagia]

An impressive con-artist.

[@nikospoliz322]

@@BC-hb7vj ούτως ή άλλως δεν φημίζονται για τις σωστές τους επιλογές

[@tbonico]

Excelente presentacion, me parece que es totalmente necesario lo que plantea Varoufakis, la economia debe ser enseñada en todas sus corrientes y con su contexto historico, yo creo que nadie podria estar en contra de que te entreguen toda la informacion para luego con ella tomar tus propias decisiones, es lo que deberia ser en todo orden de cosas.

[@alec.g.w]

Me recuerda mucho una frase mítica de méxico, de el General Emiliano Zapata: "La tierra es de quien la trabaja". Muchas gracias por compartir esta conferencia y la sesión de preguntas!

[@RafaelRodrigues-px6sq]

"[...]And my job is to implant dangerous ideas into the minds of the young." - nailed it

[@katianna7306]

Socratic

[@klausbrinck2137]

@@katianna7306 Thanks, I just wanted to comment the same, you were faster... ;-) At least, this was the accusation of the state against Socrates, that led to a fake-trial, and his death...

[@katianna7306]

@@klausbrinck2137 yep exactly

[@salvatorerinaldo4613]

Many valuable take-away's from this lecture. Mr Varoufakis is a very enlightened man. I'd never thought of Maxwell's equations as the beginning of capitalism. Amazing.

[@kparag01]

I came here accidentally n fell in ❤️. Professor is rational. Love from India 🙏

[@thedavis]

How this is an amazing talk. Only wish I could take his regular classes! So passionate and beautifully reasoned. I think that this kind of academics is sorely missing from leftist discourse.

[@PragmaticOptimist]

01:03:41 so cute he almost said "it's ok" in greek right there "δε πειράζει" xD and then immediately changed it to "don't worry about it"

[@Deradeac]

Απορώ πως πρόλαβες να το παρατηρήσεις!

[@emmabee5027]

But english also use it’s ok here in the Uk

[@khaledal-kassimi7121]

Beautiful. We will keep the polis alive!! Xoxox

[@danilocaposeno]

A clear proposal on "what to do" is just what we lack in this terrible times, usually intellectuals are good at pointing problems, but hardly ever they give answers. A future like the one Varoufakis propose is a beautiful one, but is human nature to preserve the status quo, and more over is human nature to preserve power when you got it. "Fortunately" this power is, day by day, in the hands of fewer people, making them increasingly identifiable. If you want a future similar to what Yanis is imagining, now is the time to share video like this one, is inconceivable that we have "tranding" such idiotic things and video like this one got so little exposure. Thanks DiEM25

[@aylbdrmadison1051]

Fear is the great destroyer.

[@danilocaposeno]

​@@aylbdrmadison1051 I couldn't agree more, fear bring aggressivity ,and aggressivity bring the polarization of ideas to the "logical" conclusion of violence. Fear of change, of the other, is the reason why we can't talk with each other anymore, any idea MUST be the opposite of the other, so we loose all the shades in between...and in spite of everything I said my friend...I'm a bit scared myself...

[@maxion5109]

Thats why Thomas Piketty in my opinion has the best solution to date. I can cite the general ides here: " In order to properly adress the social & environmental challenges of our time, one needs to go beyond capitalism and the sacralization of private propert (over natural resources, over knowledge, etc.). Educational Justice: effective and verifiable. (More investment in public education. The diffusion of knowledge and skills to people who dont have rich parents. Very effective in minimizing inequality) Social Et temporary property: we need to balance owners rights with workers rights (extension of german-nordic co-management model), to favor the permanent circulation of power and property. (Inheritance for all equal to 120 000€ at the age of 25 for instance), and to limit individual accumulations to a reasonable magnitude (on the basis of historical experiments) Socialdemocracy post WW2. Social-federalism: free exchange must be made conditional upon binding objectives regarding social, fiscal and environmental justice" Basically he's saying we need to build on the socialdemocratic welfare state were it left off in the 70-80's and take it further. Wealth taxes, inheritance taxes reintroduced among other things.

[@danilocaposeno]

@@maxion5109 This is very interesting, I come from one of the European countries where socialism took hold quite deeply in the 70's culture, a lot of the welfare we still got today came from there (free healthcare, payed holidays, employment contracts in favour of workers), I can see that the world is trying to change in a direction similar to that described by Piketty (if I remember correctly) in "Capital and ideology", my only concern is that those those who are proposing this change (kzbin.info/www/bejne/q4G8qWRora95i7M), are the same people who created the problem in the first place, should we entrust the future to those who have ruined the present? Or maybe it is better to entrust things to someone who has shown loyalty to his ideology from the beginning? Like Varoufakis for example...

[@allstarmark12345]

Watching this instead of the Super Bowl. Thanks for posting!

[@engdaa]

Anti capital 😉

[@youreshouldoflearntgrammer8277]

Oh my god, you are SO SMART!

[@U2BeW]

That was the ongoing unfruitful discussion I had with my professors of economics in Germany in the 80ies: economics is not science. The ceteris paribus assumption comes very handy to shut you down. The best answers I got was: “ but the mathematic models are so beautiful”… “ but don’t use this model in the real world”…😄

[@astaghee3515]

Is it possible that a good thing that has come out of the pandemic and subsequent lockdowns and that is that so many more people (such as me) have now time to listen to lectures like these and inform ourselves about deeper issues that should concern us.

[@thenerevarine196]

Impeccable. You just can't help but stare in awe at this man's intellect, clarity of mind, and passion. An astounding lecture indeed.

[@sch4891]

great talk learned a lot. i love how he deconstructs the absurdity of the mythmatics/mathiness concepts bad economists use. also, the occupy movement increased class consciousness which is the first step in changing the world. these things happen in waves

[@jimlyon7276]

@SCH be like water - Regarding "bad economists" it seems to me that such people construct many "wonderful shiny ivory towers of logic" without troubling themselves to even bother to do something as basic as carry out REALITY testing - or consider the consequences to others ! ! !

[@piccadelly9360]

Plato is born again it is very good that we have such philosophers. We have the moral duty to make a dignified life possible for all people. Let people starve to death just because of greed is unacceptable, if we allow that, anarchy will rule

[@maxdakka7973]

Wish I had Yanis as an undergrad. I had a braindead professor of econometrics with a giant ego who once spent half an hour trying to defend a mistake (she failed to correctly define a Taylor Polynomial) to save face.

[@paulacat532]

as someone with zero knowledge of economy who came here very randomly this just gave me an existential crisis, but i think i liked it thank you now i will have to process it

[@lepidoptera9337]

Grab a beer. You will feel better.

[@nescius2]

i dont know, i found it hopeful..

[@MoneyR8]

Brilliant. Simply brilliant. I'm only sad I wasted 3 years studying Economics.

[@jineshwarnariani8966]

Oh why so ? Just curious cuz I’m in last year of high school and I’m planning to take an economics related undergrad ..

[@MoneyR8]

@@jineshwarnariani8966 ‘08 killed Economics and Finance replaced it. Economics tried to imitate Physics by having laws and it failed badly. In the real world, the models that economics teaches you are useless because society is always changing and adapting, humans are not like atoms, they learn, meaning you always need new models to explain past behaviour. Economics was a hot and respected subject before ‘08, mostly glorified by people that knew nothing about it and I was fooled. While I was studying it I was also trying to apply it to the markets, and Lord behold they didn’t behave at all as the Economics said they should. It’s all bullshit. Get a STEM degree that has some real world usage and don’t waste your time with Economics.

[@patriceortovent3337]

Someone tries to use Socrates method for which he was accused to corrupt the young. Excellent concept to adopt, let’s hope that Varoufakis doesn’t end up like Socrates.

[@safebans1369]

@@JohnAlexanderiii He was probably executed for his ties to the 30 oligarchs that had a reign of terror over Athens following her defeat in the Pelopponesian War. His personal views on democracy were also always one of suspicion and massively influenced Plato's epistocratic ideas in his Republic. It's no wonder a fragile and paranoid resurgent democracy in Athens sought to persecute him. You are right on the role of him as a philosopher as probably contributing to this distrust, the Sophists amongst other intellectual groups had already garnered a bad reputation in the polis. Socrates' idiosyncrasies probably did not help him escape this characterisation. In my opinion, however, it was primarily a politically motivated execution.

[@susanarsoniadou3588]

He is a tyrant waiting for power

[@gamwpanagia]

Varoufakis is a con artist that deserves far worse than what Socrates got.

[@TiMmMAAaaa]

​@@JohnAlexanderiii Socrates was executed for being an elitist prick... the corruption of the youth thing was teaching the rich kids they should be in charge... a homeless couch surfer that believed the chair makers should stick to making chairs and politics should be left to their "betters."

[@TiMmMAAaaa]

@@safebans1369 ​ At his trial, he laughed at the jury saying they couldn't judge him because he was above them... true he also laughed at the idea of democracy, and stoked the back and fourth change of power between the rich and poor in Athens... There is also the idea that Plato invented Socrates.. but really who knows... It's my understanding, the Dark Ages burned all the old books and what we have now was rescued by the Ottoman Empire

[@bazs7669]

Fantastic and eye-opening talk. Makes you see capitalism and economics in a new light.

[@angelsaldivar5933]

Damn, this lecture was mind blowing. I'm currently doing the MSc Economics a Imperial University London and which my lectures where more like this

[@katiemiaana]

“Today we are all free in the land where we are unfree”, I think this is what Slavoj means when he speaks of ideology.

[@Manolara1]

I think Yiannis and Slavoj are friends or used to be

[@lellaavanti2468]

​@@Manolara1 Friends? like me? Clicking Z. S. to see if is nose is still attached to his head. Twitch waning? Not a chance!

[@Anton-hc4vv]

i think zizek is a member of diem25 actually

[@pamelajoy6037]

Keep on Yannis, keep on! Thank-you 👍🏻💕

[@stella3265]

I. Would add Professor Richard Wolff. He’s the leader teaching at the New School University in Manhattan. Both Yanis and Rick work together. I am grateful that we have both of these men who care about humanity.

[@albertdittel8898]

1:09:13: that one hurt, as I am watching this in Frankfurt...

[@mandaalexiou4927]

why though ? is´nt it a great town over there ? i´m just asking because i´m thinking about moving to frankfurt :)

[@edimist1]

Giannis Varoufakis will have a chance to become the next prime minister of Greece. But I think he is made for a bigger cause for humanity than that.

[@questmarq7901]

He has to start somewhere

[@mikaiyldavis1906]

Well done, I love his analogy of credit reaching into the future to create value

[@khadim1875]

this guy is so brilliant !!!

[@benanderson6108]

The most interesting politician/economist in the world today

[@BC-hb7vj]

Just For you!!!

[@cristic767]

Is this guy the idiot who fought to get a position in Greek government, then quit? So funny.

[@drknsingh]

He has clear concepts that he explains explicitly so anyone can understand. Brilliant.

[@EdwardSkihands]

@@cristic767 he quit because against his recommendation as financial minister of Greece, prime minister accepted the loan conditions of IMF, EU & ECB, aka European Troika, that tanked the support of leftists politicians. Greece was put under, basically unfathomable neoliberal austerity measures that created epidemics from drugs like heroin to diseases related to extreme poverty... He knew what would happen if those loan conditions was accepted, he carried his responsibility in an impossible situation, his expertise wasn't wanted so he gave room for a new one.

[@71youths]

I wasn't expecting this line: “I have a terrible cold ... Not the Chinese variety” Feb 3 2020

[@edwoodvine6793]

It seems so naive now to look back on this time just before the pandemic when it was just an after thought to most people and could be reduced to a joke

[@jelef001]

I loooooooooooove his idea of banning tradeable shares! Love you Varoufakis!!

[@secularnevrosis]

I'm glad that he makes the point of markets being markets, and not only a product of any said economic system. It's perfectly clear that the current system is and have always been in opposition to democracy by it's very nature. So we should all look into economics from another perspective, making it serve our needs instead of shaping us to serve the economy.

[@jakethesnakestoner]

This lecture is SO 🔥!!

[@deadsky13]

6:45 economics without capitalism 1:06:30 markets without capitalism 1:12:50 Q&A

[@Rainstorm121]

As a student, I hadn't had a lecturer who can trigger my brain to think beyond what I have learnt in class as this man. His students are just so and so fortunate!

[@stella3265]

It’s so obvious that we were never taught anything about capitalism in college. Yanis hammers it home like a sledge hammer that all we learned about was marginal utility and fancy arithmetic, which i despised

[@valecupa6405]

What a wonderful teacher he is 😀

[@lfpurpose]

Talk starts at 7:05

[@newone1634]

Wow! Professor Yanis Varoufakis! That was an awesome lecture by you!"👍👏

[@aritovi]

Great lecture, thank you very much for the enlightenment.

[@reasonerenlightened2456]

All you have to do is work hard, get rich or die trying, why would you want to care about the rest?

[@aritovi]

@@reasonerenlightened2456 work hard in a rigged and unfair system is useless. And really I don't want to get rich. I desire a peaceful and fulfilling live. I don't need much things for me to be well. And some times I cannot have a good night sleep knowing that misery, violence and injustice is upon other human beings like me. I feel like they are part of me. We must try to make a better world. Humankind is part of a living planet. The desire to get rich or greed is like a disease. Rich people are like a cancerous tumour in a organism. With a disproportionate size and destroying other living tissues only for his benefit. Taking more resources than they need to function normally. If we cannot build a balanced, fair, sustainable and healthy system, even the rich people will suffer from the disease of the system. It's only a matter of time. Doing good, makes us good.

[@TheSameOneRose6111]

The greatest speach i heard since the Great Micheal Manley (late Priminiater of Jamaica W.l.). He answer the need necessary to solve poberty without taxing the wealthy who already acheived his/her wealth by toiling and producing. My father would be very happy to hear you sir. Am at peace again; i have not felt in years. Thank again🙏🙏🙏

[@borntorebel3848]

"Where the mind is without fear and the head is held high Where knowledge is free Where the world has not been broken up into fragments By narrow domestic walls Where words come out from the depth of truth Where tireless striving stretches its arms towards perfection Where the clear stream of reason has not lost its way Into the dreary desert sand of dead habit Where the mind is led forward by thee Into ever-widening thought and action Into that heaven of freedom, my Father, let my country awake." By Rabindranath Tagore

[@urjeshutthasani3714]

I am bengalee, from the state West Bengal where Tagore was born, how did you know this poem? I am interested how have you come across Tagore?!

[@borntorebel3848]

@@urjeshutthasani3714 ah I am from Nagaland, India.

[@urjeshutthasani3714]

@@borntorebel3848 oh I see, have a great day.

[@j0e14]

Best economics lecture I've ever heard. Thank you

[@freydenker6335]

most brilliant lecture. worth watching not only once...Big thanks for uploading. And big thanks to the algorithm for recommending it for a third re-watch.. which I am doing right now with pleasure. . : ]

[@nescius2]

yep, some of his examples are simply brilliant.

[@TheJohnnyJason]

What strikes me as funny is the discussion sometimes that a specific system with the politics around it was responsible to reduce poverty and such over the last century - My Opinion on that is that basically it was the technological advancement which enabled the people to do so despite the politics and systems - thus wherever it was less restrictive the more it flourished of course only where the technical know-how and liquidity was. And exploitation of anyone and anything weaker seems like a human nature which will always bite our ass if we cannot find a way how to stop - also independent of politics and systems.

[@mangesh6381]

he exlained it effortlessly for a never in life an economics student

[@BriannaMemis_Breezy1]

WOW, just wow. Thank you!

[@kp6215]

I was not confused because took History degree then business computer info systems degree and I hated insanity of Capitalism since word INFINITE growth on finite planet! I took econ classes and A in STAT.

[@jmitterii2]

In grade school learning the exponential compound formula, first thing we learned was population growth... first thing we learn is the offsetting death and food population. Got to the exponential compounding of interest, well you'll retire and die. But what about banking corporations and other corporations that can exist many times the lifespan? That exponential concept of dividends and interest... All other sciences you do find exponential, and you are always to engineer a buffer otherwise you destroy your engine, wing design, structure stability, chemical stability, etc. Capitalism doesn't have a buffer, it literally does what nature does without buffers when it has exponential components: it oscillates its self to pieces; tears itself apart. Left with a system that has buffers against exponential components. Our system is oscillating itself to pieces. The oscillation in the 1800's were very severe, that century in the US half of all the years was in a panic, long depression, depression, recession, etc.

[@BadAssElf810]

While we clearly cannot sustain the model of "infinite growth" as we are now doing it., I think Buckminster Fuller's definition of wealth is worth thinking about: Where e= energy k= knowledge or information w= wealth if W = E + K And E (the energy of the physical world) is fixed but never can be reduced just reconfigured, and K is ever expanding than E + K must be infinite.

[@wooloolooo123]

Well, the realistic alternatives are genocide, oppression (either by force or manipulation), absolute poverty etc. There are no free shots in life, we have to choose what we sacrifice...

[@gerardbiddle1808]

Thank you Yanis for your excellent lecture and presentation. This seminar was enlightening and seminal from my perspective. Much appreciated. ⭐️⭐️⭐️⭐️⭐️. 🙏👏👍💥

[@Mike-B.]

This was brilliant. All of America needs to hear this.

[@JackTheOrangePumpkin]

Yes, and everybody Else too

[@thanoskoutroumbas356]

Yeah, to run away from these ideas.

[@gamwpanagia]

No it doesn't. This man is a top tier con-artist.

[@Mike-B.]

@@kapelbaza6130 My you paint with a broad brush, don't you.A real global citizen are you? You know what all people, everywhere are interested in, do you, really?

[@ToxisLT]

Thank you Yanis! I've been screaming from all the roofs that economics is most definitely not a science - and the banker oscars they are giving out for some time is not a real Nobel prize, but people kept telling me "shut up, it's 4AM, you're drunk, go home" ;)

[@ToxisLT]

w8, was Yanis predicting/describing gamest0nk @~1:16:00?

[@andrasdudas8226]

@@ToxisLT I think absolutely. What he didn't predicted is the reaction of the government to the situation, but let's be honest: it was predictable. When the rigged game is used against the sharks, they suspend the game rules..

[@aaronmathias6739]

Bang-On, Tovis mate!

[@klausbrinck2137]

In nations with some dignity and tradition, like Greece and France, for example, Economics isn´t taught in the universities, but in separate schools, for the reasons Yannis named. In the scientific community there´s consensus about all that, which is crazy, if you concider to what high extend the opinions of economists are everyday-reality-defining/manipulating.

[@pecierdecierdo8249]

I learned a lot from this lecture.

[@NyetTube]

Worker Co-ops and an end to commercial banks is a future I would like too. Yanis is a great leftist brother✊

[@erubin1967]

And want prevents them today? If they are so great, why are they not the norm?

[@fatpotatoe6039]

@@erubin1967 DON’T YOU GET IT - BUSINESSPEOPLE SHOULD JUST SAVE MONEY TO PAY OUR WAGES AND NOT EARN ANY RETURN ON IT!!!!!!!!!!!!!!! Of course, we would never save to build a cooperative business ourselves, we’d have to delay gratification to create something that wouldn’t otherwise be possible; however, we will gladly take over all the existing greedy corporations of evil scumbags delaying gratification to pay our wages!

[@fatpotatoe6039]

@Alp Dringus HOLD THE LINE

[@miguelpereira9859]

@@erubin1967 Same thing could have been said about democracy in the feudalist age

[@GregoryWonderwheel]

@@erubin1967 They are not the norm because the capitalists (owners of private shares) make the laws to protect their ownership hegemony over the organizational model of corporations as petty dictatorships. That's why Yanis says we need to change the corporate laws to move in the direction we need to go. But the corporations have bought and bossed Congress and Parliaments so the laws won't be changed until we get popular uprisings, and the only nonviolent chance of that is strikes or boycotts as Yanis outlines.

[@arkyark8]

We people like Yanis shaping our economic policies.

[@DPHZH67996B]

29:56 Studying economics is not necessary if there are very few participants. And then you also have time for other things and for people to smile at you! ❤

[@hectamus_]

amazing lecture, thank you so much

[@hhheee3939]

Reddit is showing us the way.

[@firSound]

Meme your financial interests into existence!

[@eylam90]

Gamestonks

[@kawaiixtc]

exactly what I thought...

[@Vulcano7965]

not really. It doesn't change the rules of Wall Street.

[@wtf16206]

Agreed, recent events have certainly highlighted the potential of economic activism

[@joealias2594]

I think this makes a lot of sense, but I feel like this misses out on something important. The thing he doesn't like is the owners being a distinct group from the workers. But a lot of companies made it by selling their idea to investors. So people who had money bought shares of a company - something basically worthless at that moment - in order to give the company cash with which to realize a business model. And in exchange the investor receives future money far in excess of the investment. I think this model makes too much sense to just give up. How can something like that be preserved in this new, more ethical model?

[@thembamabona9809]

The problem is that the excess is often based on exploitation. The future dividends should be proportionate and based on ethical biz. Also, investors often enough come from old money, do a lot of downsizing, etc. Just some of the worst aspects of modern capitalism.

[@AdenwalaM]

I have one more question: Does economics solve only economic problem or it also significantly contributes to solving problems of society, politics and of power too? Reforming economics is indeed necessary, especially in the present times. Neoliberal policies have brought humanity to the brink of extinction because of environmental crisis. Economic inequality in wealth and incomes are increasing. Despite high rates of economic growth in various countries, 50% of humanity continue to live for under $ 5.50 per day. But if capitalism also spawns atomic bombs and journey to moon and beyond, can one nation ever afford to pursue egalitarian economic policies? Suppose one country chooses not to abandon capitalist system and ends up producing atomic bomb, would it not threaten the rest of the world?

[@farrider3339]

Me tink Y.V. has in mind some kind of viral effect . If the neighbors realise how effective the newly introduced system of sharing is operating , they will also push intensely for it to come about. Maybe . . . Otherwise you're right. The man with the biggest gun is always dominant at any given scenario. The mOre rascal you are the less the others can do about you. Trump Erdogan Putin Assad Orban Bolsonaro and the well known rest of the ganG .•°

[@AdenwalaM]

@@farrider3339 Unfortunately such hopes falls in the category of idealism. Across history, because something is the only viable and sane alternative to follow, does not make it a widely followed path. As Arthur Koestler rightly said: Mankind's collective behaviour across history is more like the performance of a "Sleepwalker". We go to the brink before correcting our path, if at all. And there is no reason to assume that we will correct our path in time. If this was not true we would not have climate crisis or even the problem of obesity. Though we have Christ, Buddha and Gandhi as ideals, behaviour of most of us most of the times follow Machiavelli and Hitler rather than in line with our

[@tones7mca]

The world needs more thinkers like Yanis. ps, Universal Basic Income, now.

[@simonshah8570]

Thomas piketty and Yanis need to do a talk, it would be great if redundant :D

[@tlckiegowoscbiznesinieruch5351]

why the guy is lecturer ? he is no scientist , he is ideolog

[@a.kn.963]

That’s not true. He was a professor in Athens and held lectures in Cambridge and the University of Texas. Besides there are many economists who say that there is no objective science in economics. It’s a social science where values and ideologies play a big role.

[@Synerco]

unlike meteorological models, economic models are often part of the very phenomenon they model. ie, you can't change a cloud's behavior by persuading it of a weather model, but you can change the behavior of hedge fund managers, major share holders, and central bankers by persuading them of an economic model. this leads to a recursion problem that results in economics not being a true science.

[@gamwpanagia]

Simple. He's a master con-artist

[@peteryannacoureas1821]

You imagine if Mr. Alexis Tsipras listen to Yanis how will be Greece now.

[@ulpana]

"Why do we need pluralism in Economics yet not in Physics?" [See at 11:00 minutes until the end of this very useful talk] ... "In mainstream articles (and institutions) it is not obvious how Economics is not like Physics..." "The profound difference is that in Physics, the Phenomenon (under study) doesn't give a damn about our models of the phenomenon. Whereas in Social Science, whether it is in Economics, Sociology etc the Phenomenon really cares about our theories of the phenomenon....Because as theories have the capacity to alter our behavior in accordance to that theory, you get what is known in Statistics as a plethora of False Positives or False Negatives... " "Let me give you an example. Suppose that our friend here is a financier, an analyst of the financial markets with an impeccable record of correct predictions of the financial markets. By the way there has never existed such a person in the history of caputalism. Nobody has ever predicted systematically and with any degree of consistency (market outcomes). A Marxist such as myself one might say is always saying that 'Capitalism is going to have a crisis.' At some point caputalism has a crisis and the Marxist says 'You see I was right.' That's not science. (Laughter) right?" "But let's say that our friend here (by way of example) is such a mythical person who is a financier or financial analyst and is always correct. Let's say that after tonight we go out to the pub or the restaurant or whatever and we have a few drinks and she (the mythical always correct financier\financial analyst) gets a little tipsy. And she Tweets in her state of merriment that tomorrow the Stock Exchange is going to crash. To the extent that her reputation is a good one, the Stock Exchange is going to crash." "That's not because her theory was good. She's drunk. That Stock Market crash is because the Stock Market responds to our theories of it, and our predictions based on who has actually made those predictions." "That's a false positive what I've just described. But there are False Negatives as well." Now if only we could walk those who live their lives by one biblical prophecy as interpreted by some religious adventurer or some Venture Capitalist of Faith through this simple and clear example of academic terms and peer review. Or if we had a broadcast system that could provide such useful, simple, clear and accessible examples of vetting theories and theorems through empirical testing and observation. How much anti-social damage from thoroughly understandable human shortcomings of people acting even in Good Faith could we spare our societies and the world (and large sections of humanity suffering from being E-CON'd by Zombie Economics or by Zombie Preachers, Propagandists and False Prophets\Profits) if we had a broadcast system in the U.S. tasked with operating in the PUBLIC INTEREST and being used for Education instead of being owned and operated by the Corporate Caliphate for whom like Milton Friedman our Cold War Propaganda Czar formulated (in opposition to every major religious faith on earth that has some variation of the Golden Rule within their codes of ethics and teachings) GREED IS GOOD? And like our U.S. broadcast system that has been captured by the Corporate Caliphate, this marvel of mass communications is not used to hash out our social and human differences in democratic manner, it is instead tasked exclusively with selling this or that. The only use for such a mass communications marvel in the U.S. is some variation on the Gambler's Disease: LET'S MAKE A DEAL! Mitch Ritter\Paradigm Sifters, Code Shifters, PsalmSong Chasers Lay-Low Studios, Ore-Wa (Refuge of Atonement Seekers) Media Discussion List\Looksee

[@ulpana]

@@lepidoptera9337 Put it under a microscope and pick out the nourishment from the narishkeit... Tio Mitchito

[@kontaris2]

Every citizen and more seriously an economist has an orientation on which subject that loves and wants to occupy. I don't know what's the percent that loves many sectors, one sector and no one sector of Economics. It's obligated to create a quationare of which orientation love Students of Economics so to exist the connection of Universities with financial and statual jobs. For me on University the most difficult lesson was Mathematics of high level. Nothing relation with Financial Mathematics and Statistics that I have passion. Beside of these two kinds of Mathematics that was a strong instrument of my brain, my life and my job, I poze that at all these Mathematics (3 lessons) and any Mathematics of each University of Economics all over the world have to teach forever only on the first year of studies. Specifically Statistics and Financial Mathematics on firsy semester and Upper Mathematics on second semester

[@SvetlozarArgirov]

Inspiring as always.

[@aylbdrmadison1051]

Europe hopefully can teach the U.S.A. something. Many of us here in the U.S. are sick of unbounded capitalism destroying human lives and creating a police state.

[@josephinestabel9647]

Greetings Belgium👈 🌍

[@aylbdrmadison1051]

@@josephinestabel9647 : Cheers from a proud _Citizen of Planet Earth_ living here in California. +hugs I wish all my fellow Earthlings peace and prosperity. ^-^

[@josephinestabel9647]

@@aylbdrmadison1051 🤞Wisch you all the Best.. STAY STRONG.☀️ .

[@SolidAir54321]

@Reuben Thomasson It's worse in the US for other reasons as well. We effectively have only 2 parties. Both parties are bought off by the corporations and their lobbyists. Thanks to the Cold War the word "socialism" is a bad word here to at least half the people, and many don't know what it is. Media, owned by the rich, programs the people. Biden campaigned on a public option for health care but after he won the primary stopped talking about it. (He takes money from the private health insurance companies.) He talked about giving $2K to everyone but now he's back off to $1.4K and wants to "negotiate" further. What else can it be other than he's a corporatist?

[@xandercorp6175]

Foolishness.

[@GhostOnTheHalfShell]

Helmut Creutz discusses issues of the monetary system in particular that of interest to manage the supply. He pointed out that the nature of Bractaeten currency used in some german cities in the 13th and 14th centuries overcame the issues of hoarding money. In effect it was a system of demurrage on currency, the effect was hoarders would lose 25% of their holdings once or twice a year if they had it on hand. Similarly Wörgl provided a stamp script in the midst of recession to promote commerce.

[@Triggernlfrl]

The best economic system is non economic system where humans are the value.

[@donjuansohn2632]

Varoufakis starts at 6:50.