Is economic prediction futile? Guy Standing and Richard Werner clash | Guesses, errors and economics

UBI advocate Guy Standing and 'Father of Quantitative Easing' Richard Werner go head to head over whether accurate economic prediction is possible - and the pros and cons of Universal Basic Income.
This excerpt was taken from Guesses, Errors and Economics, a debate featuring Gillian Tett, Guy Standing and Richard Werner, hosted by Linda Yueh, and held in partnership with Audio Note. To watch the full debate, head to iai.tv/video/guesses-errors-a...
#economics #universalbasicincome #ubi
00:00 Introduction
00:22 Richard: I make accurate predictions
01:15 Guy: we must live with uncertainty
02:00 Guy: UBI builds resilience
02:48 Richard: GDP and markets can be predicted scientifically
03:09 Richard: Why do the Davos billionaires support UBI?
3:08 Guy: The problem is economic fear and fragility
04:45 Guy: Distribution matters
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[@TheInstituteOfArtAndIdeas]

Will it ever be possible to make economic predictions? And will Universal Basic Income just be the bribe to accept a microchip implant? Leave your thoughts in the comments below. To watch the full debate, head to iai.tv/video/guesses-errors-and-economics?KZbin&

[@KnordStream49554]

In order for you to predict the future you have to create it. And if the World Economic Forum is creating your future by lies in your face then how the hell can you predict it with textbook economic tools. Prof. Richard Werner is debunking the lies for you. Take heed.

[@BaldurKhr]

People can see who is the good one and who's the evil one. Cheers to prof. Werner ! A real truth speaker!

[@user-zc4yd9ss7h]

I don't know much about Richard Werner but if he has been right in his predictions for the past thirty five years, he's the only economist who has!!

[@joejohnson6327]

He's so full of it.

[@sylvaingibson588]

¸Werner is the Best when you want to know whats going on in Économy...He knows and say to the people all the Scams...Politiciens and Bankers are Fully corrupt...........The Problem with PR Werner is that He does not write enough books and Gives to Few Good interview....

[@vihodanyet]

@@joejohnson6327 explain?

[@whitewiz222]

He's been spot on, and his track record is in the public record for review if you care to make the effort.

[@whitewiz222]

full of brilliance, I agree!@@joejohnson6327

[@noelgarber4534]

I find it funny that this video, which is all about money, won't let you see the full video unless you pay. XD

[@philmcgill9169]

Mr Standing selling chaos. Prof Werner selling certainty. Tku Prof Werner.

[@KnordStream49554]

This cannot have only 31 views but it seems KZbin is doing *"big boys job"* as usual.

[@Brian-dg3gh]

We don’t need to guess what effect a UBI would have on the economy. We witnessed it during the covid debacle. It resulted in record inflation, accelerated the housing crisis, eventually led to record use of the food banks because groceries and rent are unaffordable and was overall a complete failure assuming the goal was creating an affordable life for the less fortunate.

[@TVBUST]

Oh this is great ::) build a system around fragility. So if something comes to crash it…

[@tompogson9755]

Right on Guy!

[@sgrant39]

So, global warming or another pandemic (the government response was the catastrophe, not the pandemic) are the black swans, not 32 trillion in debt, rouge third world nuclear powers etc. 500 financials shocks since 1980……can you list each one. BTW the market is up ever so slightly since 1980 despite 500 financials crises. About 3700%.

[@TVBUST]

If your attention and focus are in the dark and “uncertain” , you will certainly end up there

[@jahmaldujon9010]

Second contributor didn't really address te question and went on to talk about Anti Fragility. Economists fall into different schools of thought and most universities fall under one and dont view things holistically.

[@TVBUST]

He talking about “fragility” and then “resilience“ he’s perfect 😂

[@BlissBlessHappiness]

Werner is brilliant!

[@nandayoo]

the 2 are on odd mix - Werner is/seems libertarian yet he thinks you can predict the market behavior (central planning? really?)? & Standing righteously so agrees with Taleb on randomness (& how you can't predict events)... you should be building for antifragility... yet he wants to put it in the hands of the state which Taleb clearly argues against!!! (the so called fragilistas & the epistemologists...) 😂 these 2 are "pick n mix" economists... they both hold contradictory ideas & seem not to see anything wrong with that

[@user-hr7kf6wq6p]

Werner is not a libertarian

[@joejohnson6327]

Economics is not a science.

[@KnordStream49554]

It has never been but rather an art of mass manipulation and social engineering. It's sad how humans do not wish each other well and seek to disadvantage each other or eliminate each other.

[@KnordStream49554]

We are not equally vulnerable and to hell with universal basic income. Use the basic income to insure uncertainty if it's available for everyone. Stop lying.

[@KnordStream49554]

Guy don't sell us stupid books. You are vulnerable and put us in your experimental group and get away from economics please.

[@partydean17]

Idk. We will see. In the end UBI is preferred because it's less money in the hands of the government to Lord over people. If it's truly universal. Not totally sold but negative taxes sounds good and if that's more impactful for those with not much then that sounds good.

[@psycadelic2009]

Less money in the hands of the government? Where is UBI coming from?

[@partydean17]

@psycadelic2009 well it's taxes collected but instead of going toward a welfare program where most of the money is used to pay for bureaucrats it just goes directly to the citizens themselves.

[@you-know-who9023]

UBI can be introduced over a five year period in Western countries, once the population requires it. However the world as a whole should immediately ensure that there is a basic social security threshold in every country of no lower that 2 dollars 50 cents per day As we see with this debate it is very easy to debunk ideas like UBI with unrelated nonsence and distractions. Similarly with global social welfare threshold. The first opponents will say that the west should not subsidise irresponsible governments but modern finance is well able to make deductions to balance out aid to countries which are irresponsible.