Keyu Jin for Age of Economics - Full interview

Age of Economics: in the first part of this project a diverse group of global thinkers answers 8 fundamental questions about economics and capitalist civilization. (Interview number 14)
0:00 - Prologue
01:47 - Intro
02:05 - 1. Why does economics matter?
03:21 - 2. What are the differences between economic science and economic engineering?
06:21 - 3. What role does economics play in society? Does it serve the common good?
10:38 - 4. Economics provides answers to problems related to markets, efficiency, profits, consumption and economic growth. Does economics do a good job in addressing the other issues people care about: climate change and the wider environment, the role of technology in society, issues of race and class, pandemics, etc.?
14:57 - 5. As we live in an age of economics and economists - in which economic developments feature prominently in our lives and economists have major influence over a wide range of policy and people - should economists be held accountable for their advice?
17:07 - 6. Does economics explain Capitalism? How would you define Capitalism?
23:10 - 7. No human system to date has so far been able to endure indefinitely - not ancient Egypt or Rome, not Feudal China or Europe, not the USSR. What about global Capitalism: can it survive in its current form?
27:19 - 8. Is Capitalism, or whatever we should call the current system, the best one to serve the needs of humanity, or can we imagine another one?
About Keyu Jin
Chinese. Economist, Associate Professor at the London School of Economics and a World Economic Forum Young Global Leader
Her research focuses on global trade imbalances, global asset prices and China’s economic growth model. Jin was born in Beijing, China. At the age of 14, Jin moved to New York to attend high school and later to Cambridge, Massachusetts to attend Harvard University, where she received her B.A., M.A. and Ph.D. Jin was also a Visiting Professor at Yale University on the Cowles Fellowship from September to December 2012 as well as at UC Berkeley from January to May 2015. Jin has advised and consulted for the World Bank, the International Monetary Fund, and the Federal Reserve Bank of New York. She also has had experience at various financial institutions including Goldman Sachs, JP Morgan and Morgan Stanley. She is a columnist for Project Syndicate and Caixin Magazine, and has contributed opinion pieces to media outlets like the Financial Times and the South China Morning Post.
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Interview by Fabio Dondero
Music: J.S. Bach, from The Well-Tempered Clavier. Kimiko Ishizaka, piano. Video by Fabio Dondero

[@alone-tt8dg6ic6f]

Keyu Jin, you are my best discovery in you tube. I thought my understanding of Chinese society is my partisan inclination. I heard ,listen your analysis times and again. If I die now one day, die with relief that one fifth of the population on earth is doing great for human development of Earth colectively with strong footing. My blessings to you as a bearer of heritage of ancient Indian civilization.🎉 International finance capitalists, a conglomerates of colonists and imperialists are trying to derail the Chinese planned economy.

[@sandymilne224]

Dude, the West gave China a helping hand to raise it out of poverty and Xi is now rubbing the West’s nose in to the mud. I can see you are happy with that using words like “imperialists”, but one has to expect a reaction to such a lack of gratitude by China for the helping hand. And if you don’t think China is also imperialist, you are dreaming. It’s only great powers that try to expand their model around the globe. It’s China that is now expanding its “imperialism” into Africa and South America, so you wrongly think that the US’s reaction to Xi ‘rubbing the West’s nose into the mud’ is because of imperialism, when it’s not.

[@PegasusFleets]

Just started this video..economics.. Ethics.. morality.. Loving it !! Sounds like I'm going to be listening to a real professional !! Loving it !! The Lord reward and protect you !! I hope..

[@roro4787]

I visited china last month, people weren so nice and kind, i had a great experience. China has modernised so much its almost unbelievable. I had so much peace of mind. Whatever China is doing is working, keep going! Hopefully India can grow well too like China in whatever path is chooses

[@yuchoyho1381]

Thank you for sharing.

[@pamelang3261]

Thank you for lnterjecting classical music in the talk. It lifted me from depression I get from thinking about our economy, political system and the environment.

[@jamesl.o.h.6000]

😁😁😁👍🏻

[@cheri238]

Thank you for this discussion.

[@siscthai8332]

Thank you!

[@vincentcheng5709]

China's development model is called Whatever Works. There was nothing idealogical about it. Socialism existed in name only - at least the first 30 years after Deng's Shenzhen trip. First China's ascend benefited from a low base and managed to catch the beginning of the internet which speed things up by a factor of 1000x. Pre-internet era, even if you have access to the schematic of a Xerox machine, it will take years just to copy and build one from scratch. By the time you are done, the world no longer needs photo copiers. Second, Taiwan was so ready to "plug and play" its tech factories into Kunshan because that expansion is highly scalable and their American customers approved that decisions. Academic economists loved to build models but inherently they all rely on certain assumptions. China built its modern day economy with no constraints because they did not count the costs properly. Conclusion: You could build a model to explain this China phenomenon but that formula has expired. Time to move on.

[@dondrumpf5422]

Good point. When you were in desperate situation, you wouldn't count the costs!! You just do it!! But, China's model works and it has worked well. And, yes, now, time to move on!!

[@Kemet3.0]

Now look at 3 years later. China is in debt for 55% trillion dollars and real estate is dying? Professor Jin believed China would be the new paradigm of a new economy. She now realizes that China is the world's biggest Ponzi scam economy. That's holding a $55 trillion dollar in debt in real estate and overbuilding projects that don't generate revenue. In addition, the government is using the Chinese social and medical services funds to pay off its debts. Even stealing people money insides their own banks. It took US 30 years to realize they have been bamboozled.

[@davidt02]

Then there shouldn't be a field called economics. The field should be called "whatever works". We create models because we want to learn what makes the real world ticks. Some parameters might change and the model might be outdated by the time we model it, it doesn't mean it's not worth studying it.

[@pamelang3261]

THANK YOU for mentioning Beneficence in govt rules or as a character in rulers. It is a Chinese political teaching from 2000 yrs ago.

[@wjshih3786]

I think your statement is somewhat “abstract” to many people and could be more understandable if you give some solid examples along the way. Thanks. 🙏

[@RaymondLi604]

Interesting topics. Also checkout Ben Norton, Radhika Desai, Michael Hudson for some SPICY alternative thinking

[@jackreacher8858]

40 yrs of spell-binding economic growth . Why is there even an argument ?

[@mikerussell3298]

Brilliant presentation on how fast China values its people to raise the standard of living for all

[@jamesl.o.h.6000]

Pls allow me to share my opinion here. I believe the kind of heart for making good decisions matters most in anything people. Too much knowledge without the heart posted a danger to humanity. I think people everywhere should study and learn about this most important and critical human quality

[@NicolasSauveur]

We need less ideology, less polarization, less finger pointing and more people like her who can bridge the cultural gap.

[@marcwhite6267]

Ever wonder where all the ideology - I mean the one all the colleges have been infiltrated with since the '60s and the '70s - comes from? Russia and China will be dealt with no matter how many of their spies have infiltrated our country.

[@marcwhite6267]

There's no cultural gap when it comes to that particular person; it's somewhat safe to say that she is an American, she's more American than she thinks she is. She's an American who has Chinese roots. It's not the first interview I've seen with her; I can tell you that she's a Westerner who lives in the West, and who has an American'ish world view. Btw, look at all the mahogany in her room; how many people in her country can afford to live like that? I'd say not many, to put it mildly.

[@dondrumpf5422]

​@@marcwhite6267 She lives in Beijing!! Don't you know that China now have more billionaires and millionaires than any countries in the world, including United Satans of AmeriKKKa??.

[@ashduwitt9899]

@@dondrumpf5422 it's terribly sad how obvious what you're doing is.

[@dondrumpf5422]

@@ashduwitt9899 ?????

[@lilypang7590]

❤❤❤❤❤❤❤❤❤❤❤❤❤❤

[@12388696]

Recitation

[@alone-tt8dg6ic6f]

Capitalism, Socialism, etc are not any industrial products you created in a factory. But collective human mind with proper understanding of social development can create a planned capitalism out of feudal and semi capitalist base or background.

[@marcwhite6267]

Comrade Jin, the Party is very proud of your supporting the party line.

[@dondrumpf5422]

So?? Any problem with that, old kidd??

[@jinlee181]

Yes!!!!!!!!

[@ashduwitt9899]

Exactly. Thank you comrade jin for sacrificing your own thoughts and opinions for the betterment of a destructive and hateful regime

[@dondrumpf5422]

@@ashduwitt9899 destructive and hateful regime?? Hahaha.. hahaha.. hahaha.. Are you talking about United Satans of AmeriKKKa?? Yes, then you are 100% correct, old kidd!! Hahaha.. hahaha.. hahaha..

[@jackreacher8858]

Come you ONLY need one . Always trying to complicate things dont do that man !

[@user-oq8gz9gi9h]

Interesting soul duel future culture inheritance genic consciousness awareness common sense ethical practices

[@yuchoyho1381]

中国很迟才开放学习资本主义Capitalism 。为人民服务。不是为个人聚集财富。因此很快崛起，建立一个人人为，我为人人的社会。

[@bucsfansinceleroy6349]

If Ms. Jin wants us to take her argument that China offers a conrucopia of successful types of state run capitalism seriously, she needs to offer a cornucopia of successful types of state run capitalism in her argument and not simply give one example of state run capitalism that mimics the Larry Summers school of economics and then follow that up with "and then here are all the other bad ones that Larry wouldn't like".

[@ashduwitt9899]

She is simply another mouthpiece for the ccp. It's terrible that others can't see that. She comes from an extremely high ranking family (father was the head of finance for the ccp) and doesn't have a true grasp, or completely ignores, the plight of the hundreds of millions of Chinese men, women and children being affected by the smothering regime

[@roro4787]

China is a woking example of success in state capitalism, unlike in west we dont force any system or religion on others. We just follow what suits us and its upto you to either take it or leave it.

[@trekpac2]

There aren''t a lot of examples of very successful state-run capitalism as in China. It is a new model that has done extremely well in raising the standards of living of 100s of millions of people. At the same time, there are not many examples of American hyper-capitalism that have caused concentration of wealth in the top 1% of the people and have led to half the population impoverished and living in a survival mode. The standard of living for many in the US has gone down for 30 years. It is time to clear out the hegemonic approach of American capitalism and replace with a multipolar structure in the world. The Spanish empire, the British Empire, the American empire...and then a new multipolar world! The end of the Age of Empires, I hope.

[@purplenaturellc733]

You forgot China 5000+ years age of empires. The new China capitalism of force labor, force IP handover, IP thief and reverse engineer other’s innovations. Flood the world markets with knot offs attempting to gain market dominance. States control capitalism? Good luck with that.

[@rubylaser8601]

I think it is premature to say China's economic model is successful. China has experimented the model for three decades with a lot of external investments and helps of free trade global market. As we know, economic models do not exist independently of political systems. In recent years, China had found that its economic model and political system which had work together so well for that many years started to show not compatible anymore. Something had to change. This is what the Chinese leaders are currently struggling with. In the past decade, the shortcomings of China's development model had show to the light more and more. Currently, China has large local government debts, excessive overdevelopment of infrastructure, burst of housing bubble, decline of export, high unemployment, bank insolvency, etc. All these are just the beginning. They may lead to a financial crisis bigger than what we experienced in 2008 or a slow growth of lost 30 years like what Japan experienced. We don't know. Overall I would say it is too early to judge if China's development model is successful or even a good one.

[@sandymilne224]

100% correct. It was the West that developed China as the global shop floor, NOT the doing of a centralized communist government or “capitalism with Chinese characteristics”. (Or whatever the saying goes). History shows the West started with Japan, then Taiwan, then HK and eventually on to China and now because of Xi’s jingoistic speeches the West has soured on China and it moving to Vietnam, India, Mexico and a host of other jurisdictions that are cheaper. All when China’s democratic time bomb is exploding, leaving the country with a much smaller population and stratospheric debts. Not a good recipe for future success. China will become in some terms, like Japan, but way worse because of its lack of sharing its wealth with the other billion citizens. It’s GDP a per capita is 72nd in the world, just behind Belarus!

[@davidt02]

@@sandymilne224 If it only takes one hand to clap, why didn't the west do this closer to home, like in Latin America? In India? In Africa? Why China? Opportunities can come knocking, but the country and leaders have to be ready. The west doesn't get to unilaterally anoint winners and losers in the world. "Capitalism with Chinese Characteristics" was the model China used to plug itself in the global network.

[@NG-uv5cn]

CCP propaganda one of the best expert !!

[@marcwhite6267]

"The Bad Emperor Problem" Somebody's been reading Francis Fukuyama?

[@cinpeace353]

Don't know who is Fukuyama. In ancient China history, there are plenty of good emperor, bad emperor stories that leads country to prosperity or terrible down turns. It is a common term using in Chinese history. May be the gentleman you mentioned learn that term from Chinese history?

[@marcwhite6267]

@@cinpeace353 It could be so; Professor Fukuyama is well-versed in the subject. I suggest you check out "The Origins of Political Order."

[@kevinwilliams3694]

She's so red. This hits all the ccp talking points.

[@jamesstmanhattan]

Those aren't even hers; those are party views.

[@wilfredtankhoonpheow2605]

Haha another China haters

[@cinpeace353]

Remove your bias and listen as academic, you would understand more.

[@jamesstmanhattan]

@@cinpeace353 She's no academic - she's a propagandist.

[@dondrumpf5422]

​@@jamesstmanhattan and you are???

[@crustycupcake110]

As a behavioral economist, I am quite disappointed with her opening line suggesting economics as a field does not consider ethics, morality, and social preferences when making models, and running empirical investigations. There is a plethora of literature out there studying the above within economic contexts. If she does not realize that, maybe you should host other economists that know a little more? Or do a little more research on your guest's backgrounds?

[@dondrumpf5422]

I guess that she is talking about economics as science is value free!! You can be atheist, you can be immoral, you can be a criminal, economics or econometrics doesnot differentiate that!! Unless you want to discuss about religions, morality, ethics or economic policies!!

[@roro4787]

Even cartels know economy, just like Science which is also usec by criminals, its a theory that is independent of morality unlike religion. Thats what she meant.

[@crustycupcake110]

@@dondrumpf5422 Hm, okay I guess that makes more sense.

[@wangxs]

If you know her family background as a top CCP official, and her role as an intellectual CCP apologist, then all her statements make sense!

[@trekpac2]

I am on Professor Keyu Jin's side. You may teach ethics and morality in economics, but western capitalism serves shareholder value, not ethics or morality. Who follows your models? Corporations often study social preferences in order to cleverly market their products.

[@jasongray4517]

A shill for the CCP. Not once does she dare stray from the party line.

[@marcwhite6267]

Her father's life's at stake. So she probably had made the owner of the channel send her all the question in advance; so she could practice answering them in front of the mirror.

[@NicolasSauveur]

@@marcwhite6267 your comment represents all that's problematic in this world : ego, bias and western arrogance.

[@marcwhite6267]

@@NicolasSauveur Says some Russia-loving China-worshiping hypocrite who thinks Stalin and Mao did nothing wrong; how's your support for Putin's genocide going?

[@dondrumpf5422]

​@@NicolasSauveur exactly!!!

[@ashduwitt9899]

@@NicolasSauveur really? Something tells me you don't understand the extent of the hold china has over their people. Your family can CERTAINLY be punished if you say something that goes against the ccp in a public manner. Her father was the head of finance for the ccp. You might want to avoid calling someone arrogant when they actually know more about the topic at hand than yourself