Lets not forget the value of the contribution of volunteers. I read many years ago that the economies of most countries would fall over if people suddenly stopped volunteering. Having just had the worst bushfires in Australias history it's easy to grasp what the outcome may have been for many, many communities if the Volunteer Bushfire Brigade did not exist, just to mention one example. Of course we have Meals on Wheels, Lifeline, Surf Life Saving etc, etc, etc. We need a whole new model for acknowledging the value of this vast, 'unseen' economy.
@@Ermude10 She is saying that if a system values war as a positive, for economic growth, as GDP does, (GDP was originally a means too work out what a governent could afford to spend on a war,) it is fundamentaly flawed, and not an appropriate means to measure the worth of these other items. She is saying the system is wrong and to try to adapt a measure for the unpaid work would be inappropriate. We would be better to come up with a system that takes them into account from the start.
Government: You owe us money. It's called taxes. Me: How much do I owe? Govt: You hace to figure that out. Me: I just pay what I want? Govt: Oh, no we know exactly how much you owe. But you have to guess that number too. Me: What if I get it wrong? *Govt: YOU ARE GOING TO PRISON*
Nobody cares about work that's unpaid, at least from an economic perspective. If you cut your own hair, you don't pay another, but then no wealth was created either.
Universal basic income wouldn’t allow most of us to quit or job. But it does recognize the unpaid work people do every day, and it gives everyone a raise while reducing income inequality!
Not to mention UBI is just a band aid over the real problem which is asset prices inflating from excessive amounts of money being funneled into the pockets of rich people. UBI will not solve that problem.
Caring for yourselves has always been unpaid work. You expect others to compensate you for taking care of you and your family? If nobody is paying you, then nobody finds it worthwhile. That's probably why you do it yourself.
@@homewall744 Just because things have always been done a certain way doesn't mean it's right. It all comes down to time. Time is money. Spending time caring for a child or sick parent should be part of GDP but isn't unless you pay someone else to do it. Seems kind of stupid how it's not counted as GDP if you do it because no money is changing hands.
It's not very difficult to quantify such work being done for free. See how much it would cost if you hired a maid to do it for you. The answer - here in Vancouver - is around $20-30K per year + room.
But most keep that money for themselves, and do it themselves. It's called caring for yourself, and it does not create wealth, so it's unimportant to economic growth. If anything, when you do it yourself, you are harming the economy by avoiding trade, and one day, the US government will claim it's interstate commerce so they can regulate your ability to care for yourself without paying taxes.
I feel that's the exact problem that she's getting at. To reduce every human action an economic transaction is to reduce the complexity of human experience into numerical values.
Nothing like being roped into a job you never asked for or never wanted to do. Having that job ruin you and mental and physical state and never been compensated or paid a dime for any of it.
Another flaw of GDP is that it only takes into account *final products sold*, where, if you come from a country that produces mostly bi-products/parts [like my country of Cymru (Wales)] - that means that you could create a product [an aeroplane wing for instance] and sell that product... however... that wouldnt be added to your GDP until that bi-product was turned into a fully functioning product and then sold [attach wing to aeroplane, upon selling fully functional aeroplane - cost is then added to GDP]. It hides wealth, just as much as it pretends to state a countries wealth. I wouldnt be surprised if some of the men Marilyn speaks of were educated/from in Eton or Cambridge.
it sucks how for the market use value is worth nothing and only exchange value matters. if something can't be bought or sold, it certainly has No Value. all these kinds of labor - cooking, housework, taking care of children, elderly or disabled people, etc. are called reproductive labor. even when they take the form of a paid service, like with domestic workers, nurses or teachers, these jobs are underpaid and undervalued. one of the reasons is that these kinds of work, in and outside the home, are mostly performed by women and therefore seen as less difficult or important. or as some kind of Moral Duty. by exalting the figure of the selfless mother and wife, the dedicated nurse or teacher, when these people protest and demand to be treated better they're labeled as selfish. look at, for example, how essential workers were treated during the covid crisis. they are supposed to shut up and bow their heads so society can put a halo on them. this is a more cultural and ideological aspect unlike this discussed in the video. what do you think?
More proof Yang was right. The most terrifying part is the fact that this is combined with an extreme increase in neuro-degenerative diseases, and an aging population the likes of which we’ve never seen before. There’s another Ted talk on that subject, although I forget the guy’s name. We’re projected to need 1 billion caretakers worldwide just for Alzheimer’s patients in the next 50 years if we can’t make significant progress in treating the disease. That is far from sustainable, especially if the majority of these people will be entirely unpaid.
If you make your own lunch to save money, If you drive your own car to save money, if you teach yourself instead of taking a course, If you do your own accounting, the GDP will go down.
I think the monetary value of GDP, is a good set of numbers to look at, but, certainly not the full picture. I agree, we do need to adjust it, and account for *all* trade of goods and services, regardless of monetary value produced. Because, on the smaller scales, and lower levels, there's still tons of goods and services being traded. I could have someone fix my car, if we agreed that i could fix their porch. Sure, no money ia created from this trade, but, there is still some inherent value. It only begins to create money, should we decide to sell our goods and services to many people, so that we might be able to get other goods and services that we need. This inherent value still drives everything, and as such, should be accounted for in the GDP. However, I do feel that we should have everything reported and identified ao that we can see how much value is produced at every level, both monetarily, and naturally.
You cannot solve the problem in the system if the system itself is the problem. You need a new system. Capitalism is based on exponential and never-ending growth, but guess what: Earth has only finite amount of 'stuff', we cannot expect that a system that ignores this fact will work endlessly cause it won't... Once, in an unspecified future, mankind will either hit the rock bottom and collapse, or we will find a way to stabilize, harmonize and settle for what we have now until it is gonna be too late. It has to be a conscious decision of all people.
People are now started catching on what Andrew Yang has been saying for the last year. Unfortunately he's no long in the race. He could be a vital voice for 21 century economic. We need to separate economic value and human value. They're not the same.
Government's view of the *economy* could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it. _-Ronald Reagan_
This is absurd for multiple reasons and her comments about Novel Prize economists is extremely arrogant. 1. Everyone knows about GDP not including unpaid work, she didn't discover it. 2. GDP is not only interesting to measure the size of an economy, it is a way to measure the evolution of an economy. 3. GDP is a benchmark to compare economy sizes and growths/contraction so you need to calculate it the same way as other countries. 4. It is impossible to summarise any economy with one number. 5. Everyone knows that adopting any performance or value creation indicator can make people have a short term view and aim at a short term increase that is detrimental to the long term profitability of a country or a company (the corporate side was the subject of my thesis). 6. Lastly, when you are in power and there is something you want to improve, if you don't do anything then you are just a talker, not a doer and you have wasted everyone's money. I don't want to become a politician but, if I did, I would do everything I can to change things, not just try to shame my predecessors and do nothing about it. I don't know what Macron has done with his Nobel prize advisors but I suspect it is to change the way policies are designed. All in all, I love Ted talks but this one is an incredible waste of time.
The point of the talk was to show the value of human life. Jesus christ, for someone that types a whole lot of s***. You sure do miss the point of the talk. Stop trying to be a big boy, and listen. Typical
@@jose6183 who will people listen too. some wackjob on the internet who is driven by his political ( The real BRAINWASHED) believed , or an established speaker howxhas been in politics for years Who will i pick🧐🤔🧐🤔 🤣🤣🤣🤣🤣🤣🤣🤣🤣 foolery
@@Photoandcargeek because its about work value, or not valued. Any exchange of money is a plus for the economy ( in their eyes). Which is gross. Things in this world have more value than what we can take from them.
GDP is not designed to be the measurement of all economic activity in a region but rather all economic activity towards certain ends, that being the market; these measurements although they seem narrow minded have their own uses that are well understood by economists who care to not misrepresent their value. As far as GDP is concerned you vacuuming at home is not productive not because it's a 'waste of labor' by GDP standards but because it's irrelevant labor compared to what is actually being measured. This whole talk is just anti-establishment bullshit that is purposely twisting perceptions to fuel itself. Are there other ways to measure economic activity that are also valuable insights? Yes, absolutely. Is GDP still relevant and needed? Yes, it is. Is there some obsession economists have with the GDP measurement system? Not really. It's useful and it's used but it's not overused. Except maybe by politicians and the news but those are different issues that she didn't talk about. 6:57 She talks about Christchurch and says that the earthquake was, by GDP's standards, "good for growth". Except, no, it wasn't because the GDP of the Christchurch area went down immediately following the disaster, because value was lost in the form of property, markets, consumption and skills and because of the effects on the wider New Zealand economy. "nothing was ever lost" except this is wrong, even in the context of both GDP and the national accounts (which she brings up probably because she meant it to be complementary to her initial argument but it's not because national accounts and GDP are different things). The way she worded this entire segment is incredibly disingenuous. 7:36 This is one long environmental rant that ends up summarizing as "to GDP environmental destruction doesn't matter because it's good for growth" which is a half truth. You can grow the economy at the expense of the environment, sure, but in most circumstances it's more beneficial to exploit the land in more sustainable ways rather than to immediately exhaust it. Her argument here isn't even really relevant to GDP because, again, GDP is not meant to measure "environmental wellness", it's economic activity related to the market. Sometimes this economic activity is at the expense of the environment, sometimes it's a sustainable usage but there is no inherent relationship between the two. There is nothing in the GDP framework dictating that the relationship needs to be one way or the other. She's complaining that her dentist can't landscape her lawn for her as well. It's. Not. In. The. Job. Description. 8:22 It's funny because what she wrote then actually has several differences to what she is speaking about now and what those three nobel prize winners talked about but she won't mention that. 16:00 Seems more like an excuse than some noble reason especially since, again, GDP has no inherent relationship with war and conflict but okay Marilyn. You do you. tl;dr rubbish talk like most 'woke' economists on TED. Obligatory mention of the relevancy of the Maori economic systems, obligatory use of the word colonize, yadda yadda.
It's better to acknowledge what is and isn't contributing factors to environmental degradation and work on those instead of fearmongering about a boogeyman that doesn't exist. The video prefers to play off people's insecurities about climate change and capitalism instead of presenting solutions to this 'problem'.
Exactly! She is complaining about a measurement not including stuff that it was never intended to measure. Sure we could use another measure to account for the stuff she was talking about, but that is no basis to throw GDP out all together because it's not a perfect index.
So, when your wife squeezes your hand to a braking point because of her labour pain, remind her that she's being unproductive! : D))))))))))))) (and run out of the delivery room as fast as you can, to save your life).
In a world where the majority exchange time for money I get what she saying but what is the opportunity cost of doing these meanial household tasks vs using our energy elsewhere?
Yes, when you do the work, you save expense, but you avoid trade and thus do not help the economy or pay taxes on it. Don't even start to claim these have value because instead of others paying you to take care of yourself, you're more likely to get taxed on the lost commerce created by doing it yourself. Government does not love you, and those who think others should pay you to live your own life that provides no value to them and creates no wealth is foolish indeed.
@@homewall744 except that this work does help the economy, because it makes life possible. It supports people, on which every economy depends. The speaker isn't recommending that we pay for the work, but that we simply acknowledge and value it.
GDP is gross. All waste creation and new cleanup industries include DU contaminated soldiers, the radiation waste from nuclear plants, the dead zones from overuse of nitrogen farm fertilizers, etc, etc.
About WSJ podcast "An interview with Melinda Gates at WSJ Tech Live about her work on unpaid work and the coronavirus and the inequities the pandemic has revealed," she is well informed but lacks half the picture in both her assessments of the crux of why COV-19 got out of control and who is affected the most financially, actually, on who is affected she lacks clarity completely. She leaves out the first set of circumstances in getting the virus under control and begins with testing for the virus which did not come out for at least a month. And who is affected? While upwards of 800k women lost jobs v. 200k plus men, and sites child care and all the unpaid labor women do and goes so far to suggest child care stipends, the severely disabled are totally left out. Why pay for child care in a household that already has two earners or more income per adult than the unpaid disabled people who save lives every day by being guinea pigs. People shouldn't have children to get welfare. I'm flabbergasted at her leaving out the infirm in her key philanthropy. Three sheets to the wind, Melinda.
Business leadership in this country already has a faded line between capitalism and the Native American philosophy. Like the Native American family, the tribe, you could bring in new blood to a company or even amongst chief officers, if your genes aren't leadership quality. Their family was run like a business too. I would have been happier helping a nice healthy couple raise healthy children in a society where everybody gets a viable opportunity. Or better yet, raise children as a community so all share the awesome tender years of a child's life and the child, in turn, benefits from all and can then make a more informed decision of the direction of his/her life's work. Our nuclear family doesn't work for most. It's good prevention for national security issues as well to encourage the spawning of healthy children only. Implications for the environment and oppressed are obvious. Healthier children are more respectful of the environment and people. A lot of people go around being other people, literally robbing our life force, because they are not the healthy people they are espoused to be. I think people are already doing this. Their networks are more important to them than many of their oppressed siblings and children from my experience. They just won't tell the truth because they are too greedy to split the loaf with the people that can iron out the finer societal details and solutions born from the less glamorous roles of family and businesses and the guinea pig roles of health-care experimentation. This makes us the savages the Natives were falsely accused of. That's one reason why North Eastern American Chiefs sought advice from the women's sweat groups. This is a comment on my previous podcast supporting those who can steer us from self-destruction. anchor.fm/suzanne-bencho/episodes/Who-Should-Steer-Us-From-Armageddon-and-the-Onset-of-the-Rapture-el0hvk/a-a3hdl61
Buraya türklerin gelmediğini mi düşünüyorsunuz anlamıyorum cidden ileri derecede ıngilizce biliyorum ama lütfen altyazı çeviri imkanlarını geliştirin... lütfen
I don't care about GDP, there are plenty of other metrics at measuring happiness, etc. Grouping families caring for their children or grandchildren into unpaid work is really disingenuous. Speculating that human trafficking is measured into GDP though, *really...?* GTFO...that is in really bad taste. I deal with the actual fallout of that, I see the victims and the predators. Eff-off lady. You also used a lot of buzz words/phrases; Climate change Native forest (forest don't move, how could it be foreign, you are either native or foreign) Carbon sink Endangered species Children under 5 Assistance with childcare Educated men Exchange was counted, legal or illegal Illegal trade of armaments Drugs 4:14 Trafficking of people (you are sick, BTW) Pregnant Breastfed Human breast milk Christchurch Loss of live, land, special spaces Nobel Prize Colonize "War is great for growth"
GDP doesn't actually include black market transactions. It is ridiculous for GDP to include non-paid work because it would defeat the whole reason of GDP which is to calculate the financial productivity of a country and why would non-paid work be beneficial for a countries worth at all?
What she's saying is that so much worth is based in GDP, and as a measuring tool it's way too limited. A nation's prosperity is so much more than just it's measure of finances, and people will fare better when other indicators are taken into account.
Women doing housework for their own family is not unpaid, rather she gets her rent/mortgage covered, utilities, food, mobile phone bill, car rego, fuel etc paid for or subsidized by her husbands efforts at work. Also if she works and does less hours or brings home less pay then she needs to balance that by doing more of the housework. It is equality.
If that is the case then money should be transferred from the husbands account into the wife’s account and be added to the GDP. The husband should be able to deduct this expense from his salary while paying income tax. Right now, both husband and wife are working but only earning one salary.
When running laps you count the laps, not the effort spent on the laps or spent buying running shoes. I ironed working shirts yesterday. I don't expect payment outside the payment for the work I produce in the office, neither do I expect that it somehow is counted towards GDP. It would be meaningless. GDP is far from perfect, but criticism should begin with defining and understanding what the purpose of GDP is, and how that purpose could be better achieved. This talk did nothing to further understanding of neither GDP, nor how it could be improved.
I think you missed the point of the talk. She was not elaborating on what GDP is, but rather on what it is not. GDP itself is not able to be "improved". It is merely a definition of what a small group of people determined was the measurement of all fiscal economic activity in a country. It is only a definition. What she is pointing out is that GDP covers rather little of what goes on in a country. That there is much work that is done that is not counted or considered. That this work is done for free is actually counter-GDP. If it were being paid for, then the GDP would be a much larger number (more than double she was hinting at). This work is important and without it being performed bad things would happen. This is a problem when we try to assign value or more importantly lost value due to inability to continue doing that work.
@@digiryde I did get that, but find that' meaningless. GDP is not supposed to measure everything going on, it's not meant to count effort, it's not meant to be a way of appreciating effort. It's ment to count result. If me ironing my shirts somehow makes me better at producing value at work, that is where it's counted. The same with giving birth or best feeding. When that results in increased production some time in the future, that is when it's counted. GDP is far from perfect, but we cannot expect a perfect measurement of such complex issues. GDP is of course not everything. Other values exists as well. We cannot expect one number to count everything that matters.
@@dncbot Meaningless how? I would argue that GDP does not count results in general. It only appreciates profit and loss in the form of market valuations over a short term and market valuations are historically notorious for steering societies towards short term results while sacrificing long term losses due to the consistent ignoring of externalities and contrary indications of long term effects against short term gains. I would say that GDP today is the enemy of GDP in the future. As to your example, breastfeeding, I would posit that it is never counted much the same way that lead in the water is never counted. If we are lucky a very blurred glimpse of that impact may be harvested from the decades of data that may have been gathered. But likely not as most of the profit in breastfeeding is convincing mothers to buy milk instead. :) I am curious to see your reasoning spelled out in much more detail.
Women: We want our responsibilities as parents and to ourselves and our loved ones to be counted as work because muh patriarchy. Everyone with a IQ higher than 12: Uhm... no.
Unpaid housework? Do you have a partner who works? And does your partner pay most of the household expenses? Then I guess your partner should be eligible for a tax deduction for subsidizing you and your "unpaid" housework. Oops. I guess you are NOT unpaid. I think Marilyn started off with the "unpaid housework" premise and then did a few backflips to justify.
Okay, if we were to revise the system to account for the things people do that ar not paart of the marketplace, would our standard of living be somehow improved?? Of course not! Stupid idea!
Let me guess... feminist nonsense, right? I’m going to watch till she’ll start complaining about the patriarchy. Then I’ll start watching a video on Ancient Rome. Let’s see.
Lets not forget the value of the contribution of volunteers. I read many years ago that the economies of most countries would fall over if people suddenly stopped volunteering. Having just had the worst bushfires in Australias history it's easy to grasp what the outcome may have been for many, many communities if the Volunteer Bushfire Brigade did not exist, just to mention one example. Of course we have Meals on Wheels, Lifeline, Surf Life Saving etc, etc, etc. We need a whole new model for acknowledging the value of this vast, 'unseen' economy.
16:00 "I do not want those things that I value sitting in an accounting network that thinks war is great for growth." - Marilyn Waring
I don't understand this. Can someone explain what she means by that?
"... accounting framework..."
@@Ermude10 She is saying that if a system values war as a positive, for economic growth, as GDP does, (GDP was originally a means too work out what a governent could afford to spend on a war,) it is fundamentaly flawed, and not an appropriate means to measure the worth of these other items. She is saying the system is wrong and to try to adapt a measure for the unpaid work would be inappropriate. We would be better to come up with a system that takes them into account from the start.
a good argument for reducing to the 4 day work week among everything else too
Love you Marilyn. Thanks for trailblazing courage.
A remarkable person - I have a pleasure of working with Marilyn Waring!
Government: You owe us money. It's called taxes.
Me: How much do I owe?
Govt: You hace to figure that out.
Me: I just pay what I want?
Govt: Oh, no we know exactly how much you owe. But you have to guess that number too.
Me: What if I get it wrong?
*Govt: YOU ARE GOING TO PRISON*
Hahahahahahahahahhahahahahahahahahahahahahhahahahahahahahahahahahahahah
That joke was soooo funnyyyyy
@@kaykay1570
thank you lol,
TBH, I got this from Internet.
PEACE
Sarcasm
Sounds like a failed government that has forgotten it's reason of existence. Thankfully it's not mine.
Husky Motivations pretty sure the US is the only one doing that
What a BRILLIANT LADY!!!
A really wonderful video! Marilyn Waring thank you for putting this important topic across so beautifully.
More proof that Andrew Yang is ahead of his time
yup, i hope that he will at least become a vice president
More proof that women and foreigners LOVE to bash “ western males”.
YANG 2024 🤣
One of the best I have heard on this issue. Also captures how simplistic capitalism is!
For me, the original Humane Economist and UBI campaigner in our region (and maybe the world).
🇳🇿🇵🇬
Looking at the unpaid or even underpaid work in India, the GDP numbers could be staggering.
In any country really.
Nobody cares about work that's unpaid, at least from an economic perspective. If you cut your own hair, you don't pay another, but then no wealth was created either.
Robert Rockey True that
Happiness index and GDP by country do not correlate for the very reasons Mrs. Waring points out so well here in her speech
Universal basic income wouldn’t allow most of us to quit or job. But it does recognize the unpaid work people do every day, and it gives everyone a raise while reducing income inequality!
Not to mention UBI is just a band aid over the real problem which is asset prices inflating from excessive amounts of money being funneled into the pockets of rich people. UBI will not solve that problem.
Caring for yourselves has always been unpaid work. You expect others to compensate you for taking care of you and your family? If nobody is paying you, then nobody finds it worthwhile. That's probably why you do it yourself.
@@homewall744 Just because things have always been done a certain way doesn't mean it's right. It all comes down to time. Time is money. Spending time caring for a child or sick parent should be part of GDP but isn't unless you pay someone else to do it. Seems kind of stupid how it's not counted as GDP if you do it because no money is changing hands.
It's not very difficult to quantify such work being done for free.
See how much it would cost if you hired a maid to do it for you.
The answer - here in Vancouver - is around $20-30K per year + room.
But most keep that money for themselves, and do it themselves. It's called caring for yourself, and it does not create wealth, so it's unimportant to economic growth. If anything, when you do it yourself, you are harming the economy by avoiding trade, and one day, the US government will claim it's interstate commerce so they can regulate your ability to care for yourself without paying taxes.
I feel that's the exact problem that she's getting at. To reduce every human action an economic transaction is to reduce the complexity of human experience into numerical values.
What a truly inspirational woman
what a smart audience. they got the irony @ "I totally agree with them"
Nothing like being roped into a job you never asked for or never wanted to do. Having that job ruin you and mental and physical state and never been compensated or paid a dime for any of it.
Another flaw of GDP is that it only takes into account *final products sold*, where, if you come from a country that produces mostly bi-products/parts [like my country of Cymru (Wales)] - that means that you could create a product [an aeroplane wing for instance] and sell that product... however... that wouldnt be added to your GDP until that bi-product was turned into a fully functioning product and then sold [attach wing to aeroplane, upon selling fully functional aeroplane - cost is then added to GDP]. It hides wealth, just as much as it pretends to state a countries wealth.
I wouldnt be surprised if some of the men Marilyn speaks of were educated/from in Eton or Cambridge.
Thank you Marilyn.
#YangGang
#YangGang
#YangGang
#YangGang #stillvotingYang
Wonderful speech thank you
it sucks how for the market use value is worth nothing and only exchange value matters. if something can't be bought or sold, it certainly has No Value.
all these kinds of labor - cooking, housework, taking care of children, elderly or disabled people, etc. are called reproductive labor. even when they take the form of a paid service, like with domestic workers, nurses or teachers, these jobs are underpaid and undervalued.
one of the reasons is that these kinds of work, in and outside the home, are mostly performed by women and therefore seen as less difficult or important. or as some kind of Moral Duty. by exalting the figure of the selfless mother and wife, the dedicated nurse or teacher, when these people protest and demand to be treated better they're labeled as selfish. look at, for example, how essential workers were treated during the covid crisis.
they are supposed to shut up and bow their heads so society can put a halo on them.
this is a more cultural and ideological aspect unlike this discussed in the video. what do you think?
Andrew Yang 2020
unfortunately he dropped out but i hope that he can at least become a vice president or something.
:)
#stillvotingYang
Please don't waste your vote. We're in a desperate situation.
Thank you for this remarkable and important speach ♥️
More proof Yang was right. The most terrifying part is the fact that this is combined with an extreme increase in neuro-degenerative diseases, and an aging population the likes of which we’ve never seen before. There’s another Ted talk on that subject, although I forget the guy’s name. We’re projected to need 1 billion caretakers worldwide just for Alzheimer’s patients in the next 50 years if we can’t make significant progress in treating the disease. That is far from sustainable, especially if the majority of these people will be entirely unpaid.
Men do yard work, auto maintenance and repairs the house, that isn't included. Everybody has a complaint.
🧢🧢🧢🧢🧢🧢MATH
#yanggang
she is right
Very well said!
Prioritize GNH (Gross National Happiness) over GDP.
Well when no one even sees that as a thing the problem becomes clear.
You can't trade on your happiness. That's why economies use money.
If you make your own lunch to save money, If you drive your own car to save money, if you teach yourself instead of taking a course, If you do your own accounting, the GDP will go down.
I think the monetary value of GDP, is a good set of numbers to look at, but, certainly not the full picture.
I agree, we do need to adjust it, and account for *all* trade of goods and services, regardless of monetary value produced. Because, on the smaller scales, and lower levels, there's still tons of goods and services being traded.
I could have someone fix my car, if we agreed that i could fix their porch. Sure, no money ia created from this trade, but, there is still some inherent value. It only begins to create money, should we decide to sell our goods and services to many people, so that we might be able to get other goods and services that we need.
This inherent value still drives everything, and as such, should be accounted for in the GDP. However, I do feel that we should have everything reported and identified ao that we can see how much value is produced at every level, both monetarily, and naturally.
Wow!!! Great.
Where can I collect my check?
for watching this
You have got to understand the definition of work 😆
Me too. Lol
You cannot solve the problem in the system if the system itself is the problem. You need a new system. Capitalism is based on exponential and never-ending growth, but guess what: Earth has only finite amount of 'stuff', we cannot expect that a system that ignores this fact will work endlessly cause it won't...
Once, in an unspecified future, mankind will either hit the rock bottom and collapse, or we will find a way to stabilize, harmonize and settle for what we have now until it is gonna be too late. It has to be a conscious decision of all people.
People are now started catching on what Andrew Yang has been saying for the last year. Unfortunately he's no long in the race. He could be a vital voice for 21 century economic. We need to separate economic value and human value. They're not the same.
Government's view of the *economy* could be summed up in a few short phrases:
If it moves, tax it.
If it keeps moving, regulate it.
And if it stops moving, subsidize it.
_-Ronald Reagan_
Maybe we need GNC, Gross National Consumption
awesome video. I was very close to not watching this because the title didn't hook me well
Agree
People are never ready for necessary change until its too late, Andrew Yang was ahead of his time but i have hope he will return in 2024 🧢🧢🧢
This is absurd for multiple reasons and her comments about Novel Prize economists is extremely arrogant.
1. Everyone knows about GDP not including unpaid work, she didn't discover it.
2. GDP is not only interesting to measure the size of an economy, it is a way to measure the evolution of an economy.
3. GDP is a benchmark to compare economy sizes and growths/contraction so you need to calculate it the same way as other countries.
4. It is impossible to summarise any economy with one number.
5. Everyone knows that adopting any performance or value creation indicator can make people have a short term view and aim at a short term increase that is detrimental to the long term profitability of a country or a company (the corporate side was the subject of my thesis).
6. Lastly, when you are in power and there is something you want to improve, if you don't do anything then you are just a talker, not a doer and you have wasted everyone's money. I don't want to become a politician but, if I did, I would do everything I can to change things, not just try to shame my predecessors and do nothing about it. I don't know what Macron has done with his Nobel prize advisors but I suspect it is to change the way policies are designed.
All in all, I love Ted talks but this one is an incredible waste of time.
This!
The point of the talk was to show the value of human life.
Jesus christ, for someone that types a whole lot of s***. You sure do miss the point of the talk.
Stop trying to be a big boy, and listen. Typical
@@jose6183 who will people listen too. some wackjob on the internet who is driven by his political ( The real BRAINWASHED) believed , or an established speaker howxhas been in politics for years
Who will i pick🧐🤔🧐🤔
🤣🤣🤣🤣🤣🤣🤣🤣🤣 foolery
@@kaykay1570 the value of life is not a number so then why mention GDP? you didn't get it.
@@Photoandcargeek because its about work value, or not valued.
Any exchange of money is a plus for the economy ( in their eyes). Which is gross. Things in this world have more value than what we can take from them.
Andrew yang!!!!
Thatn_ggajandro he’s sounding great in times of coronavirus
Martha Rigby 100% so sad he gets overshadowed by the media
Yang 2024
End captive capitalism
It needs to be destroyed in root's!
GDP is not designed to be the measurement of all economic activity in a region but rather all economic activity towards certain ends, that being the market; these measurements although they seem narrow minded have their own uses that are well understood by economists who care to not misrepresent their value. As far as GDP is concerned you vacuuming at home is not productive not because it's a 'waste of labor' by GDP standards but because it's irrelevant labor compared to what is actually being measured. This whole talk is just anti-establishment bullshit that is purposely twisting perceptions to fuel itself. Are there other ways to measure economic activity that are also valuable insights? Yes, absolutely. Is GDP still relevant and needed? Yes, it is. Is there some obsession economists have with the GDP measurement system? Not really. It's useful and it's used but it's not overused. Except maybe by politicians and the news but those are different issues that she didn't talk about.
6:57 She talks about Christchurch and says that the earthquake was, by GDP's standards, "good for growth". Except, no, it wasn't because the GDP of the Christchurch area went down immediately following the disaster, because value was lost in the form of property, markets, consumption and skills and because of the effects on the wider New Zealand economy. "nothing was ever lost" except this is wrong, even in the context of both GDP and the national accounts (which she brings up probably because she meant it to be complementary to her initial argument but it's not because national accounts and GDP are different things). The way she worded this entire segment is incredibly disingenuous.
7:36 This is one long environmental rant that ends up summarizing as "to GDP environmental destruction doesn't matter because it's good for growth" which is a half truth. You can grow the economy at the expense of the environment, sure, but in most circumstances it's more beneficial to exploit the land in more sustainable ways rather than to immediately exhaust it. Her argument here isn't even really relevant to GDP because, again, GDP is not meant to measure "environmental wellness", it's economic activity related to the market. Sometimes this economic activity is at the expense of the environment, sometimes it's a sustainable usage but there is no inherent relationship between the two. There is nothing in the GDP framework dictating that the relationship needs to be one way or the other. She's complaining that her dentist can't landscape her lawn for her as well. It's. Not. In. The. Job. Description.
8:22 It's funny because what she wrote then actually has several differences to what she is speaking about now and what those three nobel prize winners talked about but she won't mention that.
16:00 Seems more like an excuse than some noble reason especially since, again, GDP has no inherent relationship with war and conflict but okay Marilyn. You do you.
tl;dr rubbish talk like most 'woke' economists on TED. Obligatory mention of the relevancy of the Maori economic systems, obligatory use of the word colonize, yadda yadda.
Himajama Isn‘t it better to do the environment rants while there is still air to breathe?
It's better to acknowledge what is and isn't contributing factors to environmental degradation and work on those instead of fearmongering about a boogeyman that doesn't exist. The video prefers to play off people's insecurities about climate change and capitalism instead of presenting solutions to this 'problem'.
Exactly! She is complaining about a measurement not including stuff that it was never intended to measure. Sure we could use another measure to account for the stuff she was talking about, but that is no basis to throw GDP out all together because it's not a perfect index.
So, when your wife squeezes your hand to a braking point because of her labour pain, remind her that she's being unproductive! : D))))))))))))) (and run out of the delivery room as fast as you can, to save your life).
In a world where the majority exchange time for money I get what she saying but what is the opportunity cost of doing these meanial household tasks vs using our energy elsewhere?
Yes, when you do the work, you save expense, but you avoid trade and thus do not help the economy or pay taxes on it. Don't even start to claim these have value because instead of others paying you to take care of yourself, you're more likely to get taxed on the lost commerce created by doing it yourself. Government does not love you, and those who think others should pay you to live your own life that provides no value to them and creates no wealth is foolish indeed.
@@homewall744 except that this work does help the economy, because it makes life possible. It supports people, on which every economy depends. The speaker isn't recommending that we pay for the work, but that we simply acknowledge and value it.
YANGYANG
This argument has more holes than a colander
Your statement is vacuous. Try adding something to it rather than being snide. Assuming your username is not representative of who and what you are.
GDP is gross. All waste creation and new cleanup industries include DU contaminated soldiers, the radiation waste from nuclear plants, the dead zones from overuse of nitrogen farm fertilizers, etc, etc.
About WSJ podcast "An interview with Melinda Gates at WSJ Tech Live about her work on unpaid work and the coronavirus and the inequities the pandemic has revealed," she is well informed but lacks half the picture in both her assessments of the crux of why COV-19 got out of control and who is affected the most financially, actually, on who is affected she lacks clarity completely. She leaves out the first set of circumstances in getting the virus under control and begins with testing for the virus which did not come out for at least a month. And who is affected? While upwards of 800k women lost jobs v. 200k plus men, and sites child care and all the unpaid labor women do and goes so far to suggest child care stipends, the severely disabled are totally left out. Why pay for child care in a household that already has two earners or more income per adult than the unpaid disabled people who save lives every day by being guinea pigs. People shouldn't have children to get welfare. I'm flabbergasted at her leaving out the infirm in her key philanthropy. Three sheets to the wind, Melinda.
Forbid profit on human life and nature!
Watch at either 1.25x or 1.5x
Thank me later.
I prefer that the economists don't try to find a way to tax me for the things that I do when I am not at work and not buying something.
Love from india
Business leadership in this country already has a faded line between capitalism and the Native American philosophy. Like the Native American family, the tribe, you could bring in new blood to a company or even amongst chief officers, if your genes aren't leadership quality. Their family was run like a business too. I would have been happier helping a nice healthy couple raise healthy children in a society where everybody gets a viable opportunity. Or better yet, raise children as a community so all share the awesome tender years of a child's life and the child, in turn, benefits from all and can then make a more informed decision of the direction of his/her life's work. Our nuclear family doesn't work for most. It's good prevention for national security issues as well to encourage the spawning of healthy children only. Implications for the environment and oppressed are obvious. Healthier children are more respectful of the environment and people. A lot of people go around being other people, literally robbing our life force, because they are not the healthy people they are espoused to be. I think people are already doing this. Their networks are more important to them than many of their oppressed siblings and children from my experience. They just won't tell the truth because they are too greedy to split the loaf with the people that can iron out the finer societal details and solutions born from the less glamorous roles of family and businesses and the guinea pig roles of health-care experimentation. This makes us the savages the Natives were falsely accused of. That's one reason why North Eastern American Chiefs sought advice from the women's sweat groups. This is a comment on my previous podcast supporting those who can steer us from self-destruction. anchor.fm/suzanne-bencho/episodes/Who-Should-Steer-Us-From-Armageddon-and-the-Onset-of-the-Rapture-el0hvk/a-a3hdl61
Wow 😤
If I don’t get paid , I’m not doing anything
It says Christ church inntge background & I never knew it was Christian God spiritual related. Okie dokie. She said it too.
I wanna Turkish or Russian subtitle pls
create one
Data Management is holistic,
Money Management is no longer accurate enough.
The explosion of charities these last 30 years.... tapping the unpaid.
Buraya türklerin gelmediğini mi düşünüyorsunuz anlamıyorum cidden ileri derecede ıngilizce biliyorum ama lütfen altyazı çeviri imkanlarını geliştirin... lütfen
Hi
My group solves this problem by distributing the issuance of money to all members equally for free.
Most people go through this "the world isn't fair" stage early in their childhood. I suppose some people never grow out of it.
I don't care about GDP, there are plenty of other metrics at measuring happiness, etc. Grouping families caring for their children or grandchildren into unpaid work is really disingenuous. Speculating that human trafficking is measured into GDP though, *really...?*
GTFO...that is in really bad taste. I deal with the actual fallout of that, I see the victims and the predators. Eff-off lady.
You also used a lot of buzz words/phrases;
Climate change
Native forest (forest don't move, how could it be foreign, you are either native or foreign)
Carbon sink
Endangered species
Children under 5
Assistance with childcare
Educated men
Exchange was counted, legal or illegal
Illegal trade of armaments
Drugs
4:14 Trafficking of people (you are sick, BTW)
Pregnant
Breastfed
Human breast milk
Christchurch
Loss of live, land, special spaces
Nobel Prize
Colonize
"War is great for growth"
Yeah 4:14 wth ?! I think she messed up or means other thing to her.
GDP doesn't actually include black market transactions. It is ridiculous for GDP to include non-paid work because it would defeat the whole reason of GDP which is to calculate the financial productivity of a country and why would non-paid work be beneficial for a countries worth at all?
What she's saying is that so much worth is based in GDP, and as a measuring tool it's way too limited. A nation's prosperity is so much more than just it's measure of finances, and people will fare better when other indicators are taken into account.
Human centred capitalism by Andrew yang.
Women doing housework for their own family is not unpaid, rather she gets her rent/mortgage covered, utilities, food, mobile phone bill, car rego, fuel etc paid for or subsidized by her husbands efforts at work.
Also if she works and does less hours or brings home less pay then she needs to balance that by doing more of the housework. It is equality.
If that is the case then money should be transferred from the husbands account into the wife’s account and be added to the GDP. The husband should be able to deduct this expense from his salary while paying income tax.
Right now, both husband and wife are working but only earning one salary.
When running laps you count the laps, not the effort spent on the laps or spent buying running shoes.
I ironed working shirts yesterday. I don't expect payment outside the payment for the work I produce in the office, neither do I expect that it somehow is counted towards GDP. It would be meaningless.
GDP is far from perfect, but criticism should begin with defining and understanding what the purpose of GDP is, and how that purpose could be better achieved.
This talk did nothing to further understanding of neither GDP, nor how it could be improved.
I think you missed the point of the talk. She was not elaborating on what GDP is, but rather on what it is not. GDP itself is not able to be "improved". It is merely a definition of what a small group of people determined was the measurement of all fiscal economic activity in a country. It is only a definition.
What she is pointing out is that GDP covers rather little of what goes on in a country. That there is much work that is done that is not counted or considered. That this work is done for free is actually counter-GDP. If it were being paid for, then the GDP would be a much larger number (more than double she was hinting at). This work is important and without it being performed bad things would happen.
This is a problem when we try to assign value or more importantly lost value due to inability to continue doing that work.
@@digiryde I did get that, but find that' meaningless. GDP is not supposed to measure everything going on, it's not meant to count effort, it's not meant to be a way of appreciating effort. It's ment to count result. If me ironing my shirts somehow makes me better at producing value at work, that is where it's counted.
The same with giving birth or best feeding. When that results in increased production some time in the future, that is when it's counted.
GDP is far from perfect, but we cannot expect a perfect measurement of such complex issues.
GDP is of course not everything. Other values exists as well. We cannot expect one number to count everything that matters.
@@dncbot Meaningless how? I would argue that GDP does not count results in general. It only appreciates profit and loss in the form of market valuations over a short term and market valuations are historically notorious for steering societies towards short term results while sacrificing long term losses due to the consistent ignoring of externalities and contrary indications of long term effects against short term gains. I would say that GDP today is the enemy of GDP in the future.
As to your example, breastfeeding, I would posit that it is never counted much the same way that lead in the water is never counted. If we are lucky a very blurred glimpse of that impact may be harvested from the decades of data that may have been gathered. But likely not as most of the profit in breastfeeding is convincing mothers to buy milk instead. :)
I am curious to see your reasoning spelled out in much more detail.
Ok boomer
Ok troll
Women: We want our responsibilities as parents and to ourselves and our loved ones to be counted as work because muh patriarchy.
Everyone with a IQ higher than 12: Uhm... no.
No
?
@@IJ72 no
@@muzammilbaig1234 must be Indian scammer
No
@@muzammilbaig1234 is that only word what you know? Your life must be sad! It's ok it's never late to not be Indian scammer.
Unpaid housework? Do you have a partner who works? And does your partner pay most of the household expenses? Then I guess your partner should be eligible for a tax deduction for subsidizing you and your "unpaid" housework. Oops. I guess you are NOT unpaid. I think Marilyn started off with the "unpaid housework" premise and then did a few backflips to justify.
So... life is work and you deserve a paycheck for it. The women go "WOOOOOO".
Paycheck is the wrong measure 😊
Money can't buy everything
Okay, if we were to revise the system to account for the things people do that ar not paart of the marketplace, would our standard of living be somehow improved?? Of course not! Stupid idea!
The topic was interesting but her presentation bored me to tears. I couldn't watch beyond 3 minutes
Let me guess... feminist nonsense, right?
I’m going to watch till she’ll start complaining about the patriarchy. Then I’ll start watching a video on Ancient Rome. Let’s see.