I love the way she's able to articulate all of these distinct unique factors and identify what they are, the role they play, the dysfunction they cause or contribute to, and how things got to be this way. It's like she's able to take all the abstract ideas in my head and organize and label them in a orderly fashion that helps you better understand what I clearly knew was wrong with the world but lack the historical and economics education and background to have a frame of reference that makes it coherent enough to understand how it all relates and the causal mechanisms at play in the world economy today. She's like the Marie kando for the mind of people who aren't economists.
Brilliant 360 degree overview of current financial systems' past, present and future. The key issue remains Education: if you only focus on churning office drones/bureaucrats, you kill critical thinking, you reduce the probability of sustainable innovation flourishing. Lots of uneducated/desperate/clueless people out there genuinely believe that reviving manufacturing and exclusive trade zones will improve their country's situation, meanwhile they are just taking themselves backwards with their good-old-days nostalgia. Reality is that debate, criticism, pioneering and long-term thinking are required to have real change. It doesn't happen overnight, it needs real vision and it demands courage.
Marianna is so precise in her explanation which lays out the directional change. Daniel Kahneman got the nobel prize for economics but his research was based on behaviour & cognitive research. So research data can enhance maths & theory.
Why do you imagine that you and creatures like you - men (human beings) have any choice but recognise that where there is demand there needs to be supply and your difficulty is that your religion is handicapping your capacity for reason because you wish that that-which-cannot-be-different, might possibly be different But I wouldn't worry about it too much you have no choice is why religion is a weakness of men exactly as their predisposition to hope and believe are weaknesses. If you are not the abject slave of, or could be indifferent to your functions, they might not pull your strings and if you were a puppet. However your very real difficulty is that you are so passive that you *enjoy* being a slave.
This mention is particularly for Maria. Here in Colombia we are working in the frame of a robust concept in public value, we can share the experiencia anytime you want.
@@armandoardila government and Academy what? Has assist you just write out government and Academy with that any context whatsoever? If you consider verb into that whatever it is - go on if you did that you might actually say something
@@vhawk1951kl I suggest several things, firstly make more respectful and careful comments, secondly understand that in the world there are people with very important contexts and trajectories.
This was an amazing, amazing talk. I can't overemphasize how helpful and interesting this was, and it added a lot to my thinking about the world. Really great speaker, will be following you on all the things. :) Thank you so much. My one complaint was the background! It was giving me a huge headache, to the point where I had to look away or close my eyes for most of the video. There's a reason stripes are strongly discouraged in film and photos!
@@AndrewTunks For what do you wish to be excused? What have you done that neds to be excused? If as seems to be the caae, your handicap is congenita, it is not your fault that your causes or parents were handicapped, and passed that on to you. If you want to be excused I will happily excuse you because you have no choice.
@@vhawk1951kl what a strange, sad being you are. Poor little guy…I hope you get the help you need…insulting the intelligence of strangers for no apparent reason on RUclips comments, while not even being able to complete words or cogent sentences. I’m sorry for whatever happened to you and I hope you find happiness in life.
You can't control a country's economy, too many things to consider, and leads you to violate property rights of someone else. You just can observe the dynamic on the results and make decisions about your business.
You mean I get wherever you live and all the stuff in it? As religions go, not altogether bad that. Presumably that is decided by the biggest gang with most means of intimidation so I had best suck up like crazy to them.
Economics must be transitioned from supporting the manipulative system we have now and be renewed with a position to serve Humanity without manipulation. Until we understand our purpose which is Earth Stewardship and creating a Peaceful Humanity abundant for all. Economics will then provide a fuel for change by supporting solutions instead of researching it's current deficits. We have no time to care who killed who when we could be Implementing solutions that serve all Humanity.
Another point... financiers are non value creating and just renters... but governments and bureaucrats are potentially value creating.... give another one... theyre both in the same bucket in reality... they push other peoples money around. I like the idea of incentivising companies to reinvest in innovation and new ideas. This is greatly lacking in todays market. Dont know how realistic as the governments have been captured by the financiers....
Rethinking Value What is value? Value is a social relationship. It is formed between people and only works between people. In order to conserve resources in the production and use of things and activities, the value in society for exchange was developed. For the value-equivalent exchange, in other words economic exchange, the exchange partners form a value relationship with one another. Exchange goods or objects of value or goods and value equivalent (usually in the form of money) are reference points for such value relationships. Marx tried to objectify value. Unfortunately, he was not consistent in analyzing the value. What he formulated - W = c + m + s he applied to the production side of the commodity society. But there is no value there, including not because there is no surplus value there, which in turn is part of the value; there is only an expected value that is made visible as the offer price. The formula for the production side of the commodity society must be W|expected = c|cost factor; replacement expected + v|cost factor; replacement expected + s|expected. The exchange partners on the market create the value. The value formula for the real value can only be used there: W = c|cost replacement + v|cost replacement + s|real. This makes it clear that the value is formed on the market and assigned to the goods as well as the value equivalent, because there is no construction, production or anything like that on the market. The value calculated in this way can not only be applied to manufactured objects such as cars and TV sets, but also to natural assets, archaeological finds, works of art, etc., because the costs are not only production costs, but also general expenditure costs. They usually have to be replaced in order to continue the activities (production, organizing concerts, etc.) and an surplus value that appears sufficient has to be paid additionally in order to expand the activities. But the reimbursement of costs and sufficient surplus value payment do not have to apply to all offers - otherwise there would be no bankruptcies. If no surplus value is paid or if not all costs are reimbursed, then the value created becomes lower. If nothing is replaced, there is no economic exchange and the labor involved was neither socially useful nor value-creating - it was unproductive. * * * * * Value is the social recognition of the usefulness of goods on the social level by giving them a value equivalent. * * * * * This also makes it clear what is productive: Not just car production, concerts of all kinds, if a paying audience recognizes the social usefulness of these concerts. The work of the army, police and fire brigade is also productive - if they were all unproductive, i.e. not socially useful enough for the exchange, nobody would pay for it. The union is also productive because it offers its members enough service for payment. This is comparable to the religious acts in a religious community. The priests are paid for the acts because the believers see these acts as socially important. This also makes it clear what is productive: Not just car production, concerts of all kinds, if a paying audience recognizes the social usefulness of these concerts. The work of the army, police and fire brigade is also productive - if they were all unproductive, i.e. not socially useful enough for the exchange, nobody would pay for it. The union is also productive because it offers its members enough service for payment. This is comparable to the religious acts in a religious community. The priests are paid for the services because the believers see these acts as socially important. A certain TV set is also not useful for all people. What is important in this context is what is primarily productive, because if this area is disturbed, the others no longer function either. For more details - please look here: ltvreloaded.net
38:19 FAKE NEWS: For the first seven years since its founding in 2003, Tesla was funded entirely with private funds, led by Elon Musk. Tesla brought its Roadster sports car to market with a 30% gross margin, designed electric powertrains for Daimler (Mercedes) and had done preliminary design of the Model S all before receiving a government loan. In 2010, Tesla was awarded a milestone-based loan, requiring matching private capital obtained via public offering, by the DOE as part of the Advanced Technology Vehicle Manufacturing program. This program was signed into law by President Bush in 2008 and then awarded under the Obama administration in the years that followed. This program is often confused with the financial bailouts provided to the then bankrupt GM and Chrysler, who were ineligible for the ATVM program, because a requirement of that program was good financial health. The loan payment was made today using a portion of the approximately $1 billion in funds raised in last week’s concurrent offerings of common stock and convertible senior notes. Elon Musk, Tesla’s Chief Executive Officer and cofounder, purchased $100 million of common equity, the least secure portion of the offering. “I would like to thank the Department of Energy and the members of Congress and their staffs that worked hard to create the ATVM program, and particularly the American taxpayer from whom these funds originate,” said Elon Musk. “I hope we did you proud.”
Solutions of the higher mind are easy to spot and require much less debate as they are self explanatory by nature. Wall street transitions to valuing companies in the new framework of how they are contributing to Humanity's purpose. Create a HES grant ( Humanity Earth Space ) that pays out and share value increases with ventures that need funding to implement already known technology that sits on shelves. By creating what we need and offering it allows people to try and see actions rather than debate hypotheticals for eternity. Electric cars should have been in the market in the 20's competing with other methods. And now they are but not at a level had there been equal access to funding. Seriously a village person in Africa or South America should have as much access to capitalization for business as the guy on Wall street when the business is creating Humanity's destiny. Didn't want to use that word but it is our purpose a d our destiny to fully fill it for all Human Beings. Wall street is still there just with a duty to perform in the creation of a system that serves us all. We look at our wealth and are in awe of the Apple story, Tesla, and Rockefeller. We live as though there is not enough to go around when these stories tell us different. There is more than enough and it is time it is made available. No time in my 55 years have I had a conversation with someone that wanted to do nothing. Even wealthy people that do not need to do anything still do something. For the most part our condition of Human Being requires we participate. The past has proven we can be as ugly as the worst imaginations when we are not able to participate, are forced to " do what it takes to survive" , defend ourself, are emotional pushed to instability and any other combination of primitive survival mentality is upon us. Yes Human's are bad but because the system we are in now has come to be a reflection of that history it is also true that we are evolving. Some say we will never overcome the condition of the primitive nature. I say the time has not presented itself to succeed into the higher self. I have observed the awakening since the late 1990's. 30 years and we are slowly making changes that are putting primitive practices that are responsible for our suffering behind. Not all primitive nature is bad and I strongly recommend we keep all our faculties and learn to use them for our Purpose. Stewardship to Humanity and the Earth. We can create a system that serves us. We are evolving whether you notice or not. The young generations need us to support them. We no longer have to do it the hard, slow way turning a blind eye to starving people, or polluted and ravged Earth. We are changing our value system. If you haven't your kids have and it is universal. Economics needs to come in line and back our choice to pursue our purpose. Wall street, Militaries, Petroleum, and other institutions are all transforming as values are changing. Economics has been stuck not knowing how to address such issues as awakening to a purpose. Profit was the purpose and maintaining a sense of civilization while obtaining it was it only framework. Now the framework is value is determined by the contribution to Humanity's purpose. Funding what it takes to create a system that serves us so we can achieve purpose is economics only purpose.
A very shallow understanding of the current situation or what caused it. No solid factual information at all about what she see as solution to problems but a lot of stating the obvious without detailed solutions. She talks about "value" but can't explain in this presentation or any other what value actually is. For example not the explanation she gives about company profits not being re invested but never mentions the mechanisms which caused it to happen.
I found this quite bland and it goes backwards into political economy from nearly 200 years ago. It's just trying to bring back classical liberal thought and doesn't recognize that it's dated and full of holes (though perhaps fewer than neoclassical economics). Instead of trying to come up with a theory of value that isn't power and do gymnastics trying to say "this part is fake, that part is real" simply admit that prices are formed not by an invisible hand of a perfectly competitive market but that they are set via power and discounting equations. Done. No more need for "utils", supply/demand, discerining profit from rent, or moral questions about "earned income".
Mmmm I remember when Al gore said the world will irreversibly end in 2012. Greeta said 2021. When do these people lose credibility? P.s. the lecturer took a jet and a car to this lecture...lol hipocrite...
The idea that landlords are sterile rent-seekers is simply false. It comes from a failure to understand the costs that go into the caretaking of real estate and land. The centralization of caretakers would be detrimental to society because it would reduce the diversity of solutions created for renters via landlords.
That argument holds no water when the cost of upkeep is minimal in relation to the profits taken. It's just a shame that most property is paid for with debt and thus ultimately owned by the banks, meaning the rent extracted from the system is coumpounded and value is ultimately destroyed when servicing those debts.
I love the way she's able to articulate all of these distinct unique factors and identify what they are, the role they play, the dysfunction they cause or contribute to, and how things got to be this way.
It's like she's able to take all the abstract ideas in my head and organize and label them in a orderly fashion that helps you better understand what I clearly knew was wrong with the world but lack the historical and economics education and background to have a frame of reference that makes it coherent enough to understand how it all relates and the causal mechanisms at play in the world economy today. She's like the Marie kando for the mind of people who aren't economists.
Brilliant 360 degree overview of current financial systems' past, present and future.
The key issue remains Education: if you only focus on churning office drones/bureaucrats, you kill critical thinking, you reduce the probability of sustainable innovation flourishing.
Lots of uneducated/desperate/clueless people out there genuinely believe that reviving manufacturing and exclusive trade zones will improve their country's situation, meanwhile they are just taking themselves backwards with their good-old-days nostalgia.
Reality is that debate, criticism, pioneering and long-term thinking are required to have real change. It doesn't happen overnight, it needs real vision and it demands courage.
Mariana Mazzucato is the best orator among the economists. Its always fascinating listening to her.
Marianna is so precise in her explanation which lays out the directional change. Daniel Kahneman got the nobel prize for economics but his research was based on behaviour & cognitive research. So research data can enhance maths & theory.
Clear, concise and relevant.
Because the human participation of Market Economies is about biological processes not much math-physics.
Why do you imagine that you and creatures like you - men (human beings) have any choice but recognise that where there is demand there needs to be supply and your difficulty is that your religion is handicapping your capacity for reason because you wish that that-which-cannot-be-different, might possibly be different But I wouldn't worry about it too much you have no choice is why religion is a weakness of men exactly as their predisposition to hope and believe are weaknesses.
If you are not the abject slave of, or could be indifferent to your functions, they might not pull your strings and if you were a puppet. However your very real difficulty is that you are so passive that you *enjoy* being a slave.
what an intelligent lecture! Extended the boundaries of my thinking.
Português
This mention is particularly for Maria. Here in Colombia we are working in the frame of a robust concept in public value, we can share the experiencia anytime you want.
Who is "we"? You and which identifiable interlocutor? or is it just you and your gang?
@@vhawk1951kl government and academy.
@@armandoardila government and Academy what? Has assist you just write out government and Academy with that any context whatsoever? If you consider verb into that whatever it is - go on if you did that you might actually say something
@@armandoardila Where is the relevant verb in that what shall I call it? -drivel?
@@vhawk1951kl I suggest several things, firstly make more respectful and careful comments, secondly understand that in the world there are people with very important contexts and trajectories.
When the person you like likes the other person you like…🙌🏻👼🏻💖✨
This was an amazing, amazing talk. I can't overemphasize how helpful and interesting this was, and it added a lot to my thinking about the world. Really great speaker, will be following you on all the things. :) Thank you so much.
My one complaint was the background! It was giving me a huge headache, to the point where I had to look away or close my eyes for most of the video. There's a reason stripes are strongly discouraged in film and photos!
All talks with which you agree are amazing which actually means stupefying, as you illustrate.
@@vhawk1951kl lol…excuse me…?
@@AndrewTunks For what do you wish to be excused? What have you done that neds to be excused? If as seems to be the caae, your handicap is congenita, it is not your fault that your causes or parents were handicapped, and passed that on to you. If you want to be excused I will happily excuse you because you have no choice.
@@vhawk1951kl what a strange, sad being you are. Poor little guy…I hope you get the help you need…insulting the intelligence of strangers for no apparent reason on RUclips comments, while not even being able to complete words or cogent sentences. I’m sorry for whatever happened to you and I hope you find happiness in life.
@@AndrewTunks Happy now titch?
Fortunately you are temporary
Amazing speaker.
She's a great speaker! That "free from...." Moment around 24 mins made me laugh
She talks too much.
You can't control a country's economy, too many things to consider, and leads you to violate property rights of someone else. You just can observe the dynamic on the results and make decisions about your business.
You mean I get wherever you live and all the stuff in it? As religions go, not altogether bad that. Presumably that is decided by the biggest gang with most means of intimidation so I had best suck up like crazy to them.
Lol
Absolutely right.
Very eye opening
Economics must be transitioned from supporting the manipulative system we have now and be renewed with a position to serve Humanity without manipulation. Until we understand our purpose which is Earth Stewardship and creating a Peaceful Humanity abundant for all. Economics will then provide a fuel for change by supporting solutions instead of researching it's current deficits. We have no time to care who killed who when we could be Implementing solutions that serve all Humanity.
Great Talk, love the book!
Not sure EastEnders - a soap about the working class - was ground breaking. Everything else is compelling and exciting.
Wow, Stewart Brand got old! Still knows what is important in the world.
good china question
Very interesting.
BRAVO
Look at this garysEconomics
Another point... financiers are non value creating and just renters... but governments and bureaucrats are potentially value creating.... give another one... theyre both in the same bucket in reality... they push other peoples money around.
I like the idea of incentivising companies to reinvest in innovation and new ideas. This is greatly lacking in todays market. Dont know how realistic as the governments have been captured by the financiers....
Public education so-called, is, in practice, little more than free childcare for the lowercases is it not?
Debt fueled Economic Collapse is inevitable
Rethinking Value
What is value?
Value is a social relationship. It is formed between people and only works between people.
In order to conserve resources in the production and use of things and activities, the value in society for exchange was developed. For the value-equivalent exchange, in other words economic exchange, the exchange partners form a value relationship with one another. Exchange goods or objects of value or goods and value equivalent (usually in the form of money) are reference points for such value relationships.
Marx tried to objectify value. Unfortunately, he was not consistent in analyzing the value. What he formulated - W = c + m + s he applied to the production side of the commodity society.
But there is no value there, including not because there is no surplus value there, which in turn is part of the value; there is only an expected value that is made visible as the offer price.
The formula for the production side of the commodity society must be
W|expected = c|cost factor; replacement expected + v|cost factor; replacement expected + s|expected.
The exchange partners on the market create the value. The value formula for the real value can only be used there:
W = c|cost replacement + v|cost replacement + s|real.
This makes it clear that the value is formed on the market and assigned to the goods as well as the value equivalent, because there is no construction, production or anything like that on the market.
The value calculated in this way can not only be applied to manufactured objects such as cars and TV sets, but also to natural assets, archaeological finds, works of art, etc., because the costs are not only production costs, but also general expenditure costs.
They usually have to be replaced in order to continue the activities (production, organizing concerts, etc.) and an surplus value that appears sufficient has to be paid additionally in order to expand the activities.
But the reimbursement of costs and sufficient surplus value payment do not have to apply to all offers - otherwise there would be no bankruptcies. If no surplus value is paid or if not all costs are reimbursed, then the value created becomes lower. If nothing is replaced, there is no economic exchange and the labor involved was neither socially useful nor value-creating - it was unproductive.
* * * * *
Value is the social recognition of the usefulness of goods on the social level by giving them a value equivalent.
* * * * *
This also makes it clear what is productive: Not just car production, concerts of all kinds, if a paying audience recognizes the social usefulness of these concerts. The work of the army, police and fire brigade is also productive - if they were all unproductive, i.e. not socially useful enough for the exchange, nobody would pay for it.
The union is also productive because it offers its members enough service for payment. This is comparable to the religious acts in a religious community. The priests are paid for the acts because the believers see these acts as socially important.
This also makes it clear what is productive: Not just car production, concerts of all kinds, if a paying audience recognizes the social usefulness of these concerts. The work of the army, police and fire brigade is also productive - if they were all unproductive, i.e. not socially useful enough for the exchange, nobody would pay for it.
The union is also productive because it offers its members enough service for payment. This is comparable to the religious acts in a religious community. The priests are paid for the services because the believers see these acts as socially important. A certain TV set is also not useful for all people.
What is important in this context is what is primarily productive, because if this area is disturbed, the others no longer function either.
For more details - please look here:
ltvreloaded.net
38:19 FAKE NEWS: For the first seven years since its founding in 2003, Tesla was funded entirely with private funds, led by Elon Musk. Tesla brought its Roadster sports car to market with a 30% gross margin, designed electric powertrains for Daimler (Mercedes) and had done preliminary design of the Model S all before receiving a government loan.
In 2010, Tesla was awarded a milestone-based loan, requiring matching private capital obtained via public offering, by the DOE as part of the Advanced Technology Vehicle Manufacturing program. This program was signed into law by President Bush in 2008 and then awarded under the Obama administration in the years that followed. This program is often confused with the financial bailouts provided to the then bankrupt GM and Chrysler, who were ineligible for the ATVM program, because a requirement of that program was good financial health.
The loan payment was made today using a portion of the approximately $1 billion in funds raised in last week’s concurrent offerings of common stock and convertible senior notes. Elon Musk, Tesla’s Chief Executive Officer and cofounder, purchased $100 million of common equity, the least secure portion of the offering. “I would like to thank the Department of Energy and the members of Congress and their staffs that worked hard to create the ATVM program, and particularly the American taxpayer from whom these funds originate,” said Elon Musk. “I hope we did you proud.”
"Lady in red" assoziationen from a good old man
Conflating the Industrials into Industry as a category misinforms an audience. Change the corporate charters laws to easily solve her problem.
Your lack of an example how a socialist economy really works for the people is noted.
@@deadeaded Because TINA!
Solutions of the higher mind are easy to spot and require much less debate as they are self explanatory by nature. Wall street transitions to valuing companies in the new framework of how they are contributing to Humanity's purpose. Create a HES grant ( Humanity Earth Space ) that pays out and share value increases with ventures that need funding to implement already known technology that sits on shelves. By creating what we need and offering it allows people to try and see actions rather than debate hypotheticals for eternity. Electric cars should have been in the market in the 20's competing with other methods. And now they are but not at a level had there been equal access to funding. Seriously a village person in Africa or South America should have as much access to capitalization for business as the guy on Wall street when the business is creating Humanity's destiny. Didn't want to use that word but it is our purpose a d our destiny to fully fill it for all Human Beings. Wall street is still there just with a duty to perform in the creation of a system that serves us all. We look at our wealth and are in awe of the Apple story, Tesla, and Rockefeller. We live as though there is not enough to go around when these stories tell us different. There is more than enough and it is time it is made available. No time in my 55 years have I had a conversation with someone that wanted to do nothing. Even wealthy people that do not need to do anything still do something. For the most part our condition of Human Being requires we participate. The past has proven we can be as ugly as the worst imaginations when we are not able to participate, are forced to " do what it takes to survive" , defend ourself, are emotional pushed to instability and any other combination of primitive survival mentality is upon us. Yes Human's are bad but because the system we are in now has come to be a reflection of that history it is also true that we are evolving. Some say we will never overcome the condition of the primitive nature. I say the time has not presented itself to succeed into the higher self. I have observed the awakening since the late 1990's. 30 years and we are slowly making changes that are putting primitive practices that are responsible for our suffering behind. Not all primitive nature is bad and I strongly recommend we keep all our faculties and learn to use them for our Purpose. Stewardship to Humanity and the Earth. We can create a system that serves us. We are evolving whether you notice or not. The young generations need us to support them. We no longer have to do it the hard, slow way turning a blind eye to starving people, or polluted and ravged Earth. We are changing our value system. If you haven't your kids have and it is universal. Economics needs to come in line and back our choice to pursue our purpose. Wall street, Militaries, Petroleum, and other institutions are all transforming as values are changing. Economics has been stuck not knowing how to address such issues as awakening to a purpose. Profit was the purpose and maintaining a sense of civilization while obtaining it was it only framework. Now the framework is value is determined by the contribution to Humanity's purpose. Funding what it takes to create a system that serves us so we can achieve purpose is economics only purpose.
A very shallow understanding of the current situation or what caused it.
No solid factual information at all about what she see as solution to problems but a lot of stating the obvious without detailed solutions.
She talks about "value" but can't explain in this presentation or any other what value actually is.
For example not the explanation she gives about company profits not being re invested but never mentions the mechanisms which caused it to happen.
Absolutely incoherent. Market failure? Free markets regulate themselves. Government intervention introduces noise.
I found this quite bland and it goes backwards into political economy from nearly 200 years ago. It's just trying to bring back classical liberal thought and doesn't recognize that it's dated and full of holes (though perhaps fewer than neoclassical economics). Instead of trying to come up with a theory of value that isn't power and do gymnastics trying to say "this part is fake, that part is real" simply admit that prices are formed not by an invisible hand of a perfectly competitive market but that they are set via power and discounting equations. Done. No more need for "utils", supply/demand, discerining profit from rent, or moral questions about "earned income".
Mmmm I remember when Al gore said the world will irreversibly end in 2012. Greeta said 2021. When do these people lose credibility?
P.s. the lecturer took a jet and a car to this lecture...lol hipocrite...
I am pretty sure this woman is a bit drunk.
The idea that landlords are sterile rent-seekers is simply false. It comes from a failure to understand the costs that go into the caretaking of real estate and land. The centralization of caretakers would be detrimental to society because it would reduce the diversity of solutions created for renters via landlords.
That argument holds no water when the cost of upkeep is minimal in relation to the profits taken. It's just a shame that most property is paid for with debt and thus ultimately owned by the banks, meaning the rent extracted from the system is coumpounded and value is ultimately destroyed when servicing those debts.