"Economics, But Not as You Know It" challenges traditional economic paradigms by pushing us to rethink the assumptions and frameworks that have long shaped how we understand and engage with the economy. In an age of rapid technological change, global interconnectivity, and growing social and environmental challenges, the need for a more inclusive, dynamic, and holistic approach to economics has never been more apparent. Traditional economics tends to focus on maximizing growth, efficiency, and profit, often emphasizing market-based solutions and the assumption that individuals act primarily in their own self-interest. But as we face issues like climate change, rising inequality, and the disruption of entire industries due to automation and digital technologies, the limitations of these classical economic theories become clear. We need new economic models that go beyond the simple notion of supply and demand, models that integrate social well-being, environmental sustainability, and long-term resilience into their core principles. One shift in perspective that economics "but not as you know it" encourages is moving from growth-centric thinking to a more balanced view of prosperity. Instead of prioritizing GDP growth above all else, we can consider other measures of success, such as happiness, health, and environmental sustainability. This is where concepts like the "well-being economy" come in-economies that aim to increase the well-being of all citizens, not just financial wealth. By recognizing that human development and ecological health are intertwined, we can reframe our understanding of what it means to be truly prosperous. Another key shift is moving beyond the assumption that markets are the ultimate drivers of progress. While markets certainly have a role to play, they are not infallible, and often fail to account for externalities like environmental damage or the exploitation of labor. The economic model of the future needs to be more interventionist when it comes to addressing these issues. Governments, institutions, and civil society need to work together to regulate markets in ways that ensure fairness, prevent harm, and promote sustainability. The rise of automation and artificial intelligence challenges another traditional assumption about economics: that work is the central determinant of value and livelihood. As robots and AI systems increasingly take on jobs traditionally done by humans, the question arises: if machines can do much of the work, how will we structure an economy that ensures people still have meaningful roles, income, and purpose? Concepts like Universal Basic Income (UBI), where all citizens receive a guaranteed income regardless of employment status, are gaining traction as potential solutions to the displacement caused by technological advancements. This challenges the idea that a person's worth is intrinsically tied to their labor and opens up possibilities for new, more inclusive economic structures. Additionally, this new vision of economics embraces a more holistic approach to decision-making. Economics isn't just about numbers and markets-it's about people and the planet. The economic choices we make today will determine the future for generations to come. This means incorporating long-term environmental and social considerations into economic planning, and understanding the interdependence of ecological and human systems. This is where concepts like circular economies-where waste is minimized, and resources are reused and regenerated-become critical. This approach also brings into question the traditional focus on consumerism and material wealth as measures of success. A future economic model that puts people first might prioritize access to quality healthcare, education, clean air, and a healthy environment over material consumption. We may need to challenge our own desires for more and shift toward valuing what truly enhances human flourishing. In conclusion, "Economics, But Not as You Know It" invites us to rethink the way we understand and practice economics in a world where traditional models are increasingly inadequate. It pushes us to embrace a more inclusive, sustainable, and holistic approach-one that takes into account the complexity of human needs, the urgency of environmental issues, and the rapid technological changes shaping our lives. By doing so, we can create an economy that works for everyone, not just the privileged few, and builds a more equitable and resilient future.
What a fantastic lecture! A phenomenal breath of fresh air. There's another excellent book that espouses the same idea that economics is predicated on ideologically constructed assumptions about the world. It's called "The Foundations of Economics: A Beginner's Companion," by Yanis Varoufakis. An essential read for undergraduates or anyone remotely interested in gaining a solid groundwork understanding about economics and its intrinsic complexity. The book challenges, and ultimately debunks, the simplistic textbook assumptions one by one. I'll definitely read the lecturer's book, too.
I haven't yet listened to the lecture and haven't read the book you're suggesting but I cannot agree more! A lot of people (some of them are even calling themselves economists) would tell you to ''learn economics'', but what they mean by that is something like ''read this one by Hayek that suits my ideology''. And I am not strictly against Hayek, but his key works are philosophical at best, not founded on much evidence, at in a worse case scenario (which is often the case, lol), people would deduce toxic ideas based on some very weird assumptions (like, for example, that Swedish-style healthcare is a path to fascism, wtf) and some of these people even become economic professors themselves. We all need to try to understand that economics is an extremely complex subject which cannot be comprehended without knowing both history and present material reality and cannot be distilled down into one formula like ''gov'ment always bad''
A wonderful lecture that seems to say we as a people can think about the world in a critical way, and that economics has many avenues that can help in the decision making process. Never the less we are constrained by the politics of a nation. Switzerland is obviously a success in that it has produced a welfare state without constraining the the wealthy too much. While countries such as The Congo or Cuba or Cambodia do not do such a good job, and that this is the result of the political elites who hold the political power. The book should be required reading for all professors of Economics, college freshmen, and social scientists. It helps to teach us that our personal egos are often tied into our economic decisions. Thank You
Excellent, have ordered the book already. But who ever pioneered this daft method of asking three completely different questions after a lecture before allowing an answer?
It’s not only economics that has the problem of not knowing not really knowing. Politics Law Morality or rather Religion or medical science and health etc etc same problem
Reducing the available physical information to the minimum comes down to absolutely nothing in No-thing, it's always NOW eternally, so everything relative to everything else is Theoretical positioning in No-thing definable unless you use whatever is available known about, ..only the cause-effect of actual correlations instantaneously are perceived as the snapshot image of time-timing sync-duration. At best this is an Ecology of Temporal Totality with relative-timing ratio-rates quantization, a self-defining Calculus of wave-packaging images, of Mathematical Conjectures.., the Economic Numbers just as described above. ***** The ancient world understanding of Actuality Conception was condensed to the magical-functional terminology of "Eternity-now" which identified the relative-timing Interval Conception of infinite formation potential positioning possibilities for coinciding pure-math motion-potential layering of probabilistic correlations in temporal thermodynamical real-time density-intensity alignment as Einstein found in E=mC²logarithmic Bose-Einsteinian Quantum-fields Mechanism Holographic Principle Perspective. The Calculus version of differentiates is the equivalent sum-of-all-histories exponentiation-ness superposition identification of probabilistic now-eternity in reciprocation-recirculation potential inside-outside holographic emergent e-Pi-i bubble-mode sync-duration resonance of the unity-connection circumstances. Ie WYSIWYG QM-TIME Completeness. Check out the Langlands project.., much more constructive content details.
To know how works capitalism you need to know the current monetary weaknesses and problems. It is impossible to return to Gold Standard See this video: ruclips.net/video/iiKr-i022mY/видео.html
he understands the enormous contribution of an organization based on the division of tasks. If that is true, a lot of chatter, he drinks in public what is for me a sign of rudeness and disrespect. Well, I go on my way.
The mini buses (taxis) used in South Africa are not run by Gangsters, okay? They are run by legitimate business people who own transport businesses just like those who own trains and airplanes in the West, Asia, Europe, and Africa. Stop pushing a negative narrative about Africa, and South Africa in particular. With Denouncement From Namibia.
have you lived in the townships of South Africa long enough to think of your opinion as a factual statement? cause I was born and bread here and can tell you this much, taxi drivers and taxi owners get caught in territorial wars, disputes for routes. let me know if that doesn't scream "I could barely give a shits fcuk about your existence" thats a bit gangster for me
You must know this. If you graduate in Economics, you could get a job in marketing or something. But public service is not going to happen right now. Economists are some of the most hated people out there. Their enthusiastic and baseless encouragement of globalization has pretty much everyone seeing them for the fools they are. The academia will have people of that ilk, but the voters will not.
Ha-Joon Chang is always a pleasure to listen to. He is a very smart unpretentious kind of guy which is a rare combination in the field of economics.
true
"Economics, But Not as You Know It" challenges traditional economic paradigms by pushing us to rethink the assumptions and frameworks that have long shaped how we understand and engage with the economy. In an age of rapid technological change, global interconnectivity, and growing social and environmental challenges, the need for a more inclusive, dynamic, and holistic approach to economics has never been more apparent.
Traditional economics tends to focus on maximizing growth, efficiency, and profit, often emphasizing market-based solutions and the assumption that individuals act primarily in their own self-interest. But as we face issues like climate change, rising inequality, and the disruption of entire industries due to automation and digital technologies, the limitations of these classical economic theories become clear. We need new economic models that go beyond the simple notion of supply and demand, models that integrate social well-being, environmental sustainability, and long-term resilience into their core principles.
One shift in perspective that economics "but not as you know it" encourages is moving from growth-centric thinking to a more balanced view of prosperity. Instead of prioritizing GDP growth above all else, we can consider other measures of success, such as happiness, health, and environmental sustainability. This is where concepts like the "well-being economy" come in-economies that aim to increase the well-being of all citizens, not just financial wealth. By recognizing that human development and ecological health are intertwined, we can reframe our understanding of what it means to be truly prosperous.
Another key shift is moving beyond the assumption that markets are the ultimate drivers of progress. While markets certainly have a role to play, they are not infallible, and often fail to account for externalities like environmental damage or the exploitation of labor. The economic model of the future needs to be more interventionist when it comes to addressing these issues. Governments, institutions, and civil society need to work together to regulate markets in ways that ensure fairness, prevent harm, and promote sustainability.
The rise of automation and artificial intelligence challenges another traditional assumption about economics: that work is the central determinant of value and livelihood. As robots and AI systems increasingly take on jobs traditionally done by humans, the question arises: if machines can do much of the work, how will we structure an economy that ensures people still have meaningful roles, income, and purpose? Concepts like Universal Basic Income (UBI), where all citizens receive a guaranteed income regardless of employment status, are gaining traction as potential solutions to the displacement caused by technological advancements. This challenges the idea that a person's worth is intrinsically tied to their labor and opens up possibilities for new, more inclusive economic structures.
Additionally, this new vision of economics embraces a more holistic approach to decision-making. Economics isn't just about numbers and markets-it's about people and the planet. The economic choices we make today will determine the future for generations to come. This means incorporating long-term environmental and social considerations into economic planning, and understanding the interdependence of ecological and human systems. This is where concepts like circular economies-where waste is minimized, and resources are reused and regenerated-become critical.
This approach also brings into question the traditional focus on consumerism and material wealth as measures of success. A future economic model that puts people first might prioritize access to quality healthcare, education, clean air, and a healthy environment over material consumption. We may need to challenge our own desires for more and shift toward valuing what truly enhances human flourishing.
In conclusion, "Economics, But Not as You Know It" invites us to rethink the way we understand and practice economics in a world where traditional models are increasingly inadequate. It pushes us to embrace a more inclusive, sustainable, and holistic approach-one that takes into account the complexity of human needs, the urgency of environmental issues, and the rapid technological changes shaping our lives. By doing so, we can create an economy that works for everyone, not just the privileged few, and builds a more equitable and resilient future.
I was there !!! Front Row ! :)
It was an honour to listen to DR Chang ( and thanks to the LSE too ;)
The most critical task of the Economist is to eliminate the very need for such a dismal science. I graciously accept the challenge of this venture!
What a fantastic lecture! A phenomenal breath of fresh air. There's another excellent book that espouses the same idea that economics is predicated on ideologically constructed assumptions about the world. It's called "The Foundations of Economics: A Beginner's Companion," by Yanis Varoufakis. An essential read for undergraduates or anyone remotely interested in gaining a solid groundwork understanding about economics and its intrinsic complexity. The book challenges, and ultimately debunks, the simplistic textbook assumptions one by one. I'll definitely read the lecturer's book, too.
I haven't yet listened to the lecture and haven't read the book you're suggesting but I cannot agree more!
A lot of people (some of them are even calling themselves economists) would tell you to ''learn economics'', but what they mean by that is something like ''read this one by Hayek that suits my ideology''.
And I am not strictly against Hayek, but his key works are philosophical at best, not founded on much evidence, at in a worse case scenario (which is often the case, lol), people would deduce toxic ideas based on some very weird assumptions (like, for example, that Swedish-style healthcare is a path to fascism, wtf) and some of these people even become economic professors themselves.
We all need to try to understand that economics is an extremely complex subject which cannot be comprehended without knowing both history and present material reality and cannot be distilled down into one formula like ''gov'ment always bad''
A wonderful lecture that seems to say we as a people can think about the world in a critical way, and that economics has many avenues that can help in the decision making process. Never the less we are constrained by the politics of a nation. Switzerland is obviously a success in that it has produced a welfare state without constraining the the wealthy too much. While countries such as The Congo or Cuba or Cambodia do not do such a good job, and that this is the result of the political elites who hold the political power. The book should be required reading for all professors of Economics, college freshmen, and social scientists. It helps to teach us that our personal egos are often tied into our economic decisions.
Thank You
Excellent, have ordered the book already. But who ever pioneered this daft method of asking three completely different questions after a lecture before allowing an answer?
Starts at 9:00
👌😳
Thank you! helps to save time
😮 thank you
Like books Chang`s speaking is very interesting!
What does he say 56:37? Sounds like “ritchie collick’s” book has mary poppins
It’s not only economics that has the problem of not knowing not really knowing. Politics Law Morality or rather Religion or medical science and health etc etc same problem
9:00 min mark
when Chang said "TA-TA-TA", i felt that
Lee Kuan Yu, the Captain of the Singaporean "Ship of State" explains his Economy, as he required it to be.
This man is good!
thank you Doc :)
Cool hair. Love his speaking delivery style. Humble Korean, right. Interrogative.
This talk could be condensed into a 15 minute presentation?
+KK Fung You'd have to lose too many tatatas.
lol
Most of that 15 minute has to be spent on trying to understand his English.
Why weren't you lecturing there?
his Gouda joke was golden and the crowd didn't catch it :(
Reducing the available physical information to the minimum comes down to absolutely nothing in No-thing, it's always NOW eternally, so everything relative to everything else is Theoretical positioning in No-thing definable unless you use whatever is available known about, ..only the cause-effect of actual correlations instantaneously are perceived as the snapshot image of time-timing sync-duration.
At best this is an Ecology of Temporal Totality with relative-timing ratio-rates quantization, a self-defining Calculus of wave-packaging images, of Mathematical Conjectures.., the Economic Numbers just as described above.
*****
The ancient world understanding of Actuality Conception was condensed to the magical-functional terminology of "Eternity-now" which identified the relative-timing Interval Conception of infinite formation potential positioning possibilities for coinciding pure-math motion-potential layering of probabilistic correlations in temporal thermodynamical real-time density-intensity alignment as Einstein found in E=mC²logarithmic Bose-Einsteinian Quantum-fields Mechanism Holographic Principle Perspective.
The Calculus version of differentiates is the equivalent sum-of-all-histories exponentiation-ness superposition identification of probabilistic now-eternity in reciprocation-recirculation potential inside-outside holographic emergent e-Pi-i bubble-mode sync-duration resonance of the unity-connection circumstances. Ie WYSIWYG QM-TIME Completeness.
Check out the Langlands project.., much more constructive content details.
Sir, this is a Denny's
his notes about informal sector activities during the Q&A is pretty sombering
swiss army knife, not a hammer
GOT IT
The man's got a way with words --- and ideas.
korean knife.
whts the name of the book..
Urooj nisar economics: the users guide.
They said it in the beginning.
To know how works capitalism you need to know the current monetary weaknesses and problems. It is impossible to return to Gold Standard See this video: ruclips.net/video/iiKr-i022mY/видео.html
33:8 to explain Singapore is the intelligence and hardworking of the citizen, that is all
he understands the enormous contribution of an organization based on the division of tasks. If that is true, a lot of chatter, he drinks in public what is for me a sign of rudeness and disrespect. Well, I go on my way.
Oh, this guy...
Chang forgot he was in London and Not United States.
The mini buses (taxis) used in South Africa are not run by Gangsters, okay? They are run by legitimate business people who own transport businesses just like those who own trains and airplanes in the West, Asia, Europe, and Africa. Stop pushing a negative narrative about Africa, and South Africa in particular.
With Denouncement From Namibia.
have you lived in the townships of South Africa long enough to think of your opinion as a factual statement? cause I was born and bread here and can tell you this much, taxi drivers and taxi owners get caught in territorial wars, disputes for routes. let me know if that doesn't scream "I could barely give a shits fcuk about your existence" thats a bit gangster for me
You must know this. If you graduate in Economics, you could get a job in marketing or something. But public service is not going to happen right now. Economists are some of the most hated people out there. Their enthusiastic and baseless encouragement of globalization has pretty much everyone seeing them for the fools they are. The academia will have people of that ilk, but the voters will not.
Marina Doshkevich elaborate.
Central bank, policy advising ???????? If you listen and read his book you'll know that he's against the laissez faire leaning Neo classists of today.