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

UBI advocate Guy Standing and 'Father of Quantitative Easing' Richard Werner go head to head over whether accurate economic prediction is possible - and the pros and cons of Universal Basic Income.

#economics #universalbasicincome #ubi

00:00 Introduction
00:22 Richard: I make accurate predictions
01:15 Guy: we must live with uncertainty
02:00 Guy: UBI builds resilience
02:48 Richard: GDP and markets can be predicted scientifically
03:09 Richard: Why do the Davos billionaires support UBI?
3:08 Guy: The problem is economic fear and fragility
04:45 Guy: Distribution matters

[TheInstituteOfArtAndIdeas]

Will it ever be possible to make economic predictions? And will Universal Basic Income just be the bribe to accept a microchip implant? Leave your thoughts in the comments below.

[zcydssh]

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

[BaldurKhr]

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

[philmcgill]

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

[noelgarber]

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

[KnordStream]

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

[Brian-dggh]

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

[TVBUST]

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

[TVBUST]

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

[jahmaldujon]

Second contributor didn't really address te question and went on to talk about Anti Fragility.

Economists fall into different schools of thought and most universities fall under one and dont view things holistically.

[sgrant]

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

[TVBUST]

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

[nandayoo]

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

[KnordStream]

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

[KnordStream]

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

[partydean]

Idk. We will see. In the end UBI is preferred because it's less money in the hands of the government to Lord over people. If it's truly universal.

Not totally sold but negative taxes sounds good and if that's more impactful for those with not much then that sounds good.

[you-know-who]

UBI can be introduced over a five year period in Western countries, once the population requires it. However the world as a whole should immediately ensure that there is a basic social security threshold in every country of no lower that 2 dollars 50 cents per day

As we see with this debate it is very easy to debunk ideas like UBI with unrelated nonsence and distractions.
Similarly with global social welfare threshold. The first opponents will say that the west should not subsidise irresponsible governments but modern finance is well able to make deductions to balance out aid to countries which are irresponsible.