What Happens When Economics Doesn’t Reflect the Real World?

Anwar Shaikh, Professor of Economics at the New School, explores alternatives to economic orthodoxies, and the findings of his book Capitalism: Competition, Conflict, Crises.

[styleyK]

This guy is really good. Most economist are so disconnected from the real world that what they believe and work on, becomes fantasy.

[manpreetchouhan]

This economist was able to figure it out because he studied other fields and thats the problem with all other so called experts in their own field, they don't get the whole picture of how dire the condition of world is.

[johnmeyer]

"You'll get thrown out of the bar because people will think you're a lunatic [for advocating an Anti-Social Personality Disorder position], but actually you're just being an economist.": The signature quote of this episode. I love it.

[ncooty]

Not yet having read his work, I can at least say that was probably the most efficient, coherent, integrated explanation from an economist I can recall ever hearing.

[VinnyWilk]

“Correct in the observation, false in the foundation.” This is a paradigm shift.

[TheCommonSNse]

The fact that people will routinely buy useless items because a beautiful person is pitching them is all the evidence you need to demonstrate that consumers do not make rational decisions. Businesses are very aware of this, otherwise they wouldn’t bother investing in these beautiful marketers. It’s funny that most economists don’t take this into consideration.

[MaoTseFunkadelic]

Anwar Shaikh is a legend. Wish I had half this man's chops.

[karimayoubi]

This man gets it. To argue that macro economics must be built on a foundation of micro economics, ie. that understanding the economy as a whole must be built on an aggregation of individual behaviour, is like saying you must understand how the various parts of a car work in order to drive one. Well, we can all drive a car, but few of us are mechanics! A macro model works if it describes the real economy. That is the ONLY test of its validity.

Neoclassical economics was written to idolise unfettered capitalism. The fact is, try as they might, they failed to prove unfettered capitalism was the optimal system.

[zahid]

As usual what Anwar is; extremely talented, real-world-application oriented, drawing on the entire history of the past centuries of economic thinking --- not taking any idea or ideology for granted, but questioning those dissecting re-assembling and synthesizing distilling to create a new analytical framework of modern economics, that not only provide you with an integrated framework for 'understanding' of it, but also leave with you the framework that works as an application tool.

Long live professor. Bring out economics from the spell of competing cobweb of preconceived ideologies, into the realm of the everyday world. Great job!

[ajedi]

I'm glad that Mr. Shaikh was able to stay focused and give an amazing interview while the interviewer was just sitting there watching and texting on his phone. Also, there are a lot of good points mentioned in the comments below.

[jerryjones]

I'm very impressed by Professor Shalkh. His books are on my wish list.

[zhubajie]

A great explanation of the wage productivity gap

[killshxxxt]

this 15min of him had me buying the book! Changed my so called *i think i know economy* narrative into *able to comprehend the experts narrative and expand from that dimension and beyond* ❤ may you all succeed in your endeavors!

[koljoy]

Fantastic Professor. After a very long time, I came across such a narrative on the economy. The narrative is 2 years old and I'm sorry I missed it earlier times. I think in today's world, professor, you need to add another aspect, which is the technology and how it changes behavior in society and people. how it alters their thinking pattern, Differentiating them with people just a hundred years ago

[niranjanamaheswari]

The smartest talk on the channel. The way he interlinked everything with full proof and logic is osm.

[swordmary]

*Sadly Corporate America teaches our children "ABOVE ALL ELSE LOVE MONEY and USE PEOPLE AS TOOLS TO YOUR SUPREME HAPPINESS, 'Economic Security.' "*

[shumailmalik]

Great talk! Addressing the very foundation of the way Economics is understood, studied and taught.

[lolongubeni]

Goes to show, most who claim the title "expert" don't even come close. Prof Shaikh takes the complex, , shows the connections, real life applicability while crafting a new framework to help us understand our complex current reality. An honest scholar. Great listening to him.

[winger]

Would like to see him and Professor Wolf talk about real world econmics.

[lunatik]

I love this channel. Straight real talk.
I am not an economist, but have surmised some of the points conceptually, not mathematically. An equation approximating reality would have to be a higher order polynomial.
This guy explains the concepts clearly, concisely and thoroughly.
Conventional economists are divided into 2 false groups Keynesian vs Monetarist.
Both are right, partially, and both are wrong in aggregate.
It is not a one or the other, it is both and others, within specific confines.