Wasting Time #shorts
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Description
It goes a lot deeper than simply rich people in government who don't give a f**k. There is a problem of our economic institutions are intellectually bankrupt. And that sounds extreme, but listen, I've got a degree from LSE. I've got a degree from Oxford. I've worked, I've been in think tanks. I've been in the city. I've been in economics for 18 years now in many different spaces. My honest opinion is that economics is intellectually bankrupt as a discipline. they do is a complete waste of time most of these guys it would be better off if we just sent them out of the country and started again because they are absolutely tied to a set of models that have no distribution in them keep predicting things will get better things keep getting worse and they will never figure it out they will never figure it out because it is in their blood to not consider the distribution add to that they're getting paid for it they're not the guys getting huh
The short presents a highly critical stance on modern economics and its institutions. Beginning with a provocative assertion that deep problems lie beyond surface-level reform, the speaker argues that economic institutions are intellectually bankrupt and that the discipline is trapped in flawed models. He drops credentials from London School of Economics and Oxford to establish authority, then recounts decades in economics and finance, stating that mainstream economics relies on distributions and models that fail to reflect real-world outcomes. The critique widens to the people who design and teach these models, labeling them rigid and detached from practical consequences, while noting that financial incentives also shape what gets studied and published. The overall message is a call for a fundamental reevaluation of economic teaching, policy design, and institutional incentives, suggesting drastic reform is needed rather than incremental tweaks. The short concludes by underscoring a perceived disconnect between economic theory and the lived experiences of ordinary people, urging a reassessment of how the field influences national policy and everyday life.
Topics · economics · politics · education · finance · policy
Questions answered
- What is the speaker's main critique of economics as a discipline?
- The speaker claims economics is intellectually bankrupt and tied to ineffective models that do not reflect real-world outcomes.
- What reforms or changes do viewers advocate for in response to the critique?
- Viewers suggest radical change including new leadership, political movements or parties, stronger unions, and practical, solution-focused approaches to economic policy.