it<00:00:01.140> goes<00:00:01.500> a<00:00:01.620> lot<00:00:01.740> deeper<00:00:02.159> than<00:00:02.399> simply<00:00:02.700> rich

it goes a lot deeper than simply rich

it goes a lot deeper than simply rich people<00:00:03.060> in<00:00:03.240> government<00:00:03.360> who<00:00:03.600> don't<00:00:03.720> give<00:00:03.840> a

people in government who don't give a

people in government who don't give a [ __ ]

[ __ ]

[ __ ] there<00:00:05.279> is<00:00:05.400> a<00:00:05.640> problem<00:00:05.819> of<00:00:06.240> our<00:00:06.540> Economic

there is a problem of our Economic

there is a problem of our Economic Institutions<00:00:07.620> our<00:00:08.400> intellectually<00:00:09.000> bankrupt

Institutions our intellectually bankrupt

Institutions our intellectually bankrupt and<00:00:10.500> I<00:00:10.679> I<00:00:11.160> that<00:00:11.639> sounds<00:00:11.760> extreme<00:00:12.179> but<00:00:12.360> listen

and I I that sounds extreme but listen

and I I that sounds extreme but listen I've<00:00:13.080> got<00:00:13.500> a<00:00:13.620> degree<00:00:13.740> from<00:00:13.980> LLC<00:00:14.340> I've<00:00:14.519> got<00:00:14.639> a

I've got a degree from LLC I've got a

I've got a degree from LLC I've got a degree<00:00:14.820> from<00:00:15.059> Oxford<00:00:15.420> I've<00:00:15.719> worked<00:00:16.080> I've<00:00:16.320> been

degree from Oxford I've worked I've been

degree from Oxford I've worked I've been in<00:00:16.619> think<00:00:16.800> tax<00:00:17.039> I've<00:00:17.460> been<00:00:17.580> in<00:00:17.880> the<00:00:18.000> city<00:00:18.119> I've

in think tax I've been in the city I've

in think tax I've been in the city I've been<00:00:19.020> in<00:00:19.199> economics<00:00:19.740> for

been in economics for

been in economics for 18<00:00:21.660> years<00:00:21.960> now<00:00:22.140> in<00:00:22.560> many<00:00:22.740> different<00:00:22.920> spaces

18 years now in many different spaces

18 years now in many different spaces my<00:00:24.720> honest<00:00:25.019> opinion<00:00:25.439> is<00:00:25.800> that<00:00:26.100> economics<00:00:26.820> is

my honest opinion is that economics is

my honest opinion is that economics is intellectually<00:00:27.779> bankrupt<00:00:28.320> as<00:00:28.439> a<00:00:28.619> discipline

I've<00:00:35.040> got<00:00:35.219> a<00:00:35.399> question<00:00:35.579> on<00:00:36.059> Twitter

I've got a question on Twitter

I've got a question on Twitter the<00:00:37.620> other<00:00:37.739> week<00:00:37.980> very<00:00:38.820> simple<00:00:39.000> question<00:00:39.379> why

the other week very simple question why

the other week very simple question why don't<00:00:41.340> governments<00:00:42.719> tax<00:00:43.020> the<00:00:43.260> rich

don't governments tax the rich

don't governments tax the rich um

um

um and<00:00:46.980> I<00:00:47.040> think<00:00:47.160> that's<00:00:47.280> a<00:00:47.460> really<00:00:47.640> interesting

and I think that's a really interesting

and I think that's a really interesting question<00:00:48.239> and<00:00:48.780> it's<00:00:48.960> actually

I<00:00:52.440> think<00:00:52.559> to<00:00:53.460> think<00:00:53.579> about<00:00:53.760> it<00:00:53.940> and<00:00:54.059> to<00:00:54.180> answer

I think to think about it and to answer

I think to think about it and to answer is<00:00:54.539> quite<00:00:54.660> interesting<00:00:55.020> so<00:00:55.199> so<00:00:55.379> before<00:00:55.620> I

is quite interesting so so before I

is quite interesting so so before I start<00:00:55.920> I<00:00:56.160> should<00:00:56.280> say<00:00:56.460> you<00:00:56.579> know<00:00:56.760> I'm<00:00:57.660> I'm<00:00:57.960> not

start I should say you know I'm I'm not

start I should say you know I'm I'm not politician<00:00:58.559> I<00:00:58.739> don't<00:00:58.860> know<00:00:59.039> many<00:00:59.820> politicians

politician I don't know many politicians

politician I don't know many politicians very<00:01:00.480> closely<00:01:00.780> okay<00:01:01.079> so<00:01:01.260> we<00:01:01.440> kind<00:01:01.860> of<00:01:01.920> make

very closely okay so we kind of make

very closely okay so we kind of make some<00:01:02.160> assumptions<00:01:02.520> about<00:01:02.640> what<00:01:02.820> they're

some assumptions about what they're

some assumptions about what they're working<00:01:03.180> with<00:01:03.359> but<00:01:03.660> you<00:01:04.320> know<00:01:04.379> I<00:01:04.500> often<00:01:04.739> say

working with but you know I often say

working with but you know I often say when<00:01:05.159> I'm<00:01:05.339> asked<00:01:05.820> this<00:01:05.880> question<00:01:06.180> I<00:01:06.720> say<00:01:06.960> well

extremely<00:01:10.500> extremely<00:01:10.920> well<00:01:11.100> you<00:01:11.460> know<00:01:11.520> I

extremely extremely well you know I

extremely extremely well you know I can't<00:01:11.880> emphasize<00:01:12.299> how<00:01:12.840> wealthy<00:01:13.200> is

can't emphasize how wealthy is

can't emphasize how wealthy is unbelievably<00:01:13.920> richer<00:01:14.280> than<00:01:14.460> me<00:01:14.640> unbelievably

unbelievably richer than me unbelievably

unbelievably richer than me unbelievably which<00:01:15.479> then<00:01:15.659> probably<00:01:15.780> anybody<00:01:16.140> watching<00:01:16.860> um

which then probably anybody watching um

which then probably anybody watching um his<00:01:17.159> father<00:01:17.340> was<00:01:17.640> one<00:01:17.760> of<00:01:17.820> the<00:01:17.820> richest<00:01:18.060> men<00:01:18.119> in

his father was one of the richest men in

his father was one of the richest men in the<00:01:18.360> world

the world

the world he's<00:01:19.560> super<00:01:19.740> super<00:01:19.920> super<00:01:19.979> super<00:01:20.159> super<00:01:20.159> super

he's super super super super super super

he's super super super super super super rich<00:01:21.119> right<00:01:21.420> so<00:01:21.600> this<00:01:21.960> is<00:01:22.140> the<00:01:22.320> guy<00:01:22.500> in<00:01:22.920> charge

rich right so this is the guy in charge

rich right so this is the guy in charge of

of

of making<00:01:24.960> the<00:01:25.140> decision<00:01:25.320> should<00:01:25.500> be<00:01:25.619> tax<00:01:25.740> the

making the decision should be tax the

making the decision should be tax the rich<00:01:26.100> so<00:01:26.340> he's<00:01:26.520> probably<00:01:26.700> not<00:01:26.880> going<00:01:27.000> to<00:01:27.119> make

rich so he's probably not going to make

rich so he's probably not going to make it<00:01:27.360> right<00:01:27.540> and<00:01:27.780> then<00:01:27.960> the<00:01:28.140> chance<00:01:28.380> that<00:01:28.619> Jeremy

it right and then the chance that Jeremy

it right and then the chance that Jeremy Hunt<00:01:29.100> I<00:01:29.280> think<00:01:29.340> he's<00:01:29.400> worth<00:01:29.640> something<00:01:29.820> like<00:01:29.939> I

Hunt I think he's worth something like I

Hunt I think he's worth something like I don't<00:01:30.240> know<00:01:30.299> 10<00:01:30.479> 15<00:01:30.659> million<00:01:31.020> pounds<00:01:31.259> also

don't know 10 15 million pounds also

don't know 10 15 million pounds also very<00:01:31.920> very<00:01:32.100> wealthy<00:01:32.520> man<00:01:32.640> again<00:01:33.000> much<00:01:33.299> much

very very wealthy man again much much

very very wealthy man again much much richer<00:01:33.780> than<00:01:33.900> me

richer than me

richer than me um

um

um he's<00:01:37.619> probably<00:01:37.860> unlikely<00:01:38.340> to<00:01:38.460> do<00:01:38.579> it<00:01:38.640> right

he's probably unlikely to do it right

he's probably unlikely to do it right before<00:01:39.119> that<00:01:39.360> Boris<00:01:39.720> Johnson<00:01:39.900> he's<00:01:40.619> going<00:01:40.860> to

before that Boris Johnson he's going to

before that Boris Johnson he's going to make<00:01:41.040> millions<00:01:41.340> of<00:01:41.460> pounds<00:01:41.820> he<00:01:42.360> already<00:01:42.540> has

make millions of pounds he already has

make millions of pounds he already has probably<00:01:42.960> since<00:01:43.259> leaving<00:01:43.439> office<00:01:43.740> David

probably since leaving office David

probably since leaving office David Cameron<00:01:45.000> made<00:01:45.240> 10<00:01:45.420> million<00:01:45.720> pounds<00:01:45.960> from

Cameron made 10 million pounds from

Cameron made 10 million pounds from Green<00:01:46.320> cell<00:01:46.619> you<00:01:47.340> know<00:01:47.400> within<00:01:47.700> a<00:01:47.820> year<00:01:47.880> of

Green cell you know within a year of

Green cell you know within a year of leaving<00:01:48.180> office<00:01:48.420> right<00:01:48.840> so<00:01:49.079> and<00:01:49.380> Tony<00:01:49.680> Blair

leaving office right so and Tony Blair

leaving office right so and Tony Blair he<00:01:50.759> must<00:01:50.880> be<00:01:51.000> worth<00:01:51.180> what<00:01:51.360> I<00:01:51.479> don't<00:01:51.600> know<00:01:51.659> 50

he must be worth what I don't know 50

he must be worth what I don't know 50 million<00:01:52.259> 100<00:01:52.380> million<00:01:52.740> these<00:01:52.979> guys<00:01:53.040> are<00:01:53.220> super

million 100 million these guys are super

million 100 million these guys are super rich<00:01:53.640> right<00:01:54.000> so

rich right so

rich right so if<00:01:56.100> the<00:01:56.340> people<00:01:56.460> you<00:01:56.700> put<00:01:56.880> in<00:01:57.060> charge

if the people you put in charge

if the people you put in charge are<00:01:59.100> very<00:01:59.340> rich<00:01:59.520> or<00:01:59.700> about<00:01:59.939> to<00:02:00.119> become<00:02:00.360> very

are very rich or about to become very

are very rich or about to become very rich<00:02:00.780> you<00:02:01.079> can<00:02:01.200> see<00:02:01.380> there's<00:02:01.619> a<00:02:01.860> pretty

rich you can see there's a pretty

rich you can see there's a pretty obvious<00:02:02.220> conflict<00:02:02.579> of<00:02:02.759> interest<00:02:02.880> there<00:02:03.240> in

obvious conflict of interest there in

obvious conflict of interest there in dealing<00:02:04.380> with<00:02:04.500> policies<00:02:04.860> such<00:02:05.040> as<00:02:05.159> should<00:02:05.340> we

dealing with policies such as should we

dealing with policies such as should we tax<00:02:05.700> the<00:02:06.119> rich<00:02:06.299> or<00:02:06.420> the<00:02:06.600> very<00:02:06.659> rich<00:02:07.020> more

tax the rich or the very rich more

tax the rich or the very rich more because<00:02:07.619> they're<00:02:07.860> basically<00:02:08.239> deciding<00:02:09.239> the

because they're basically deciding the

because they're basically deciding the policies<00:02:09.660> that<00:02:09.780> will<00:02:09.899> apply<00:02:10.140> to<00:02:10.319> them<00:02:10.500> to

policies that will apply to them to

policies that will apply to them to themselves<00:02:11.280> right<00:02:11.580> so<00:02:12.180> I<00:02:13.020> think<00:02:13.140> that<00:02:13.980> that

themselves right so I think that that

themselves right so I think that that definitely

definitely

definitely plays<00:02:16.560> A<00:02:16.680> Part

plays A Part

plays A Part but<00:02:17.940> I<00:02:18.120> think<00:02:18.239> that<00:02:18.599> there<00:02:19.379> is<00:02:19.560> actually

but I think that there is actually

but I think that there is actually something

something

something deeper<00:02:22.680> going<00:02:22.800> on<00:02:22.980> which<00:02:23.220> is<00:02:23.400> which<00:02:23.760> is

deeper going on which is which is

deeper going on which is which is important<00:02:24.360> and<00:02:24.660> we<00:02:24.900> should<00:02:25.080> discuss<00:02:25.860> that

important and we should discuss that

important and we should discuss that um<00:02:27.360> because

um because

um because within<00:02:29.640> a<00:02:30.239> couple<00:02:30.420> of<00:02:30.540> years<00:02:30.660> we<00:02:30.900> will

within a couple of years we will

within a couple of years we will probably<00:02:31.319> have<00:02:31.500> a<00:02:31.680> labor<00:02:31.920> government<00:02:32.040> in<00:02:32.280> this

probably have a labor government in this

probably have a labor government in this country

country

country um

um

um and<00:02:35.340> again<00:02:35.459> you<00:02:35.700> know<00:02:35.760> you<00:02:35.940> could<00:02:36.120> point<00:02:36.300> the

and again you know you could point the

and again you know you could point the same<00:02:36.720> charge<00:02:36.900> at<00:02:37.680> the<00:02:37.860> labor<00:02:38.160> leadership<00:02:38.400> you

same charge at the labor leadership you

same charge at the labor leadership you could<00:02:38.760> say<00:02:38.819> these<00:02:39.060> the<00:02:39.360> labor<00:02:39.660> leadership<00:02:39.959> is

could say these the labor leadership is

could say these the labor leadership is not<00:02:40.260> as<00:02:40.319> rich<00:02:40.440> as<00:02:40.560> a<00:02:40.680> conservative<00:02:40.980> leadership

not as rich as a conservative leadership

not as rich as a conservative leadership and<00:02:41.940> their<00:02:42.060> donors<00:02:42.420> are<00:02:42.540> not<00:02:42.660> as<00:02:42.780> rich<00:02:42.900> as<00:02:43.019> a

and their donors are not as rich as a

and their donors are not as rich as a conservative<00:02:43.500> donors<00:02:43.980> but<00:02:45.239> they<00:02:45.720> still<00:02:45.900> are

conservative donors but they still are

conservative donors but they still are very<00:02:46.379> many<00:02:47.160> relatively<00:02:47.819> wealthy<00:02:48.120> people<00:02:48.239> in

very many relatively wealthy people in

very many relatively wealthy people in that<00:02:48.599> party<00:02:48.780> and<00:02:49.080> when<00:02:49.379> they<00:02:49.500> leave<00:02:49.620> office

that party and when they leave office

that party and when they leave office you<00:02:50.099> know<00:02:50.220> Tony<00:02:50.340> Blair<00:02:50.700> for<00:02:50.879> example<00:02:51.000> became

you know Tony Blair for example became

you know Tony Blair for example became very<00:02:51.540> rich<00:02:51.720> so<00:02:51.900> you<00:02:52.080> know<00:02:52.200> we<00:02:52.319> could<00:02:52.440> point<00:02:52.560> the

very rich so you know we could point the

very rich so you know we could point the same<00:02:52.860> thing<00:02:52.920> at<00:02:53.099> them<00:02:53.280> but

same thing at them but

same thing at them but there's<00:02:55.739> lots<00:02:56.040> of<00:02:56.099> countries<00:02:56.400> in<00:02:56.580> the<00:02:56.700> world

there's lots of countries in the world

there's lots of countries in the world and<00:02:56.879> there's<00:02:57.000> lots<00:02:57.239> of<00:02:57.300> governments<00:02:57.660> and<00:02:57.780> we

and there's lots of governments and we

and there's lots of governments and we have<00:02:58.019> some<00:02:58.200> governments<00:02:58.560> which<00:02:58.739> are<00:02:58.920> sort<00:02:59.040> of

have some governments which are sort of

have some governments which are sort of left-leaning<00:02:59.700> and<00:02:59.819> in<00:02:59.940> general<00:03:00.120> they<00:03:00.420> haven't

left-leaning and in general they haven't

left-leaning and in general they haven't implemented<00:03:01.980> big<00:03:02.160> attacks<00:03:02.459> on<00:03:02.580> the<00:03:02.700> rich

implemented big attacks on the rich

implemented big attacks on the rich so<00:03:04.080> that<00:03:04.200> raises<00:03:04.560> the<00:03:04.680> question

so that raises the question

so that raises the question about<00:03:06.420> why

about why

about why and<00:03:07.860> I<00:03:08.040> think

and I think

and I think what<00:03:10.200> is<00:03:10.319> happening<00:03:10.680> is<00:03:11.340> that

what is happening is that

what is happening is that politicians<00:03:13.620> themselves<00:03:13.980> generally

politicians themselves generally

politicians themselves generally are<00:03:15.540> not<00:03:15.659> economists<00:03:16.800> and<00:03:17.280> they're<00:03:17.519> very

are not economists and they're very

are not economists and they're very rarely

rarely

rarely expert<00:03:19.500> economists

expert economists

expert economists so

so

so political<00:03:23.340> parties<00:03:23.819> they<00:03:24.239> tend<00:03:24.420> to<00:03:24.599> basically

political parties they tend to basically

political parties they tend to basically go<00:03:25.860> and<00:03:26.040> ask<00:03:26.220> economists<00:03:26.879> you<00:03:27.060> know<00:03:27.120> what

go and ask economists you know what

go and ask economists you know what should<00:03:27.420> we<00:03:27.540> do<00:03:27.659> what<00:03:28.080> should<00:03:28.200> we<00:03:28.319> do<00:03:28.500> and

should we do what should we do and

should we do what should we do and I<00:03:30.000> think<00:03:30.120> the<00:03:30.300> truth<00:03:30.480> is<00:03:30.659> at<00:03:30.900> the<00:03:31.019> moment<00:03:31.260> if

I think the truth is at the moment if

I think the truth is at the moment if you<00:03:31.800> were<00:03:31.920> to<00:03:32.099> ask

you were to ask

you were to ask most<00:03:33.900> sort<00:03:34.319> of<00:03:34.500> average<00:03:34.980> run-of-the-mill

most sort of average run-of-the-mill

most sort of average run-of-the-mill economists<00:03:36.540> you<00:03:36.780> know<00:03:36.900> not<00:03:37.140> Traders<00:03:37.560> people

economists you know not Traders people

economists you know not Traders people who've<00:03:37.980> gone<00:03:38.159> to<00:03:38.340> work<00:03:38.519> in<00:03:39.060> civil<00:03:39.480> service<00:03:39.599> or

who've gone to work in civil service or

who've gone to work in civil service or in<00:03:40.080> government<00:03:40.319> or<00:03:40.560> in<00:03:40.680> think<00:03:40.799> tanks

in government or in think tanks

in government or in think tanks um<00:03:42.060> what<00:03:42.239> do<00:03:42.360> you<00:03:42.420> think<00:03:42.540> we<00:03:42.599> should<00:03:42.780> do

um what do you think we should do

um what do you think we should do tax<00:03:44.459> the<00:03:44.760> rich<00:03:44.940> more<00:03:45.239> is<00:03:45.900> still<00:03:46.080> a<00:03:46.260> relatively

tax the rich more is still a relatively

tax the rich more is still a relatively Niche<00:03:47.819> opinion<00:03:48.299> right<00:03:48.540> Within

Niche opinion right Within

Niche opinion right Within economics

economics

economics and<00:03:52.140> we<00:03:52.620> have<00:03:52.739> to<00:03:52.860> address<00:03:53.040> the<00:03:53.280> question

and we have to address the question

and we have to address the question about

about

about basically<00:03:55.440> why<00:03:55.739> that<00:03:55.980> is<00:03:56.099> why<00:03:56.459> is<00:03:56.640> that<00:03:57.239> and<00:03:57.599> I

basically why that is why is that and I

basically why that is why is that and I think

to<00:04:00.480> understand<00:04:00.720> that<00:04:01.560> you<00:04:02.459> have<00:04:02.640> to

to understand that you have to

to understand that you have to understand<00:04:03.180> what<00:04:03.659> is<00:04:03.780> happening<00:04:04.200> in<00:04:04.680> the

understand what is happening in the

understand what is happening in the universities<00:04:05.280> basically<00:04:05.819> economics

universities basically economics

universities basically economics so

so

so economics<00:04:10.080> as<00:04:10.319> it<00:04:10.500> is<00:04:10.680> taught<00:04:10.920> nowadays<00:04:11.640> are

economics as it is taught nowadays are

economics as it is taught nowadays are most<00:04:12.659> of<00:04:12.900> the<00:04:13.080> most<00:04:13.200> prestigious

most of the most prestigious

most of the most prestigious universities

universities

universities is<00:04:15.780> a<00:04:16.320> extremely<00:04:16.919> mathematical<00:04:17.699> subject<00:04:18.260> very

is a extremely mathematical subject very

is a extremely mathematical subject very very<00:04:19.380> very<00:04:19.440> very<00:04:19.560> mathematical

very very very mathematical

very very very mathematical um you<00:04:22.380> if<00:04:22.740> you<00:04:22.979> want<00:04:23.040> to<00:04:23.160> do<00:04:23.220> well<00:04:23.400> in<00:04:23.580> it<00:04:23.759> and

um you if you want to do well in it and

um you if you want to do well in it and we're<00:04:24.660> talking<00:04:24.840> about<00:04:24.960> macroeconomics<00:04:25.740> here

we're talking about macroeconomics here

we're talking about macroeconomics here so<00:04:26.040> we're<00:04:26.160> talking<00:04:26.280> about<00:04:26.400> the<00:04:26.520> economies<00:04:26.880> of

so we're talking about the economies of

so we're talking about the economies of countries<00:04:27.360> if<00:04:28.020> you<00:04:28.139> want<00:04:28.259> to<00:04:28.380> do<00:04:28.440> well<00:04:28.560> in<00:04:28.740> it

countries if you want to do well in it

countries if you want to do well in it realistically

realistically

realistically the<00:04:31.680> main<00:04:31.740> thing<00:04:31.979> that<00:04:32.160> you<00:04:32.340> have<00:04:32.400> to<00:04:32.580> be<00:04:32.699> able

the main thing that you have to be able

the main thing that you have to be able to<00:04:32.940> do<00:04:33.060> is<00:04:33.180> to<00:04:33.360> memorize<00:04:33.780> algebra<00:04:34.860> so<00:04:35.520> from

to do is to memorize algebra so from

to do is to memorize algebra so from 2017<00:04:36.419> to<00:04:36.600> 2019<00:04:36.900> I<00:04:37.199> did<00:04:37.380> a<00:04:37.500> two-year<00:04:37.800> economics

2017 to 2019 I did a two-year economics

2017 to 2019 I did a two-year economics Master<00:04:38.699> at<00:04:38.880> Oxford

Master at Oxford

Master at Oxford um<00:04:40.620> the<00:04:40.919> first<00:04:41.040> year<00:04:41.220> of<00:04:41.400> that<00:04:41.520> course<00:04:41.699> we<00:04:42.000> did

um the first year of that course we did

um the first year of that course we did a<00:04:42.360> macroeconomics<00:04:43.259> module<00:04:44.040> the<00:04:44.820> exam<00:04:45.120> was

a macroeconomics module the exam was

a macroeconomics module the exam was three<00:04:46.080> hours<00:04:46.320> and<00:04:47.280> the<00:04:47.460> first<00:04:47.639> two<00:04:48.060> hours<00:04:48.300> is

three hours and the first two hours is

three hours and the first two hours is basically<00:04:49.320> just<00:04:50.060> the<00:04:51.060> regurgitation<00:04:51.660> of

basically just the regurgitation of

basically just the regurgitation of memorized<00:04:52.259> algebra<00:04:52.680> that's<00:04:52.979> basically<00:04:53.400> all

memorized algebra that's basically all

memorized algebra that's basically all it<00:04:53.759> is

it is

it is um<00:04:55.560> and<00:04:56.100> then<00:04:56.220> the<00:04:56.340> last<00:04:56.460> one<00:04:56.639> I<00:04:56.759> was<00:04:56.880> essay

um and then the last one I was essay

um and then the last one I was essay questions<00:04:57.360> but<00:04:57.660> everybody<00:04:57.840> knows<00:04:58.380> that

questions but everybody knows that

questions but everybody knows that everybody<00:04:58.919> gets<00:04:59.340> the<00:04:59.400> same<00:04:59.520> score<00:04:59.639> if<00:04:59.820> they

everybody gets the same score if they

everybody gets the same score if they ask<00:05:00.000> their<00:05:00.120> questions<00:05:00.300> anyway<00:05:01.020> so<00:05:01.560> really

when<00:05:05.400> these<00:05:05.580> kids<00:05:05.699> go<00:05:05.940> into<00:05:06.060> these<00:05:06.360> university

when these kids go into these university

when these kids go into these university courses

courses

courses they<00:05:08.580> are<00:05:08.699> they<00:05:08.940> are<00:05:09.060> hard<00:05:09.180> the<00:05:09.419> first<00:05:09.540> thing

they are they are hard the first thing

they are they are hard the first thing I'll<00:05:09.840> say<00:05:10.020> is<00:05:10.139> they<00:05:10.440> are<00:05:10.680> hard<00:05:10.919> so<00:05:11.759> sometimes<00:05:12.060> I

I'll say is they are hard so sometimes I

I'll say is they are hard so sometimes I maybe<00:05:12.300> give<00:05:12.540> an<00:05:12.600> impression<00:05:12.960> that<00:05:13.080> economists

maybe give an impression that economists

maybe give an impression that economists are

are

are stupid<00:05:15.240> but<00:05:15.720> the<00:05:15.840> truth<00:05:16.020> is<00:05:16.199> to<00:05:16.500> get<00:05:16.620> an

stupid but the truth is to get an

stupid but the truth is to get an economics<00:05:17.100> degree<00:05:17.220> is<00:05:17.520> difficult<00:05:18.080> you<00:05:19.080> need

economics degree is difficult you need

economics degree is difficult you need to<00:05:19.800> memorize<00:05:20.580> a<00:05:21.240> lot<00:05:21.300> of<00:05:21.479> algebra<00:05:21.900> and<00:05:22.080> you

to memorize a lot of algebra and you

to memorize a lot of algebra and you need<00:05:22.320> to<00:05:22.380> have<00:05:22.500> some<00:05:22.860> kind<00:05:23.039> of<00:05:23.220> understanding

need to have some kind of understanding

need to have some kind of understanding of<00:05:24.060> the<00:05:24.180> algebra<00:05:24.479> and<00:05:24.660> how<00:05:24.780> it<00:05:24.900> works<00:05:25.199> how<00:05:25.620> to

of the algebra and how it works how to

of the algebra and how it works how to manipulate<00:05:26.220> it<00:05:26.340> right<00:05:26.520> it's<00:05:26.639> not<00:05:26.880> easy

manipulate it right it's not easy

manipulate it right it's not easy but<00:05:29.699> imagine<00:05:29.940> you<00:05:30.780> you<00:05:30.960> have<00:05:31.199> gone<00:05:31.380> into<00:05:31.500> an

but imagine you you have gone into an

but imagine you you have gone into an economics<00:05:32.160> degree<00:05:32.340> you've<00:05:32.820> got<00:05:32.940> a<00:05:33.120> big<00:05:33.180> exam

economics degree you've got a big exam

economics degree you've got a big exam coming<00:05:33.720> up<00:05:33.900> you've<00:05:34.080> got<00:05:34.199> a<00:05:34.320> ton<00:05:34.440> of<00:05:34.560> algebra<00:05:34.919> to

coming up you've got a ton of algebra to

coming up you've got a ton of algebra to memorize

you<00:05:38.759> are<00:05:38.880> going<00:05:39.000> to<00:05:39.060> spend<00:05:39.240> all<00:05:39.479> of<00:05:39.539> your<00:05:39.660> time

you are going to spend all of your time

you are going to spend all of your time memorizing<00:05:40.320> algebra<00:05:40.800> right

memorizing algebra right

memorizing algebra right so<00:05:41.880> what<00:05:41.940> what<00:05:42.000> these<00:05:42.419> guys<00:05:42.539> get<00:05:42.720> is<00:05:42.900> they<00:05:43.020> get

so what what these guys get is they get

so what what these guys get is they get given<00:05:43.500> models<00:05:44.039> which

given models which

given models which the<00:05:47.039> theoretical<00:05:47.580> complexity<00:05:48.060> is<00:05:48.300> not

the theoretical complexity is not

the theoretical complexity is not actually<00:05:48.780> that<00:05:49.199> much<00:05:49.680> they're<00:05:50.039> not

actually that much they're not

actually that much they're not particularly<00:05:50.780> complex<00:05:51.780> in<00:05:52.020> terms<00:05:52.199> of<00:05:52.320> theory

particularly complex in terms of theory

particularly complex in terms of theory in<00:05:52.800> terms<00:05:53.039> of<00:05:53.100> ideas<00:05:53.280> but<00:05:53.940> they're<00:05:54.180> very

in terms of ideas but they're very

in terms of ideas but they're very complex<00:05:54.660> in<00:05:54.840> terms<00:05:55.020> of<00:05:55.080> algebra<00:05:56.039> and<00:05:56.460> I<00:05:56.580> think

complex in terms of algebra and I think

complex in terms of algebra and I think by<00:05:58.919> the<00:05:59.100> time<00:05:59.160> you've<00:05:59.460> come<00:05:59.639> through<00:05:59.820> sort<00:06:00.240> of

by the time you've come through sort of

by the time you've come through sort of you've<00:06:00.960> got<00:06:01.020> your<00:06:01.139> Masters<00:06:01.440> you've<00:06:01.620> got<00:06:01.740> your

you've got your Masters you've got your

you've got your Masters you've got your PhD<00:06:02.220> you<00:06:02.699> will<00:06:02.820> have<00:06:03.000> spent<00:06:03.300> you<00:06:03.600> know<00:06:03.660> nearly

PhD you will have spent you know nearly

PhD you will have spent you know nearly a<00:06:04.259> decade

a decade

a decade doing<00:06:06.000> very<00:06:06.479> very<00:06:06.660> very<00:06:06.780> very<00:06:06.960> very

doing very very very very very

doing very very very very very complicated<00:06:07.800> algebra

complicated algebra

complicated algebra about<00:06:10.139> pretty<00:06:11.000> theoretically<00:06:12.000> simplistic

about pretty theoretically simplistic

about pretty theoretically simplistic ideas

ideas

ideas and<00:06:14.580> by<00:06:14.759> the<00:06:14.880> end<00:06:15.060> of<00:06:15.240> that

and by the end of that

and by the end of that you<00:06:16.919> become

you've<00:06:21.120> spent<00:06:21.419> so<00:06:21.780> long<00:06:22.020> working<00:06:22.440> on<00:06:22.740> the

you've spent so long working on the

you've spent so long working on the algebra<00:06:23.580> and<00:06:24.300> so<00:06:24.539> little<00:06:24.720> thinking<00:06:25.080> about<00:06:25.199> the

algebra and so little thinking about the

algebra and so little thinking about the ideas<00:06:25.620> that<00:06:26.460> you<00:06:26.639> start<00:06:26.819> to<00:06:27.000> completely

ideas that you start to completely

ideas that you start to completely subconsciously<00:06:29.280> completely<00:06:30.060> accept<00:06:30.360> the

subconsciously completely accept the

subconsciously completely accept the ideas<00:06:30.780> it's<00:06:31.139> almost<00:06:31.319> like<00:06:31.500> a<00:06:31.620> religious

ideas it's almost like a religious

ideas it's almost like a religious indoctrination

indoctrination

indoctrination because<00:06:33.960> you've<00:06:34.560> had<00:06:34.800> to<00:06:34.979> spend<00:06:35.220> so<00:06:35.520> long

because you've had to spend so long

because you've had to spend so long memorizing<00:06:36.240> the<00:06:36.419> details

memorizing the details

memorizing the details and<00:06:38.639> you've<00:06:38.880> you've<00:06:39.180> never<00:06:39.300> had<00:06:39.479> any<00:06:39.660> time<00:06:39.840> to

and you've you've never had any time to

and you've you've never had any time to think<00:06:40.139> about<00:06:40.259> the<00:06:40.560> concepts<00:06:41.100> that<00:06:41.759> you've

think about the concepts that you've

think about the concepts that you've never<00:06:42.120> you've<00:06:42.419> never<00:06:42.539> actually<00:06:42.720> stopped<00:06:43.080> and

never you've never actually stopped and

never you've never actually stopped and thought<00:06:43.380> is<00:06:44.220> there<00:06:44.340> something<00:06:44.460> missing<00:06:44.819> from

thought is there something missing from

thought is there something missing from these<00:06:45.180> models<00:06:45.539> and<00:06:46.500> one<00:06:47.400> crucial<00:06:47.639> feature<00:06:48.120> of

these models and one crucial feature of

these models and one crucial feature of these<00:06:48.479> models

these models

these models is<00:06:49.919> that<00:06:50.280> the<00:06:50.940> vast<00:06:51.180> vast<00:06:51.479> majority<00:06:51.840> of<00:06:51.900> the

is that the vast vast majority of the

is that the vast vast majority of the models<00:06:52.319> which<00:06:52.440> these<00:06:52.680> people<00:06:52.740> spend<00:06:53.039> their

models which these people spend their

models which these people spend their time<00:06:53.280> looking<00:06:53.520> at

time looking at

time looking at contain<00:06:55.259> no<00:06:55.620> inequality<00:06:56.220> they<00:06:57.000> contain<00:06:57.360> no

contain no inequality they contain no

contain no inequality they contain no distribution

distribution

distribution they<00:06:59.699> are<00:06:59.940> what<00:07:00.300> we<00:07:00.479> call<00:07:00.660> Representative

they are what we call Representative

they are what we call Representative agent<00:07:01.740> models<00:07:02.100> so<00:07:02.400> they<00:07:02.580> look<00:07:02.819> at

agent models so they look at

agent models so they look at the<00:07:04.380> total<00:07:04.680> of<00:07:04.860> the<00:07:04.979> economy<00:07:05.280> the<00:07:05.759> aggregate

the total of the economy the aggregate

the total of the economy the aggregate or<00:07:06.780> the<00:07:06.900> average

or the average

or the average and<00:07:08.280> of<00:07:08.520> course<00:07:08.580> when<00:07:08.759> you<00:07:08.880> look<00:07:09.000> at<00:07:09.120> the<00:07:09.240> whole

and of course when you look at the whole

and of course when you look at the whole economy

economy

economy total

total

total you're<00:07:12.240> not<00:07:12.360> looking<00:07:12.539> at<00:07:12.660> the<00:07:12.720> distribution

you're not looking at the distribution

you're not looking at the distribution there<00:07:13.319> is<00:07:13.380> no<00:07:13.500> distribution<00:07:13.979> so<00:07:14.580> these<00:07:14.880> guys

there is no distribution so these guys

there is no distribution so these guys have<00:07:15.240> spent<00:07:15.539> years<00:07:16.199> and<00:07:16.560> years<00:07:16.860> and<00:07:17.280> years<00:07:17.520> and

have spent years and years and years and

have spent years and years and years and years

years

years slaving<00:07:20.220> over<00:07:20.400> the<00:07:21.300> intense<00:07:21.660> memorization<00:07:22.380> of

slaving over the intense memorization of

slaving over the intense memorization of algebraically<00:07:23.580> complicated<00:07:24.300> models<00:07:24.840> that

algebraically complicated models that

algebraically complicated models that have<00:07:25.560> no<00:07:25.860> inequality<00:07:26.340> and<00:07:26.639> no<00:07:26.819> distribution

have no inequality and no distribution

have no inequality and no distribution and<00:07:28.740> by<00:07:28.919> the<00:07:29.039> end<00:07:29.160> of<00:07:29.340> that

and by the end of that

and by the end of that their<00:07:31.380> whole<00:07:31.620> life<00:07:31.979> their<00:07:32.400> whole<00:07:32.639> skill<00:07:32.940> set

their whole life their whole skill set

their whole life their whole skill set their<00:07:33.419> whole<00:07:33.599> career<00:07:34.020> is<00:07:34.620> predicated<00:07:35.160> on<00:07:35.580> the

their whole career is predicated on the

their whole career is predicated on the the<00:07:36.000> unbelievably<00:07:36.900> intense<00:07:37.259> memorization<00:07:37.860> of

the unbelievably intense memorization of

the unbelievably intense memorization of these<00:07:38.460> models<00:07:38.759> with<00:07:38.940> no<00:07:39.120> inequality<00:07:39.599> in<00:07:39.780> them

these models with no inequality in them

these models with no inequality in them see<00:07:40.800> what<00:07:40.979> I'm<00:07:41.039> saying

see what I'm saying

see what I'm saying so<00:07:42.599> they<00:07:42.840> are

so they are

so they are they<00:07:45.240> are<00:07:45.360> unbelievably<00:07:46.139> attached<00:07:46.560> to<00:07:46.620> these

they are unbelievably attached to these

they are unbelievably attached to these models<00:07:47.220> with<00:07:47.520> no<00:07:47.639> inequality<00:07:48.120> in<00:07:48.240> them

models with no inequality in them

models with no inequality in them and<00:07:49.919> everything<00:07:50.160> you<00:07:50.460> throw<00:07:50.639> at<00:07:50.819> them<00:07:51.000> they

and everything you throw at them they

and everything you throw at them they will<00:07:52.020> instinctively<00:07:52.620> think<00:07:52.800> of<00:07:52.979> in<00:07:53.220> terms<00:07:53.400> of

will instinctively think of in terms of

will instinctively think of in terms of these<00:07:53.639> models<00:07:53.880> with<00:07:54.000> no<00:07:54.120> inequality<00:07:54.539> in<00:07:54.720> them

these models with no inequality in them

these models with no inequality in them it's<00:07:55.500> it's<00:07:55.560> it's<00:07:55.800> like<00:07:56.400> an<00:07:56.580> indoctrination

it's it's it's like an indoctrination

it's it's it's like an indoctrination because<00:07:57.539> you've<00:07:58.440> studied<00:07:58.680> for<00:07:59.039> years<00:07:59.220> and

because you've studied for years and

because you've studied for years and years<00:07:59.639> and<00:07:59.880> years<00:08:00.120> and<00:08:00.300> years<00:08:00.539> and<00:08:00.720> years

years and years and years and years

years and years and years and years memorized<00:08:02.039> and<00:08:02.160> memorize<00:08:02.580> exams<00:08:03.120> and<00:08:03.240> exams

memorized and memorize exams and exams

memorized and memorize exams and exams tinkering<00:08:04.380> tinkering<00:08:04.860> algebra<00:08:05.220> algebra

tinkering tinkering algebra algebra

tinkering tinkering algebra algebra never<00:08:06.360> any<00:08:06.599> inequality<00:08:07.139> in<00:08:07.259> any<00:08:07.319> of<00:08:07.500> the

never any inequality in any of the

never any inequality in any of the models<00:08:07.860> right<00:08:07.979> so<00:08:08.639> it's<00:08:08.819> deeply<00:08:09.240> embedded

models right so it's deeply embedded

models right so it's deeply embedded into<00:08:09.780> them<00:08:10.020> not<00:08:10.319> to<00:08:10.500> think<00:08:10.620> in<00:08:10.800> the<00:08:10.979> economy<00:08:11.340> in

into them not to think in the economy in

into them not to think in the economy in terms<00:08:11.880> of<00:08:12.000> inequality<00:08:12.479> and<00:08:12.660> in<00:08:12.840> terms<00:08:13.020> of

terms of inequality and in terms of

terms of inequality and in terms of distribution<00:08:13.560> that's<00:08:14.340> like<00:08:14.580> it's<00:08:14.819> like<00:08:15.000> baked

distribution that's like it's like baked

distribution that's like it's like baked into<00:08:15.539> their<00:08:15.720> veins<00:08:16.020> and<00:08:16.199> also

into their veins and also

into their veins and also if<00:08:18.000> inequality<00:08:18.539> were<00:08:18.780> to<00:08:18.900> be<00:08:19.080> important

if inequality were to be important

if inequality were to be important that<00:08:21.000> would<00:08:21.180> essentially<00:08:21.539> mean<00:08:21.900> that<00:08:22.379> they

that would essentially mean that they

that would essentially mean that they [ __ ]<00:08:22.979> wasted<00:08:23.639> 10<00:08:24.060> years<00:08:24.479> of<00:08:24.780> their<00:08:24.960> life

[ __ ] wasted 10 years of their life

[ __ ] wasted 10 years of their life and<00:08:25.379> hundreds<00:08:25.740> of<00:08:25.860> thousands<00:08:26.160> of<00:08:26.220> pounds

and hundreds of thousands of pounds

and hundreds of thousands of pounds right<00:08:26.819> so<00:08:27.419> they<00:08:27.720> cannot<00:08:28.080> believe<00:08:28.319> that

right so they cannot believe that

right so they cannot believe that inequality<00:08:29.099> is<00:08:29.280> important<00:08:29.699> they<00:08:30.419> cannot<00:08:30.780> and

inequality is important they cannot and

inequality is important they cannot and I<00:08:31.440> think

I think

I think the<00:08:33.719> the<00:08:33.899> great<00:08:34.140> example<00:08:34.500> of<00:08:34.680> this<00:08:34.800> I've<00:08:34.979> used

the the great example of this I've used

the the great example of this I've used it<00:08:35.279> a<00:08:35.339> couple<00:08:35.459> of<00:08:35.580> times<00:08:35.700> before<00:08:35.880> is<00:08:36.060> when<00:08:36.240> I

it a couple of times before is when I

it a couple of times before is when I asked<00:08:36.599> the<00:08:36.659> professor<00:08:36.959> at<00:08:37.140> University<00:08:37.260> at

asked the professor at University at

asked the professor at University at Oxford<00:08:38.520> why<00:08:38.820> do<00:08:38.940> you<00:08:39.060> think<00:08:39.120> people<00:08:39.360> spent<00:08:40.020> so

Oxford why do you think people spent so

Oxford why do you think people spent so little<00:08:40.380> money<00:08:40.560> after<00:08:40.800> 2008<00:08:41.640> and<00:08:42.180> he<00:08:42.300> said

little money after 2008 and he said

little money after 2008 and he said we're<00:08:42.659> not<00:08:42.839> sure<00:08:43.080> but<00:08:43.740> we<00:08:43.919> think<00:08:44.039> it's<00:08:44.159> because

we're not sure but we think it's because

we're not sure but we think it's because of<00:08:44.580> an<00:08:44.700> exogenous<00:08:45.240> shock<00:08:45.600> shock<00:08:46.020> to

of an exogenous shock shock to

of an exogenous shock shock to consumption<00:08:46.500> savings<00:08:46.800> preferences

consumption savings preferences

consumption savings preferences what<00:08:48.660> that<00:08:48.899> is<00:08:49.080> a<00:08:49.200> technical<00:08:49.500> modeling<00:08:49.920> term

what that is a technical modeling term

what that is a technical modeling term meaning<00:08:50.339> meaning<00:08:50.760> this<00:08:51.540> particular

meaning meaning this particular

meaning meaning this particular parameter<00:08:52.260> on<00:08:52.440> people's<00:08:52.740> brains<00:08:53.100> change<00:08:53.339> and

parameter on people's brains change and

parameter on people's brains change and they<00:08:53.760> stop<00:08:53.880> spending<00:08:54.300> money

they stop spending money

they stop spending money it's<00:08:55.740> totally<00:08:56.700> nonsense<00:08:57.300> to<00:08:57.959> use<00:08:58.440> that<00:08:58.620> as<00:08:58.800> an

it's totally nonsense to use that as an

it's totally nonsense to use that as an explanation<00:08:59.220> for<00:08:59.399> the<00:08:59.580> real<00:08:59.700> world<00:08:59.880> but<00:09:00.540> he's

explanation for the real world but he's

explanation for the real world but he's so<00:09:01.440> inculcated<00:09:02.339> he's<00:09:02.640> so<00:09:02.940> deeply<00:09:03.660> bread<00:09:04.019> into

so inculcated he's so deeply bread into

so inculcated he's so deeply bread into his<00:09:04.440> blood<00:09:04.680> these<00:09:05.100> models<00:09:05.459> he<00:09:06.000> cannot<00:09:06.300> think

his blood these models he cannot think

his blood these models he cannot think about<00:09:06.600> the<00:09:06.839> world<00:09:06.959> in<00:09:07.260> any<00:09:07.440> way<00:09:07.620> other<00:09:07.800> than

about the world in any way other than

about the world in any way other than through<00:09:08.220> these<00:09:08.399> models<00:09:08.640> and<00:09:08.820> it's<00:09:08.940> important

through these models and it's important

through these models and it's important to<00:09:09.420> understand<00:09:09.800> that<00:09:10.800> this<00:09:11.040> is<00:09:11.220> the<00:09:11.459> training

to understand that this is the training

to understand that this is the training that<00:09:12.120> all<00:09:12.420> economists<00:09:13.019> get<00:09:13.279> and<00:09:14.279> with<00:09:14.880> regards

that all economists get and with regards

that all economists get and with regards to Traders<00:09:15.779> you<00:09:15.959> can<00:09:16.080> be<00:09:16.200> a<00:09:16.380> Trader<00:09:16.680> with<00:09:16.800> an

to Traders you can be a Trader with an

to Traders you can be a Trader with an undergrad<00:09:17.339> but<00:09:17.760> if<00:09:17.880> you<00:09:18.000> want<00:09:18.120> to<00:09:18.240> be<00:09:18.360> really

undergrad but if you want to be really

undergrad but if you want to be really influential<00:09:19.200> influential<00:09:19.920> in<00:09:20.040> policy

influential influential in policy

influential influential in policy or<00:09:22.080> in<00:09:22.320> government<00:09:22.500> then<00:09:23.399> you<00:09:23.580> need<00:09:23.700> to<00:09:23.760> get

or in government then you need to get

or in government then you need to get PhD<00:09:24.300> basically<00:09:24.660> so<00:09:24.899> these<00:09:25.140> guys<00:09:25.260> are<00:09:25.500> in

PhD basically so these guys are in

PhD basically so these guys are in three-year<00:09:26.760> undergrad<00:09:27.480> one<00:09:28.140> or<00:09:28.320> two<00:09:28.440> year

three-year undergrad one or two year

three-year undergrad one or two year Masters<00:09:29.040> another<00:09:29.339> four<00:09:29.640> or<00:09:29.760> five<00:09:29.820> years<00:09:30.000> PhD

Masters another four or five years PhD

Masters another four or five years PhD so<00:09:30.660> they've<00:09:30.959> been<00:09:31.080> really<00:09:31.380> really<00:09:31.760> they've

so they've been really really they've

so they've been really really they've really<00:09:32.940> worked<00:09:33.240> these<00:09:33.480> models<00:09:33.720> for<00:09:33.839> a<00:09:33.959> long

really worked these models for a long

really worked these models for a long time<00:09:34.140> right<00:09:34.380> it's<00:09:34.620> really<00:09:34.920> a<00:09:35.160> massive<00:09:35.399> part<00:09:35.580> of

time right it's really a massive part of

time right it's really a massive part of who<00:09:35.820> they<00:09:36.000> are<00:09:36.120> so<00:09:37.019> they

who they are so they

who they are so they simply<00:09:38.459> do<00:09:39.000> not<00:09:39.240> ever<00:09:39.540> think<00:09:39.779> of<00:09:39.959> the<00:09:40.140> world<00:09:40.320> in

simply do not ever think of the world in

simply do not ever think of the world in terms<00:09:41.279> of<00:09:41.399> inequality

terms of inequality

terms of inequality and<00:09:43.080> that<00:09:43.260> explains<00:09:43.680> why<00:09:44.040> amazing<00:09:44.580> things

and that explains why amazing things

and that explains why amazing things happen

happen

happen like

like

like the<00:09:47.519> government<00:09:47.640> gives<00:09:47.940> 700<00:09:48.300> billion<00:09:48.600> pounds

the government gives 700 billion pounds

the government gives 700 billion pounds out<00:09:48.959> and<00:09:49.320> no<00:09:49.500> one<00:09:49.620> asks<00:09:49.920> who<00:09:50.100> gets<00:09:50.399> it

out and no one asks who gets it

out and no one asks who gets it because<00:09:51.420> if<00:09:51.660> you<00:09:51.839> don't<00:09:51.959> care<00:09:52.140> about

because if you don't care about

because if you don't care about inequality<00:09:52.740> you<00:09:52.920> don't<00:09:53.100> care<00:09:53.220> who<00:09:53.399> gets<00:09:53.640> it

inequality you don't care who gets it

inequality you don't care who gets it you<00:09:54.779> know<00:09:54.839> somebody<00:09:55.019> got<00:09:55.380> it<00:09:55.500> but<00:09:55.680> you<00:09:55.740> don't

you know somebody got it but you don't

you know somebody got it but you don't get<00:09:55.980> who<00:09:56.160> because<00:09:56.339> you<00:09:56.580> just<00:09:56.700> think<00:09:56.820> you're

get who because you just think you're

get who because you just think you're thinking<00:09:57.420> about<00:09:57.480> the<00:09:57.720> total<00:09:58.019> right<00:09:58.260> you're

thinking about the total right you're

thinking about the total right you're not<00:09:59.160> worried<00:09:59.399> about<00:09:59.519> distribution<00:10:00.000> you're

not worried about distribution you're

not worried about distribution you're not<00:10:00.360> worried<00:10:00.540> about<00:10:00.660> inequality<00:10:01.200> and

not worried about inequality and

not worried about inequality and this<00:10:02.820> leads<00:10:03.300> to

this leads to

this leads to this<00:10:05.940> leads<00:10:06.300> to<00:10:06.360> exactly

this leads to exactly

this leads to exactly the<00:10:08.459> kind<00:10:08.580> of<00:10:08.700> thing<00:10:08.880> that<00:10:09.300> I<00:10:09.660> mentioned<00:10:10.080> in

the kind of thing that I mentioned in

the kind of thing that I mentioned in the<00:10:10.560> video<00:10:10.680> about<00:10:10.860> Jeremy<00:10:11.279> Hunter<00:10:11.399> and<00:10:11.580> black

the video about Jeremy Hunter and black

the video about Jeremy Hunter and black swans

swans

swans because<00:10:13.620> if<00:10:14.220> there<00:10:14.519> was<00:10:14.899> a<00:10:15.899> structural

because if there was a structural

because if there was a structural worsening<00:10:16.980> problem<00:10:17.220> of<00:10:17.940> inequality<00:10:18.540> in<00:10:19.019> the

worsening problem of inequality in the

worsening problem of inequality in the economy<00:10:19.920> and<00:10:20.459> you<00:10:20.700> had<00:10:20.880> been<00:10:21.000> trained<00:10:21.360> for<00:10:21.660> 10

economy and you had been trained for 10

economy and you had been trained for 10 years<00:10:22.200> to<00:10:22.740> never<00:10:22.980> look<00:10:23.160> at<00:10:23.279> inequality

years to never look at inequality

years to never look at inequality what<00:10:24.899> you<00:10:25.019> would<00:10:25.200> see<00:10:25.440> is

what you would see is

what you would see is everything's<00:10:27.540> fine<00:10:27.779> but<00:10:28.440> we<00:10:28.560> keep<00:10:28.740> getting

everything's fine but we keep getting

everything's fine but we keep getting better<00:10:29.100> at<00:10:29.399> bad<00:10:29.820> outcomes

better at bad outcomes

better at bad outcomes it's<00:10:31.680> exactly<00:10:32.040> like<00:10:32.220> if<00:10:32.459> you<00:10:32.580> had<00:10:32.700> cancer<00:10:33.000> but

it's exactly like if you had cancer but

it's exactly like if you had cancer but you<00:10:33.839> went<00:10:34.260> to<00:10:34.380> a<00:10:34.500> doctor<00:10:34.620> who<00:10:34.860> didn't<00:10:35.040> believe

you went to a doctor who didn't believe

you went to a doctor who didn't believe in<00:10:35.339> the<00:10:35.459> existence<00:10:35.760> of<00:10:35.880> cancer

in the existence of cancer

in the existence of cancer he'd<00:10:37.080> be<00:10:37.200> like<00:10:37.380> there's<00:10:37.560> nothing<00:10:37.740> wrong<00:10:37.980> with

he'd be like there's nothing wrong with

he'd be like there's nothing wrong with you<00:10:38.279> but<00:10:39.240> bad<00:10:39.839> things<00:10:39.959> keep<00:10:40.200> happening<00:10:40.560> to<00:10:40.680> you

you but bad things keep happening to you

you but bad things keep happening to you you're<00:10:41.279> just<00:10:41.519> unlucky<00:10:41.880> just<00:10:42.839> keep<00:10:43.080> waiting

you're just unlucky just keep waiting

you're just unlucky just keep waiting keep<00:10:43.800> eating<00:10:44.100> healthy<00:10:44.399> keep<00:10:44.700> exercising

keep eating healthy keep exercising

keep eating healthy keep exercising and<00:10:46.260> you're<00:10:46.440> going<00:10:46.560> to<00:10:46.680> be<00:10:46.800> fine

and you're going to be fine

and you're going to be fine this<00:10:48.300> is<00:10:48.420> the<00:10:48.540> world<00:10:48.660> that<00:10:48.899> we're<00:10:49.019> in<00:10:49.200> it<00:10:49.440> comes

this is the world that we're in it comes

this is the world that we're in it comes from

from

from the<00:10:51.899> state<00:10:52.140> of<00:10:52.920> economics<00:10:53.880> which<00:10:54.720> is

the state of economics which is

the state of economics which is economics<00:10:57.120> is<00:10:57.360> taught<00:10:57.720> to<00:10:58.380> people<00:10:58.560> with<00:10:59.459> no

economics is taught to people with no

economics is taught to people with no mention<00:11:00.720> of<00:11:01.019> inequality<00:11:01.500> and<00:11:01.620> no

mention of inequality and no

mention of inequality and no understanding<00:11:02.339> inequality<00:11:02.820> and<00:11:03.120> then<00:11:03.360> you

understanding inequality and then you

understanding inequality and then you add<00:11:04.380> this<00:11:04.560> extra<00:11:04.740> layer<00:11:05.160> on<00:11:05.279> top<00:11:05.399> of<00:11:05.519> it<00:11:05.640> which

add this extra layer on top of it which

add this extra layer on top of it which is<00:11:06.000> if<00:11:06.600> you<00:11:06.899> are<00:11:07.079> able

is if you are able

is if you are able to<00:11:08.040> come<00:11:08.519> to<00:11:08.700> the<00:11:08.820> understanding<00:11:09.480> that

to come to the understanding that

to come to the understanding that inequality<00:11:10.800> is<00:11:10.980> deeply<00:11:11.279> important<00:11:11.640> in<00:11:11.760> our

inequality is deeply important in our

inequality is deeply important in our economy<00:11:12.300> and<00:11:12.899> it's<00:11:13.019> destroying<00:11:13.440> our<00:11:13.560> economy

economy and it's destroying our economy

economy and it's destroying our economy you<00:11:14.700> can<00:11:14.880> go<00:11:15.000> and<00:11:15.120> work<00:11:15.240> in<00:11:15.420> a<00:11:15.540> skyscraper<00:11:15.959> over

you can go and work in a skyscraper over

you can go and work in a skyscraper over there<00:11:16.260> and<00:11:16.320> make<00:11:16.440> two<00:11:16.560> million<00:11:16.800> pounds<00:11:17.040> a<00:11:17.160> year

so<00:11:19.800> once<00:11:20.220> you<00:11:20.279> understand<00:11:20.519> that<00:11:20.940> this<00:11:21.120> is<00:11:21.240> the

so once you understand that this is the

so once you understand that this is the system<00:11:21.540> that<00:11:21.779> we've<00:11:21.899> made<00:11:22.140> we've<00:11:22.560> developed<00:11:22.800> a

system that we've made we've developed a

system that we've made we've developed a system<00:11:23.100> which<00:11:23.459> intensely<00:11:23.880> trains<00:11:24.300> economists

system which intensely trains economists

system which intensely trains economists to<00:11:24.720> ignore<00:11:24.959> inequality

to ignore inequality

to ignore inequality and<00:11:26.700> then<00:11:26.959> massively<00:11:27.959> rewards<00:11:28.380> anyone<00:11:28.620> who

and then massively rewards anyone who

and then massively rewards anyone who understands<00:11:29.279> the<00:11:29.399> importance<00:11:29.640> of<00:11:29.760> inequality

understands the importance of inequality

understands the importance of inequality under<00:11:31.079> the<00:11:31.320> condition<00:11:31.440> that<00:11:31.680> they<00:11:31.860> leave<00:11:32.040> the

under the condition that they leave the

under the condition that they leave the public<00:11:32.399> sphere<00:11:32.700> and<00:11:33.120> don't<00:11:33.300> speak<00:11:33.480> publicly

public sphere and don't speak publicly

public sphere and don't speak publicly it<00:11:35.040> becomes<00:11:35.459> basically<00:11:35.940> obvious<00:11:36.300> that<00:11:36.540> we

it becomes basically obvious that we

it becomes basically obvious that we won't<00:11:36.779> fix<00:11:37.019> this<00:11:37.200> problem<00:11:37.440> right

won't fix this problem right

won't fix this problem right I<00:11:39.060> mean

I mean

I mean how<00:11:40.380> much<00:11:40.500> money<00:11:40.680> have<00:11:40.980> I<00:11:41.160> personally

how much money have I personally

how much money have I personally forfeited

forfeited

forfeited to<00:11:43.380> leave<00:11:43.500> that<00:11:43.680> job<00:11:43.800> and<00:11:44.040> do<00:11:44.160> this<00:11:44.220> channel<00:11:44.339> it

to leave that job and do this channel it

to leave that job and do this channel it will<00:11:45.240> be<00:11:45.360> 10<00:11:45.540> million<00:11:45.899> pounds

will be 10 million pounds

will be 10 million pounds how<00:11:47.459> many<00:11:47.640> people<00:11:48.000> are<00:11:48.959> going<00:11:49.079> to<00:11:49.200> be<00:11:49.320> willing

how many people are going to be willing

how many people are going to be willing to<00:11:49.680> do<00:11:49.860> that<00:11:49.980> not<00:11:50.279> many<00:11:50.459> people<00:11:50.760> right

to do that not many people right

to do that not many people right so

so

so it<00:11:54.420> is<00:11:54.660> basically<00:11:55.079> inevitable<00:11:55.920> that<00:11:56.820> all<00:11:57.120> of

it is basically inevitable that all of

it is basically inevitable that all of the<00:11:57.300> economics<00:11:57.660> information<00:11:57.839> that<00:11:58.200> goes<00:11:58.500> to

the economics information that goes to

the economics information that goes to the<00:11:58.680> government<00:11:58.800> that<00:11:59.339> comes<00:11:59.579> out<00:11:59.640> on<00:11:59.820> the

the government that comes out on the

the government that comes out on the news<00:12:00.060> that<00:12:00.660> goes<00:12:00.899> to<00:12:00.959> all<00:12:01.079> the<00:12:01.260> new<00:12:01.380> people<00:12:01.560> is

news that goes to all the new people is

news that goes to all the new people is substandard<00:12:02.579> almost<00:12:03.000> all<00:12:03.240> of<00:12:03.420> it<00:12:03.839> because<00:12:04.320> if

substandard almost all of it because if

substandard almost all of it because if it<00:12:04.680> wasn't<00:12:04.800> substandard<00:12:05.399> why<00:12:05.579> are<00:12:05.700> they

it wasn't substandard why are they

it wasn't substandard why are they telling<00:12:06.060> you<00:12:06.180> why<00:12:07.079> are<00:12:07.200> they<00:12:07.380> telling<00:12:07.680> you<00:12:07.740> why

telling you why are they telling you why

telling you why are they telling you why are<00:12:08.399> they<00:12:08.519> giving<00:12:08.640> up<00:12:08.820> millions<00:12:09.240> of<00:12:09.360> pounds<00:12:09.600> to

are they giving up millions of pounds to

are they giving up millions of pounds to tell<00:12:09.899> you

tell you

tell you you<00:12:11.100> know<00:12:11.279> what<00:12:11.339> I'm<00:12:11.399> saying

you know what I'm saying

you know what I'm saying so<00:12:12.959> then

so then

so then I<00:12:14.339> think<00:12:14.399> the<00:12:14.700> end<00:12:14.820> result<00:12:15.060> is<00:12:15.480> that

I think the end result is that

I think the end result is that in<00:12:17.760> government<00:12:17.940> you<00:12:18.240> get<00:12:18.360> a<00:12:18.480> set<00:12:18.600> of<00:12:18.779> people

in government you get a set of people

in government you get a set of people who<00:12:19.320> what<00:12:19.800> is<00:12:19.980> really<00:12:20.220> happening

who what is really happening

who what is really happening is<00:12:21.899> a<00:12:22.140> a<00:12:22.500> combination<00:12:22.920> of<00:12:23.160> stupidity<00:12:23.700> and

is a a combination of stupidity and

is a a combination of stupidity and greed

greed

greed which<00:12:25.260> is<00:12:25.380> these<00:12:25.800> economists<00:12:26.279> are<00:12:26.640> not<00:12:27.000> well

which is these economists are not well

which is these economists are not well trained<00:12:28.019> to<00:12:28.440> understand<00:12:28.620> the<00:12:28.980> problem<00:12:29.160> but

trained to understand the problem but

trained to understand the problem but they're<00:12:30.180> [ __ ]<00:12:30.540> well<00:12:30.660> paid<00:12:30.899> to<00:12:31.140> do<00:12:31.260> whatever

they're [ __ ] well paid to do whatever

they're [ __ ] well paid to do whatever the<00:12:31.680> [ __ ]<00:12:31.800> they're<00:12:31.980> doing

Jeremy<00:12:35.820> Hunt<00:12:35.940> Boris<00:12:36.899> Johnson<00:12:37.019> these<00:12:37.560> guys

Jeremy Hunt Boris Johnson these guys

Jeremy Hunt Boris Johnson these guys will<00:12:37.800> make<00:12:37.920> a<00:12:38.100> fortune<00:12:38.399> you<00:12:38.579> know<00:12:38.700> these<00:12:39.060> guys

will make a fortune you know these guys

will make a fortune you know these guys make<00:12:39.360> a<00:12:39.540> ton<00:12:39.600> of<00:12:39.779> money<00:12:39.899> it<00:12:40.440> doesn't<00:12:40.620> matter<00:12:40.860> if

make a ton of money it doesn't matter if

make a ton of money it doesn't matter if they<00:12:41.100> fix<00:12:41.220> the<00:12:41.399> problem<00:12:41.579> and<00:12:42.360> the<00:12:42.480> economists

they fix the problem and the economists

they fix the problem and the economists who<00:12:43.139> advise<00:12:43.500> them<00:12:43.680> okay<00:12:43.920> they're<00:12:44.160> not<00:12:44.279> going

who advise them okay they're not going

who advise them okay they're not going to<00:12:44.519> be<00:12:44.540> multi-multi-millionaires<00:12:45.540> they're

to be multi-multi-millionaires they're

to be multi-multi-millionaires they're going<00:12:45.779> to<00:12:45.839> make<00:12:45.959> hundreds<00:12:46.260> of<00:12:46.320> thousands<00:12:46.560> of

going to make hundreds of thousands of

going to make hundreds of thousands of pounds<00:12:46.920> a<00:12:46.980> year<00:12:47.100> they're<00:12:47.579> going<00:12:47.760> to<00:12:47.880> be

pounds a year they're going to be

pounds a year they're going to be comfortable<00:12:48.240> it<00:12:48.779> doesn't<00:12:49.019> matter<00:12:49.200> if<00:12:49.320> their

comfortable it doesn't matter if their

comfortable it doesn't matter if their advice<00:12:49.680> is<00:12:49.860> wrong<00:12:50.579> and<00:12:50.940> anyone<00:12:51.180> who<00:12:51.360> does

advice is wrong and anyone who does

advice is wrong and anyone who does understand<00:12:51.600> can<00:12:51.959> get<00:12:52.079> paid<00:12:52.200> a<00:12:52.380> ton<00:12:52.500> of<00:12:52.620> money

understand can get paid a ton of money

understand can get paid a ton of money over<00:12:52.860> there<00:12:53.040> so<00:12:53.160> I<00:12:53.279> think

over there so I think

over there so I think really<00:12:54.959> what<00:12:55.200> is<00:12:55.380> really<00:12:55.620> happening<00:12:55.980> is<00:12:56.160> the

really what is really happening is the

really what is really happening is the system<00:12:56.579> is<00:12:56.820> is<00:12:57.120> quite<00:12:57.420> rotten<00:12:57.899> at<00:12:58.019> the<00:12:58.139> core<00:12:58.320> in

system is is quite rotten at the core in

system is is quite rotten at the core in in<00:12:59.160> a<00:12:59.459> way<00:12:59.579> that<00:12:59.760> is<00:12:59.880> itself<00:13:00.240> a<00:13:00.420> manifestation

in a way that is itself a manifestation

in a way that is itself a manifestation of<00:13:01.079> inequality<00:13:01.560> which<00:13:01.980> is<00:13:02.100> that

of inequality which is that

of inequality which is that why<00:13:04.079> would<00:13:04.200> the<00:13:04.380> general<00:13:04.500> public<00:13:04.800> get<00:13:05.100> good

why would the general public get good

why would the general public get good economists

economists

economists when<00:13:07.380> the<00:13:07.560> rich<00:13:07.740> are<00:13:07.980> going<00:13:08.220> to<00:13:08.279> pay<00:13:08.639> good

when the rich are going to pay good

when the rich are going to pay good economies<00:13:09.120> two<00:13:09.300> million<00:13:09.480> pounds<00:13:09.720> a<00:13:09.779> year<00:13:09.839> to

economies two million pounds a year to

economies two million pounds a year to work<00:13:10.139> for<00:13:10.260> them

work for them

work for them you<00:13:11.160> see<00:13:11.339> what<00:13:11.459> I'm<00:13:11.519> saying<00:13:11.820> it's<00:13:12.540> it's<00:13:12.779> not

you see what I'm saying it's it's not

you see what I'm saying it's it's not inequality<00:13:14.399> doesn't<00:13:14.639> just<00:13:14.820> mean<00:13:15.000> you<00:13:15.120> don't

inequality doesn't just mean you don't

inequality doesn't just mean you don't get<00:13:15.420> a<00:13:15.600> house<00:13:15.779> it<00:13:16.500> also<00:13:16.740> means<00:13:16.980> the<00:13:17.279> government

get a house it also means the government

get a house it also means the government cannot<00:13:18.600> afford<00:13:19.399> good<00:13:20.399> the<00:13:21.180> best<00:13:21.420> people<00:13:21.660> in

cannot afford good the best people in

cannot afford good the best people in many<00:13:22.380> cases<00:13:22.680> when<00:13:23.160> you<00:13:23.339> add<00:13:23.519> on<00:13:23.700> to<00:13:23.940> that<00:13:24.120> a

many cases when you add on to that a

many cases when you add on to that a terrible<00:13:25.380> education<00:13:25.800> system<00:13:26.040> with<00:13:26.279> economics

terrible education system with economics

terrible education system with economics and<00:13:27.540> a<00:13:27.720> massive<00:13:27.959> outside<00:13:28.139> incentive<00:13:28.800> for

and a massive outside incentive for

and a massive outside incentive for anyone<00:13:29.220> good<00:13:29.459> to<00:13:29.700> leave

anyone good to leave

anyone good to leave it<00:13:31.920> becomes<00:13:32.220> inevitable<00:13:32.579> but<00:13:32.940> I<00:13:33.060> think<00:13:33.180> the

it becomes inevitable but I think the

it becomes inevitable but I think the key<00:13:34.139> thing<00:13:34.260> that<00:13:34.500> is<00:13:34.620> missing

key thing that is missing

key thing that is missing is<00:13:36.360> that

even<00:13:39.959> not<00:13:40.260> paying<00:13:40.560> that<00:13:40.740> much

even not paying that much

even not paying that much the<00:13:42.180> government<00:13:42.300> could<00:13:42.600> attract<00:13:42.899> people<00:13:43.139> like

the government could attract people like

the government could attract people like me<00:13:43.680> if<00:13:44.519> it<00:13:44.820> was<00:13:45.000> able<00:13:45.420> to<00:13:45.540> identify<00:13:46.260> good

me if it was able to identify good

me if it was able to identify good economists

economists

economists but

but

but I<00:13:50.760> think<00:13:50.880> it's<00:13:51.180> relevant<00:13:52.079> that<00:13:52.740> someone<00:13:52.980> like

I think it's relevant that someone like

I think it's relevant that someone like me<00:13:53.339> can<00:13:53.579> walk<00:13:53.760> into<00:13:54.000> Citibank<00:13:54.779> and<00:13:55.019> be<00:13:55.200> famous

me can walk into Citibank and be famous

me can walk into Citibank and be famous within<00:13:55.920> two<00:13:56.100> years

within two years

within two years whereas<00:13:57.660> I<00:13:57.959> can<00:13:58.079> try<00:13:58.200> and<00:13:58.320> give<00:13:58.440> the

whereas I can try and give the

whereas I can try and give the information<00:13:58.740> away<00:13:59.100> for<00:13:59.399> free<00:13:59.579> on<00:13:59.820> the

information away for free on the

information away for free on the internet<00:14:00.060> and<00:14:00.660> okay<00:14:00.839> we're<00:14:01.139> growing<00:14:01.500> now

internet and okay we're growing now

internet and okay we're growing now we're<00:14:01.800> growing<00:14:02.100> now<00:14:02.220> but<00:14:02.339> I'm<00:14:02.459> nowhere<00:14:02.760> near

we're growing now but I'm nowhere near

we're growing now but I'm nowhere near as<00:14:03.000> famous<00:14:03.120> as<00:14:03.360> I<00:14:03.540> was<00:14:03.660> at<00:14:03.779> Citibank<00:14:04.860> and<00:14:05.279> that

as famous as I was at Citibank and that

as famous as I was at Citibank and that is<00:14:05.519> because<00:14:05.700> the<00:14:06.180> public<00:14:06.300> sphere<00:14:07.040> media

is because the public sphere media

is because the public sphere media government<00:14:08.839> is<00:14:09.839> very<00:14:10.079> very<00:14:10.200> bad<00:14:10.500> at

government is very very bad at

government is very very bad at identifying<00:14:11.399> good<00:14:11.579> people

identifying good people

identifying good people you<00:14:12.899> know<00:14:13.019> we've<00:14:13.380> got<00:14:13.500> a<00:14:13.620> video<00:14:13.740> about<00:14:13.920> June

you know we've got a video about June

you know we've got a video about June 2020<00:14:14.700> saying<00:14:15.300> there's<00:14:15.420> going<00:14:15.600> to<00:14:15.600> be<00:14:15.660> a<00:14:15.720> mass

2020 saying there's going to be a mass

2020 saying there's going to be a mass increase<00:14:16.019> in<00:14:16.260> inequality<00:14:16.740> house<00:14:17.220> prices

increase in inequality house prices

increase in inequality house prices stock<00:14:18.180> prices<00:14:18.420> inflation<00:14:19.320> collapse<00:14:20.040> and

stock prices inflation collapse and

stock prices inflation collapse and quality<00:14:20.399> of<00:14:20.519> living<00:14:20.639> you<00:14:20.820> know<00:14:20.940> what<00:14:21.000> I<00:14:21.060> mean

quality of living you know what I mean

quality of living you know what I mean that<00:14:24.000> we<00:14:24.600> should<00:14:24.720> be<00:14:24.839> famous<00:14:25.019> on<00:14:25.320> that<00:14:25.440> right

that we should be famous on that right

that we should be famous on that right because<00:14:26.279> that's<00:14:26.820> an<00:14:27.060> amazingly<00:14:27.480> good

because that's an amazingly good

because that's an amazingly good prediction<00:14:27.959> from<00:14:28.260> the<00:14:28.440> Stars<00:14:28.920> massively<00:14:29.639> good

prediction from the Stars massively good

prediction from the Stars massively good evidence<00:14:30.300> from<00:14:30.959> somebody<00:14:31.200> with<00:14:31.560> a<00:14:31.800> massive

evidence from somebody with a massive

evidence from somebody with a massive track<00:14:32.160> record<00:14:32.399> of<00:14:32.639> good<00:14:32.760> predictions<00:14:33.240> it's

track record of good predictions it's

track record of good predictions it's massively<00:14:34.380> good<00:14:34.560> evidence<00:14:34.800> that<00:14:35.040> I

massively good evidence that I

massively good evidence that I understand<00:14:35.339> this<00:14:35.639> crisis<00:14:36.060> better

understand this crisis better

understand this crisis better than<00:14:38.220> the<00:14:38.459> guys<00:14:38.579> in<00:14:38.760> government

than the guys in government

than the guys in government but<00:14:40.019> the<00:14:40.199> problem<00:14:40.380> is<00:14:40.680> government<00:14:41.220> is<00:14:41.699> not

but the problem is government is not

but the problem is government is not designed

designed

designed to<00:14:43.860> go<00:14:44.040> and<00:14:44.160> get<00:14:44.279> good<00:14:44.459> people<00:14:44.639> and<00:14:44.940> make<00:14:45.300> them

to go and get good people and make them

to go and get good people and make them on<00:14:45.600> the<00:14:45.720> country<00:14:45.839> nor<00:14:46.680> is<00:14:46.920> the<00:14:47.100> media

on the country nor is the media

on the country nor is the media you<00:14:48.600> know<00:14:48.720> the<00:14:48.839> problem<00:14:49.199> is<00:14:49.579> these

you know the problem is these

you know the problem is these institutions<00:14:50.940> that<00:14:51.180> are<00:14:51.360> supposed<00:14:51.480> to<00:14:51.660> run

institutions that are supposed to run

institutions that are supposed to run the<00:14:52.019> country

the country

the country the<00:14:53.339> people<00:14:53.459> who<00:14:53.639> are<00:14:53.760> in<00:14:54.000> them

the people who are in them

the people who are in them are<00:14:55.500> not<00:14:55.620> incentivized<00:14:56.220> to<00:14:56.339> do<00:14:56.639> good

are not incentivized to do good

are not incentivized to do good economics<00:14:57.360> the<00:14:57.959> people<00:14:58.079> in<00:14:58.260> government<00:14:58.440> are

economics the people in government are

economics the people in government are trying<00:14:58.800> to<00:14:58.920> win<00:14:59.040> elections

trying to win elections

trying to win elections in<00:15:00.480> many<00:15:00.600> cases<00:15:00.899> they're<00:15:01.260> almost<00:15:01.500> trying<00:15:01.740> to

in many cases they're almost trying to

in many cases they're almost trying to rob<00:15:02.040> you<00:15:02.279> because<00:15:02.519> they<00:15:02.820> literally<00:15:03.240> are<00:15:03.480> the

rob you because they literally are the

rob you because they literally are the super<00:15:03.959> rich

super rich

super rich the<00:15:05.339> people<00:15:05.459> in<00:15:05.639> the<00:15:05.760> media<00:15:05.940> are<00:15:06.060> just<00:15:06.180> trying

the people in the media are just trying

the people in the media are just trying to<00:15:06.420> make<00:15:06.600> professional<00:15:07.079> looking<00:15:07.260> TV<00:15:07.740> shows

to make professional looking TV shows

to make professional looking TV shows they<00:15:08.279> don't<00:15:08.459> give<00:15:08.639> a<00:15:08.760> [ __ ]<00:15:08.880> with<00:15:09.060> their

they don't give a [ __ ] with their

they don't give a [ __ ] with their analysis<00:15:09.540> is<00:15:09.660> good<00:15:09.899> or<00:15:10.019> bad<00:15:10.139> right

analysis is good or bad right

analysis is good or bad right they<00:15:11.339> don't<00:15:11.519> put<00:15:11.699> me<00:15:11.820> on<00:15:12.000> there<00:15:12.180> because<00:15:12.600> they

they don't put me on there because they

they don't put me on there because they know<00:15:12.899> I<00:15:13.019> look<00:15:13.199> unprofessional<00:15:14.160> it's<00:15:14.459> as

know I look unprofessional it's as

know I look unprofessional it's as simple<00:15:14.760> as<00:15:14.940> that<00:15:15.180> yeah<00:15:15.839> they<00:15:16.079> don't<00:15:16.260> give<00:15:16.380> okay

simple as that yeah they don't give okay

simple as that yeah they don't give okay do<00:15:17.519> they<00:15:17.579> give<00:15:17.699> a<00:15:17.880> [ __ ]<00:15:17.940> that<00:15:18.120> my<00:15:18.240> analysis<00:15:18.660> is

do they give a [ __ ] that my analysis is

do they give a [ __ ] that my analysis is actually<00:15:19.019> right<00:15:19.320> who<00:15:19.620> gives<00:15:19.860> a<00:15:19.980> [ __ ]<00:15:20.220> nobody

actually right who gives a [ __ ] nobody

actually right who gives a [ __ ] nobody nobody<00:15:21.420> in<00:15:21.540> TV<00:15:21.779> cares<00:15:22.079> about<00:15:22.139> right<00:15:22.440> analysis

nobody in TV cares about right analysis

nobody in TV cares about right analysis all<00:15:23.339> they<00:15:23.519> want<00:15:23.639> is<00:15:23.760> it<00:15:23.940> to<00:15:24.000> look<00:15:24.120> good<00:15:24.360> right

all they want is it to look good right

all they want is it to look good right so<00:15:25.860> the<00:15:25.980> problem<00:15:26.339> is<00:15:26.699> you<00:15:27.240> know

so the problem is you know

so the problem is you know all<00:15:28.260> of<00:15:28.500> these<00:15:28.620> institutions

all of these institutions

all of these institutions they're<00:15:30.779> not<00:15:30.899> incentivized<00:15:31.500> to<00:15:31.680> find<00:15:31.860> good

they're not incentivized to find good

they're not incentivized to find good people<00:15:32.279> and<00:15:32.639> to<00:15:32.940> do<00:15:33.120> good<00:15:33.300> things<00:15:33.540> in<00:15:34.260> most

people and to do good things in most

people and to do good things in most cases<00:15:34.680> they're<00:15:34.920> just<00:15:35.100> big<00:15:35.540> bureaucracies

cases they're just big bureaucracies

cases they're just big bureaucracies with<00:15:36.779> their<00:15:36.959> own<00:15:37.079> incentivizations<00:15:37.800> and

with their own incentivizations and

with their own incentivizations and everyone<00:15:38.160> is<00:15:38.399> trying<00:15:38.579> to<00:15:38.760> build<00:15:39.600> their<00:15:39.839> own

everyone is trying to build their own

everyone is trying to build their own careers<00:15:40.260> you<00:15:40.680> know

careers you know

careers you know so

so

so it<00:15:44.279> goes<00:15:44.579> a<00:15:44.699> lot<00:15:44.820> deeper<00:15:45.240> than<00:15:45.480> simply<00:15:45.779> rich

it goes a lot deeper than simply rich

it goes a lot deeper than simply rich people<00:15:46.139> in<00:15:46.320> government<00:15:46.500> who<00:15:46.680> don't<00:15:46.800> give<00:15:46.920> a

people in government who don't give a

people in government who don't give a [ __ ]<00:15:47.639> there<00:15:48.360> is<00:15:48.480> a<00:15:48.660> problem<00:15:48.839> of<00:15:49.320> our<00:15:49.620> Economic

[ __ ] there is a problem of our Economic

[ __ ] there is a problem of our Economic Institutions<00:15:50.699> our<00:15:51.480> intellectually<00:15:52.079> bankrupt

Institutions our intellectually bankrupt

Institutions our intellectually bankrupt and<00:15:53.639> I<00:15:53.760> I<00:15:54.240> that<00:15:54.720> sounds<00:15:54.839> extreme<00:15:55.260> but<00:15:55.500> listen

and I I that sounds extreme but listen

and I I that sounds extreme but listen I've<00:15:56.220> got<00:15:56.579> a<00:15:56.699> degree<00:15:56.820> from<00:15:57.060> LSC<00:15:57.480> I've<00:15:57.660> got<00:15:57.720> a

I've got a degree from LSC I've got a

I've got a degree from LSC I've got a degree<00:15:57.899> from<00:15:58.199> Oxford<00:15:58.560> I've<00:15:58.860> worked<00:15:59.220> I've<00:15:59.459> been

degree from Oxford I've worked I've been

degree from Oxford I've worked I've been in<00:15:59.760> think<00:15:59.880> tanks<00:16:00.300> I've<00:16:00.480> been<00:16:00.660> in<00:16:00.959> the<00:16:01.079> city

in think tanks I've been in the city

in think tanks I've been in the city I've<00:16:01.860> been<00:16:02.040> in<00:16:02.220> economics<00:16:02.760> for

I've been in economics for

I've been in economics for 18<00:16:04.680> years<00:16:05.040> now<00:16:05.220> in<00:16:05.639> many<00:16:05.760> different<00:16:06.000> spaces

18 years now in many different spaces

18 years now in many different spaces my<00:16:07.860> honest<00:16:08.100> opinion<00:16:08.519> is<00:16:08.880> that<00:16:09.240> economics<00:16:09.959> is

my honest opinion is that economics is

my honest opinion is that economics is intellectually<00:16:10.860> bankrupt<00:16:11.399> as<00:16:11.579> a<00:16:11.760> discipline

intellectually bankrupt as a discipline

intellectually bankrupt as a discipline that<00:16:12.779> most<00:16:12.959> of<00:16:13.139> what<00:16:13.260> they<00:16:13.440> do<00:16:13.620> is<00:16:14.160> a<00:16:14.339> complete

that most of what they do is a complete

that most of what they do is a complete waste<00:16:15.060> of<00:16:15.120> time<00:16:15.300> most<00:16:15.779> of<00:16:15.959> these<00:16:16.139> guys<00:16:16.260> it

waste of time most of these guys it

waste of time most of these guys it would<00:16:16.680> be<00:16:16.740> better<00:16:16.920> off<00:16:17.100> if<00:16:17.339> we<00:16:17.519> just<00:16:17.760> sent<00:16:18.240> them

would be better off if we just sent them

would be better off if we just sent them out<00:16:18.540> of<00:16:18.660> the<00:16:18.720> country<00:16:18.839> and<00:16:19.019> started<00:16:19.320> again

out of the country and started again

out of the country and started again because<00:16:20.399> they<00:16:20.940> are<00:16:21.180> absolutely<00:16:22.139> tied<00:16:22.680> to<00:16:23.579> a

because they are absolutely tied to a

because they are absolutely tied to a set<00:16:23.880> of<00:16:24.000> models<00:16:24.480> that<00:16:24.779> have<00:16:24.899> no<00:16:25.139> distribution

set of models that have no distribution

set of models that have no distribution in<00:16:25.860> them<00:16:26.040> keep<00:16:26.519> predicting<00:16:26.940> things<00:16:27.120> will<00:16:27.300> get

in them keep predicting things will get

in them keep predicting things will get better<00:16:27.660> things<00:16:28.380> keep<00:16:28.680> getting<00:16:28.860> worse<00:16:29.160> and

better things keep getting worse and

better things keep getting worse and they<00:16:29.579> will<00:16:29.699> never<00:16:29.880> figure<00:16:30.120> it<00:16:30.360> out<00:16:30.420> they<00:16:31.079> will

they will never figure it out they will

they will never figure it out they will never<00:16:31.380> figure<00:16:31.560> it<00:16:31.740> out<00:16:31.860> because<00:16:32.160> it<00:16:32.880> is<00:16:33.060> in

never figure it out because it is in

never figure it out because it is in their<00:16:33.600> blood<00:16:33.959> to<00:16:34.740> not<00:16:34.980> consider<00:16:35.459> the

their blood to not consider the

their blood to not consider the distribution

distribution

distribution add<00:16:37.620> to<00:16:37.800> that<00:16:37.920> they're<00:16:38.040> getting<00:16:38.160> [ __ ]<00:16:38.519> paid

add to that they're getting [ __ ] paid

add to that they're getting [ __ ] paid for<00:16:38.880> it<00:16:39.000> they're<00:16:39.420> not<00:16:39.540> the<00:16:39.660> guys<00:16:39.839> getting<00:16:40.019> hurt

for it they're not the guys getting hurt

for it they're not the guys getting hurt I<00:16:40.680> always<00:16:40.800> remember<00:16:41.040> when<00:16:41.279> I<00:16:41.399> was<00:16:41.519> at<00:16:41.639> Oxford

I always remember when I was at Oxford

I always remember when I was at Oxford in<00:16:42.839> my<00:16:42.959> mid-year<00:16:43.259> review<00:16:43.440> in<00:16:43.860> this<00:16:44.040> [ __ ]

in my mid-year review in this [ __ ]

in my mid-year review in this [ __ ] castle<00:16:44.579> and<00:16:45.360> these<00:16:45.600> guys<00:16:45.720> saying<00:16:46.019> you<00:16:46.079> know

castle and these guys saying you know

castle and these guys saying you know what<00:16:46.259> do<00:16:46.380> you<00:16:46.380> think<00:16:46.440> of<00:16:46.560> the<00:16:46.680> course<00:16:46.800> and<00:16:46.980> I'm

what do you think of the course and I'm

what do you think of the course and I'm saying<00:16:47.459> [ __ ]<00:16:47.880> and<00:16:48.180> they're<00:16:48.300> saying<00:16:48.480> well<00:16:48.660> what

saying [ __ ] and they're saying well what

saying [ __ ] and they're saying well what do<00:16:49.320> you<00:16:49.320> mean<00:16:49.500> I<00:16:49.620> said<00:16:49.740> you're<00:16:49.860> not<00:16:49.980> talking

do you mean I said you're not talking

do you mean I said you're not talking about<00:16:50.279> anything<00:16:50.459> that's<00:16:50.699> [ __ ]<00:16:50.940> happening

about anything that's [ __ ] happening

about anything that's [ __ ] happening I'm<00:16:51.360> talking<00:16:51.480> about<00:16:51.600> economic<00:16:52.199> the<00:16:52.259> economy

I'm talking about economic the economy

I'm talking about economic the economy is<00:16:52.740> in<00:16:52.860> a<00:16:53.040> disaster<00:16:53.339> and<00:16:53.940> they<00:16:54.060> said<00:16:54.240> to<00:16:54.300> me

is in a disaster and they said to me

is in a disaster and they said to me what<00:16:54.600> do<00:16:54.779> you<00:16:54.839> mean<00:16:54.959> the<00:16:55.019> economy's<00:16:55.380> getting

what do you mean the economy's getting

what do you mean the economy's getting better

better

better but<00:16:57.300> for<00:16:57.779> these<00:16:57.959> guys<00:16:58.079> it<00:16:58.259> [ __ ]<00:16:58.560> is<00:16:58.680> and<00:16:58.860> for

but for these guys it [ __ ] is and for

but for these guys it [ __ ] is and for these<00:16:59.279> guys<00:16:59.459> the<00:17:00.060> economy<00:17:00.360> has<00:17:00.600> been<00:17:00.779> getting

these guys the economy has been getting

these guys the economy has been getting better<00:17:01.079> for<00:17:01.320> 20<00:17:01.500> years<00:17:01.740> and<00:17:02.279> they<00:17:02.399> will<00:17:02.579> be

better for 20 years and they will be

better for 20 years and they will be saying<00:17:02.940> the<00:17:03.000> same<00:17:03.120> thing<00:17:03.240> in<00:17:03.420> 20<00:17:03.540> years<00:17:03.779> when

saying the same thing in 20 years when

saying the same thing in 20 years when the<00:17:04.199> country's<00:17:04.620> flooded<00:17:05.040> in<00:17:05.160> poverty<00:17:05.579> because

the country's flooded in poverty because

the country's flooded in poverty because for<00:17:06.480> them<00:17:06.660> it<00:17:06.900> will<00:17:07.079> get<00:17:07.260> better<00:17:07.679> for<00:17:08.160> them<00:17:08.339> it

for them it will get better for them it

for them it will get better for them it will<00:17:08.640> get<00:17:08.760> better<00:17:08.939> so<00:17:09.120> I<00:17:09.240> think

will get better so I think

will get better so I think it<00:17:11.819> it<00:17:11.819> has<00:17:12.720> to<00:17:12.959> be<00:17:13.140> it<00:17:13.500> has<00:17:13.679> to<00:17:13.919> come<00:17:14.100> from<00:17:14.579> the

it it has to be it has to come from the

it it has to be it has to come from the people<00:17:14.880> it<00:17:15.299> has<00:17:15.480> to<00:17:15.660> come<00:17:15.780> from<00:17:15.959> the<00:17:16.079> people<00:17:16.199> it

people it has to come from the people it

people it has to come from the people it has<00:17:16.559> to<00:17:16.679> come<00:17:16.799> from<00:17:16.980> a<00:17:17.240> burning<00:17:18.240> desire<00:17:18.839> and

has to come from a burning desire and

has to come from a burning desire and unflinching<00:17:20.459> demand<00:17:20.900> do<00:17:21.900> something<00:17:22.319> about

unflinching demand do something about

unflinching demand do something about the<00:17:22.980> wealth<00:17:23.220> distribution<00:17:23.579> or<00:17:23.819> we<00:17:24.000> will<00:17:24.120> never

the wealth distribution or we will never

the wealth distribution or we will never vote<00:17:24.480> for<00:17:24.720> you<00:17:24.839> or<00:17:25.020> we<00:17:25.199> will<00:17:25.319> never<00:17:25.500> accept<00:17:25.740> it

vote for you or we will never accept it

vote for you or we will never accept it we<00:17:26.459> will<00:17:26.640> we<00:17:26.819> will<00:17:27.120> fight<00:17:27.240> you<00:17:27.419> until<00:17:27.540> you<00:17:27.780> give

we will we will fight you until you give

we will we will fight you until you give us<00:17:28.079> that<00:17:28.319> thing<00:17:28.439> it<00:17:29.400> has<00:17:29.520> to<00:17:29.700> come<00:17:29.820> from<00:17:30.000> that

us that thing it has to come from that

us that thing it has to come from that because<00:17:30.299> the<00:17:30.600> economists<00:17:31.020> are<00:17:31.140> not<00:17:31.320> going<00:17:31.440> to

because the economists are not going to

because the economists are not going to do<00:17:31.620> it<00:17:31.740> for<00:17:31.860> us<00:17:31.919> it<00:17:32.100> has<00:17:32.220> to<00:17:32.340> come<00:17:32.460> from<00:17:32.640> the

do it for us it has to come from the

do it for us it has to come from the people<00:17:32.880> and<00:17:33.120> if<00:17:33.840> we<00:17:33.960> get<00:17:34.140> enough<00:17:34.260> popular

people and if we get enough popular

people and if we get enough popular demand<00:17:34.980> then<00:17:35.220> we<00:17:35.400> can<00:17:35.520> start<00:17:35.640> to<00:17:35.820> challenge

demand then we can start to challenge

demand then we can start to challenge the<00:17:36.240> economists<00:17:37.200> but<00:17:37.679> it<00:17:37.860> has<00:17:38.160> to<00:17:38.280> come<00:17:38.400> from

the economists but it has to come from

the economists but it has to come from the<00:17:38.700> people<00:17:38.820> because<00:17:39.000> the<00:17:39.240> economists<00:17:39.660> are

the people because the economists are

the people because the economists are [ __ ]<00:17:40.140> paid<00:17:40.380> they<00:17:41.039> are<00:17:41.160> [ __ ]<00:17:41.400> paid

[ __ ] paid they are [ __ ] paid

[ __ ] paid they are [ __ ] paid they're<00:17:41.760> [ __ ]<00:17:42.059> bought<00:17:42.240> and<00:17:42.360> sold<00:17:42.480> and<00:17:42.660> they

they're [ __ ] bought and sold and they

they're [ __ ] bought and sold and they don't<00:17:42.900> give<00:17:43.020> a<00:17:43.140> [ __ ]

don't give a [ __ ]

don't give a [ __ ] and<00:17:44.760> that<00:17:44.880> is<00:17:45.059> why

and that is why

and that is why the<00:17:46.260> government<00:17:46.440> doesn't<00:17:46.679> tax<00:17:46.860> rich<00:17:47.100> people

the government doesn't tax rich people

the government doesn't tax rich people so<00:17:47.580> we<00:17:47.760> have<00:17:47.880> to<00:17:48.000> make<00:17:48.120> them<00:17:48.240> do<00:17:48.419> it<00:17:48.539> we<00:17:48.720> have<00:17:48.900> to

so we have to make them do it we have to

so we have to make them do it we have to make<00:17:49.080> them<00:17:49.200> do<00:17:49.380> it

housing<00:17:53.760> could<00:17:54.000> be<00:17:54.120> so<00:17:54.299> much<00:17:54.419> more<00:17:54.600> affordable

housing could be so much more affordable

housing could be so much more affordable wages<00:17:55.559> could<00:17:55.860> be<00:17:55.980> so<00:17:56.160> much<00:17:56.280> higher<00:17:56.700> and<00:17:57.179> we

wages could be so much higher and we

wages could be so much higher and we could<00:17:57.419> have<00:17:57.600> so<00:17:57.840> many<00:17:57.960> more<00:17:58.140> options<00:17:58.500> in<00:17:58.980> how

could have so many more options in how

could have so many more options in how we<00:17:59.280> live<00:17:59.400> our<00:17:59.580> lives<00:17:59.760> some<00:18:00.120> of<00:18:00.299> them<00:18:00.360> put<00:18:00.539> a<00:18:00.660> lot

we live our lives some of them put a lot

we live our lives some of them put a lot of<00:18:00.840> money<00:18:00.960> into<00:18:01.200> paying<00:18:01.559> economists<00:18:02.100> and

of money into paying economists and

of money into paying economists and think<00:18:02.400> thanks<00:18:02.640> to<00:18:02.940> tell<00:18:03.120> you<00:18:03.299> that<00:18:03.780> inequality

think thanks to tell you that inequality

think thanks to tell you that inequality is<00:18:04.440> important<00:18:04.679> for<00:18:04.799> the<00:18:04.980> economy<00:18:05.340> that<00:18:06.120> is<00:18:06.240> not

is important for the economy that is not

is important for the economy that is not true

[Music]