Economics, But Not as You Know It

Economics, But Not as You Know It
Dr Ha-Joon Chang
1 May 2014
London School of Economics and Political Science (LSE)

Thomas Piketty


1:02:45 Economy predictions exist to make astrology respectable.
Yes, you can predict certain things, but that requires quite restrictive assumptions in very fixed situations.

Economy can never be a science, because:
a. All of its categories are political, and
b. Unlike objects studied by natural science, human have free-will.

Entrepreneurs–by definition–behave in an irrational way.

Education as a force of convergence

Education as a force of convergence

1:19 if you have dissemination of knowledge, and if knowledge work becomes more and more and more valuable … then maybe labor has more leverage here.

4:58 it seems that we are in an age where labor is going to become more and more valuable. But not just commodity labor but hightly, highly, highly skilled labor.

10:10 Most people, if we can get education to be good enough, can now participate in these really high value jobs, where labor has a lot more leverage, where the returns to labor are larger than the returns to capital.

11:06 Star Trek reality