The neoclassical theory of income distribution says the wage equals the marginal product of labor. And that in both cases you get what you deserve, which is a major reason why people get seduced by it. But if this substitution is one for one, then you get nonsensical predictions about these ideas. So when you look at the neoclassical consensus that's been formed starting from ideas like Nordhaus is 30 years ago,. Here's a paper that surveyed over 2000 economists who work on climate change. They answered that they thought if you're going to head towards 5 degrees warming by 2130, so another 4 degrees in the next century, and another 6 degrees in 2 centuries to 7 degrees Celsius
On this Reality Roundtable, Nate is joined by Jon Erickson, Josh Farley, Steve Keen, and Kate Raworth - all of whom are leading thinkers and educators in the field of heterodox economics. In this lively discussion, each guest begins by sharing one fundamental aspect of what conventional economics gets wrong and how it could be improved in our education system. What basic assumptions about humans have led to a misunderstanding of the average person’s decision-making? What areas has economics turned a blindspot to as the foundation of our economic systems? Who is finding the models and systems that economists have created useful - and how does economics as a discipline need to change in the face of a lower energy future? In short, what we teach our 18-22 year olds around the world matters - a great deal.
About Jon Erickson
Jon Erickson is the David Blittersdorf Professor of Sustainability Science & Policy at the University of Vermont. He has published widely on energy and climate change policy, land conservation, watershed planning, environmental public health, and the theory and practice of ecological economics. He advised presidential candidate Bernie Sanders on economics and energy issues.
About Josh Farley
Joshua Farley is an ecological economist and Professor in Community Development & Applied Economics and Public Administration at the University of Vermont. He is the President of the International Society for Ecological Economics.
About Steve Keen
Steve Keen is an economist, author of Debunking Economics and The New Economics: A Manifesto. He is a Research Fellow at the Institute for Strategy, Resilience, and Security at University College in London.
About Kate Raworth
Kate Raworth describes herself as a renegade economist focused on making economics fit for 21st century realities. She is the creator of the Doughnut of social and planetary boundaries, and co-founder of Doughnut Economics Action Lab, based on her best-selling book Doughnut Economics: 7 Ways to Think Like a 21st Century Economist. Kate is a Senior Associate at Oxford University’s Environmental Change Institute, where she teaches on the Masters in Environmental Change and Management. She is also Professor of Practice at Amsterdam University of Applied Sciences. She is a member of the Club of Rome and currently serves on the World Health Organisation Council on the Economics of Health for All.
For Show Notes and More visit: https://www.thegreatsimplification.com/episode/rr03-erickson-farley-raworth-keen
To watch this video episode on YouTube: https://youtu.be/EC11UQD9q3w
