Ashley Hodgson, an economics professor at St. Olaf College and YouTuber, shares her fresh insights on economic mythology and its influence on society. She critiques conventional measures like GDP and explores the need for a paradigm shift toward real societal values. Discussion includes the impact of tech giants on privacy, the interplay of selfish and altruistic behaviors in economics, and the intricate dynamics of community morality. Hodgson advocates for new institutions to reflect our interconnected challenges while navigating the complexities of utopian ideals and conflict resolution.
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Economic Mythology
Economic mythology isn't always false; it's a set of concepts and stories we use to understand our system.
Our current system needs a shift in how we think about economics, governance, and knowledge.
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The Bernays Era
The Bernays era marked a phase change in market capitalism, where consumers became programmable.
We are manipulated, not just in our values, but in our very identities, through constant subtle programming.
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GDP Growth Myths
GDP growth can be misleading as destructive activities, like increased diabetes rates, can boost GDP.
GDP tries to capture collective value, but the weighting is skewed towards decision-makers in large institutions, not rich individuals.
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Jim talks with Ashley Hodgson about her YouTube series "The New Enlightenment" and its heterodox perspectives on economics and social systems. They discuss Iain McGilchrist's influence & his book "The Matter with Things," economic mythology & its role in upholding the current system, the Bernays era of programmed consumerism, GDP growth myths, destructive growth value, problems with GDP, resource extraction vs other forms of growth, Galbraith's economics, corporate accountability structures, distortions in the information environment, changes in management compensation, the consumer sovereignty myth, the role of the technostructure, manufactured desires vs actual needs, behavioral economics & rationality, problems with "debunking" mindset, the meta-crisis, sense-making challenges, voice & exit rights, coherent pluralism, the "creepy utopia" problem, and much more.
Episode Transcript
The New Enlightenment (YouTube channel)
The Matter with Things, by Iain McGilchrist
JRS EP 154 - Iain McGilchrist on The Matter with Things
The Economics of Innocent Fraud, by John Kenneth Galbraith
The New Industrial State, by John Kenneth Galbraith
Debt: The First 5,000 Years, by David Graeber
The Age of Surveillance Capitalism: The Fight for a Human Future at the New Frontier of Power, by Shoshana Zuboff
Ashley Hodgson is an economics professor and a YouTuber. Her teaching history includes behavioral economics, health care economics, digital industries, blockchain economics, public health, ageing, and game theory, among other courses. She enjoys co-teaching as a way of fostering interdisciplinary dialogues and has co-taught courses with faculty in anthropology, psychology, statistics, and biology. Hodgson’s YouTube channel, The New Enlightenment, looks at paradigm shifts in economics, governance and knowledge systems, and parallels her own research and book writing.
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