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Planet Money
Summer School 8: Big ideas and life lessons from Marx, Keynes and Smith and more
Aug 28, 2024
Join economic legends Adam Smith, the father of capitalism, Karl Marx, the critic of capitalism, and John Maynard Keynes, the proponent of government intervention, as they discuss pivotal theories. They reflect on fifty years of progress and setbacks in the world, touching on agricultural advancements and their impacts. The conversation dives deep into contrasting philosophies, emphasizing moral sentiments and the importance of critical analysis. Listeners are inspired to tackle societal inequalities, learning from the legacies of pioneering economists.
32:48
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Quick takeaways
- The podcast highlights the significant progress in reducing global poverty alongside the severe environmental challenges that threaten future economic stability.
- Various economists stress the importance of balancing self-interest with moral responsibilities in economic systems to ensure equitable solutions for society.
Deep dives
The Economic History of Progress and Challenges
The podcast emphasizes the dual nature of economic history, acknowledging that while significant progress has been made over time, it has also come with serious challenges. Over the past 50 years, for example, global poverty has decreased dramatically from over 60% to below 10%, showcasing effective economic growth and improvement in living standards. However, this progress has coincided with pressing issues such as rising carbon emissions, which have more than doubled, leading to severe implications for climate change. This juxtaposition highlights the persistent question: can ongoing economic development continue without exacerbating existing environmental crises?
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