From Moral to Market Sentiments

9 snips

Dec 2, 2020

Mark Carney, former Governor of the Bank of England and UN Special Envoy for Climate Finance, discusses the dangerous prioritization of financial over human values. He explores how this shift has contributed to crises like climate change and COVID-19. Carney emphasizes the need to redefine value in economic terms, advocating for a balance between profit and ethical considerations. He also critiques the undervaluation of essential care work and the limitations of capitalism in addressing societal needs, urging a return to deeper, more meaningful assessments of value.

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Intro

00:00 • 2min

Navigating Crises: Insights from the 2020 Reith Lectures

01:45 • 6min

Rethinking Value in Economics

07:21 • 31min

Valuing Essential Care Work in Society

38:04 • 2min

Governance and Climate: A Call for Long-Term Thinking

40:18 • 7min

Understanding Value: Price, Rents, and Economic Measurements

47:29 • 4min

Capitalism, Climate, and Community Values

51:03 • 7min

Reflections on Financial Crises and Dark Wellness Stories

57:54 • 4min

The theory of moral sentiments

Adam Smith

Published in 1759, 'The Theory of Moral Sentiments' is Adam Smith's first major published work, based on his lectures at Glasgow University. The book argues that morality is driven by humanity's natural sociability and the need for approval from peers, rather than by rational calculation or innate moral sense. Smith introduces key concepts such as sympathy, the impartial spectator, and the invisible hand, which explain how individuals judge the conduct and character of themselves and others. The work delves into the emotional and social aspects of human behavior, highlighting the role of emotions like pity and compassion in shaping moral sentiments and behaviors[1][3][4].

The Wealth of Nations

Adam Smith

Published in 1776, 'The Wealth of Nations' is Adam Smith's magnum opus that laid the groundwork for modern economics. The book critiques mercantilist economic theories and introduces the concept of the 'invisible hand,' which describes how individual self-interest leads to societal benefit. It emphasizes the division of labor, the accumulation of capital, and the importance of free markets. Smith argues that a nation's wealth is not measured by its gold and silver reserves but by the stream of goods and services it produces. The book also outlines the core functions of government, such as maintaining defense, enforcing civil law, and promoting education, while advocating for limited government intervention in market activities.

The value of everything

Mariana Mazzucato

Mariana Mazzucato's "The Value of Everything" challenges conventional economic thinking by questioning how we measure value and who benefits from it. She argues that the current system undervalues public goods and services, leading to underinvestment in crucial areas. Mazzucato advocates for a more inclusive approach to value creation, recognizing the contributions of both the public and private sectors. The book explores the role of innovation and the importance of considering the social and environmental impacts of economic activity. It calls for a fundamental shift in how we understand and measure value, moving beyond a narrow focus on market prices.