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The Problem with Economic Thinking with Jonathan Aldred and Elizabeth Popp Berman

Upstream

Upstream

Politics, News, Society & Culture

4.92.1K Ratings

🗓️ 5 July 2022

⏱️ 78 minutes

🧾️ Download transcript

Summary

The logic of orthodox economic thinking has come to dominate and permeate every aspect of our lives, from the deeply internalized capitalism which shapes our thoughts and hopes and dreams, to policy decisions that shape our lives, constrain our possibilities, and steal public goods out from under our noses. How did we get here? How did economic rigidity gain such supremacy? Are the principles of orthodox economics really value neutral, as its champions claim? And if not, what moral philosophies underpin them? What are their origins? And how have they come to dominate policymaking in the last several decades? In the first half of this Conversation, we've brought on Jonathan Aldred, a Fellow and Director of Studies in Economics at Emmanuel College, Lecturer in the Department of Land Economy, University of Cambridge, and author of the book License to be Bad: How Economics Corrupted Us. Jonathan will walk us through the philosophical foundations of orthodox and neoliberal economics. And then in the second half we've brought on Elizabeth Popp Berman, an economic sociologist, associate professor of organizational studies at the University of Michigan, and author of the book Thinking like an Economist: How Efficiency Replaced Equality in U.S. Public Policy. We'll talk with Elizabeth about the policy implications of dogmatic economic thinking. 

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Transcript

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0:33.1

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0:34.1

Oh...

0:55.8

Centering efficiency and cost effectiveness as our main goals of policy kind of comes into

1:01.0

conflict with a lot of other values and other ways of thinking about policy that have traditionally

1:07.2

been successful, you know, for people who are interested in using government to do good in the

1:11.7

world in some way. And so in particular, you know, a lot of ideas about rights, about the idea

1:18.1

of universalism, about equality as an orienting principle often come into the conflict with these

1:23.8

other ideas. And as economic framings have become the norm, those other ways of thinking about

1:29.6

policy have been marginalized in a lot of ways. You are listening to upstream upstream upstream

1:37.5

a podcast of documentaries and conversations that invites you to unlearn everything you thought

1:43.1

you knew about economics. I'm Dela Duncan and I'm Robert Raymond. The logic of orthodox

1:49.0

economic thinking has come to dominate and permeate every aspect of our lives from the deeply

1:55.0

internalized capitalism which shapes our thoughts, hopes and dreams, to policy decisions that

2:00.2

shape our lives, constrain our possibilities and steal public goods right from under our noses.

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