She opened up another new branch of economics, development economics. Previously it was just a niche field of study but now it gets more and more popular. I really like topics that her research covers
I admire Esther and her partner's work and this interview has given me much food for thought. Relying on proven facts is what we need and often assume our leaders are doing. It is clear they are not. I thank you for your work and am anxious to learn more. I so needed to hear something like this with all that is going on in the White House and what I am hearing from people who believe what they are being told. Esther and her work gave me a ray of hope for the future for my granddaughter. I want to learn more myself as well. Thank you and congratulations on winning the Nobel Prize. It is well deserved.
This is excellent. Thank you Esther, Krishnan and all at Channel 4 News who give us long form, long answer, intelligent depth on topics. I've never been interested in economics before this interview. She's inspiring in her effective simple way of explaining how good proven economics can make our lives better and we can test if our feelings and fears are justified. Is there an economic policy group in the UK that we can join to help make positive change?
It's one of his better appearances, certainly a big improvement over his Robert Downey Jr interview for promoting one of the Iron Man movies a few years ago
It's refreshing to listen to someone who really knows what they're talking about, and still ready to admit when things can be unpredictable. What's depressing is all the reactionary comments below the video. It's amazing how people can be presented with facts, a consensus of experts, and they still repeat their xenophobic bullshit.
@@jeromevuarand3768 scientific consensus is a bullshit term. scientific concuss =/= truth, look at how 'concuss' in various disciplines has shifted drastically over time.
I am a PhD economist and I can tell you with great certainty that the claims she makes with great certainty about a consensus among economists are simply untrue. I have no idea why she claims that there is some consensus that labor supply has no effect on wages or that tax policy has no effective on behavior. While there are some economists who would agree with her, there are a great many who would strongly disagree.
@@FactCheckerGuy When we have to balance the certainty of a PhD with the certainty of a Nobel laureate, I'm sure you can understand which way we'll go. Especially when a PhD can be bought for a few hundred quids (a friend of mine did out of pure vanity).
I am really delighted in my lifetime I came across to professor Abhijit and Professor Duflo, The RCT is the way to solve many problems in our society. Great conversations and knowledge. World to get more.
The problem with so much information in the world means I can pick and choose specific statistics to support whatever narrative I want as long as you don't look into it too hard.
Cute accent, no political color, smart... and is French-American. Can you imagine doing that kind of study on both sides of the ocean, living in different politics and cultural values? She’s a great person and sounds honest, at least she try to look to the bigger picture.
She sounds entirely dishonest. You can just look at the racial and wage statistics in the construction sector. Even before adjusting for inflation, wages are less today than they were 40 years ago. 40 years
@dil oreo that's a bit much. wealth inequality is growing (in the US at least), nothing paranoid about stating that. look around you, there are more homeless and high-rises than ever before.
Shekelberg Kvetchestein thé reason is two fold- policy and developers racing to the bottom! Go and work on major civil engineering projects (Heathrow, Crossrail or HS2) and you’ll see the opposite!
The sincerity of Professor Duflo is made clear in this interview. And yet, based on what she said here and my admittedly incomplete review of her published work, I believe she shares with most other economists an analytical blindness to the most serious cause of poverty throughout history: the concentrated control over land and other natural assets and the privatization of rents that accompanies such monopolization. Nature has a zero cost of production, yet everywhere around the globe both the leasing cost or purchasing cost of acquiring access to nature climbs and climbs. The reason for this is explained by basic economics. Every parcel or tract of land or other natural asset (e.g., frequencies on the broadcast spectrum) has a potential annual rental value. This value is determined by a combination of natural and societally-created advantages and not by what any individual does or does not do. Thus, the value rightfully belongs not to any individual or private entity but to the community or society. Historically, these values have been lightly taxed or taxed not at all. Thus, the rental income stream is capitalized by market forces into a selling price. And, because of the low effective rate of taxation on rents, natural assets are hoarded and kept idle for years, decades or even longer. This lowers the supply available for development, driving up prices higher and higher as population increases. The potential to profit by speculating in natural assets means that the supply curve for nature is leftward leaning. The price mechanism of neoclassical economics does not apply to nature under existing taxation. Solving the problem of poverty requires that land markets be tamed. And, the only means of taming land markets is for society to collect locational rental values. Edward J. Dodson School of Cooperative Individualism www.cooperative-individualism.org
I worked, as a field worker alongside migrant workers. There was talk of bringing the local staff into middle management. But in my case this did not happen. I was told- do not report an injury- because there is someone waiting at the gate- who is not injured. And this was typical. Migrant workers put pressure on local housing stocks- and forced the cost of rentals to record high levels.
Interesting interview and I intend to read her book (written with her partner), but I remain skeptical of some of her claims. I'm unconvinced that cheap, unskilled immigration doesn't affect domestic wages at all, as while it may not decrease them it can still prevent them from rising. Also, academics often vaguely claim that "studies prove" without actually referring to any actual study, yet when you investigate these studies you often find they don't support the conclusion they've arrived at! ( 19:13) I'd agree with her that there is no evidence that reducing taxes leads to economic growth, but Duflo also argues a straw-man, because the issue isn't if increased taxation demotivates people to work less. Instead, the problem is whether increasing taxes on the wealthy and companies motivates them to invest more in tax avoidance, thereby reducing the tax receipts or, at the very least, leading to diminishing returns. ( 27:48 ) Again, she repeatedly refers to consensus amongst economists, but this is a consensus of opinion, not evidence. If economists want to be taken more seriously, they should become more scientific in their approach, by presenting the data which supports their conclusions and showing how it does so.
Ahh, all those parameters improved even in "poor countries" because of technological advancement, this has nothing to do with policy? In fact the fact that those improved in countries without growing of GDP is evidence of that - it improved based on implementing better procedures and medicine in the case of mortality and more efficient production of main goods in the case of extreme poverty.
"You have no reason to fear low-skilled migration". Unless you are poor. then you will have more competition for work, more competition for welfare, more competition for your kids in education, more waiting in traffic/pubic transport, more pressure on the health services. Wealthy economists and journalists will be alright though.
Did you not listen at all to her explain why you have nothing to fear? She went over many of the exact things you talk about and explained how they are not a concern.
@@oafpolitics179 sorry bud, wrong again. I live on a council estate (both previously in East London and now in Scotland) and have worked in the service industry for many years. I'm very familiar with migration. I'm cool with it.
If nobody wants the job, it is because the remuneration and conditions are inadequate. Migrants ensure that employers never have to offer better wages and conditions.
Can Esther start studying a way for people to select their politicians so that the persons in power are benefiting the world and possess conscient to the rest of the world. The politicians seem to forget to balance the needs of people in the rest of the world somehow. Better use of resources is the way to help the survival of other countries. For instance, the grocery stores in North American (Canada and USA) are very rich and I always wonder what happens to the unsold perishable goods ? Can we create a system to deliver the perishable goods to the less unfortunate at no cost or with tax benefits to the corporations if they contribute ?
Economics is actually a social science by becoming an ardent practitioner of Economics combined with social science it really seems these days the Dan Kahnemans all time famous I think the term predictably irrational,the irrationality of my mind is mainly caused by the microcredit beholders to me regarding more and more expectation of taking loan,but the positive point is they can really obscure out my portion of loan by suitable action now and on,it's on the verge of closure now,an end to all time the more days problem providing me the better way.
This interviewer has, as usual, filtered out a statement that fits his political ideology: “You have no reason to fear low-skilled migration”. This is a half-truth. England, with its very high population density, has every reason to fear it or, at least, to oppose it, because it has a negative effect on the quality of the life of the existing population. At the same time it does not make most of the existing population any better off financially since the fruits of the work done by the immigrants are consumed mainly by the immigrants themselves or the entrepreneurs who employ them. All that was said here about the economic impact of immigration and much more was said in 2007 by top UK economist Adair Turner in a lecture at the London School of Economics (I’m sure Ms. Duflo is aware of it). He examined the claims of Tony Blair that because we have vacancies we need to fill them with immigrants and the claims of his working-class opponents that immigrants steal their jobs. He called both claims ‘economically illiterate’. And as Ms. Duflo pointed out when US farmers could not get immigrants to do their dirty work they replaced them with machines. This point was ignored by the interviewer, as those who are familiar with him would expect, but it is the way forward for England. Failure to tell these truths by politicians from left to right is the reason we have Brexit.
They should have put her whole sentence in the title: "You have no reason to fear low-skilled migration, because they will all just end as slaves and servants." And also, her example is from a capitalist country. This is not applicable to social country. And saying that there is not a messy migration in EU is quite a joke.
Of course a rich middle-class economist supports low-skilled migration. She's never going to be squeezed out of her job or have to live amoungst the criminal element, that inevitably follows it. But I guess it's nice to have an ethnic polish your shoes, feels more 'cultured'.
@intempify No, i said a criminal element always follows low-skilled migration. Desperate people turn to criminality, and they use ethnic loyalty to form gangs in many cities across the country.
@gx240 We support mass immigration into India as well. It's not only the ''West'' that has to deal with immigrants. The largest refugee populations are in non-Western countries like Turkey, Lebanon, and Colombia.
@gx240 And how exactly is stealing the most talented doctors/engineers/scientists etc from developing countries ''destroying'' the West? If anything, it perpetuates Western dominance.
She won a Nobel prize?! This woman doesnt convince me at all. "Migrants wont move because they wont" okeeeeeyyy. Actually they do and they will. Shes comparing Greeks to Syrians??? Theres a massive difference why the later move. War. Greeks were never pushed to such limits as developing continents. Middle East and Africa are either in a war already or under a massive risk of being in one so what is she on about? I can go on contradiciting what she claims is the case.
Interesting. One of many questions would be , what does GDP per head head mean? For instance, isn't GDP per head mean something different in some African country where you may have a very rich class and lots of poor with an all but absent middle class. Compare that to a more egalitarian society like Norway. Or Norway versus United States.
Truely man,I observed the portion in these days the trend looming large in Indian subcontinent also.Lunatic process worldwide pushing Indian subcontinent to the worst hit towards the Indian middle class creating unnecessary absurd classes which happened to be middle class. In the post Covid scenario it is observable the way India is moving ahead there will be a hidden class except the survival of few enterpreneurs to a dim life,hidden class suffering from the uncertainty of life will be having few Economic shot to death,if survived then will be amidst a poverty shrieken area of light,in my view a tremendously shocked poor class of migrant is visible always trying for the best Education and sometimes which causes them to take faulty steps.Its like Robinson Crusoe diary when watching the immigrants with potential mortality rate sometimes shook my mind in this poorest part of poor subcontinent.Education only would have been a powerful tool to survive,the great form of resilience would have to be put up as after Covid days.The Covid has smashed all the portions away whereas the skimmed up higher middle class is suffering to obtain the correct shape of the life,the hard bound portion is a failure leading to high matter of divestiture in these days of lucid uncertainty,every degree is higher the survival of all classes exist for a while and then vanishes,we are all becoming hopeless,tiresome with wholesome unhappiness,looking back at the returns of the day there was nothing but a smashing hold of jobs with all organizational pros and cons to generate more outcome in learning. There could be more space to generate broad insight in survival if we measure the proper niche.Where am I exactly?Am I somebody with higher than that of middle class fraternity in case of education,the fellow colleagues either,really not known to me.That will be an eye opener of mine in future. India's eye as of now will be a complete eye opener to all the nuisance to ludicrous mentality who are having debased till yet,this is a positive sign to irrationality to everyone. As this matter of life is a function of long term seemingly the Education also.Its the great view to be visible amongst the winners in the area of lot of unknowns to view the invisible arena of generation of wealth.Life will teach me a lesson.Wealth life imbalance would be a cause of irrationality from all perspective,may be it is possible to judge myself may be in broader arena might not be having any idea to put me on track.
And some people like elbow room, fewer traffic jams, more open spaces, preservation of wildlands and wildlife and housing prices that are not always skyrocketing.
@@donsantiagoramoncajal1199 The area of land within a reasonable commute of employment is fixed. So an increase in population makes every square metre of that land more valuable and more expensive, This is great for those who own land, but the younger and poorer members of the community must pay more and more for less and less living space. Population increase, most of which is migrants, affects EVERY aspect of life. Immigration has EVERYTHING to do with traffic congestion and loss of biodiversity.
minimum wage is dictated by government laws not by migrants. Also, people migrate because of the willingness of country to take on migrants, so the wage is already minimal, yes, minimal for nationals to even apply for it.
@@flashbeaster no, wages are not increasing because people from the third-world are willing to work for less. And no, not everything does cost the same.
JAMES WHITELEY wages are not increasing because of company executives are rewarded on shareholder value, where worker and customer are no longer the driving priorities of companies (read Milton Friedman’s hideous economic theories implemented and espoused by the right). The con is complete when I read your moronic posts- the reason why the working class and progressively the middle classes are going backwards isn’t because of immigrants or Jews or the EC/UN but because economic policies implemented in the 60s which have never been challenged!
We worked long hours for low wages especially durum g the harvest season. We got a slightly higher wage for overtime- 1.5 times. This was cancelled when migrant workers came along. :(
Economics aside - what about the issue of demographic replacement? People are entitled to a homeland and don't want to become a minority in their own country. Continually shuttling in enormous amounts of foreign workers is not fair on the native population. Stating this is not bigoted, racist, xenophobic or any of these very popular buzzwords - it's simply the truth.
Isn't that inherently a xenophobic perspective? The fear (phobia) of being replaced by foreign (xeno) workers? I'm interested in what homeland you believe their children born in your country are entitled to, if any. If you believe their children are entitled to a homeland other than the only home they have known, one could argue that your homeland is wherever your ancestors immigrated from. Reductio ad absurdum - no one has a right to a homeland outside of the fertile regions in Africa where humanity originated.
@@001HK0 Haven't you heard? A recent discovery has shown that "humanity" didn't originate in Africa at all by the looks of it but in central Europe. To adress your point: The children of immigrants always have a "backup country" their country of ancestral origin they could return to. This return is especially easy for them if they, which is often the case, don't fully integrate into the new country. The previous inhabitants of said country however don't have the benefit of a "secondary home".
@@Lolux1701 You mean the recent studies that showed breeding between local archaic humans of Eurasia (not as specific a region as central Europe) and H. Sapiens? You'd rather define yourself by your less-advanced archaic human roots than your H. Sapien ones? How does a child return to a country they have never set foot in? If you actually read any research on these displaced children you would find it is not particularly easy for them when they "return" as they tend to have very little familiarity with the true way of life in the place they end up, just knowing a few of the customs is insufficient.
And you have no reason to fear being told 'No'. Which is our answer, and you know it's the answer, that's why you're here desperately attempting to convince us otherwise. The answer is NO. Not particularly complicated. Now, thank you and have a nice day.
Amazing transition from interest in charity work to the dismal science of problem solving. Being French she is bound to be a left leaning economist who supports Keynesian precept of demand management.
sorry to say but the interviewer just doesn't understand what Esther is saying... Basically, the interviewer is making her repeat the same thing over and over.
Causally Static portion of Economy is sometimes a law of nature to play with a moving object.A float is always necessary to grow,while floating just focussing on the scenario of Economy would be a great way of learning something.
Very interesting. Especially re tax rises not affecting productivity but causing the rich to leave the country. That really is the problem as the rich pay ever higher proportions of the total tax take. Few years ago NJ raised state income tax and David Tepper moved to Florida leaving a $200m hole in the budget-about the same as the entire revenue from state regulated online gambling.
@@ireneuszpyc6684 If your definition of banana republic is that it is a place with big wealth inequality? The dictionary defines it so: "a small state that is politically unstable as a result of the domination of its economy by a single export controlled by foreign capital".
@@claudiabatcke1312 a decade ago Financial Times called Ireland a banana republic, because a few bankers were controlling the government, so I think the definition can be broadened
@intempify lol i think i can provide something more worthwhile than a person who can't even speak the language. There's only so many amazon delivery drivers or 1 star hygiene chicken and chip shop workers this country needs
Australia has had massive immigration over the last decade. The more migrants we accept, the lower our GDP per capita. Homelessness, especially among the elderly has increased. The migrants contribute to the need for more infrastructure, that all Australians have to pay for, not just the newcomers that make it necessary. And the taxes that are spent on infrastructure for foreigners, count as GDP, that the government can claim as economic growth.
Well, quantum physics would suggest that we have no such thing as an objective reality. Never trust what you see with your own eyes, look for consensus outside oneself.
Understand the motivations of the players, the banks, the governments and the corporations. Understand what drives an economy. After a war GDP falls, this is because capitalism is the absence of order. If you want to boost GDP, organise the population better, standardise education and employment, connect investment to an individual’s educational achievements. Capitalism doesn't take care of the majority it caters for the top %. If a country only has a limited number of jobs available, we should train everyone and share the work. Your job shouldn't define you, one day you could be a cleaner the next a doctor. Capitalism freed the people but it also freed the wealthy of their responsibility, Monarchs looked after their people. We have technology today and within the next ten years everyone on this planet will be connected, when that happens we can all take a vote on whether we should honour birth rights or if we should drop the current financial systems and create a fair undiscriminating economy that focuses on demand rather than indulgence. a living wage with optional work and pay relative to an individual’s local demand. This will ensure the people who prosper are the people who give the most. This change will protect the west's ideology, Nobel Prize me!
@@CC-tq9xu no, Corbyn represents an even larger handover of wealth and the nhs would have died quicker, I didn't vote. The equivalent would be taking out finance on a car without a job.
Simon Dixon the issue with your comment is that it bears no significance to the points that Esther made in the video. It’s merely peacocking your own opinions. If you can provide some thesis and evidence for your opinions past the point of merely stating it to appear Informed or ‘woke’.
@@CC-tq9xu "peacocking" lol yeah girls love it! The video is about an economist and her perspective, I've stated a different one. Unfortunately, there's no incentive for me to wright a thesis but luckily for you and humanity I won't need to. Its evident we are on a trajectory and have been since 1975 when PCs first came in to the home. If you believe humans will continue to honor claims to natural resource because they have dominated it for the past 100 or so years, you're wrong. all the wars, inequality and destruction have been a result of capatalisum. The future isn't socialsim, it's an organised vision of capatalisum and it will be achieved the same way america created its $. first influece the people (face book) second, build value behind a currency, "gold" or in todays age "proccessing power"(bitcoin mining) finally the proposal of a new constitution. Global access to free online education, standardisation of everything so an uber type agarithum can orchestrate the workforce and A finance system to back individuals progress. Everyone will work for the single digital society, no borders or intellectual property just progression and democracy. The world is getting smaller JB and this isn't opinion this is foresight, history repeats and this has all happened before.
Simon Dixon a nobel prize winning economist who’s thesis has been examined by independent boards. If you really think bitcoin or something as such will be part of the next revolution then you’ve shown how out of touch you really are my friend. Maybe try reading factfulness by hans rosling, or her own book good economics for hard times and not conspiracy videos on CZcams. You can have an opinion but it doesn’t mean you’re right. If however you can point me to a source of information which backs up your perspective for me to actually read that would be great. Preferably a reliable source and not Alex jones.
Whenever her ideology doesn't line up with the data, she calls it a "technical issue" Trump cut the corporate tax rate by 15% in 2016 and Federal tax revenue increased. In 2017 he cut payroll taxes for everyone making between $9000 and $150,000 a year by 3-4%, and revenues went up again. Spending and the deficit also went way up, I'm not trying to say he fixed everything, I'm just pointing out that it's completely deceptive to say that tax cuts don't put more people to work and more money in the pockets of working people. It also increases inequality because it's so much easier to make money when you're already rich and unless you can figure out a way to make a 1% return on $10 million bee worth less than a 20% pay increase for someone making $50k a year, it will always be that way. Being mad at arithmetic is pointless.
Ladynipchick2 - Do you live in the U.K? Homeless is up here, just had over 10 years of austerity, places like N.E. of England lost 50% of social provision, some people lost all access to money for 12 months, many had to wait months to make a claim. That being main cause of homelessness in the U.K. in the last 10 years - what you think would happen. Homelessness has been ended in Finland. They had a crazy idea - build housing and buy empty buildings, place the homeless in the housing and give them benefits and support... it is almost like they found a solution to a problem by actually providing a solution to the problem.
LA Times says construction worker wages lower than 40 years ago. I posted a link and the comment was removed: Immigrants flooded California construction. Worker pay sank. Here’s why Construction in Los Angeles has shifted from a heavily unionized labor force that was two-thirds white to a largely non-union one that is 70% Latino and heavily immigrant. By NATALIE KITROEFF APRIL 22, 2017
There's a very SIMPLE solution to solve your issue with "lower wages" and that's INCREASING THE MINIMUM WAGE and increasing monitoring and fines against businesses who employ people illegally to get around that.
Can Esther start studying a way for people to select their politicians so that the persons in power are benefiting the world and possess conscient to the rest of the world. The politicians seem to forget to balance the needs of people in the rest of the world somehow. Better use of resources is the way to help the survival of other countries. For instance, the grocery stores in North American (Canada and USA) are very rich and I always wonder what happens to the unsold perishable goods ? Can we create a system to deliver the perishable goods to the less unfortunate at no cost or with tax benefits to the corporations if they contribute ?
She's certainly one of the few who conscientiously chose her study and research to benefit humanity. Kudos to Esther Duflo!!
That sounds like really well thought out, well researched expert advice.
UK government would fire her.
She opened up another new branch of economics, development economics. Previously it was just a niche field of study but now it gets more and more popular. I really like topics that her research covers
I admire Esther and her partner's work and this interview has given me much food for thought. Relying on proven facts is what we need and often assume our leaders are doing. It is clear they are not. I thank you for your work and am anxious to learn more. I so needed to hear something like this with all that is going on in the White House and what I am hearing from people who believe what they are being told. Esther and her work gave me a ray of hope for the future for my granddaughter. I want to learn more myself as well. Thank you and congratulations on winning the Nobel Prize. It is well deserved.
This is excellent. Thank you Esther, Krishnan and all at Channel 4 News who give us long form, long answer, intelligent depth on topics.
I've never been interested in economics before this interview.
She's inspiring in her effective simple way of explaining how good proven economics can make our lives better and we can test if our feelings and fears are justified.
Is there an economic policy group in the UK that we can join to help make positive change?
The interviewer was excellent!
It's one of his better appearances, certainly a big improvement over his Robert Downey Jr interview for promoting one of the Iron Man movies a few years ago
I like the way she talked about China. She is really an economist who respects the facts. Not just talk about the big things.
It's refreshing to listen to someone who really knows what they're talking about, and still ready to admit when things can be unpredictable. What's depressing is all the reactionary comments below the video. It's amazing how people can be presented with facts, a consensus of experts, and they still repeat their xenophobic bullshit.
you realise 'scientific consensus' is a completely stupid phrase to continue to trot out
@@AnotherWierdThing No I don't realize. What's wrong with it?
@@jeromevuarand3768 scientific consensus is a bullshit term. scientific concuss =/= truth, look at how 'concuss' in various disciplines has shifted drastically over time.
I am a PhD economist and I can tell you with great certainty that the claims she makes with great certainty about a consensus among economists are simply untrue. I have no idea why she claims that there is some consensus that labor supply has no effect on wages or that tax policy has no effective on behavior. While there are some economists who would agree with her, there are a great many who would strongly disagree.
@@FactCheckerGuy When we have to balance the certainty of a PhD with the certainty of a Nobel laureate, I'm sure you can understand which way we'll go. Especially when a PhD can be bought for a few hundred quids (a friend of mine did out of pure vanity).
I am really delighted in my lifetime I came across to professor Abhijit and Professor Duflo, The RCT is the way to solve many problems in our society. Great conversations and knowledge. World to get more.
The problem with so much information in the world means I can pick and choose specific statistics to support whatever narrative I want as long as you don't look into it too hard.
Cute accent, no political color, smart... and is French-American. Can you imagine doing that kind of study on both sides of the ocean, living in different politics and cultural values? She’s a great person and sounds honest, at least she try to look to the bigger picture.
What's the bigger picture? Massive wealth innequality, more crime, more terrorism?
no political colour? she clearly has a political agenda, she even mentions that she considers herself an activist.
She sounds entirely dishonest. You can just look at the racial and wage statistics in the construction sector. Even before adjusting for inflation, wages are less today than they were 40 years ago.
40 years
@dil oreo that's a bit much. wealth inequality is growing (in the US at least), nothing paranoid about stating that. look around you, there are more homeless and high-rises than ever before.
Shekelberg Kvetchestein thé reason is two fold- policy and developers racing to the bottom!
Go and work on major civil engineering projects (Heathrow, Crossrail or HS2) and you’ll see the opposite!
Never heard of her, but was an interesting interview :) Always worth just sitting down and listening to people.
Corbyn therapist well we’re listening to you.
The sincerity of Professor Duflo is made clear in this interview. And yet, based on what she said here and my admittedly incomplete review of her published work, I believe she shares with most other economists an analytical blindness to the most serious cause of poverty throughout history: the concentrated control over land and other natural assets and the privatization of rents that accompanies such monopolization.
Nature has a zero cost of production, yet everywhere around the globe both the leasing cost or purchasing cost of acquiring access to nature climbs and climbs. The reason for this is explained by basic economics.
Every parcel or tract of land or other natural asset (e.g., frequencies on the broadcast spectrum) has a potential annual rental value. This value is determined by a combination of natural and societally-created advantages and not by what any individual does or does not do. Thus, the value rightfully belongs not to any individual or private entity but to the community or society. Historically, these values have been lightly taxed or taxed not at all. Thus, the rental income stream is capitalized by market forces into a selling price. And, because of the low effective rate of taxation on rents, natural assets are hoarded and kept idle for years, decades or even longer. This lowers the supply available for development, driving up prices higher and higher as population increases. The potential to profit by speculating in natural assets means that the supply curve for nature is leftward leaning. The price mechanism of neoclassical economics does not apply to nature under existing taxation.
Solving the problem of poverty requires that land markets be tamed. And, the only means of taming land markets is for society to collect locational rental values.
Edward J. Dodson
School of Cooperative Individualism
www.cooperative-individualism.org
I worked, as a field worker alongside migrant workers. There was talk of bringing the local staff into middle management. But in my case this did not happen. I was told- do not report an injury- because there is someone waiting at the gate- who is not injured. And this was typical. Migrant workers put pressure on local housing stocks- and forced the cost of rentals to record high levels.
Migrants push up rentals. And economists are the landlords who profit from the higher rents.
Absolutely fascinating to lister to her! Thank you for this interview
I late to realize her huge works in poverty. But great thanks for her Phd dissertation in my country that encourage me to join in this endeavor.
0:00 - 3:24 - 3:37 - 3:55 … Thanks for spending the time to create and share this content
Interesting interview and I intend to read her book (written with her partner), but I remain skeptical of some of her claims. I'm unconvinced that cheap, unskilled immigration doesn't affect domestic wages at all, as while it may not decrease them it can still prevent them from rising. Also, academics often vaguely claim that "studies prove" without actually referring to any actual study, yet when you investigate these studies you often find they don't support the conclusion they've arrived at! ( 19:13)
I'd agree with her that there is no evidence that reducing taxes leads to economic growth, but Duflo also argues a straw-man, because the issue isn't if increased taxation demotivates people to work less. Instead, the problem is whether increasing taxes on the wealthy and companies motivates them to invest more in tax avoidance, thereby reducing the tax receipts or, at the very least, leading to diminishing returns. ( 27:48 )
Again, she repeatedly refers to consensus amongst economists, but this is a consensus of opinion, not evidence. If economists want to be taken more seriously, they should become more scientific in their approach, by presenting the data which supports their conclusions and showing how it does so.
Ahh, all those parameters improved even in "poor countries" because of technological advancement, this has nothing to do with policy? In fact the fact that those improved in countries without growing of GDP is evidence of that - it improved based on implementing better procedures and medicine in the case of mortality and more efficient production of main goods in the case of extreme poverty.
"You have no reason to fear low-skilled migration". Unless you are poor. then you will have more competition for work, more competition for welfare, more competition for your kids in education, more waiting in traffic/pubic transport, more pressure on the health services.
Wealthy economists and journalists will be alright though.
Did you not listen at all to her explain why you have nothing to fear? She went over many of the exact things you talk about and explained how they are not a concern.
@@cinergiflims From the mouth of someone who doesn't have to experience it all every single day.
@intempify What? Don't know how you get to that absurd proposition.
@@oafpolitics179 sorry bud, wrong again. I live on a council estate (both previously in East London and now in Scotland) and have worked in the service industry for many years. I'm very familiar with migration. I'm cool with it.
@@cinergiflims Guess you are walking around with your eyes shut then.
Clearly have no idea.
GOD bless you and long live with solution and contribution for this world
If nobody wants the job, it is because the remuneration and conditions are inadequate. Migrants ensure that employers never have to offer better wages and conditions.
Chris Watson migrants exchange any job info within their own communities, so the owners can stick with the same job offer since “who knows since when”
Can Esther start studying a way for people to select their politicians so that the persons in power are benefiting the world and possess conscient to the rest of the world. The politicians seem to forget to balance the needs of people in the rest of the world somehow. Better use of resources is the way to help the survival of other countries. For instance, the grocery stores in North American (Canada and USA) are very rich and I always wonder what happens to the unsold perishable goods ? Can we create a system to deliver the perishable goods to the less unfortunate at no cost or with tax benefits to the corporations if they contribute ?
Economics is actually a social science by becoming an ardent practitioner of Economics combined with social science it really seems these days the Dan Kahnemans all time famous I think the term predictably irrational,the irrationality of my mind is mainly caused by the microcredit beholders to me regarding more and more expectation of taking loan,but the positive point is they can really obscure out my portion of loan by suitable action now and on,it's on the verge of closure now,an end to all time the more days problem providing me the better way.
Corey Feldman is strange
Who
Is
The
Best
Abhijit Vinayak
Bandhopadaya
Or
Amarta
Sen
This interviewer has, as usual, filtered out a statement that fits his political ideology: “You have no reason to fear low-skilled migration”. This is a half-truth. England, with its very high population density, has every reason to fear it or, at least, to oppose it, because it has a negative effect on the quality of the life of the existing population. At the same time it does not make most of the existing population any better off financially since the fruits of the work done by the immigrants are consumed mainly by the immigrants themselves or the entrepreneurs who employ them. All that was said here about the economic impact of immigration and much more was said in 2007 by top UK economist Adair Turner in a lecture at the London School of Economics (I’m sure Ms. Duflo is aware of it). He examined the claims of Tony Blair that because we have vacancies we need to fill them with immigrants and the claims of his working-class opponents that immigrants steal their jobs. He called both claims ‘economically illiterate’. And as Ms. Duflo pointed out when US farmers could not get immigrants to do their dirty work they replaced them with machines. This point was ignored by the interviewer, as those who are familiar with him would expect, but it is the way forward for England. Failure to tell these truths by politicians from left to right is the reason we have Brexit.
Makes perfect sense. Unfortunately emotion tumps empirical evidence.
They should have put her whole sentence in the title: "You have no reason to fear low-skilled migration, because they will all just end as slaves and servants."
And also, her example is from a capitalist country. This is not applicable to social country. And saying that there is not a messy migration in EU is quite a joke.
Of course a rich middle-class economist supports low-skilled migration. She's never going to be squeezed out of her job or have to live amoungst the criminal element, that inevitably follows it. But I guess it's nice to have an ethnic polish your shoes, feels more 'cultured'.
AWResistance oh for goodness sake listen to yourself, aren’t you embarrassed.
@@109joiner No sir, i am not, i've seen the reality of such short-sighted and naive thinking.
@intempify No, i said a criminal element always follows low-skilled migration. Desperate people turn to criminality, and they use ethnic loyalty to form gangs in many cities across the country.
@intempify I never said there weren't any English criminal gangs.
@@AlanWattResistance where's your econ PhD btw?
Lol, most of the people here probably have not even read a page of development economics🤧smh!
but maybe we can all learn something new here??
whats your point?
@@alingard1 My point is directed at people in the comment section that are trying to discredit her. I am all for learning something new!
I am part of the problem, I am not part of the solution.
@gx240 We support mass immigration into India as well. It's not only the ''West'' that has to deal with immigrants. The largest refugee populations are in non-Western countries like Turkey, Lebanon, and Colombia.
@gx240 And how exactly is stealing the most talented doctors/engineers/scientists etc from developing countries ''destroying'' the West? If anything, it perpetuates Western dominance.
Fantastic.
My
Next
Article
Will
Be
Labour
Economy
Since
Labour
S
Are
Strength
Of the
Country
She is my hero!
@Albert Pike Ignorant thing to say, did you even watch the interview?
Econometric
Based
On
Micro
Economy
And
Statics
She won a Nobel prize?! This woman doesnt convince me at all. "Migrants wont move because they wont" okeeeeeyyy. Actually they do and they will. Shes comparing Greeks to Syrians??? Theres a massive difference why the later move. War. Greeks were never pushed to such limits as developing continents. Middle East and Africa are either in a war already or under a massive risk of being in one so what is she on about? I can go on contradiciting what she claims is the case.
Interesting. One of many questions would be , what does GDP per head head mean? For instance, isn't GDP per head mean something different in some African country where you may have a very rich class and lots of poor with an all but absent middle class. Compare that to a more egalitarian society like Norway. Or Norway versus United States.
Truely man,I observed the portion in these days the trend looming large in Indian subcontinent also.Lunatic process worldwide pushing Indian subcontinent to the worst hit towards the Indian middle class creating unnecessary absurd classes which happened to be middle class.
In the post Covid scenario it is observable the way India is moving ahead there will be a hidden class except the survival of few enterpreneurs to a dim life,hidden class suffering from the uncertainty of life will be having few Economic shot to death,if survived then will be amidst a poverty shrieken area of light,in my view a tremendously shocked poor class of migrant is visible always trying for the best Education and sometimes which causes them to take faulty steps.Its like Robinson Crusoe diary when watching the immigrants with potential mortality rate sometimes shook my mind in this poorest part of poor subcontinent.Education only would have been a powerful tool to survive,the great form of resilience would have to be put up as after Covid days.The Covid has smashed all the portions away whereas the skimmed up higher middle class is suffering to obtain the correct shape of the life,the hard bound portion is a failure leading to high matter of divestiture in these days of lucid uncertainty,every degree is higher the survival of all classes exist for a while and then vanishes,we are all becoming hopeless,tiresome with wholesome unhappiness,looking back at the returns of the day there was nothing but a smashing hold of jobs with all organizational pros and cons to generate more outcome in learning.
There could be more space to generate broad insight in survival if we measure the proper niche.Where am I exactly?Am I somebody with higher than that of middle class fraternity in case of education,the fellow colleagues either,really not known to me.That will be an eye opener of mine in future.
India's eye as of now will be a complete eye opener to all the nuisance to ludicrous mentality who are having debased till yet,this is a positive sign to irrationality to everyone.
As this matter of life is a function of long term seemingly the Education also.Its the great view to be visible amongst the winners in the area of lot of unknowns to view the invisible arena of generation of wealth.Life will teach me a lesson.Wealth life imbalance would be a cause of irrationality from all perspective,may be it is possible to judge myself may be in broader arena might not be having any idea to put me on track.
And some people like elbow room, fewer traffic jams, more open spaces, preservation of wildlands and wildlife and housing prices that are not always skyrocketing.
Lets preserve everything as it is forever. Great idea rollo!
@@donsantiagoramoncajal1199 The area of land within a reasonable commute of employment is fixed. So an increase in population makes every square metre of that land more valuable and more expensive, This is great for those who own land, but the younger and poorer members of the community must pay more and more for less and less living space.
Population increase, most of which is migrants, affects EVERY aspect of life. Immigration has EVERYTHING to do with traffic congestion and loss of biodiversity.
minimum wage is dictated by government laws not by migrants.
Also, people migrate because of the willingness of country to take on migrants, so the wage is already minimal, yes, minimal for nationals to even apply for it.
And wages not increasing is due to a supply of third-world migrants willing to work for less.
@@jameswhiteley6843 no, wages are not increasing because everything costs the same.
@@flashbeaster no, wages are not increasing because people from the third-world are willing to work for less. And no, not everything does cost the same.
If anything can be said to dictate minimum wage, it's the market.
JAMES WHITELEY wages are not increasing because of company executives are rewarded on shareholder value, where worker and customer are no longer the driving priorities of companies (read Milton Friedman’s hideous economic theories implemented and espoused by the right).
The con is complete when I read your moronic posts- the reason why the working class and progressively the middle classes are going backwards isn’t because of immigrants or Jews or the EC/UN but because economic policies implemented in the 60s which have never been challenged!
Its Cory Feldman
Third world migration is what concerns me
Then do your own fucking work, don't bring in cheap labor
Host should listen more rather than talking and allow the Guest to speak more
Ether
Is
Chemical
We worked long hours for low wages especially durum g the harvest season. We got a slightly higher wage for overtime- 1.5 times. This was cancelled when migrant workers came along. :(
Economics aside - what about the issue of demographic replacement? People are entitled to a homeland and don't want to become a minority in their own country. Continually shuttling in enormous amounts of foreign workers is not fair on the native population. Stating this is not bigoted, racist, xenophobic or any of these very popular buzzwords - it's simply the truth.
Jacko Slapbass
I fully agree with you Jack.
TRUMP2020
Isn't that inherently a xenophobic perspective? The fear (phobia) of being replaced by foreign (xeno) workers? I'm interested in what homeland you believe their children born in your country are entitled to, if any. If you believe their children are entitled to a homeland other than the only home they have known, one could argue that your homeland is wherever your ancestors immigrated from. Reductio ad absurdum - no one has a right to a homeland outside of the fertile regions in Africa where humanity originated.
@@001HK0 Haven't you heard? A recent discovery has shown that "humanity" didn't originate in Africa at all by the looks of it but in central Europe. To adress your point: The children of immigrants always have a "backup country" their country of ancestral origin they could return to. This return is especially easy for them if they, which is often the case, don't fully integrate into the new country. The previous inhabitants of said country however don't have the benefit of a "secondary home".
@@001HK0 Tell that the Chinese or Japanese.
@@Lolux1701 You mean the recent studies that showed breeding between local archaic humans of Eurasia (not as specific a region as central Europe) and H. Sapiens? You'd rather define yourself by your less-advanced archaic human roots than your H. Sapien ones? How does a child return to a country they have never set foot in? If you actually read any research on these displaced children you would find it is not particularly easy for them when they "return" as they tend to have very little familiarity with the true way of life in the place they end up, just knowing a few of the customs is insufficient.
Member International Court of justice
The Netherland
And you have no reason to fear being told 'No'. Which is our answer, and you know it's the answer, that's why you're here desperately attempting to convince us otherwise. The answer is NO. Not particularly complicated. Now, thank you and have a nice day.
Dude, what are you on about? No to what? And what if my answer is Yes? Do you fear an educated woman's opinion?
#lovelabour
Amazing transition from interest in charity work to the dismal science of problem solving. Being French she is bound to be a left leaning economist who supports Keynesian precept of demand management.
Loved this
@Accelerationist what
No price any type
Don't mind please
sorry to say but the interviewer just doesn't understand what Esther is saying... Basically, the interviewer is making her repeat the same thing over and over.
Accept
My
Challenge
For
Debt
With
Me
Macro
And
Micro
Economy
she has to stretch to ''save'' some of the stranger questions / links of the interviewer
How
Static
Is
Help
Economy
And
Econometrics
World
Wide
Causally Static portion of Economy is sometimes a law of nature to play with a moving object.A float is always necessary to grow,while floating just focussing on the scenario of Economy would be a great way of learning something.
Very interesting. Especially re tax rises not affecting productivity but causing the rich to leave the country. That really is the problem as the rich pay ever higher proportions of the total tax take. Few years ago NJ raised state income tax and David Tepper moved to Florida leaving a $200m hole in the budget-about the same as the entire revenue from state regulated online gambling.
if New Jersey's budget depends on one rich guy - it's a banana republic
@@ireneuszpyc6684 If your definition of banana republic is that it is a place with big wealth inequality? The dictionary defines it so: "a small state that is politically unstable as a result of the domination of its economy by a single export controlled by foreign capital".
@@claudiabatcke1312 a decade ago Financial Times called Ireland a banana republic, because a few bankers were controlling the government, so I think the definition can be broadened
So is she basically saying we should be ok with making the country shitter?
@intempify lol i think i can provide something more worthwhile than a person who can't even speak the language. There's only so many amazon delivery drivers or 1 star hygiene chicken and chip shop workers this country needs
@intempify --- Wages haven't changed due to migration --- do you really believe her? You can look at the construction sector solely
I thought charlie sheen put on a wig lol
@@shipscook3765 I'm literally shocked
Australia has had massive immigration over the last decade. The more migrants we accept, the lower our GDP per capita. Homelessness, especially among the elderly has increased. The migrants contribute to the need for more infrastructure, that all Australians have to pay for, not just the newcomers that make it necessary. And the taxes that are spent on infrastructure for foreigners, count as GDP, that the government can claim as economic growth.
I trust what I see with my own eyes.
And you trust your perception to be neutral and non-selective?
Claudia Bätcke it’s probably skewed, but it’s the best I’ve got.
@@lo3572 So do you think the sun goes round the earth or the earth goes round the sun?
1stellamaris I don’t know & don’t care. I’ve never been to space. Not as pressing of a matter as who’s gonna use my taxes
Well, quantum physics would suggest that we have no such thing as an objective reality. Never trust what you see with your own eyes, look for consensus outside oneself.
Understand the motivations of the players, the banks, the governments and the corporations. Understand what drives an economy.
After a war GDP falls, this is because capitalism is the absence of order. If you want to boost GDP, organise the population better, standardise education and employment, connect investment to an individual’s educational achievements.
Capitalism doesn't take care of the majority it caters for the top %. If a country only has a limited number of jobs available, we should train everyone and share the work. Your job shouldn't define you, one day you could be a cleaner the next a doctor. Capitalism freed the people but it also freed the wealthy of their responsibility, Monarchs looked after their people.
We have technology today and within the next ten years everyone on this planet will be connected, when that happens we can all take a vote on whether we should honour birth rights or if we should drop the current financial systems and create a fair undiscriminating economy that focuses on demand rather than indulgence. a living wage with optional work and pay relative to an individual’s local demand. This will ensure the people who prosper are the people who give the most.
This change will protect the west's ideology, Nobel Prize me!
Simon Dixon you definitely voted for Corbyn
@@CC-tq9xu no, Corbyn represents an even larger handover of wealth and the nhs would have died quicker, I didn't vote. The equivalent would be taking out finance on a car without a job.
Simon Dixon the issue with your comment is that it bears no significance to the points that Esther made in the video. It’s merely peacocking your own opinions. If you can provide some thesis and evidence for your opinions past the point of merely stating it to appear Informed or ‘woke’.
@@CC-tq9xu "peacocking" lol yeah girls love it! The video is about an economist and her perspective, I've stated a different one. Unfortunately, there's no incentive for me to wright a thesis but luckily for you and humanity I won't need to.
Its evident we are on a trajectory and have been since 1975 when PCs first came in to the home. If you believe humans will continue to honor claims to natural resource because they have dominated it for the past 100 or so years, you're wrong. all the wars, inequality and destruction have been a result of capatalisum. The future isn't socialsim, it's an organised vision of capatalisum and it will be achieved the same way america created its $. first influece the people (face book) second, build value behind a currency, "gold" or in todays age "proccessing power"(bitcoin mining) finally the proposal of a new constitution. Global access to free online education, standardisation of everything so an uber type agarithum can orchestrate the workforce and A finance system to back individuals progress. Everyone will work for the single digital society, no borders or intellectual property just progression and democracy.
The world is getting smaller JB and this isn't opinion this is foresight, history repeats and this has all happened before.
Simon Dixon a nobel prize winning economist who’s thesis has been examined by independent boards. If you really think bitcoin or something as such will be part of the next revolution then you’ve shown how out of touch you really are my friend.
Maybe try reading factfulness by hans rosling, or her own book good economics for hard times and not conspiracy videos on CZcams. You can have an opinion but it doesn’t mean you’re right.
If however you can point me to a source of information which backs up your perspective for me to actually read that would be great. Preferably a reliable source and not Alex jones.
Whenever her ideology doesn't line up with the data, she calls it a "technical issue"
Trump cut the corporate tax rate by 15% in 2016 and Federal tax revenue increased. In 2017 he cut payroll taxes for everyone making between $9000 and $150,000 a year by 3-4%, and revenues went up again.
Spending and the deficit also went way up, I'm not trying to say he fixed everything, I'm just pointing out that it's completely deceptive to say that tax cuts don't put more people to work and more money in the pockets of working people.
It also increases inequality because it's so much easier to make money when you're already rich and unless you can figure out a way to make a 1% return on $10 million bee worth less than a 20% pay increase for someone making $50k a year, it will always be that way. Being mad at arithmetic is pointless.
Awarding a price for theoretical approaches b 4 real world results is the dummest thing ever
Respected Sister
Do you know
Amarta
Sen
Either
Organic
Or
Inorganic
Chemical
Nice lady, but where I live the numbers of homeless on the streets has risen over the last decade, so ... ?
So, real estate inflation and wage stagnation?
@@fabiomartins1218 Think so!
@@fabiomartins1218 Almost like there's a supply/demand disequilibrium causing that. Couldn't possibly comprehend why.
Ladynipchick2 - Do you live in the U.K? Homeless is up here, just had over 10 years of austerity, places like N.E. of England lost 50% of social provision, some people lost all access to money for 12 months, many had to wait months to make a claim. That being main cause of homelessness in the U.K. in the last 10 years - what you think would happen. Homelessness has been ended in Finland. They had a crazy idea - build housing and buy empty buildings, place the homeless in the housing and give them benefits and support... it is almost like they found a solution to a problem by actually providing a solution to the problem.
@@watercolourmark Yes. I do. And I agree about Finland. Way ahead of everyone else in dealing with the problem!!
Capitalism ❤️❤️
LA Times says construction worker wages lower than 40 years ago. I posted a link and the comment was removed:
Immigrants flooded California construction. Worker pay sank. Here’s why
Construction in Los Angeles has shifted from a heavily unionized labor force that was two-thirds white to a largely non-union one that is 70% Latino and heavily immigrant.
By NATALIE KITROEFF
APRIL 22, 2017
There's a very SIMPLE solution to solve your issue with "lower wages" and that's INCREASING THE MINIMUM WAGE and increasing monitoring and fines against businesses who employ people illegally to get around that.
And that's the immigrants' fault. The immigrants screwed the unions, hired unqualified workers, paid cash in hand...
People don't move!!! What about the million of African and Middle Eastern migrants that invaded Europe in 2015?
Quite clearly a man
Looks like a man or is it me ?
And that's important why?
Corey Feldman
It's you.
The lad from The Goonies is a female economist now?
Economics is the most miserable science. She seems to be aging rapidly.
Does she say anything precise and meaningful or just blah blah blah? Its been 3 minutes so far and I am already yawning...
Can Esther start studying a way for people to select their politicians so that the persons in power are benefiting the world and possess conscient to the rest of the world. The politicians seem to forget to balance the needs of people in the rest of the world somehow. Better use of resources is the way to help the survival of other countries. For instance, the grocery stores in North American (Canada and USA) are very rich and I always wonder what happens to the unsold perishable goods ? Can we create a system to deliver the perishable goods to the less unfortunate at no cost or with tax benefits to the corporations if they contribute ?