What is economic value, and who creates it? | Mariana Mazzucato

Ted talks are so useless. They're just the Panama Papers in public. None of the people that go to them listen.

“A theory of price and exchange which reveals value” is pretty much exactly how it works for Smith and Marx.

Great talk! Humanity, not just economists, needs to think about 'what is value'! "Value is not just price", like she says.

Is this a trans woman?

Disgusting creatures!🤢

Dude looks like a lady…

Speak for yourself, you do not know what people want and you have no right to dictate.

the economist the world desperately needs to listen to 🙏
i watched this talk once before, but i probably didn't understand it well then, because i didn't take note of how significant the material of the talk is

How about reduce administration by 80%? How about asking law enforcers to actually apply the law? How about reviewing the law, because in the last 40 years, most law was dictated by corruption, by greed?
Climate crisis was not provoked by regular people, we are not too many.
It was provoked by a few greedy * with a lot of power. If we get rid of those, the planet is saved. Who does most of the pollution, who artificially altered the weather for their benefit, who allowed all that to happen? Who created illnesses and allowed spreading, who allows throwing good food out, so that they could raise the price, instead of using it, thus not needing even more? Who allowed and approved pesticides and medicine that are now poisoning the water? Why should these people be protected and the people that keep you alive be killed?
That is a stupid thinking pattern, even your students could have told you that, when they were 5.
Be brave and say the things that need to be said, not the things that kill millions, but protects only your family and those that pay you. That is not how you save the planet.
The truth is not what somebody says, is what is proved in reality. Until proven, the words are speculations, hypothesis, not formal conclusions.

Truly impressive.

So true what us value vs price as a Measure of value which mixes utility with creative value meaning Adding To The World.

Great presentation, thank you.

we need to rethink? who's we?

What happens if too much wealth is captured in the "sterile class" ....USA 2023.

I would love to get Marianas thoughts on what AI tech means for the economy, and how it could be squandered by the sterile class.

Value = Price? A hard bargaining business person wanted to purchase something. Did that something have value? The hard bargaining business person obviously imputed that what was wanted had value because that person wanted it. That wanting was conclusive evidence of value at least in the mind of the hard bargaining business person. What price did the business person wish to pay? In the seemingly never-ending haggling over price that ensued, the price the hard bargaining business person wished to pay was negative. The ideal price to pay was a a negative price. The would-be buyer, namely the hard bargaining business person argued extenuating circumstance and other bits of haggling strategy that indicating the acceptable price meant the would be vendor would actually pay the the hard bargainer to take ownership of the object of haggling. The hard bargaining business person proves aver and over again that anything that person wants has value but it also comes at a negative price. There is clearly no connection between value and price.

Mariana Mazzucato for Prime Minister!!!

Excelente!!!

Lol finance can’t be reformed. I think we need to just do away with the discipline.

Interesting that this talk was done on the cusp of a pandemic that forced us all to reconsider the labor value of essential workers such as food producers, health care workers, teachers, etc.

Her insights is quiet dead-on! Moving money around cannot generate wealth after all. The whole society got too much of the energy caught up into the financial system; and gradually, bewilderedly, people even forgot these kind of easy money can never ever become the propel forces that are required to take the humanity forward.....

Marxist assessment says human labour (physical and mental) creates value. Capitalism is the seizure of some of this by the owners of the businesses. Capitalism tends towards reducing profits (mechanisation reducing the labour input), centralisation (the rise of mega corporations) and evolution into financial capitalism (making profits out of money trading rather than production of saleable goods and services). Financialistion isnt just a fluke it is the default path of capitalism. It doesnt have to be but thats where it goes if we dont take collective action.
David Graeber revealed the majority of non productive (in a real sense) jobs (his bullshit jobs work). Lockdown proved this (societies didnt collapse when more than half workers were not working). So we could have a society of half time workers without losing either incomes or necessary production. But that doesnt happen because we dont stop owners creating jobs that simply maintain their privileges (the bullshit jobs support the property rights of the owners).
Its not the economy that maintains this. Its politics, we could reinvent our relationships with each other to free ourselves from the mental chains of financialisation and from bullshit work. Which is exactly what The Communist Manifesto (1848) is about. Maybe by its 200th anniversary we will be working tgether to make it happen?

Really interesting video on what is true value, well presented.
I would recommend viewers looking at ‘Gary’s Economics’ channel too for videos on wealth and taxation.

Smith plagiarized the pin factory story from Ibn Khaldun.

An illusion that's what it is...all a lie...then you die and realise you are in hellfire.

Great arguments delivered way too frenetically for me to comfortably engage with

👏👏👏👏

incredible!!👏👏

Renonsce all that money has purchased in your possession. Tell me what you'd be then in this evolving "please" we live in

Specific public talk! very good by the way! Mazzucato has very beautiful ideas, seriously, but thinking about value in this time is a dead end. is not going anywhere. Some way this idea can be explained by mainstream thinking! In fact, the Nobel prize in economics this year explain this thing with a very "simple" maintrain framework!. Economics is about people, non-about theories, do not forget that!. ;)

eye opening

So many disagreements in the comments its crazy but i like the connection she made about physics im going to study some physics now 👋

I’m sure this leftist progressive academia idiot will want to continue enjoying her six figures and up, living in developed capitalist countries selling smoke for those who need to feel good about being in the same club. Net worth $5M that’s a lot of potatoes 😂

Yeah! Let’s charge taxes to short term investments. Let’s force enterprises to reinvest and magically innovation will happen!. Is she living in the 50s, that she knows that all the apps we use in our cell phones, are innovations facilitated through financing? Maybe the iphone was financed by air, or it was private equity or investment bankers behind? I cannot believe that this so call economist charges more than USD50k for lying to people.

the Federal Reserve is responsible for the boom/bust cycle... it manipulates interest rates... punishes saving money... encourages malinvestment... an audit of the Fed is absolutely necessary... Dr. Ron Paul has been promoting sound economic policy since the seventies...tune into the Ron Paul Liberty Report Monday - Friday on Rumble.

I see a transgender here. Anyone???

Wow she is so based

Sie redet und schreibt das Gleiche wie Karl Marx u. ä..
Nirgends hat das funktioniert.
Nun huldigt ihr die politische Linke und politische Grüne Partei, sind aber auch alles ausschliesslich Linke.
Die Menschheit muß immer den gleichen Fehler macher, sobald er vergessen wurde.
Nur in einem gebe ich ihr Recht: Kriminalität darf in der Wirtschaft nicht existieren. Das würde schon zur Regulierung reichen.

More farmers less stock traders !!

Lots of classism here. Are we been lectured by a Marxist?

the world is shifting to neo classical point of view, but law maker and govt body that make policy still using classical tools😅

It's not a proper game of monopoly if one of the players is printing his owm money under the table. It is not economic (free market) capitalism , it is economic parasitism or just pure scamism.

Call it what you like, perpetual money printing will drain any type of economy for the common people, to the level of poverty that the central bankers require for us.

How our financial systems work is comparative to how a physical therapist works on its clients. The tending is for maintence and repairs. They do accounting for losses that occur and little to invest in operations and innovation that put an end to loss in certain sectors that uphold the fabric of devloped international relations which keep us safe from one guy with a button to big booms. Anyway, my venture in business in various ways needs a reprise and not just a rest. Alot of unneccessary factors exist and they so clearly are being used in this way to shroud itself whilst they rake in the income generated from atrocious acts.

Talk as empty as the standard TED talk. "Bring you back to.." - standard TED-speak.

She is sexist when saying "if you marry your baby sitter..."" What a disgraceful person makes such examples in 2022?

At 12 min she has lost all the audience. I am now listening at 1.75x because she is so dull and unfocused.

Key message is that GDP is not a perfect way to measure the economy.

Her presentation was nonsense. Forget it entirely. You already know what value is but for those who have been confused by her nonsense read on...

A gas station man has 1 gallon of gas. This is called "supply". He will give you the gas if you give him $4, that is how much he values the gas. You have $4 and are willing and able to trade it for a gallon of gas. This is called "demand". The outcome is that you buy the gas for $4. The interesting thing here is that while it appears the gas man and you have a similar set of values, you don't. The gas man values the $4 more than the gallon of gas which is why he would trade the gas for it and you value the gas more than the $4 which is why you trade the money for the gas. So both the gas man and you agree upon exactly the same exchange rate, or "price" of 1 gallon gas:$4, but you do so using differing values of precisely the same goods.

The socialist charlatan in the video thinks central planning is necessary because you are too stupid to figure out how much to pay for a gallon of gas on your own. And if her central planning were not needed (and it isn't), she would be out of work and need to find a way to create something that you would actually voluntarily pay for, and she doesn't want to do that because it is easier to tell you how to live than produce gas.

Furthermore, when people follow such foolish nonsense as hers and it fails: e.g., the effect of Biden's central planning on gas prices, she takes no responsibility and pays no personal cost (other than a higher gas price). In fact, the opposite is often true: she then uses her failure as justification to claim you need her even more to solve the problem of high gas prices which her idiotic central planning created in the first place. Heads she wins, tails you lose.

Government is not courageous, it is coercion. The fact that she does not understand this disqualifies her from being taken seriously.

She confuses her ignorance for insight and hides it from the viewer behind a veil of pretentiousness that is utterly transparent to anyone who actually understands economics, which is basically anyone who bothers to think about what she is saying for a few minutes.

Very interesting to see her advising the German government under Robert Habeck now 🧐🤩

So when adam smith comes up with a list of jobs he thinks are productive, its objective, but if prices are determined by the choices of thousands of People, value determination its subjective 👀