title
Steve Keen: Marxism, Capitalism, and Economics | Lex Fridman Podcast #303
description
Steve Keen is a heterodox economist and author. Please support this podcast by checking out our sponsors:
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EPISODE LINKS:
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OUTLINE:
0:00 - Introduction
1:51 - Defining economics
8:50 - Schools of economics
33:10 - Karl Marx
51:24 - Labor theory of value
1:11:10 - Socialism
1:26:12 - Soviet Union
1:39:33 - China
1:59:24 - Climate change
2:21:27 - Economics vs Politics
2:29:30 - Minsky's model
2:44:14 - Financial crisis
2:49:31 - Inflation
3:02:46 - Marxism
3:10:06 - Space and AI
3:16:11 - Advice for young people
3:20:02 - Depression
3:24:35 - Love
3:28:35 - Mortality
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detail
{'title': 'Steve Keen: Marxism, Capitalism, and Economics | Lex Fridman Podcast #303', 'heatmap': [{'end': 4559.885, 'start': 4427.423, 'weight': 0.97}, {'end': 11659.723, 'start': 11522.229, 'weight': 1}], 'summary': "Steve keen discusses marx's economic argument for socialism, critiques modern economics, explores various economic theories, delves into marx's evolution and insights, examines economic systems and marx's vision, and reflects on the impact of centralized control, china's planning, climate change effects, expanding civilization, financial crisis warning, credit and inflation's impact on economic cycles, and personal reflections on economics and marxism.", 'chapters': [{'end': 66.302, 'segs': [{'end': 66.302, 'src': 'embed', 'start': 0.049, 'weight': 0, 'content': [{'end': 8.353, 'text': "The real foundation of Marx's political philosophy was the economic argument that there would be a tendency for the rate of profit to fall.", 'start': 0.049, 'duration': 8.304}, {'end': 18.839, 'text': 'and that tendency for the rate of profit to fall would lead to capitalists battening down on workers harder, paying them less than their subsistence.', 'start': 8.353, 'duration': 10.486}, {'end': 23.602, 'text': 'a revolt by workers against this, and then you would get socialism on the other side.', 'start': 18.839, 'duration': 4.763}, {'end': 32.587, 'text': 'What he called the tendency for the rate of profit to fall played a critical role in his explanation of why socialism would have to come about.', 'start': 25.742, 'duration': 6.845}, {'end': 36.169, 'text': "If you look at Marx's own vision of the revolution, it was going to happen in England.", 'start': 33.127, 'duration': 3.042}, {'end': 40.652, 'text': 'The advanced economies would be first to go through the revolution.', 'start': 37.69, 'duration': 2.962}, {'end': 45.175, 'text': 'The primitive economies would have to go through a capitalist transition.', 'start': 41.212, 'duration': 3.963}, {'end': 48.617, 'text': 'And this is the difference when the Mensheviks and the Bolsheviks came.', 'start': 45.675, 'duration': 2.942}, {'end': 54.994, 'text': 'So the Mensheviks, and Hyman Minsky came out of the Menshevik family, the Mensheviks believed you had to go through a capitalist phase.', 'start': 49.005, 'duration': 5.989}, {'end': 58.419, 'text': 'Russia had to go through a capitalist period before it becomes socialist.', 'start': 55.515, 'duration': 2.904}, {'end': 60.983, 'text': 'The Bolsheviks believed they could get there in one go.', 'start': 58.9, 'duration': 2.083}, {'end': 66.302, 'text': 'The following is a conversation with Steve Keen,', 'start': 63.66, 'duration': 2.642}], 'summary': "Marx's economic argument predicts socialism due to falling profit rates and workers' revolt.", 'duration': 66.253, 'max_score': 0.049, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM49.jpg'}], 'start': 0.049, 'title': "Marx's economic argument for socialism", 'summary': "Discusses marx's economic argument for socialism, focusing on the tendency for the rate of profit to fall, its impact on workers, and the perspectives of mensheviks and bolsheviks, critical to marx's explanation.", 'chapters': [{'end': 66.302, 'start': 0.049, 'title': "Marx's economic argument for socialism", 'summary': "Discusses marx's economic argument for socialism, centering on the tendency for the rate of profit to fall, its impact on workers, and the differing perspectives of the mensheviks and bolsheviks, highlighting the critical role of this economic concept in marx's explanation.", 'duration': 66.253, 'highlights': ["Marx's political philosophy was based on the economic argument of the tendency for the rate of profit to fall leading to capitalists paying workers less than their subsistence, sparking a worker revolt and ultimately leading to socialism.", "The tendency for the rate of profit to fall played a critical role in Marx's explanation of why socialism would have to come about, with a focus on the impact on workers' conditions.", 'The advanced economies were envisioned by Marx to be the first to undergo the revolution, while primitive economies would need to transition through capitalism before socialism could be attained.', 'The differing perspectives of the Mensheviks and the Bolsheviks revolved around the necessity of a capitalist phase before socialism, with the Mensheviks advocating for it and the Bolsheviks believing in a direct path to socialism.']}], 'duration': 66.253, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM49.jpg', 'highlights': ["Marx's political philosophy based on the economic argument of the tendency for the rate of profit to fall leading to capitalists paying workers less than their subsistence, sparking a worker revolt and ultimately leading to socialism.", "The tendency for the rate of profit to fall played a critical role in Marx's explanation of why socialism would have to come about, with a focus on the impact on workers' conditions.", 'The advanced economies were envisioned by Marx to be the first to undergo the revolution, while primitive economies would need to transition through capitalism before socialism could be attained.', 'The differing perspectives of the Mensheviks and the Bolsheviks revolved around the necessity of a capitalist phase before socialism, with the Mensheviks advocating for it and the Bolsheviks believing in a direct path to socialism.']}, {'end': 1076.885, 'segs': [{'end': 206.901, 'src': 'embed', 'start': 181.908, 'weight': 0, 'content': [{'end': 190.191, 'text': "And if we didn't have this energy we were exploiting, if we didn't use the environment to elevate ourselves above what's possible in the background,", 'start': 181.908, 'duration': 8.283}, {'end': 192.071, 'text': "then you and I wouldn't be talking into microphones.", 'start': 190.191, 'duration': 1.88}, {'end': 198.313, 'text': "We might be doing drum beats and stuff like this, but we wouldn't be having the sort of conversation we have.", 'start': 193.311, 'duration': 5.002}, {'end': 201.754, 'text': "So to explain how that came about, that's what the economics should be doing, and it's not.", 'start': 198.613, 'duration': 3.141}, {'end': 206.901, 'text': "So this is the greatest thing that the earth has ever created, is what you're saying in this conversation?", 'start': 203.24, 'duration': 3.661}], 'summary': 'Energy exploitation allows conversation and innovation, yet economics fails to recognize its significance.', 'duration': 24.993, 'max_score': 181.908, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM181908.jpg'}, {'end': 284.684, 'src': 'embed', 'start': 255.393, 'weight': 4, 'content': [{'end': 263.931, 'text': 'My discipline has probably helped bring about the termination potential, the feasible termination of human civilization.', 'start': 255.393, 'duration': 8.538}, {'end': 264.631, 'text': 'Strong words.', 'start': 263.951, 'duration': 0.68}, {'end': 267.953, 'text': "Okay, let's return to the basics of economics.", 'start': 264.872, 'duration': 3.081}, {'end': 271.916, 'text': 'So what is the soul and the practice of economics??', 'start': 267.973, 'duration': 3.943}, {'end': 274.257, 'text': 'What should be the goal of it?', 'start': 271.976, 'duration': 2.281}, {'end': 284.684, 'text': "Because you're speaking very poetically, but we'll also speak pragmatically about the tools of economics, the variables of economics, the metrics,", 'start': 274.357, 'duration': 10.327}], 'summary': 'Economics aims for pragmatic and poetic goals, amidst potential civilization termination.', 'duration': 29.291, 'max_score': 255.393, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM255393.jpg'}, {'end': 481.552, 'src': 'embed', 'start': 449.489, 'weight': 3, 'content': [{'end': 451.391, 'text': "Maybe it's more clear to you, but..", 'start': 449.489, 'duration': 1.902}, {'end': 452.692, 'text': "I've got to make it clear to an audience.", 'start': 451.391, 'duration': 1.301}, {'end': 456.516, 'text': 'Well, so this is a very complicated world.', 'start': 453.173, 'duration': 3.343}, {'end': 457.837, 'text': "It's a complex world.", 'start': 456.636, 'duration': 1.201}, {'end': 461.221, 'text': 'You talk about there are some of the most complex..', 'start': 457.857, 'duration': 3.364}, {'end': 468.824, 'text': 'systems on Earth are the human mind, the economy, and the biosphere.', 'start': 462.981, 'duration': 5.843}, {'end': 471.326, 'text': "So we'll go.", 'start': 469.525, 'duration': 1.801}, {'end': 473.407, 'text': "We'll go to that place.", 'start': 472.466, 'duration': 0.941}, {'end': 476.129, 'text': "I'm fascinated by complex systems.", 'start': 473.667, 'duration': 2.462}, {'end': 481.552, 'text': "I'm humbled by them, even at their simplest level of cellular automata.", 'start': 476.149, 'duration': 5.403}], 'summary': 'The speaker is fascinated by complex systems and humbled by their simplicity, citing the human mind, economy, and biosphere as examples.', 'duration': 32.063, 'max_score': 449.489, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM449489.jpg'}, {'end': 579.094, 'src': 'embed', 'start': 553.304, 'weight': 2, 'content': [{'end': 566.468, 'text': 'Neoclassical, post-Keynesian, Austrian, I like the biophysical economics and so on, other heterodox economic schools that you find interesting.', 'start': 553.304, 'duration': 13.164}, {'end': 570.15, 'text': 'Okay I actually find interesting a school which went extinct about 250 years ago.', 'start': 566.628, 'duration': 3.522}, {'end': 573.111, 'text': "That's where I'd like to start from.", 'start': 571.93, 'duration': 1.181}, {'end': 574.591, 'text': "And they're called the physiocrats.", 'start': 573.351, 'duration': 1.24}, {'end': 579.094, 'text': 'And the name itself implies where their knowledge came from.', 'start': 575.492, 'duration': 3.602}], 'summary': 'Physiocrats, an extinct school of economics from 250 years ago, are of interest.', 'duration': 25.79, 'max_score': 553.304, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM553304.jpg'}, {'end': 713.55, 'src': 'embed', 'start': 686.279, 'weight': 1, 'content': [{'end': 692.941, 'text': 'Now that led to the classical school of thought and that said that all value comes from labor.', 'start': 686.279, 'duration': 6.662}, {'end': 695.922, 'text': 'that value is objective.', 'start': 692.941, 'duration': 2.981}, {'end': 702.484, 'text': "so it's the amount of effort you put in that the price two things will exchange for reflects the relative effort that's involved in the manufacturing.", 'start': 695.922, 'duration': 6.562}, {'end': 709.506, 'text': 'So this computer takes two hours to make, and this bottle takes two minutes to make, then this is worth 60 times as much as that.', 'start': 702.864, 'duration': 6.642}, {'end': 713.55, 'text': "They didn't talk about marginal cost.", 'start': 710.467, 'duration': 3.083}], 'summary': 'Classical school values all come from labor, price reflects relative effort in manufacturing. did not consider marginal cost.', 'duration': 27.271, 'max_score': 686.279, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM686279.jpg'}], 'start': 66.302, 'title': 'Critique of modern economics, economic schools through history, and neoclassical economics', 'summary': 'Critiques modern economics, proposes a new goal emphasizing high-grade energy sources, discusses the use of differential equations, evolution of economic schools, highlights the dominance of neoclassical economics, its focus on equilibrium and the impact of uncertainty on investment decisions.', 'chapters': [{'end': 401.873, 'start': 66.302, 'title': 'Critique of modern economics', 'summary': "Explores the critique of modern economics and proposes a new goal for economics, emphasizing the need to explain and maintain human civilization's elevation above the base level of the planet through the use of high-grade energy sources, while denouncing the discipline's failure to respect and preserve life. it also highlights the need for economics to use up-to-date techniques like differential equations and systems engineering, instead of relying on difference equations.", 'duration': 335.571, 'highlights': ["Economics should explain and maintain human civilization's elevation above the base level of the planet through the use of high-grade energy sources. N/A", "Economics needs to respect and preserve life, denouncing the discipline's role in the denigration of the planet. N/A", 'Economics should use up-to-date techniques like differential equations and systems engineering, instead of relying on difference equations. N/A']}, {'end': 773.128, 'start': 401.873, 'title': 'Economic schools through history', 'summary': 'Discusses the use of differential equations in economics, the complexity of economic systems, and the evolution of economic schools from physiocrats to neoclassical and post-keynesian, highlighting the shift in defining the source of value and the critique of capitalism by marx.', 'duration': 371.255, 'highlights': ['The use of differential equations in economics and the complexity of economic systems Differential equations are used to model the aggregate level of fluid motion, similar to the processes in economics occurring through time.', 'Evolution of economic schools from physiocrats to neoclassical and post-Keynesian The discussion covers the shift in defining the source of value from agriculture to labor and the emergence of different economic schools.', "Critique of capitalism by Marx and the defense of capitalism by neoclassical school Marx's critique transformed the classical school, originally pro-capitalism, into a critique of capitalism, leading to the defense of capitalism by the neoclassical school using the subjective theory of value."]}, {'end': 1076.885, 'start': 774.892, 'title': 'Neoclassical economics and the fallacy of equilibrium', 'summary': 'Discusses the dominance of neoclassical economics, its focus on equilibrium and marginal utility, and the erroneous belief that money is irrelevant, while highlighting the instability and non-equilibrium nature of capitalism, and the impact of uncertainty on investment decisions.', 'duration': 301.993, 'highlights': ['Neoclassical economics is the dominant school for 150 years, focusing on marginal utility and equilibrium analysis, with the belief that money is irrelevant. The neoclassical school has been dominant for 150 years, emphasizing marginal utility equilibrium analysis and disregarding the relevance of money in economics.', "Mainstream economics represents people's tastes using indifference curves, disregarding the role of money and assuming equilibrium, which does not align with the dynamic nature of capitalism. Mainstream economics utilizes indifference curves to represent tastes, ignores the role of money, and assumes equilibrium, contradicting the dynamic nature of capitalism.", 'Keynes disrupted the equilibrium-focused neoclassical school by emphasizing uncertainty in investment decisions, leading to volatility and creativity in a capitalist economy. Keynes disrupted the equilibrium-focused neoclassical school by emphasizing uncertainty in investment decisions, leading to volatility and creativity in a capitalist economy.', 'The real nature of capitalism is characterized by instability, volatility, and creativity, driven by uncertainty and non-equilibrium dynamics, in contrast to the neoclassical focus on stability and equilibrium. The real nature of capitalism is characterized by instability, volatility, and creativity, driven by uncertainty and non-equilibrium dynamics, contrasting the neoclassical focus on stability and equilibrium.']}], 'duration': 1010.583, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM66302.jpg', 'highlights': ["Economics should explain and maintain human civilization's elevation above the base level of the planet through the use of high-grade energy sources.", 'The real nature of capitalism is characterized by instability, volatility, and creativity, driven by uncertainty and non-equilibrium dynamics, contrasting the neoclassical focus on stability and equilibrium.', 'Keynes disrupted the equilibrium-focused neoclassical school by emphasizing uncertainty in investment decisions, leading to volatility and creativity in a capitalist economy.', 'Neoclassical economics is the dominant school for 150 years, focusing on marginal utility and equilibrium analysis, with the belief that money is irrelevant.', 'The use of differential equations in economics and the complexity of economic systems Differential equations are used to model the aggregate level of fluid motion, similar to the processes in economics occurring through time.']}, {'end': 3307.898, 'segs': [{'end': 1105.852, 'src': 'embed', 'start': 1076.946, 'weight': 2, 'content': [{'end': 1078.366, 'text': "That's what we should be analyzing.", 'start': 1076.946, 'duration': 1.42}, {'end': 1082.727, 'text': 'And the post-Keynesian school has gone in that orientation.', 'start': 1078.726, 'duration': 4.001}, {'end': 1089.948, 'text': "They've been, in my opinion, inhibited by learning their mathematics from neoclassical economists,", 'start': 1083.647, 'duration': 6.301}, {'end': 1092.749, 'text': "so they don't have enough of the technology of complex systems.", 'start': 1089.948, 'duration': 2.801}, {'end': 1098.69, 'text': "There's only a really tiny handful of people working in complex systems analysis in post-Keynesian economics.", 'start': 1092.769, 'duration': 5.921}, {'end': 1100.97, 'text': 'But that is, to me, the most interesting area.', 'start': 1099.15, 'duration': 1.82}, {'end': 1105.852, 'text': 'So their tools may be lacking, but they fundamentally accept the instability of things.', 'start': 1100.99, 'duration': 4.862}], 'summary': 'Post-keynesian economists lack complex systems analysis, inhibiting their ability to analyze instability.', 'duration': 28.906, 'max_score': 1076.946, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM1076946.jpg'}, {'end': 1154.166, 'src': 'embed', 'start': 1120.806, 'weight': 1, 'content': [{'end': 1131.854, 'text': "Then there's Adam Smith who said, nah, value comes from human labor, right? That was the classical school.", 'start': 1120.806, 'duration': 11.048}, {'end': 1138.977, 'text': 'And then neoclassical is value comes from like bananas and coconuts.', 'start': 1132.555, 'duration': 6.422}, {'end': 1142.278, 'text': 'The human preference is like human happiness.', 'start': 1139.017, 'duration': 3.261}, {'end': 1143.019, 'text': 'How happy..', 'start': 1142.538, 'duration': 0.481}, {'end': 1145.4, 'text': 'how happy a banana makes you.', 'start': 1144.019, 'duration': 1.381}, {'end': 1154.166, 'text': "And then the Keynesian and the post-Keynesian were like yeah, well, you can't, you can never.", 'start': 1146.201, 'duration': 7.965}], 'summary': 'Economists like adam smith and keynesians had differing views on value and human happiness.', 'duration': 33.36, 'max_score': 1120.806, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM1120806.jpg'}, {'end': 1237.153, 'src': 'embed', 'start': 1204.796, 'weight': 6, 'content': [{'end': 1209.699, 'text': 'You had three intellects who mainly led the growth of the neoclassical school back in the 1870s.', 'start': 1204.796, 'duration': 4.903}, {'end': 1217.604, 'text': "It was William Jevons from England, Menger, who's from Austria, and Walras from France.", 'start': 1209.739, 'duration': 7.865}, {'end': 1237.153, 'text': "Walras tried to work out a set of equations to describe a multi-product economy where there's numerous producers and numerous consumers everybody's both a producer and a consumer and you try to work out a vector of prices that will give you equilibrium in all markets instantaneously.", 'start': 1218.144, 'duration': 19.009}], 'summary': 'Neoclassical school was led by 3 intellects in 1870s: jevons, menger, and walras. walras aimed to describe a multi-product economy with equilibrium prices.', 'duration': 32.357, 'max_score': 1204.796, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM1204796.jpg'}, {'end': 1459.94, 'src': 'embed', 'start': 1438.184, 'weight': 10, 'content': [{'end': 1448.198, 'text': 'But the thing is, if you want to keep track of your financial flows, then you divide what you all the financial claims on you.', 'start': 1438.184, 'duration': 10.014}, {'end': 1449.338, 'text': 'you divide into claims.', 'start': 1448.198, 'duration': 1.14}, {'end': 1454.559, 'text': 'you have on somebody else, which are your assets, claims somebody else has on you, which are your liabilities,', 'start': 1449.338, 'duration': 5.221}, {'end': 1456.619, 'text': 'and the gap between the two is your equity.', 'start': 1454.559, 'duration': 2.06}, {'end': 1459.94, 'text': 'So you record every transaction twice on one row.', 'start': 1457.139, 'duration': 2.801}], 'summary': 'Track financial flows by dividing claims into assets and liabilities, recording transactions twice.', 'duration': 21.756, 'max_score': 1438.184, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM1438184.jpg'}, {'end': 1532.173, 'src': 'embed', 'start': 1502.441, 'weight': 8, 'content': [{'end': 1504.703, 'text': 'what they see is money as an object, okay?', 'start': 1502.441, 'duration': 2.262}, {'end': 1514.661, 'text': "And you and I can both have more gold if we're both willing to go to a mine somewhere and dig a few holes and get a few specks of gold out.", 'start': 1505.376, 'duration': 9.285}, {'end': 1519.904, 'text': "So there's no competition or no interaction between you and me if money is gold.", 'start': 1514.761, 'duration': 5.143}, {'end': 1522.505, 'text': 'And I think money should be an object, a commodity.', 'start': 1520.344, 'duration': 2.161}, {'end': 1525.607, 'text': 'But money fundamentally is not a commodity.', 'start': 1523.006, 'duration': 2.601}, {'end': 1527.068, 'text': "It's a claim on somebody else.", 'start': 1525.707, 'duration': 1.361}, {'end': 1529.189, 'text': "That's money's essence.", 'start': 1528.128, 'duration': 1.061}, {'end': 1532.173, 'text': 'So when you do it, you must use double entry bookkeeping to do it.', 'start': 1529.571, 'duration': 2.602}], 'summary': 'Money is not a commodity but a claim on somebody else, requiring double entry bookkeeping.', 'duration': 29.732, 'max_score': 1502.441, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM1502441.jpg'}, {'end': 1761.279, 'src': 'embed', 'start': 1733.519, 'weight': 7, 'content': [{'end': 1736.121, 'text': 'Because money creation is what allows commerce to happen.', 'start': 1733.519, 'duration': 2.602}, {'end': 1739.144, 'text': "Isn't there a conservation of- No, there isn't.", 'start': 1736.662, 'duration': 2.482}, {'end': 1743.128, 'text': 'I had arguments with physicists over this and it took me a long time to answer it.', 'start': 1739.384, 'duration': 3.744}, {'end': 1745.27, 'text': 'They thought the sum total of all money is zero.', 'start': 1743.168, 'duration': 2.102}, {'end': 1746.711, 'text': 'Yeah Okay.', 'start': 1745.51, 'duration': 1.201}, {'end': 1750.134, 'text': "It's the sum total of all assets and liabilities is zero.", 'start': 1746.991, 'duration': 3.143}, {'end': 1755.8, 'text': 'If you imagine your assets minus your liabilities as your equity,', 'start': 1750.715, 'duration': 5.085}, {'end': 1761.279, 'text': "and your asset is somebody else's liability and your liability is somebody else's asset.", 'start': 1756.676, 'duration': 4.603}], 'summary': 'Money creation enables commerce to happen, with a sum total of all assets and liabilities being zero.', 'duration': 27.76, 'max_score': 1733.519, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM1733519.jpg'}, {'end': 1825.611, 'src': 'embed', 'start': 1796.751, 'weight': 13, 'content': [{'end': 1798.312, 'text': 'If you add the two together, you get zero.', 'start': 1796.751, 'duration': 1.561}, {'end': 1799.854, 'text': "Okay So that's zero.", 'start': 1798.332, 'duration': 1.522}, {'end': 1800.534, 'text': "That's zero.", 'start': 1800.014, 'duration': 0.52}, {'end': 1803.657, 'text': 'The money is the liability side of the banking sector.', 'start': 1800.754, 'duration': 2.903}, {'end': 1808.442, 'text': 'Okay Assets are the..', 'start': 1805.26, 'duration': 3.182}, {'end': 1815.045, 'text': 'The assets on the other side can be either created by the banking sector, which is where you get bank loans, or created by the government,', 'start': 1808.442, 'duration': 6.603}, {'end': 1815.946, 'text': 'where you get reserves.', 'start': 1815.045, 'duration': 0.901}, {'end': 1817.967, 'text': 'But money is the liabilities.', 'start': 1816.546, 'duration': 1.421}, {'end': 1818.707, 'text': 'Money is..', 'start': 1818.007, 'duration': 0.7}, {'end': 1823.29, 'text': 'If you think about protons and antiprotons in that sense, money is like the antiproton.', 'start': 1818.707, 'duration': 4.583}, {'end': 1824.43, 'text': "It's the negative.", 'start': 1823.73, 'duration': 0.7}, {'end': 1825.611, 'text': 'The liability..', 'start': 1824.63, 'duration': 0.981}], 'summary': 'Banking sector liabilities are zero, assets are created by sector or government.', 'duration': 28.86, 'max_score': 1796.751, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM1796751.jpg'}, {'end': 1866.947, 'src': 'embed', 'start': 1841.299, 'weight': 11, 'content': [{'end': 1845.802, 'text': "If you have a bank, you'd have a bank account and you'd have some cash.", 'start': 1841.299, 'duration': 4.503}, {'end': 1847.383, 'text': 'Those are your assets.', 'start': 1846.502, 'duration': 0.881}, {'end': 1854.47, 'text': 'but the bank account is a liability to the banking sector, and the cash is a liability to the Federal Reserve.', 'start': 1848.24, 'duration': 6.23}, {'end': 1861.922, 'text': "Okay So what's money? Well, money is the promise of a third party that we both accept.", 'start': 1854.951, 'duration': 6.971}, {'end': 1866.947, 'text': "to close our transaction, and this is- And that's a bank with a liability? That's a bank, yeah.", 'start': 1862.785, 'duration': 4.162}], 'summary': 'Money is a promise of a third party, accepted by banks as liability.', 'duration': 25.648, 'max_score': 1841.299, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM1841299.jpg'}, {'end': 2121.836, 'src': 'embed', 'start': 2096.065, 'weight': 9, 'content': [{'end': 2105.57, 'text': "So I became exposed to Marx when I was a student at Sydney University and we'd had a strike at the university over the teaching of philosophy.", 'start': 2096.065, 'duration': 9.505}, {'end': 2112.77, 'text': 'And what happened was the philosophy department had a lot of radical philosophers in it and a conservative chief philosopher.', 'start': 2106.565, 'duration': 6.205}, {'end': 2121.836, 'text': 'And the radicals wanted to have a course in what they called feminist aspects of philosophical, sorry, philosophical aspects of feminist thought.', 'start': 2113.67, 'duration': 8.166}], 'summary': 'Exposure to marx at sydney university during a strike over philosophy teaching.', 'duration': 25.771, 'max_score': 2096.065, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM2096065.jpg'}, {'end': 2662.946, 'src': 'embed', 'start': 2628.819, 'weight': 0, 'content': [{'end': 2636.382, 'text': "because that says it's the marginal utility and the marginal cost of everything that determines the exchange ratio.", 'start': 2628.819, 'duration': 7.563}, {'end': 2640.744, 'text': 'And the crazy thing about that is not so much the marginal utility,', 'start': 2636.982, 'duration': 3.762}, {'end': 2648.799, 'text': "but The argument in the neoclassical theory is that when there's an exchange going on this two-person,", 'start': 2640.744, 'duration': 8.055}, {'end': 2662.946, 'text': 'two-commodity exchange of two commodities between two people the price will change until such time as the ratio of the marginal utilities is equal to the ratio of the marginal costs.', 'start': 2648.799, 'duration': 14.147}], 'summary': 'Neoclassical theory states exchange ratio based on marginal utility and cost.', 'duration': 34.127, 'max_score': 2628.819, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM2628819.jpg'}], 'start': 1076.946, 'title': 'Various economic theories', 'summary': "Covers the influence of neoclassical economics on post-keynesian school, austrian economics, modern monetary theory, marx's dialectic and capitalism, commodities in feudal society versus capitalist economy, and marx's labor theory, emphasizing differing perspectives and historical overviews. it also delves into the dynamics of money creation and its impact on commerce and the economy, and the influence of karl marx on academic activism, particularly amidst a philosophy strike at sydney university in the late 60s and early 70s, leading to the establishment of a department of political economy.", 'chapters': [{'end': 1154.166, 'start': 1076.946, 'title': 'Post-keynesian economics and complex systems', 'summary': 'Discusses the influence of neoclassical economics on post-keynesian school, their lack of complex systems technology, and the acceptance of instability, with only a small number of people working in complex systems analysis. it also covers a brief historical overview of economic thought from physiocrats to post-keynesian, emphasizing the differing perspectives on the source of value.', 'duration': 77.22, 'highlights': ['The post-Keynesian school has been inhibited by learning their mathematics from neoclassical economists, resulting in a lack of technology of complex systems, with only a tiny handful of people working in complex systems analysis in post-Keynesian economics.', 'The post-Keynesian economists fundamentally accept the instability of things, making them interesting despite lacking tools.', 'The chapter provides a historical overview of economic thought, from physiocrats to post-Keynesian, highlighting the differing perspectives on the source of value.']}, {'end': 1911.725, 'start': 1154.166, 'title': 'Austrian economics and modern monetary theory', 'summary': 'Discusses the foundations of austrian economics, the role of money in capitalism, and modern monetary theory, emphasizing the dynamics of money creation and its impact on commerce and the economy.', 'duration': 757.559, 'highlights': ['Austrian economics grew out of rebellion against the classical school, emphasizing the concept of equilibrium but acknowledging the constant disturbances from it. Austrian economics developed as a response to the classical school, highlighting the idea of equilibrium while recognizing continuous disruptions from it.', "Joseph Schumpeter's vision of capitalism involves the crucial role of money, highlighting the continuous deviation from equilibrium and the importance of the financial sector in funding entrepreneurs. Schumpeter's view of capitalism emphasizes the significance of money, the persistent deviation from equilibrium, and the finance sector's role in empowering entrepreneurs.", 'Modern Monetary Theory proposes that money is a creature of double entry bookkeeping, emphasizing money as a claim on somebody else, challenging the traditional view of money as a commodity. Modern Monetary Theory presents money as a product of accounting and claims it as a liability of the banking sector, disrupting the conventional perception of money as a commodity.', 'The chapter clarifies the concept of money creation, highlighting its role in enabling commerce and the economy, challenging the conservation of money and emphasizing the balance of financial assets and liabilities. Money creation is portrayed as vital for facilitating commerce and the economy, contradicting the conservation of money and underscoring the equilibrium between financial assets and liabilities.', "Augusto Graziani's 'The Monetary Theory of Production' is referenced as an essential work, emphasizing the distinction between a monetary economy and a barter economy. Augusto Graziani's work delineates the differences between a monetary and barter economy, indicating the significance of the monetary system in economic transactions."]}, {'end': 2290.377, 'start': 1911.725, 'title': 'Money, marx, and academic activism', 'summary': "Delves into the concept of money as a triangular transaction involving the buyer, seller, and bank, and discusses the influence of karl marx on the speaker's academic journey, particularly amidst a philosophy strike at sydney university in the late 60s and early 70s, leading to the establishment of a department of political economy.", 'duration': 378.652, 'highlights': ['Money as a triangular transaction involves the buyer, seller, and bank in a capitalist economy. Money is described as a triangular transaction involving the buyer, seller, and bank, with the bank playing a crucial role in the monetary transaction in a capitalist economy.', "Influence of Karl Marx on the speaker's academic journey and the establishment of a department of political economy at Sydney University. The speaker's exposure to Marx's philosophy during a strike at Sydney University, which led to the establishment of a department of political economy, demonstrates the profound influence of Marx on the speaker's academic journey.", 'Philosophy strike at Sydney University in the late 60s and early 70s, leading to the establishment of a department of political economy. A strike at Sydney University over the teaching of philosophy, particularly on feminist aspects of philosophical thought, culminated in the establishment of a department of political economy, marking a significant period of academic activism.']}, {'end': 2547.933, 'start': 2290.477, 'title': "Marx's dialectic and capitalism", 'summary': "Discusses marx's dialectic as a philosophy of change, focusing on the foreground-background tension in capitalism and the essential unity of commodities in a capitalist economy, showcasing a dynamic vision of change.", 'duration': 257.456, 'highlights': ["Marx's dialectic as a philosophy of change Marx's concept of dialectics is highlighted, emphasizing its role as a philosophy of change in society.", 'Foreground-background tension in capitalism The foreground-background tension in capitalism, where the focus on the human being as an object is discussed, showcasing the emphasis on human capacity to work in contrast to other aspects of humanity.', "The essential unity of commodities in a capitalist economy Marx's exploration of the essential unity of commodities in a capitalist economy, emphasizing the focus on exchange value as the foreground aspect and use value as the background aspect, illustrating the utility and subjective value of commodities."]}, {'end': 2769.198, 'start': 2548.274, 'title': 'Commodity in feudal society vs capitalist economy', 'summary': "Discusses the concept of commodity in feudal society and capitalist economy, highlighting the shift from utility-focused, elaborate items for the emperor in a feudal society to the irrelevant use value and price formation in a capitalist economy. it also contrasts mark's perspective on exchange ratios and the role of utility in setting prices with the neoclassical theory.", 'duration': 220.924, 'highlights': ['In a feudal society, the commodity is focused upon utility, and the cost of production is immaterial, exemplified by a solid gold back scratcher with gemstones for the emperor, while in a capitalist economy, a plastic $2 scratchy from Kmart is a commodity with irrelevant use value and immaterial cost of production. Contrast between utility-focused, elaborate items for the emperor in a feudal society and the irrelevant use value and price formation in a capitalist economy.', "Marx's model emphasizes that utility plays no role in setting price, while in the neoclassical model, utility is essential in determining the exchange ratio and setting prices, challenging the concept of utility and marginal utility in the neoclassical theory. Contrast between Marx's model and the neoclassical model regarding the role of utility in setting prices and exchange ratios.", 'Mark contrasts the initial contact exchange of two tribes, where the price reflects the uniqueness of the object, with the shift over time towards making items specifically for sale, demonstrating the evolution of exchange and utility-based comparison in society. Evolution of exchange from initial contact to making items specifically for sale, emphasizing the shift in valuation from utility-based comparison to production-based understanding of value.']}, {'end': 3307.898, 'start': 2769.198, 'title': "Understanding marx's labor theory", 'summary': "Discusses the difference between classical and neoclassical views on utility, marx's labor theory of value, and the subjective and objective nature of value, highlighting the fundamental unity in capitalism, the concept of workers as commodities, and the tension between objective and subjective value.", 'duration': 538.7, 'highlights': ["Marx's labor theory of value is based on the idea that value fundamentally comes from the labor put into something, but it overlooks the value that machines can bring to the world, raising questions about how to measure the role of machine value. Marx's labor theory of value emphasizes the role of human labor in creating value but overlooks the potential value brought by machines, highlighting the need to measure the contribution of machine value.", 'The chapter emphasizes the fundamental unity in capitalism, with commodities having exchange value and use value, and workers being treated as commodities, leading to a layered understanding of capitalism from a foundational perspective. The discussion highlights the fundamental unity in capitalism, where commodities have exchange and use value, and workers are treated as commodities, contributing to a layered understanding of capitalism from a foundational perspective.', "The subjective and objective nature of value is explored, with neoclassicals viewing value as subjective based on personal feelings, while Marxists inherit the classical school's view of objective value, leading to a structured approach that involves moving between subjective and objective levels. The exploration of subjective and objective value highlights the neoclassical view of subjective value based on personal feelings and the Marxist inheritance of the classical school's objective value, emphasizing the need for a structured approach that involves moving between subjective and objective levels."]}], 'duration': 2230.952, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM1076946.jpg', 'highlights': ['The post-Keynesian school lacks technology of complex systems, with only a tiny handful of people working in complex systems analysis.', 'Austrian economics emphasizes equilibrium but acknowledges constant disturbances from it, highlighting the importance of the financial sector in funding entrepreneurs.', 'Modern Monetary Theory challenges the traditional view of money as a commodity, presenting money as a product of accounting and a liability of the banking sector.', 'Money creation is vital for facilitating commerce and the economy, emphasizing the balance of financial assets and liabilities.', "Augusto Graziani's work delineates the differences between a monetary and barter economy, indicating the significance of the monetary system in economic transactions.", 'Money is described as a triangular transaction involving the buyer, seller, and bank, with the bank playing a crucial role in the monetary transaction in a capitalist economy.', "Marx's concept of dialectics is highlighted, emphasizing its role as a philosophy of change in society.", 'The essential unity of commodities in a capitalist economy is emphasized, illustrating the utility and subjective value of commodities.', 'Contrast between utility-focused items in a feudal society and the irrelevant use value and price formation in a capitalist economy is highlighted.', "Contrast between Marx's model and the neoclassical model regarding the role of utility in setting prices and exchange ratios is emphasized.", 'Evolution of exchange from initial contact to making items specifically for sale is highlighted, emphasizing the shift in valuation from utility-based comparison to production-based understanding of value.', "Marx's labor theory of value emphasizes the role of human labor in creating value but overlooks the potential value brought by machines, highlighting the need to measure the contribution of machine value.", 'The discussion highlights the fundamental unity in capitalism, where commodities have exchange and use value, and workers are treated as commodities, contributing to a layered understanding of capitalism from a foundational perspective.', 'The exploration of subjective and objective value emphasizes the need for a structured approach that involves moving between subjective and objective levels.']}, {'end': 4599.964, 'segs': [{'end': 3626.993, 'src': 'embed', 'start': 3598.625, 'weight': 0, 'content': [{'end': 3601.289, 'text': 'His first published works were pretty much in poetry.', 'start': 3598.625, 'duration': 2.664}, {'end': 3602.951, 'text': 'He was a rouse about.', 'start': 3601.89, 'duration': 1.061}, {'end': 3605.114, 'text': 'He was a wild character.', 'start': 3602.971, 'duration': 2.143}, {'end': 3607.677, 'text': "We'd probably fight like crazy, I imagine, if we met.", 'start': 3605.174, 'duration': 2.503}, {'end': 3611.983, 'text': "Over the beers? I'm slightly, even though I can be..", 'start': 3608.959, 'duration': 3.024}, {'end': 3617.107, 'text': "I can get involved in an argument like nobody's business.", 'start': 3614.045, 'duration': 3.062}, {'end': 3618.668, 'text': 'No, really? No, really.', 'start': 3617.307, 'duration': 1.361}, {'end': 3621.409, 'text': "But I'm a bit more peaceful with personality.", 'start': 3618.928, 'duration': 2.481}, {'end': 3626.993, 'text': 'Oh, you think Marx is feistier than you? He was feisty, but feisty with, he could be arrogant.', 'start': 3621.55, 'duration': 5.443}], 'summary': "The individual's early works were in poetry, and he had a wild and feisty character.", 'duration': 28.368, 'max_score': 3598.625, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM3598625.jpg'}, {'end': 3755.128, 'src': 'embed', 'start': 3729.221, 'weight': 3, 'content': [{'end': 3733.903, 'text': 'So Marx, coming from the Ricardian tradition, basically dismissed the role of utility.', 'start': 3729.221, 'duration': 4.682}, {'end': 3743.488, 'text': "And then when he reads Hegel, he's suddenly starting to think in terms of unities, and exchange value and use value is the unity of the commodity.", 'start': 3734.804, 'duration': 8.684}, {'end': 3746.89, 'text': "And he thinks, well, I can't ignore use value.", 'start': 3743.508, 'duration': 3.382}, {'end': 3752.966, 'text': "So rather than leaving it out completely, which is what Ricardo and Smith does, I've got to somehow bring it in.", 'start': 3747.762, 'duration': 5.204}, {'end': 3755.128, 'text': 'And this Hegelian insight occurs to him.', 'start': 3753.086, 'duration': 2.042}], 'summary': 'Marx integrates hegelian insight into commodity value, adding use value to the exchange value.', 'duration': 25.907, 'max_score': 3729.221, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM3729221.jpg'}, {'end': 4219.612, 'src': 'embed', 'start': 4194.967, 'weight': 2, 'content': [{'end': 4203.634, 'text': 'And the proof relied critically upon tendency for the rate of profit to fall, and that relied upon labor being the only source of profit.', 'start': 4194.967, 'duration': 8.667}, {'end': 4212.246, 'text': 'What was his utopian view? So this idea from each according to his ability to each according to his needs.', 'start': 4205.12, 'duration': 7.126}, {'end': 4219.612, 'text': "Yeah Is that the utopian? I think it's utopian in the context of our modern world.", 'start': 4212.466, 'duration': 7.146}], 'summary': "Marx's theory emphasizes falling profit rates and labor as sole profit source; utopian idea of needs-based distribution.", 'duration': 24.645, 'max_score': 4194.967, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM4194967.jpg'}, {'end': 4559.885, 'src': 'heatmap', 'start': 4427.423, 'weight': 0.97, 'content': [{'end': 4433.304, 'text': "I think Yanis is 100% correct and it's a brilliant piece of work, so I'm going to be really paraphrasing his view.", 'start': 4427.423, 'duration': 5.881}, {'end': 4440.365, 'text': "And he imagined an ideal socialist society, and there wasn't a Stalin, there weren't purges,", 'start': 4433.764, 'duration': 6.601}, {'end': 4443.866, 'text': 'and you lived up to all the ideals that Marx had for socialism.', 'start': 4440.365, 'duration': 3.501}, {'end': 4449.61, 'text': 'So he said, but you do it in a context of an economy which is incredibly primitive, Russia.', 'start': 4444.386, 'duration': 5.224}, {'end': 4453.813, 'text': "Because if you look at Marx's own vision of the revolution, it was going to happen in England.", 'start': 4450.631, 'duration': 3.182}, {'end': 4458.314, 'text': 'The advanced economies would be first to go through the revolution.', 'start': 4455.351, 'duration': 2.963}, {'end': 4462.838, 'text': 'The primitive economies would have to go through a capitalist transition.', 'start': 4458.874, 'duration': 3.964}, {'end': 4466.04, 'text': 'And this is the difference between the Mensheviks and the Bolsheviks.', 'start': 4463.338, 'duration': 2.702}, {'end': 4472.666, 'text': 'So the Mensheviks, and Hyman Minsky came out of the Menshevik family, the Mensheviks believed you had to go through a capitalist phase.', 'start': 4466.661, 'duration': 6.005}, {'end': 4476.089, 'text': 'Russia had to go through a capitalist period before it becomes socialist.', 'start': 4473.187, 'duration': 2.902}, {'end': 4478.671, 'text': 'The Bolsheviks believed they could get there in one go.', 'start': 4476.57, 'duration': 2.101}, {'end': 4486.655, 'text': 'bypass the capitalist phase, do the development under socialism rather than under capitalism.', 'start': 4480.094, 'duration': 6.561}, {'end': 4489.356, 'text': 'And this is what Yanis was actually analysing.', 'start': 4487.136, 'duration': 2.22}, {'end': 4503.419, 'text': 'You start from a primitive feudal economy, very little industrialisation, and you want to jump to an advanced industrial society from that foundation.', 'start': 4489.956, 'duration': 13.463}, {'end': 4511.746, 'text': 'So he said, what you have then for is a whole range of industries, all of which need as much resources as you can get for them.', 'start': 4504.494, 'duration': 7.252}, {'end': 4519.141, 'text': 'Okay So you want to develop agriculture, mining, industry, every little division of it.', 'start': 4512.298, 'duration': 6.843}, {'end': 4523.522, 'text': 'They all have legitimate demands on the resources of the country and the state.', 'start': 4519.621, 'duration': 3.901}, {'end': 4528.284, 'text': 'That means that all your resources are fully employed and are probably over employed.', 'start': 4524.183, 'duration': 4.101}, {'end': 4532.146, 'text': 'Okay So you have a resource constraint in that society.', 'start': 4528.304, 'duration': 3.842}, {'end': 4537.388, 'text': "The easiest way to cope with a resource constraint is to produce last year's commodity.", 'start': 4532.966, 'duration': 4.422}, {'end': 4540.229, 'text': 'not to innovate, not to make change.', 'start': 4538.326, 'duration': 1.903}, {'end': 4544.934, 'text': 'What they will give you is as you start to invest.', 'start': 4540.909, 'duration': 4.025}, {'end': 4549.44, 'text': 'so you now have beginnings of a steel industry, beginnings of a car industry, and so on.', 'start': 4544.934, 'duration': 4.506}, {'end': 4553.525, 'text': 'you start investing, but you continue producing the same product you made last year.', 'start': 4549.44, 'duration': 4.085}, {'end': 4559.885, 'text': "And I have a perfect personal example of that, which I'll throw in now, if you like, in a pretty heavy conversation.", 'start': 4554.482, 'duration': 5.403}], 'summary': 'Yanis analyzes the transition to socialism in a primitive economy, debating the need for a capitalist phase.', 'duration': 132.462, 'max_score': 4427.423, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM4427423.jpg'}], 'start': 3308.838, 'title': "Marx's evolution and insights", 'summary': "Discusses karl marx's evolution from poet and philosopher to economist, his insights on labor as commodity power, the shift in deriving surplus value, and the flaws of socialism impacting creativity and innovation.", 'chapters': [{'end': 3373.277, 'start': 3308.838, 'title': "Marx's theory on labor and commodity power", 'summary': "Discusses marx's view on labor as both a commodity and commodity power, emphasizing the difference between labor and labor power and its impact on surplus, with a reference to marx's encounter with hegel's work.", 'duration': 64.439, 'highlights': ['Marx highlights the concept of labor as both a commodity and commodity power, explaining the difference and its role in generating surplus.', "Marx's encounter with Hegel's work, specifically 'Phenomenology of Right,' influenced his re-evaluation of classical theorists and their impact on his theories.", "The discussion delves into Marx's revisiting of classical theorists and his renewed engagement with Hegel's work, potentially influencing his evolving perspectives on labor and commodity power."]}, {'end': 3791.052, 'start': 3373.297, 'title': "Karl marx's evolution", 'summary': "Discusses karl marx's evolution from a poet and philosopher to an economist, highlighting his shift in writing style and the integration of the use value and exchange value concept, leading to a significant change in his work.", 'duration': 417.755, 'highlights': ["Karl Marx's shift in writing style and philosophical influences Karl Marx's shift from Ricardo to Hegel and the change in writing style from exclusivist labor arguments to dialectical terms like use value and exchange value.", "Integration of use value and exchange value concept Karl Marx's integration of use value and exchange value concept, influenced by Hegelian insight, leading to a significant change in his writing and thinking.", 'Discovery of the use value concept and its impact The discovery of the use value concept by Karl Marx and its significant impact on his thinking and writing, leading to a shift in his approach to economics.', "Influence of Hegelian insight on Karl Marx's work The influence of Hegelian insight on Karl Marx's work, leading to a shift in his thinking towards unities, exchange value, and use value in the context of commodity.", "Karl Marx's journey from philosophy to economics The evolution of Karl Marx from a poet and philosopher to an economist, driven by his passion for economics and humanity, and his shift in focus towards reading Marx in chronological sequence."]}, {'end': 4246.285, 'start': 3791.252, 'title': "Marx's insights on value and surplus", 'summary': "Explains marx's shift in deriving surplus value from labor to a dialectical tension between use value and exchange value, which undermines his explanation for revolution and his utopian vision of socialism.", 'duration': 455.033, 'highlights': ["Marx's shift in deriving surplus value from labor to a dialectical tension between use value and exchange value undermines his explanation for revolution and his utopian vision of socialism.", "Marx's insight on the incommensurability between exchange value and use value in production contradicts his previous logic and challenges the foundation of his argument for the tendency of the rate of profit to fall.", "Marx's utopian vision of a future society based on 'each according to his ability to each according to his needs' relied on his belief in the necessity of socialism driven by the tendency for the rate of profit to fall."]}, {'end': 4599.964, 'start': 4246.685, 'title': 'Flaws of socialism and its impact on creativity', 'summary': 'Discusses the flaws of socialism, including the failure of increased human creativity under socialism, the fundamental flaw in its logic, the misinterpretation of socialism in america, and the impact of resource constraints on innovation, with an example of stagnant product development.', 'duration': 353.279, 'highlights': ["Yanis Kornay's analysis of socialism's failure due to resource constraints and the lack of innovation, with an example of stagnant product development.", "Comparison between the Mensheviks and the Bolsheviks' beliefs on the transition to socialism in primitive economies like Russia.", 'Examination of the misinterpretation of socialism in America as public ownership of services rather than the public ownership of the means of production.', 'Discussion on the failure of increased human creativity under socialism, contrary to initial expectations.']}], 'duration': 1291.126, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM3308838.jpg', 'highlights': ["Marx's shift in deriving surplus value from labor to a dialectical tension between use value and exchange value undermines his explanation for revolution and his utopian vision of socialism.", "Marx's insight on the incommensurability between exchange value and use value in production contradicts his previous logic and challenges the foundation of his argument for the tendency of the rate of profit to fall.", "Yanis Kornay's analysis of socialism's failure due to resource constraints and the lack of innovation, with an example of stagnant product development.", "Marx's utopian vision of a future society based on 'each according to his ability to each according to his needs' relied on his belief in the necessity of socialism driven by the tendency for the rate of profit to fall.", "Karl Marx's shift from Ricardo to Hegel and the change in writing style from exclusivist labor arguments to dialectical terms like use value and exchange value."]}, {'end': 5351.438, 'segs': [{'end': 4626.025, 'src': 'embed', 'start': 4600.265, 'weight': 2, 'content': [{'end': 4604.588, 'text': "Then there's oil-soaked rag over this thing, which is tied on a wooden base.", 'start': 4600.265, 'duration': 4.323}, {'end': 4610.173, 'text': 'We take the oil-soaked rag off and we stare in all its glory in a 1942 BMW.', 'start': 4604.729, 'duration': 5.444}, {'end': 4611.314, 'text': 'Yeah Okay.', 'start': 4610.434, 'duration': 0.88}, {'end': 4614.457, 'text': 'It was exactly the same as Steve McQueen in The Great Escape.', 'start': 4611.354, 'duration': 3.103}, {'end': 4619.281, 'text': 'So the Russians for 30 years were making the same bloody motorbike.', 'start': 4615.158, 'duration': 4.123}, {'end': 4620.783, 'text': 'It had a bicycle seat.', 'start': 4619.321, 'duration': 1.462}, {'end': 4623.824, 'text': "And that's how they cope.", 'start': 4622.283, 'duration': 1.541}, {'end': 4626.025, 'text': "They've just made the same damn machine every year.", 'start': 4623.844, 'duration': 2.181}], 'summary': '1942 bmw motorbike with oil-soaked rag, made by russians for 30 years, same design every year.', 'duration': 25.76, 'max_score': 4600.265, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM4600265.jpg'}, {'end': 4706.134, 'src': 'embed', 'start': 4682.721, 'weight': 4, 'content': [{'end': 4690.204, 'text': 'Because if you go back to this famous historical incident with Khrushchev in the United Nations, bangs takes off his shoe and bangs,', 'start': 4682.721, 'duration': 7.483}, {'end': 4691.864, 'text': 'the desk says we will bury you.', 'start': 4690.204, 'duration': 1.66}, {'end': 4694.485, 'text': "He literally meant we're gonna bury you in commodities.", 'start': 4692.384, 'duration': 2.101}, {'end': 4696.866, 'text': "Yeah We're gonna produce more output than you are.", 'start': 4694.845, 'duration': 2.021}, {'end': 4698.026, 'text': 'And he was wrong.', 'start': 4697.506, 'duration': 0.52}, {'end': 4706.134, 'text': 'because fundamentally, in the long term, to bury somebody in commodity production, you have to innovate.', 'start': 4699.704, 'duration': 6.43}], 'summary': "Khrushchev's 'we will bury you' meant outproducing in commodities, but innovation is crucial.", 'duration': 23.413, 'max_score': 4682.721, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM4682721.jpg'}, {'end': 5185.926, 'src': 'embed', 'start': 5134.067, 'weight': 0, 'content': [{'end': 5135.188, 'text': "It's what humans respect.", 'start': 5134.067, 'duration': 1.121}, {'end': 5137.377, 'text': 'Okay They have to respect life.', 'start': 5135.208, 'duration': 2.169}, {'end': 5145.348, 'text': "So I don't see that, as I see that as a, as a one-eyed utopia, a utopia for a single species, as if it can exist on its own,", 'start': 5137.978, 'duration': 7.37}, {'end': 5146.87, 'text': "which we should know it can't.", 'start': 5145.348, 'duration': 1.522}, {'end': 5149.454, 'text': 'Uh, quick bathroom break? Yeah, about.', 'start': 5147.411, 'duration': 2.043}, {'end': 5149.974, 'text': 'That would be great.', 'start': 5149.494, 'duration': 0.48}, {'end': 5153.824, 'text': "We took a little bit of a break and now we're back.", 'start': 5151.263, 'duration': 2.561}, {'end': 5158.426, 'text': "We needed to take a break because my brain broke and I'm piecing it back together.", 'start': 5154.484, 'duration': 3.942}, {'end': 5161.087, 'text': 'You mentioned ecology and life and the value of all of that.', 'start': 5158.526, 'duration': 2.561}, {'end': 5163.609, 'text': "We'll return to it if we can.", 'start': 5162.148, 'duration': 1.461}, {'end': 5175.497, 'text': 'But first thing, we said why this kind of, this idea of why socialism failed.', 'start': 5163.629, 'duration': 11.868}, {'end': 5185.926, 'text': 'Can we linger on this a little bit longer in how did the ideas of Karl Marx lead to Stalinism? So this particular implementation.', 'start': 5175.758, 'duration': 10.168}], 'summary': 'Discussion on socialism and its impact on ecology and life.', 'duration': 51.859, 'max_score': 5134.067, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM5134067.jpg'}], 'start': 4600.265, 'title': "Economic systems and marx's vision", 'summary': "Explores the impact of socialist volume production and innovation in capitalism, along with challenges to capitalism, marx's vision for utopia, and the influence of his ideas on socialism and stalinism. it also examines the relationship of capitalism and scarcity, potential utopian society on mars, and the impact of marx's ideas on the 20th century history.", 'chapters': [{'end': 4814.684, 'start': 4600.265, 'title': 'Innovation and economic systems', 'summary': "Discusses the impact of socialist volume production with no innovation and the innovation-driven nature of capitalism, as well as the soviet engineer feldman's approach to industrialization and its limitations.", 'duration': 214.419, 'highlights': ["The Soviet engineer Feldman proposed focusing on producing the means of production rather than commodities, which would lead to exponential growth, driven by a pool of unemployed labor. Feldman's approach emphasized the importance of producing the means of production over commodities, resulting in exponential growth due to a large pool of unemployed labor.", 'The fundamental failing lies in the huge gap between socialist volume production with no innovation and capitalism with innovation, as observed by Janos Kornai. Janos Kornai identified a significant disparity between socialist volume production lacking innovation and the innovation-driven nature of capitalism.', "The impact of socialist volume production lacking innovation is evident in the cyclic nature of production and the failure to innovate over time. Socialist volume production's lack of innovation is reflected in cyclic production patterns and a failure to innovate over time."]}, {'end': 5351.438, 'start': 4814.684, 'title': "Challenges to capitalism and marx's vision", 'summary': "Discusses the challenges to capitalism, the potential realization of marx's vision for utopia, and the influence of marx's ideas on socialism and stalinism, addressing the relationship of capitalism and scarcity, the potential utopian society on mars, and the impact of marx's ideas on the history of the 20th century.", 'duration': 536.754, 'highlights': ['The scarcity of resources imposes a need for equality overall, as seen in the potential utopian society on Mars, where enormous inequality is said to be impossible due to resource constraints. The discussion highlights the concept of resource scarcity leading to equality in potential utopian societies, specifically exemplified by the impossibility of enormous inequality in a Martian civilization due to resource constraints.', 'The discussion challenges the traditional view of scarcity in capitalism and emphasizes the essence of capitalism being the mass-produced commodities, contrasting it with the value of unique, non-reproducible products like paintings and rare wines. The traditional view of scarcity in capitalism is challenged, emphasizing the essence of capitalism as mass-produced commodities and contrasting it with the value of unique, non-reproducible products like paintings and rare wines.', "The influence of Marx's ideas on socialism and Stalinism is discussed, considering the mechanisms of bureaucracy and the interpretation of Marx's vision by different political groups, such as the Bolsheviks and Mensheviks. The influence of Marx's ideas on socialism and Stalinism is examined, focusing on the mechanisms of bureaucracy and the interpretation of Marx's vision by political groups like the Bolsheviks and Mensheviks."]}], 'duration': 751.173, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM4600265.jpg', 'highlights': ['Feldman proposed focusing on producing the means of production rather than commodities, leading to exponential growth.', 'Janos Kornai identified a significant disparity between socialist volume production lacking innovation and the innovation-driven nature of capitalism.', 'The scarcity of resources imposes a need for equality overall, as seen in the potential utopian society on Mars.', 'The traditional view of scarcity in capitalism is challenged, emphasizing the essence of capitalism as mass-produced commodities.', "The influence of Marx's ideas on socialism and Stalinism is examined, focusing on the mechanisms of bureaucracy and the interpretation of Marx's vision by political groups."]}, {'end': 6759.7, 'segs': [{'end': 5402.117, 'src': 'embed', 'start': 5374.067, 'weight': 1, 'content': [{'end': 5376.107, 'text': 'I love your language and your accent.', 'start': 5374.067, 'duration': 2.04}, {'end': 5381.789, 'text': "Actually there's a really good TikTok I saw earlier today with an Aboriginal guy saying he loves the Australian language,", 'start': 5376.167, 'duration': 5.622}, {'end': 5383.429, 'text': "because it's absolutely ironic.", 'start': 5381.789, 'duration': 1.64}, {'end': 5388.291, 'text': "You ask an Australian a question and he'll give you an answer, which is the opposite of what he means.", 'start': 5383.77, 'duration': 4.521}, {'end': 5389.771, 'text': "And you've got to work out the rest for yourself.", 'start': 5388.351, 'duration': 1.42}, {'end': 5393.472, 'text': "Yeah So he goes up to another Aboriginal mate and says, G'day, mate.", 'start': 5389.991, 'duration': 3.481}, {'end': 5394.613, 'text': 'He says, how are you doing? Oh, not bad.', 'start': 5393.492, 'duration': 1.121}, {'end': 5396.994, 'text': 'What have you been doing recently? Oh, not much.', 'start': 5395.333, 'duration': 1.661}, {'end': 5402.117, 'text': "When are we going? It's not too far, not too soon.", 'start': 5399.315, 'duration': 2.802}], 'summary': 'Aboriginal man finds irony in australian language, exemplifies with humorous examples.', 'duration': 28.05, 'max_score': 5374.067, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM5374067.jpg'}, {'end': 5537.934, 'src': 'embed', 'start': 5509.057, 'weight': 5, 'content': [{'end': 5510.418, 'text': "It's a very creative sport.", 'start': 5509.057, 'duration': 1.361}, {'end': 5511.298, 'text': "It's much more fun.", 'start': 5510.458, 'duration': 0.84}, {'end': 5513.24, 'text': "It's different than rugby? Oh, very.", 'start': 5511.499, 'duration': 1.741}, {'end': 5514.361, 'text': 'Rugby is a little hopeless.', 'start': 5513.32, 'duration': 1.041}, {'end': 5518.364, 'text': 'Rugby is two morons smashing their bodies against each other.', 'start': 5514.581, 'duration': 3.783}, {'end': 5519.584, 'text': 'Easy now, easy now.', 'start': 5518.384, 'duration': 1.2}, {'end': 5520.785, 'text': 'Sorry, sorry.', 'start': 5519.885, 'duration': 0.9}, {'end': 5523.988, 'text': 'Not me to offend the rugby fans in the audience.', 'start': 5521.666, 'duration': 2.322}, {'end': 5526.65, 'text': "Okay, so it's too simplistic.", 'start': 5524.468, 'duration': 2.182}, {'end': 5528.27, 'text': "It's too simplistic.", 'start': 5527.43, 'duration': 0.84}, {'end': 5530.171, 'text': "It's, it's, I mean, there's skill in it.", 'start': 5528.33, 'duration': 1.841}, {'end': 5534.152, 'text': "I've seen some really skillful rugby union and rugby league players in my day.", 'start': 5530.211, 'duration': 3.941}, {'end': 5537.934, 'text': 'Yeah But it fundamentally, if you hit somebody hard enough, they go down.', 'start': 5534.533, 'duration': 3.401}], 'summary': 'Comparing rugby and football, emphasizing the creativity and skill in football, while criticizing rugby as too simplistic and rough.', 'duration': 28.877, 'max_score': 5509.057, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM5509057.jpg'}, {'end': 5674.902, 'src': 'embed', 'start': 5642.509, 'weight': 0, 'content': [{'end': 5644.95, 'text': "And as Cournot said, that's really what happened under socialism.", 'start': 5642.509, 'duration': 2.441}, {'end': 5647.772, 'text': 'What happens under capitalism is that you have..', 'start': 5645.37, 'duration': 2.402}, {'end': 5651.213, 'text': '15, 20 companies producing automobiles.', 'start': 5649.232, 'duration': 1.981}, {'end': 5655.314, 'text': 'They are all trying to capture as much of the market as they can.', 'start': 5652.673, 'duration': 2.641}, {'end': 5660.336, 'text': "If you add up their marketing plans, you're going to get 120, 130 percent of the actual market.", 'start': 5655.635, 'duration': 4.701}, {'end': 5662.357, 'text': "They're all going to have excess capacity.", 'start': 5660.777, 'duration': 1.58}, {'end': 5667.379, 'text': "When you build a factory, you're building it with a plan for it to exist for 5, 10, 15 years.", 'start': 5662.977, 'duration': 4.402}, {'end': 5669.84, 'text': 'You have to have excess capacity in the factory.', 'start': 5667.839, 'duration': 2.001}, {'end': 5674.902, 'text': 'That means that capitalism has far greater productive capacity than it actually uses.', 'start': 5670.5, 'duration': 4.402}], 'summary': 'Under capitalism, multiple companies create excess capacity to capture market share, resulting in over 100% of marketing plans.', 'duration': 32.393, 'max_score': 5642.509, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM5642509.jpg'}, {'end': 5991.122, 'src': 'embed', 'start': 5966.356, 'weight': 7, 'content': [{'end': 5972.904, 'text': "There's not a spirit in the people to start businesses, to launch new endeavors and all those kinds of things.", 'start': 5966.356, 'duration': 6.548}, {'end': 5976.789, 'text': "We're just taking all kinds of strange little strolls.", 'start': 5973.425, 'duration': 3.364}, {'end': 5988.04, 'text': "but how do you explain the mechanisms of China today, where there's quite a bit of sort of flourishing of businesses and so on?", 'start': 5976.789, 'duration': 11.251}, {'end': 5991.122, 'text': "It's a very peculiar kind of entrepreneurship.", 'start': 5988.48, 'duration': 2.642}], 'summary': 'Lack of entrepreneurial spirit in people, contrasting with flourishing businesses in china.', 'duration': 24.766, 'max_score': 5966.356, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM5966356.jpg'}, {'end': 6133.865, 'src': 'embed', 'start': 6090.972, 'weight': 2, 'content': [{'end': 6094.256, 'text': "they'd shut down the factory in the what's now the rust belt of america.", 'start': 6090.972, 'duration': 3.284}, {'end': 6096.339, 'text': 'that might be paying somebody there.', 'start': 6094.256, 'duration': 2.083}, {'end': 6099.903, 'text': 'you know that time maybe two dollars an hour.', 'start': 6096.339, 'duration': 3.564}, {'end': 6102.507, 'text': "and they come across to china and they're paying two cents an hour.", 'start': 6099.903, 'duration': 2.604}, {'end': 6107.374, 'text': 'So they were enormous amount of wages that they dropped.', 'start': 6103.533, 'duration': 3.841}, {'end': 6111.715, 'text': 'They were willing to forego half the profits and the ownership of the firm.', 'start': 6107.754, 'duration': 3.961}, {'end': 6116.036, 'text': "So what the Chinese were doing wasn't just exploiting their labor force.", 'start': 6112.175, 'duration': 3.861}, {'end': 6118.796, 'text': 'It was also building a capitalist class.', 'start': 6116.656, 'duration': 2.14}, {'end': 6123.757, 'text': "And that meant that you had this, that's where all the Chinese corporations have come from.", 'start': 6119.596, 'duration': 4.161}, {'end': 6130.399, 'text': 'So they were building a capitalist system within a socialist command political system.', 'start': 6124.257, 'duration': 6.142}, {'end': 6131.819, 'text': 'And that worked.', 'start': 6131.199, 'duration': 0.62}, {'end': 6133.865, 'text': "And it's still working.", 'start': 6132.984, 'duration': 0.881}], 'summary': 'Factory shutdown in the rust belt led to significant wage drop and building of a capitalist class in china.', 'duration': 42.893, 'max_score': 6090.972, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM6090972.jpg'}, {'end': 6209.989, 'src': 'embed', 'start': 6174.309, 'weight': 4, 'content': [{'end': 6178.07, 'text': "There's a real respect for engineers as well in that society, which does not apply in the West.", 'start': 6174.309, 'duration': 3.761}, {'end': 6187.584, 'text': 'What do you think about, from the Western perspective, the destructive effects of centralized control of the populace, of the ideas, of the discourse,', 'start': 6178.85, 'duration': 8.734}, {'end': 6191.127, 'text': 'of the censorship and the surveillance, all those kinds of things?', 'start': 6187.584, 'duration': 3.543}, {'end': 6195.571, 'text': "so it's a bit like we were talking about russia to some extent beforehand.", 'start': 6191.127, 'duration': 4.444}, {'end': 6198.955, 'text': 'uh, with centralized versus decentralized corruption.', 'start': 6195.571, 'duration': 3.384}, {'end': 6209.989, 'text': "And when you had the centralized political stuff means you know you can't criticize within China, but so long as you don't criticize,", 'start': 6200.74, 'duration': 9.249}], 'summary': 'Discussion on centralized control and censorship in china and russia.', 'duration': 35.68, 'max_score': 6174.309, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM6174309.jpg'}], 'start': 5353.399, 'title': 'Australian language, culture, capitalism, and centralized control', 'summary': "Explores the ironic aspects of australian language and culture, capitalism's productive capacity and competition, centralized control's impact on entrepreneurship, and information's influence on political decision making.", 'chapters': [{'end': 5619.677, 'start': 5353.399, 'title': 'Australian language and culture', 'summary': 'Discusses the ironic aspects of the australian language, the cultural nuances, and the comparison of aussie rules football and rugby, while highlighting the influence of accent on perception.', 'duration': 266.278, 'highlights': ['The Australian language is discussed, emphasizing the ironic nature of responses and the appreciation of this irony in internet culture.', 'The comparison between Aussie rules football and rugby is explored, highlighting the difference in skill and power required in each sport.', "The influence of accent on perception is mentioned, contrasting the British accent's perceived brilliance with the Australian accent's more light-hearted and fun nature."]}, {'end': 5831.972, 'start': 5620.197, 'title': "Capitalism's productive capacity and competition", 'summary': "Discusses how capitalism's excess capacity and competition lead to a cornucopia of goods, contrasting with the resource constraints and lack of freedom in socialism, ultimately impacting people's happiness and motivation.", 'duration': 211.775, 'highlights': ["Capitalism's excess capacity leads to 120-130% marketing plans and a cornucopia of goods, contrasting with socialism's resource constraints and limited variety of goods.", 'Competition in capitalism drives innovation and production, leading to a wide variety of goods and motivating workers, while socialism lacks motivation and results in a lack of freedom.', 'Under socialism, constraints on resources result in a lack of motivation, as seen in the example of unmotivated hotel employees in Cuba, impacting the variety and availability of goods.', "The neoclassical vision of capitalism as resource-constrained is empirically wrong, as capitalism's productive capacity exceeds its usage, leading to a wide variety of goods and competition among companies."]}, {'end': 6463.199, 'start': 5832.953, 'title': 'Centralized control and entrepreneurship', 'summary': "Discusses the impact of centralized control on entrepreneurship, highlighting the example of china's unique blend of political and economic control, leading to a flourishing capitalist system within a socialist command political system, while also addressing the destructive effects of centralized control on the populace, ideas, discourse, and censorship.", 'duration': 630.246, 'highlights': ["China's unique blend of political and economic control has led to a flourishing capitalist system within a socialist command political system. China's ability to maintain centralized political control while diversifying economic control has resulted in a successful blend of political and economic systems, leading to a flourishing capitalist system within a socialist command political system.", 'The destructive effects of centralized control on the populace, ideas, discourse, and censorship are discussed, particularly in the context of China and Thailand. The discussion delves into the negative impacts of centralized control on the populace, ideas, discourse, and censorship, using China and Thailand as examples, highlighting the limitations on discussing political issues and the impact on freedom of expression.', 'The impact of centralized control on entrepreneurship is explored, with emphasis on the lack of spirit to start businesses in certain parts of the world. The transcript highlights the influence of centralized control on entrepreneurship and the lack of spirit to start businesses in certain parts of the world, attributing it to the negative cultural effects and shortage economy arising from central ownership and control of distribution and investment.']}, {'end': 6759.7, 'start': 6464.039, 'title': 'Centralized information and political decision making', 'summary': "Discusses the impact of centralized information on happiness perception, the limitations of happiness as a measure of flourishing, and the influence of engineers in political decision making, exemplified by the contrast between china's effectively executed infrastructure projects and australia's subpar internet infrastructure due to political decisions.", 'duration': 295.661, 'highlights': ['The impact of centralized information on happiness perception is discussed, questioning whether ignorance is bliss and challenging the idea of happiness as an accurate measure of flourishing. ', "The influence of engineers in political decision making is emphasized, exemplified by the contrast between China's effectively executed infrastructure projects and Australia's subpar internet infrastructure due to political decisions. Comparison of China's high-speed rail and advanced infrastructure against Australia's slow internet, ranking 50th or 60th fastest in the world.", 'The potential for the corrupting aspects of power is mentioned, highlighting the concern of intelligent decision-making being overshadowed by a personality cult and the potential for abuse of power. Reference to the presence of a personality cult and potential abuse of power in a political context.']}], 'duration': 1406.301, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM5353399.jpg', 'highlights': ["China's unique blend of political and economic control has led to a flourishing capitalist system within a socialist command political system.", "The neoclassical vision of capitalism as resource-constrained is empirically wrong, as capitalism's productive capacity exceeds its usage, leading to a wide variety of goods and competition among companies.", "The influence of engineers in political decision making is emphasized, exemplified by the contrast between China's effectively executed infrastructure projects and Australia's subpar internet infrastructure due to political decisions.", 'The comparison between Aussie rules football and rugby is explored, highlighting the difference in skill and power required in each sport.', 'The Australian language is discussed, emphasizing the ironic nature of responses and the appreciation of this irony in internet culture.', 'The impact of centralized control on entrepreneurship is explored, with emphasis on the lack of spirit to start businesses in certain parts of the world.', "The influence of accent on perception is mentioned, contrasting the British accent's perceived brilliance with the Australian accent's more light-hearted and fun nature.", 'The impact of centralized information on happiness perception is discussed, questioning whether ignorance is bliss and challenging the idea of happiness as an accurate measure of flourishing.']}, {'end': 7552.85, 'segs': [{'end': 6975.31, 'src': 'embed', 'start': 6952.001, 'weight': 1, 'content': [{'end': 6959.744, 'text': 'that the government would be able to step up and impose enough centralized planning to allow us to deal,', 'start': 6952.001, 'duration': 7.743}, {'end': 6963.906, 'text': 'sort of enable empower the citizenry to deal with these catastrophic events?', 'start': 6959.744, 'duration': 4.162}, {'end': 6965.706, 'text': 'In the case of the pandemic.', 'start': 6964.586, 'duration': 1.12}, {'end': 6975.31, 'text': 'a lot of people argue that the first of all the world, but also the United States, failed to effectively deal with a pandemic.', 'start': 6965.706, 'duration': 9.604}], 'summary': 'Global and us response to pandemic has been criticized for lack of effective centralized planning.', 'duration': 23.309, 'max_score': 6952.001, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM6952001.jpg'}, {'end': 7273.61, 'src': 'embed', 'start': 7246.247, 'weight': 0, 'content': [{'end': 7252.034, 'text': 'ex-president of the American Economic Association literally assumed that a roof will protect you from climate change.', 'start': 7246.247, 'duration': 5.787}, {'end': 7254.736, 'text': "He didn't say it in those words.", 'start': 7252.915, 'duration': 1.821}, {'end': 7261.741, 'text': 'What he said was 87% of American industry occurs in carefully controlled environments, which will not be subject to climate change.', 'start': 7254.776, 'duration': 6.965}, {'end': 7265.884, 'text': 'Now the only things that all of manufacturing, all of services.', 'start': 7262.322, 'duration': 3.562}, {'end': 7273.61, 'text': 'he included mining as well, forgetting about open-cut mining, government activities and the finance sector.', 'start': 7265.884, 'duration': 7.726}], 'summary': '87% of american industry occurs in controlled environments, not subject to climate change.', 'duration': 27.363, 'max_score': 7246.247, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM7246247.jpg'}, {'end': 7316.133, 'src': 'embed', 'start': 7292.522, 'weight': 2, 'content': [{'end': 7300.766, 'text': 'the most extreme form of climate change would be a breakdown in the three circulation cells that exist in each hemisphere the Hadley cell,', 'start': 7292.522, 'duration': 8.244}, {'end': 7304.448, 'text': "the Ferris cell I think it's called and the polar cells, zero to 30, 30 to 60, 60 to 90..", 'start': 7300.766, 'duration': 3.682}, {'end': 7304.949, 'text': 'Those are the main..', 'start': 7304.448, 'duration': 0.501}, {'end': 7309.971, 'text': 'bubbles, if you like, in the atmosphere.', 'start': 7308.31, 'duration': 1.661}, {'end': 7316.133, 'text': 'Now, if we get enough increase in the energy in the atmosphere,', 'start': 7310.451, 'duration': 5.682}], 'summary': 'Extreme climate change could lead to breakdown in circulation cells, such as hadley cell, ferris cell, and polar cells, 0 to 30, 30 to 60, 60 to 90, causing disruption in atmospheric dynamics.', 'duration': 23.611, 'max_score': 7292.522, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM7292522.jpg'}, {'end': 7382.062, 'src': 'embed', 'start': 7358.245, 'weight': 5, 'content': [{'end': 7364.87, 'text': "But when you look at where we evolved, it's just at a turning point on the peak of one of those ups and downs.", 'start': 7358.245, 'duration': 6.625}, {'end': 7370.233, 'text': "I've forgotten the name of the cycles, but the cycles caused by changes in the Earth's rotation around the sun.", 'start': 7365.27, 'duration': 4.963}, {'end': 7382.062, 'text': "And so we evolved our civilization just at the top So coming up from a cold period, and then we're going to head down to another cold period.", 'start': 7371.454, 'duration': 10.608}], 'summary': 'Human civilization evolved at the peak of a natural climate cycle.', 'duration': 23.817, 'max_score': 7358.245, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM7358245.jpg'}], 'start': 6760.12, 'title': "China's centralized planning and capitalism's impact on catastrophic events", 'summary': "Explores the success and potential issues of china's centralized planning, comparing it with the us response to global events. it also delves into how capitalism and short-term planning have impacted preparations for pandemics and climate change, posing risks to human civilization and the planet.", 'chapters': [{'end': 7031.409, 'start': 6760.12, 'title': "China's future & centralized planning", 'summary': "Discusses the success of china's centralized planning in improving citizens' lives, the potential long-term issues, and the comparison with the united states' response to global catastrophic events, particularly the pandemic.", 'duration': 271.289, 'highlights': ["China's centralized planning has significantly improved the quality of life of its citizens. The improvement in the lives of Chinese citizens since the late period of Mao is noteworthy, reflecting the success of centralized planning in China.", "Concerns are raised about the potential long-term consequences of the mechanisms seen in China's current system. The chapter expresses worry about the sustainability of the mechanisms in China’s system and their potential negative impact in the long term.", "Comparison is drawn between centralized planning in China and the United States' response to global events, particularly the pandemic. The effectiveness of centralized planning, particularly in response to global catastrophic events like pandemics, is compared between China and the United States, raising questions about the optimal approach.", 'The failure of the United States and the world to effectively deal with the pandemic is discussed, highlighting the need for efficient government response to such events. The chapter discusses the failures in effectively dealing with the pandemic, emphasizing the importance of an efficient government response to global catastrophic events.']}, {'end': 7552.85, 'start': 7031.909, 'title': 'Capitalism, climate change, and catastrophic events', 'summary': 'Discusses how the philosophy of small government, capitalism, and short-term planning have led to inadequate preparation for catastrophic events like pandemics and climate change, impacting the availability of essential resources and posing significant risks to human civilization and the planet.', 'duration': 520.941, 'highlights': ['The expert committee recommended having about a billion masks on hand in case of a pandemic, but the government decided to produce only 50 million masks, leading to a shortage and misinformation about the effectiveness of masks, which ultimately affected public health. The decision to produce only 50 million masks instead of the recommended billion led to a shortage and misinformation about mask effectiveness, impacting public health.', 'The philosophy of small government and capitalism has contributed to inadequate preparation for catastrophic events, as there is little financial incentive for long-term planning and insuring against systemic risks like climate change. The philosophy of small government and capitalism has hindered long-term planning and preparing for systemic risks like climate change, due to the lack of financial incentive.', "Economists' focus on trivializing the effects of climate change on GDP, based on flawed assumptions, disregards the catastrophic impact it could have on human civilization and the biosphere. Economists' trivialization of the impact of climate change on GDP through flawed assumptions overlooks the potential catastrophic consequences for human civilization and the biosphere."]}], 'duration': 792.73, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM6760120.jpg', 'highlights': ["China's centralized planning significantly improved citizens' lives.", 'Comparison between China and US response to global events raises questions.', 'Failure to effectively deal with the pandemic emphasizes need for efficient government response.', 'Decision to produce only 50 million masks led to shortage and misinformation, impacting public health.', 'Philosophy of small government and capitalism hindered preparation for catastrophic events.', "Economists' trivialization of climate change's impact disregards potential catastrophic consequences."]}, {'end': 8946.976, 'segs': [{'end': 7645.757, 'src': 'embed', 'start': 7593.868, 'weight': 0, 'content': [{'end': 7602.899, 'text': 'on the other hand and this is Richard Toll He published a paper in 2016, claiming, using what he calls an integrated assessment model,', 'start': 7593.868, 'duration': 9.031}, {'end': 7609.282, 'text': 'that economists developed, that losing the Gulf Stream would increase global GDP by 1.1%.', 'start': 7602.899, 'duration': 6.383}, {'end': 7614.385, 'text': 'Now, his model, this is what really pisses me off about these people.', 'start': 7609.282, 'duration': 5.103}, {'end': 7618.708, 'text': "It's the worst work I've read in 50 years of being a critic of neoclassical economics.", 'start': 7614.445, 'duration': 4.263}, {'end': 7625.872, 'text': 'The GCMs, the ones scientists produce, of course, include precipitation as well as temperature.', 'start': 7620.29, 'duration': 5.582}, {'end': 7633.994, 'text': 'The IAMs that the economists produce, and this is stated yet again in a paper in 2021, do not include precipitation.', 'start': 7626.492, 'duration': 7.502}, {'end': 7636.194, 'text': 'They simply have temperature.', 'start': 7635.074, 'duration': 1.12}, {'end': 7644.537, 'text': 'So they assume that if temperature improves by moving towards a temperature which is better for producing aquaculture, okay,', 'start': 7637.035, 'duration': 7.502}, {'end': 7645.757, 'text': 'then so will precipitation.', 'start': 7644.537, 'duration': 1.22}], 'summary': "Richard toll's 2016 paper claims losing the gulf stream would increase global gdp by 1.1%, criticizing economists' integrated assessment model.", 'duration': 51.889, 'max_score': 7593.868, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM7593868.jpg'}, {'end': 7796.643, 'src': 'embed', 'start': 7759.276, 'weight': 4, 'content': [{'end': 7764.859, 'text': 'So how do we know who to believe? For a start, if you believe the economists, you need your head read.', 'start': 7759.276, 'duration': 5.583}, {'end': 7767.441, 'text': "It's not an argument.", 'start': 7766.54, 'duration': 0.901}, {'end': 7768.281, 'text': "No, it's not an argument.", 'start': 7767.621, 'duration': 0.66}, {'end': 7769.362, 'text': "It's a summary of an argument.", 'start': 7768.321, 'duration': 1.041}, {'end': 7772.864, 'text': 'No, that sounds a lot like an opinion and an emotional.', 'start': 7769.742, 'duration': 3.122}, {'end': 7774.905, 'text': "I know, I know, because I'm so angry about it.", 'start': 7772.944, 'duration': 1.961}, {'end': 7777.726, 'text': "Listen, I'll tell you where I stand.", 'start': 7775.245, 'duration': 2.481}, {'end': 7783.37, 'text': "And I've begun looking, studying the climate change much more.", 'start': 7778.947, 'duration': 4.423}, {'end': 7796.643, 'text': "I used to be On things I don't understand, have not spent time on, I have so many colleagues that are scientists that I deeply respect.", 'start': 7783.39, 'duration': 13.253}], 'summary': 'Debating beliefs and opinions, with a shift towards studying climate change.', 'duration': 37.367, 'max_score': 7759.276, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM7759276.jpg'}, {'end': 7852.76, 'src': 'embed', 'start': 7825.097, 'weight': 7, 'content': [{'end': 7832.022, 'text': "And then, so I've become a little bit more cautious in my trust on climate change.", 'start': 7825.097, 'duration': 6.925}, {'end': 7837.565, 'text': "I'm still in the same place, and I don't mean climate change, on anything scientists say.", 'start': 7832.342, 'duration': 5.223}, {'end': 7839.547, 'text': "I've become a little bit.", 'start': 7837.645, 'duration': 1.902}, {'end': 7840.107, 'text': 'wait a minute.', 'start': 7839.547, 'duration': 0.56}, {'end': 7850.639, 'text': 'How does the basic scientific facts of our reality map to what we should do as a human civilization?', 'start': 7844.136, 'duration': 6.503}, {'end': 7852.76, 'text': 'There I want to be a little bit careful.', 'start': 7851.319, 'duration': 1.441}], 'summary': 'Becoming cautious about trusting climate change; questioning scientific facts and their impact on human civilization.', 'duration': 27.663, 'max_score': 7825.097, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM7825097.jpg'}, {'end': 7946.534, 'src': 'embed', 'start': 7923.444, 'weight': 8, 'content': [{'end': 7931.75, 'text': "What can the scientists say in terms of like the effects, because it's so complicated, the effects of sort of shifting resources.", 'start': 7923.444, 'duration': 8.306}, {'end': 7935.551, 'text': 'So, basically, what are the effects of climate change?', 'start': 7932.79, 'duration': 2.761}, {'end': 7936.831, 'text': 'How can we really model that?', 'start': 7935.591, 'duration': 1.24}, {'end': 7940.672, 'text': "Because it's, it's basically you're looking through the fog of uncertainty.", 'start': 7936.851, 'duration': 3.821}, {'end': 7942.913, 'text': "Yeah Cuz they're rising sea levels.", 'start': 7940.812, 'duration': 2.101}, {'end': 7946.534, 'text': 'How can we know what effect that has? Well, yeah.', 'start': 7944.193, 'duration': 2.341}], 'summary': 'Scientists aim to model the effects of climate change and rising sea levels amid uncertainty.', 'duration': 23.09, 'max_score': 7923.444, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM7923444.jpg'}, {'end': 8144.773, 'src': 'embed', 'start': 8119.061, 'weight': 9, 'content': [{'end': 8124.963, 'text': "So you're looking at the increasingly accurate models of weather patterns, the effect they have on agriculture, on food.", 'start': 8119.061, 'duration': 5.902}, {'end': 8134.127, 'text': "And you're saying that there's a lot of possibilities in which that's going to be really destructive to society on the food production side.", 'start': 8125.684, 'duration': 8.443}, {'end': 8137.648, 'text': "And if you have that increase in temperature, they're going to get a change in precipitation.", 'start': 8134.227, 'duration': 3.421}, {'end': 8144.773, 'text': "And it could mean that where the rainfall and the sunshine are adequate for growing wheat, is an area where there's no topsoil.", 'start': 8138.108, 'duration': 6.665}], 'summary': 'Accurate weather models impact agriculture, potentially destructive to food production.', 'duration': 25.712, 'max_score': 8119.061, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM8119061.jpg'}, {'end': 8356.924, 'src': 'embed', 'start': 8330.954, 'weight': 3, 'content': [{'end': 8337.678, 'text': "For example, if we'd never developed fossil fuel based industries, Uh, we, we'd never built, uh, superphosphate.", 'start': 8330.954, 'duration': 6.724}, {'end': 8341.021, 'text': 'So our population would never have reached 1 billion people.', 'start': 8337.918, 'duration': 3.103}, {'end': 8348.983, 'text': 'Uh, and we were still living like fairly sophisticated animals, but you know like 17th century level of load on the planet.', 'start': 8341.04, 'duration': 7.943}, {'end': 8351.324, 'text': 'then we would have gone down that decline.', 'start': 8348.983, 'duration': 2.341}, {'end': 8356.924, 'text': 'And the approaching ice age would have started to wipe out our farming areas.', 'start': 8351.884, 'duration': 5.04}], 'summary': "Without fossil fuel industries, population wouldn't reach 1b, living at 17th century level, facing decline due to approaching ice age.", 'duration': 25.97, 'max_score': 8330.954, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM8330954.jpg'}], 'start': 7552.85, 'title': 'Climate change effects', 'summary': "Covers the catastrophic collapse in food production due to a 2.5-degree celsius increase in global temperature, flawed economic assessment of the gulf stream's impact on global gdp by 1.1%, poor economic modeling of climate change effects, challenges in predicting weather patterns, civilization's dependence on a stable climate, and potential geopolitical pressures.", 'chapters': [{'end': 7667.351, 'start': 7552.85, 'title': 'Climate impact on food production', 'summary': "Highlights the catastrophic collapse in food production due to a 2.5-degree celsius increase in global temperature, along with the flawed economic assessment of the gulf stream's impact on global gdp by 1.1% and the critical oversight of including precipitation in economic assessment models.", 'duration': 114.501, 'highlights': ["The proportion of the Earth's surface suitable for producing wheat will fall from 20% to 7% with a 2.5°C increase in global temperature, leading to a catastrophic collapse in food production.", 'The flawed economic assessment claims that losing the Gulf Stream would increase global GDP by 1.1% and disregards the crucial inclusion of precipitation in climate models, rendering it as oversimplified and flawed.', 'The integrated assessment models developed by economists do not include precipitation, assuming that improved temperature will lead to better conditions for aquaculture, which is a critical oversight in climate modeling.']}, {'end': 8160.668, 'start': 7667.832, 'title': 'Climate change complex system dilemma', 'summary': 'Delves into the dilemma of making predictions about complex systems such as climate change and the contrasting confidence levels of scientists and economists, highlighting the poor economic modeling of the effects of climate change and the challenges in predicting weather patterns and their impact on agriculture.', 'duration': 492.836, 'highlights': ['The scientific community is very confident about the complex system that is the biosphere and the crisis of climate change, while economists express overconfidence in the ability of the economic complex system to deal with the crisis. The contrasting confidence levels of the scientific community and economists regarding the crisis of climate change, with the former being very confident and the latter expressing overconfidence.', 'The economic analysis of the effects of climate change is criticized for being incredibly poor in many cases, with a focus on temperature and neglect of precipitation, resulting in flawed predictions such as the expectation of increased wheat output in Siberia. Criticism of the poor economic analysis of the effects of climate change, particularly for its focus on temperature and neglect of precipitation, leading to flawed predictions like the expectation of increased wheat output in Siberia.', 'The challenges in predicting weather patterns and their impact on agriculture are discussed, emphasizing the complexity of climate modeling and the limitations in accurately forecasting long-term weather conditions. Discussion on the challenges of predicting weather patterns and their impact on agriculture, highlighting the complexity of climate modeling and the limitations in accurately forecasting long-term weather conditions.']}, {'end': 8946.976, 'start': 8160.828, 'title': "Civilization's dependence on stable climate", 'summary': "Discusses the civilization's dependence on a stable climate, the rapid change in temperature, the potential geopolitical pressures and the need to respect all life on earth, emphasizing the importance of maintaining the biosphere for survival.", 'duration': 786.148, 'highlights': ["Civilization's dependence on a stable climate The chapter emphasizes the extent to which civilizations depend on a relatively stable climate, discussing the potential impact of subtle changes in climate on geopolitical pressures and the need to acknowledge the value of all life on Earth.", 'Rapid change in temperature and potential consequences The chapter discusses the rapid change in temperature compared to the long-term cycle, highlighting the potential consequences such as geopolitical pressures and the risk of nuclear war due to climate breakdown.', 'Importance of respecting all life on Earth The discussion emphasizes the need to integrate the value of all life, including non-human species, into the consideration of human activities, advocating for the reservation of a significant portion of the planet for non-human species to evolve without human interference.']}], 'duration': 1394.126, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM7552850.jpg', 'highlights': ["The proportion of the Earth's surface suitable for producing wheat will fall from 20% to 7% with a 2.5°C increase in global temperature, leading to a catastrophic collapse in food production.", 'The flawed economic assessment claims that losing the Gulf Stream would increase global GDP by 1.1% and disregards the crucial inclusion of precipitation in climate models, rendering it as oversimplified and flawed.', 'The integrated assessment models developed by economists do not include precipitation, assuming that improved temperature will lead to better conditions for aquaculture, which is a critical oversight in climate modeling.', 'The scientific community is very confident about the complex system that is the biosphere and the crisis of climate change, while economists express overconfidence in the ability of the economic complex system to deal with the crisis.', 'The contrasting confidence levels of the scientific community and economists regarding the crisis of climate change, with the former being very confident and the latter expressing overconfidence.', 'The economic analysis of the effects of climate change is criticized for being incredibly poor in many cases, with a focus on temperature and neglect of precipitation, resulting in flawed predictions such as the expectation of increased wheat output in Siberia.', 'The challenges in predicting weather patterns and their impact on agriculture are discussed, emphasizing the complexity of climate modeling and the limitations in accurately forecasting long-term weather conditions.', "Civilization's dependence on a stable climate The chapter emphasizes the extent to which civilizations depend on a relatively stable climate, discussing the potential impact of subtle changes in climate on geopolitical pressures and the need to acknowledge the value of all life on Earth.", 'Rapid change in temperature and potential consequences The chapter discusses the rapid change in temperature compared to the long-term cycle, highlighting the potential consequences such as geopolitical pressures and the risk of nuclear war due to climate breakdown.', 'Importance of respecting all life on Earth The discussion emphasizes the need to integrate the value of all life, including non-human species, into the consideration of human activities, advocating for the reservation of a significant portion of the planet for non-human species to evolve without human interference.']}, {'end': 9915.764, 'segs': [{'end': 9101.369, 'src': 'embed', 'start': 9072.759, 'weight': 3, 'content': [{'end': 9076.58, 'text': 'Meaning the software, the modeling software that models the dynamic system.', 'start': 9072.759, 'duration': 3.821}, {'end': 9079.421, 'text': 'Basically, what Minsky is doing is system dynamics modeling.', 'start': 9076.62, 'duration': 2.801}, {'end': 9088.404, 'text': "If anybody's used Stellar or Vensim or Simulink, then they've used exactly the same family of software that Minsky is part of.", 'start': 9080.741, 'duration': 7.663}, {'end': 9089.344, 'text': "I didn't invent that.", 'start': 9088.584, 'duration': 0.76}, {'end': 9094.006, 'text': "That was invented by Jay Forrester, who's one of the great intellects, one of the great engineers.", 'start': 9089.384, 'duration': 4.622}, {'end': 9095.747, 'text': 'in American history.', 'start': 9094.846, 'duration': 0.901}, {'end': 9101.369, 'text': "And the idea of Forrester's system was complex interactions.", 'start': 9096.387, 'duration': 4.982}], 'summary': 'Minsky uses system dynamics modeling, part of the same family as stellar, vensim, and simulink, invented by jay forrester for complex interactions.', 'duration': 28.61, 'max_score': 9072.759, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM9072759.jpg'}, {'end': 9182.356, 'src': 'embed', 'start': 9155.663, 'weight': 2, 'content': [{'end': 9160.045, 'text': "So there's like this, so your modeling is like a state diagram.", 'start': 9155.663, 'duration': 4.382}, {'end': 9161.786, 'text': 'Yeah, fundamentally.', 'start': 9160.365, 'duration': 1.421}, {'end': 9163.327, 'text': "Actually, it's circuit diagrams.", 'start': 9161.866, 'duration': 1.461}, {'end': 9167.969, 'text': "It's exactly what engineers have been using for decades, almost a century.", 'start': 9163.507, 'duration': 4.462}, {'end': 9171.331, 'text': "So you're using a circuit diagram to model the economy.", 'start': 9167.989, 'duration': 3.342}, {'end': 9174.552, 'text': "And that's the..", 'start': 9172.171, 'duration': 2.381}, {'end': 9175.773, 'text': 'So other factories have done it.', 'start': 9174.552, 'duration': 1.221}, {'end': 9182.356, 'text': "What they haven't had in the circuit diagram is a way of handling the dynamics of the financial system.", 'start': 9175.833, 'duration': 6.523}], 'summary': 'Modeling the economy using circuit diagrams, integrating financial dynamics.', 'duration': 26.693, 'max_score': 9155.663, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM9155663.jpg'}, {'end': 9299.956, 'src': 'embed', 'start': 9272.514, 'weight': 0, 'content': [{'end': 9279.898, 'text': "And there's some nice, uh, the key Minsky model and the intermittent route to chaos on page 86 of your book.", 'start': 9272.514, 'duration': 7.384}, {'end': 9283.261, 'text': 'These are, do these come from the software? Yeah, yeah.', 'start': 9280.419, 'duration': 2.842}, {'end': 9289.867, 'text': 'I mean, I first did that in Mathematica back in 1992, August 1992.', 'start': 9283.361, 'duration': 6.506}, {'end': 9291.949, 'text': 'Mathematica is another amazing piece of software.', 'start': 9289.867, 'duration': 2.082}, {'end': 9295.111, 'text': "Yeah, and I find it's very much a programmer's approach to mathematics.", 'start': 9291.989, 'duration': 3.122}, {'end': 9299.956, 'text': "I prefer, like, a program called Mathcad, which is what I'm using for all my..", 'start': 9295.192, 'duration': 4.764}], 'summary': 'Discussion about minsky model & mathematica software, from 1992.', 'duration': 27.442, 'max_score': 9272.514, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM9272514.jpg'}, {'end': 9411.596, 'src': 'embed', 'start': 9380.589, 'weight': 4, 'content': [{'end': 9383.751, 'text': 'So it was a centenary birthday present to Marx.', 'start': 9380.589, 'duration': 3.162}, {'end': 9399.048, 'text': 'And what Marx had argued in Chapter 25, I think of Volume 1 of Capital, Section 3, He built a verbal model of a cyclical system,', 'start': 9384.272, 'duration': 14.776}, {'end': 9401.169, 'text': "and it's quite out of character with the rest of the book.", 'start': 9399.048, 'duration': 2.121}, {'end': 9408.254, 'text': "So when you read Volume One of Capital, people think Marx has got commodity money view of money, he doesn't at all.", 'start': 9401.509, 'duration': 6.745}, {'end': 9411.596, 'text': 'The idea was he had like an onion.', 'start': 9408.274, 'duration': 3.322}], 'summary': 'Marx presented a cyclical model in capital, challenging commodity money view.', 'duration': 31.007, 'max_score': 9380.589, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM9380589.jpg'}, {'end': 9470.048, 'src': 'embed', 'start': 9436.798, 'weight': 1, 'content': [{'end': 9439.7, 'text': "so that capitalists will not get the level of profit they're expecting.", 'start': 9436.798, 'duration': 2.902}, {'end': 9443.242, 'text': 'Therefore, they will invest less and the economy will slump.', 'start': 9440.28, 'duration': 2.962}, {'end': 9448.164, 'text': 'And the slump will mean workers become unemployed and have to accept wage cuts.', 'start': 9443.722, 'duration': 4.442}, {'end': 9450.526, 'text': 'And it was a model of a cyclical economy.', 'start': 9448.825, 'duration': 1.701}, {'end': 9457.23, 'text': 'And as it happens, Marx spent his later years trying to learn enough calculus to be able to model it himself mathematically.', 'start': 9451.066, 'duration': 6.164}, {'end': 9458.43, 'text': 'And he never managed.', 'start': 9457.71, 'duration': 0.72}, {'end': 9462.092, 'text': "There's Marx's mathematical notes on calculus, which are quite fun to read.", 'start': 9458.47, 'duration': 3.622}, {'end': 9463.893, 'text': 'And if you have a mathematical background.', 'start': 9462.152, 'duration': 1.741}, {'end': 9470.048, 'text': 'Did he get far? No, he got too caught up in the whole philosophy and never really got to build the model.', 'start': 9463.913, 'duration': 6.135}], 'summary': "Capitalists' lower profit leads to less investment, causing economic slump and unemployment. marx attempted but failed to model it mathematically.", 'duration': 33.25, 'max_score': 9436.798, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM9436798.jpg'}], 'start': 8947.899, 'title': 'Expanding civilization and financial crisis warning', 'summary': "Explores the vision of expanding civilization through space exploration, chaos and income distribution in the lorenz model, and the minsky model's effectiveness in predicting financial crises based on rising debt levels.", 'chapters': [{'end': 9271.953, 'start': 8947.899, 'title': 'Vision of expanding civilization', 'summary': "Discusses the need to move civilization off the planet for expanding our knowledge of the universe, introduces a new book 'the new economics, a manifesto' and explains the complex system modeling software minsky, focusing on the unique feature of godley tables for modeling the financial system.", 'duration': 324.054, 'highlights': ["The need to move civilization off the planet for expanding our knowledge of the universe. Elon Musk's practical vision and Jeff Bezos' impractical vision are discussed in the context of expanding civilization to move off the planet.", "Introduction of 'The New Economics, A Manifesto' and embracing the complex system. The discussion on a new book titled 'The New Economics, A Manifesto' and its approach of embracing the fact that the economy, our world, and our mind is a complex system.", 'Explanation of the unique feature of Godley tables for modeling the financial system in Minsky. The unique addition of the Godley table in Minsky for modeling the financial system, allowing an enormous complex model looking at the economy financially from the point of view of a dozen different actors.']}, {'end': 9731.931, 'start': 9272.514, 'title': 'Lorenz model: chaos and income distribution', 'summary': 'Delves into the chaos and income distribution generated by the lorenz model, demonstrating how rising private debt impacts income distribution, with workers bearing the cost, leading to the palmer-manneville route to chaos.', 'duration': 459.417, 'highlights': ["The model demonstrates the impact of rising private debt on income distribution, with workers bearing the cost, leading to the Palmer-Manneville route to chaos. The rising level of private debt corresponds to a falling worker's share, demonstrating that the workers are the ones paying for the increasing level of debt.", "The model reveals the dynamics of income distribution between workers, capitalists, and bankers, showcasing how capitalists and workers' shares are affected by the level of private debt. In a three social class system, capital share can remain constant while workers fall and bankers rise, demonstrating the impact of income distribution on the cycles of economic growth.", 'The chapter explains the Palmer-Manneville route to chaos, relating it to the dynamics of laminar flow in fluid dynamics. The period of diminishing cycles, followed by rising cycles, demonstrates the Palmer-Manneville route to chaos, akin to the transition from laminar to turbulent flow in fluid dynamics.']}, {'end': 9915.764, 'start': 9732.431, 'title': 'Minsky model and financial crisis warning', 'summary': "Discusses the minsky model, its application in predicting financial crises, and the author's realization of the impending financial crisis based on rising debt levels, leading to a warning that was overlooked by neoclassical economists.", 'duration': 183.333, 'highlights': ["The author's Minsky model predicted the great moderation and the subsequent financial crisis based on rising debt levels, which was overlooked by neoclassical economists. The author's Minsky model successfully predicted the great moderation and the impending financial crisis as debt levels rose, contradicting the views of neoclassical economists.", 'The author realized the impending financial crisis in 2005 based on the exponential rise in private debt levels, leading to a warning that was overlooked by others. In 2005, the author recognized the impending financial crisis by observing the exponential rise in private debt levels, prompting the author to issue a warning that was largely ignored by others.', 'The chapter raises the question of whether economics is about understanding the past or predicting the future, emphasizing the importance of predicting future crises based on a chaotic dynamics view. The chapter provokes the question of the purpose of economics, highlighting the significance of predicting future crises based on a chaotic dynamics view, rather than solely understanding the past.']}], 'duration': 967.865, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM8947899.jpg', 'highlights': ["The author's Minsky model predicted the great moderation and the subsequent financial crisis based on rising debt levels, which was overlooked by neoclassical economists.", "The need to move civilization off the planet for expanding our knowledge of the universe. Elon Musk's practical vision and Jeff Bezos' impractical vision are discussed in the context of expanding civilization to move off the planet.", 'The model demonstrates the impact of rising private debt on income distribution, with workers bearing the cost, leading to the Palmer-Manneville route to chaos.', "Introduction of 'The New Economics, A Manifesto' and embracing the complex system. The discussion on a new book titled 'The New Economics, A Manifesto' and its approach of embracing the fact that the economy, our world, and our mind is a complex system.", 'The author realized the impending financial crisis in 2005 based on the exponential rise in private debt levels, leading to a warning that was overlooked by others.', "The model reveals the dynamics of income distribution between workers, capitalists, and bankers, showcasing how capitalists and workers' shares are affected by the level of private debt."]}, {'end': 10937.649, 'segs': [{'end': 10262.634, 'src': 'embed', 'start': 10216.024, 'weight': 4, 'content': [{'end': 10227.214, 'text': 'Because and this is where we see this with the Bitcoin phenomenon if you want to hang on to money as a store of value, then if prices are falling,', 'start': 10216.024, 'duration': 11.19}, {'end': 10228.596, 'text': 'the value of money is rising.', 'start': 10227.214, 'duration': 1.382}, {'end': 10233.9, 'text': "And it's actually in your interests as a store of value to hang on to it and not spend it.", 'start': 10229.677, 'duration': 4.223}, {'end': 10238.404, 'text': 'So that contradicts its role as a means of exchange.', 'start': 10235.282, 'duration': 3.122}, {'end': 10247.391, 'text': 'Now, if you have money which depreciates, and this was actually tried in the Austrian town of Wargel during the Great Depression.', 'start': 10239.229, 'duration': 8.162}, {'end': 10252.812, 'text': "If you have money that depreciates, then if you don't use it, you lose it fundamentally.", 'start': 10248.371, 'duration': 4.441}, {'end': 10254.992, 'text': 'So it has a high rate of circulation.', 'start': 10253.232, 'duration': 1.76}, {'end': 10262.634, 'text': "So there's a monetary theorist called Silvio Gazelle, and he wrote this proposal that money should depreciate.", 'start': 10255.412, 'duration': 7.222}], 'summary': "Money as a store of value contradicts its role as a means of exchange, as depicted in the bitcoin phenomenon and wargel town's experience during the great depression.", 'duration': 46.61, 'max_score': 10216.024, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM10216024.jpg'}, {'end': 10309.168, 'src': 'embed', 'start': 10285.525, 'weight': 0, 'content': [{'end': 10292.468, 'text': 'And so he thought, how can I stimulate demand here? So he produced a script which could only be used for buying goods and services in Wogel.', 'start': 10285.525, 'duration': 6.943}, {'end': 10296.76, 'text': 'and could be used to pay your local rates.', 'start': 10294.838, 'duration': 1.922}, {'end': 10300.803, 'text': "But it was depreciated by putting a stamp on the money if you didn't use it.", 'start': 10297.36, 'duration': 3.443}, {'end': 10309.168, 'text': 'What happened was people would pay their rates, they needed to pay the rates using this money, so they used the script.', 'start': 10301.523, 'duration': 7.645}], 'summary': 'He created a script to stimulate demand, leading to increased usage for local rates in wogel.', 'duration': 23.643, 'max_score': 10285.525, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM10285525.jpg'}, {'end': 10363.733, 'src': 'embed', 'start': 10331.706, 'weight': 2, 'content': [{'end': 10335.309, 'text': 'unemployment went back up to 25 again and austria voted.', 'start': 10331.706, 'duration': 3.603}, {'end': 10337.451, 'text': 'you know what 99 point was it?', 'start': 10335.309, 'duration': 2.142}, {'end': 10343.116, 'text': '99.6 percent for the nazis something crazy number like that when hitler marched in.', 'start': 10337.451, 'duration': 5.665}, {'end': 10349.202, 'text': 'so the wargall experiment showed that depreciating currency led to a high rate of circulation.', 'start': 10343.116, 'duration': 6.086}, {'end': 10353.245, 'text': "But of course, we're not talking Weimar Republic levels of inflation.", 'start': 10349.622, 'duration': 3.623}, {'end': 10363.733, 'text': "So when you get that much inflation, and that's normally caused by, as the Weimar inflation was caused by, the reparation terms imposed on Germany.", 'start': 10353.625, 'duration': 10.108}], 'summary': 'Unemployment at 25%, austria votes, 99.6% vote for nazis, wargall experiment shows currency impact, weimar republic inflation.', 'duration': 32.027, 'max_score': 10331.706, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM10331706.jpg'}, {'end': 10403.368, 'src': 'embed', 'start': 10374.82, 'weight': 7, 'content': [{'end': 10379.103, 'text': "So hyperinflation almost always occurs when there's a massive destruction of physical resources.", 'start': 10374.82, 'duration': 4.283}, {'end': 10382.445, 'text': 'And the monetary authority tries to paper, literally, over it.', 'start': 10379.583, 'duration': 2.862}, {'end': 10383.846, 'text': 'And then you get hyperinflation.', 'start': 10382.705, 'duration': 1.141}, {'end': 10385.227, 'text': "That's total social breakdown.", 'start': 10383.866, 'duration': 1.361}, {'end': 10394.132, 'text': 'So a moderate level of inflation inspires the means of exchange usage of money, but undermines the store of value.', 'start': 10385.687, 'duration': 8.445}, {'end': 10403.368, 'text': 'usage of money and and that dilemma is why we have this antagonistic attitude towards inflation.', 'start': 10394.685, 'duration': 8.683}], 'summary': "Hyperinflation results from resource destruction, leading to social breakdown. moderate inflation affects money's usage and value.", 'duration': 28.548, 'max_score': 10374.82, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM10374820.jpg'}], 'start': 9915.844, 'title': 'The impact of credit and inflation on economic cycles', 'summary': "Discusses the correlation between credit, aggregate demand, and unemployment, with a 20% gdp turnaround in 2008-2009, a negative correlation of about -0.9 between credit and unemployment from 1990 to 2010, the role of inflation in monetary policy, and irving fisher's debt deflation theory.", 'chapters': [{'end': 10170.852, 'start': 9915.844, 'title': 'The role of credit in economic slumps', 'summary': 'Discusses the impact of credit on economic slumps, highlighting the correlation between credit, aggregate demand, and unemployment, with a 20% gdp turnaround in aggregate demand in 2008-2009 and an enormous negative correlation of about -0.9 between credit and unemployment from 1990 to 2010, disproving the neoclassical theory.', 'duration': 255.008, 'highlights': ['There was a 20% of GDP turnaround in aggregate demand in 2008-2009. This demonstrates a significant impact of credit on the economy, leading to a substantial change in aggregate demand.', 'The enormous negative correlation of about -0.9 between credit and unemployment from 1990 to 2010. This highlights the strong relationship between credit and unemployment, contradicting the neoclassical theory and emphasizing the importance of credit in economic dynamics.', 'The peak level of private debt reached 16% of GDP in 2006-2007 and fell to minus 5% in 2008-2009. This quantifies the drastic shift in private debt, further illustrating the impact of credit on the economy during the financial crisis.']}, {'end': 10551.364, 'start': 10171.753, 'title': 'Role of inflation in monetary policy', 'summary': 'Explores the role of inflation in monetary policy, highlighting the impact of inflation on the functions of money, the wargel experiment during the great depression, and the consequences of hyperinflation. it emphasizes the significance of moderate inflation in stimulating the means of exchange usage of money while undermining its store of value.', 'duration': 379.611, 'highlights': ['The Wargel experiment during the Great Depression in Austria led to a rapid increase in economic activity and a drop in unemployment to zero by introducing a depreciated currency that encouraged high circulation. During the Great Depression, the Wargel experiment in Austria resulted in a rapid increase in economic activity and a drop in unemployment to zero by introducing a depreciated currency that encouraged high circulation.', "Hyperinflation occurs when there's a massive destruction of physical resources, and the monetary authority attempts to mitigate it by excessive printing of notes, leading to total social breakdown. Hyperinflation occurs when there's a massive destruction of physical resources, and the excessive printing of notes by the monetary authority leads to total social breakdown.", 'Moderate inflation inspires the means of exchange usage of money but undermines the store of value, creating an antagonistic attitude towards inflation. Moderate inflation inspires the means of exchange usage of money but undermines the store of value, leading to an antagonistic attitude towards inflation.', 'Private debt and its collapse, when it stops growing, is the fundamental cause of financial crises, highlighting the significance of monitoring money creation by private banks. Private debt and its collapse, when it stops growing, is the fundamental cause of financial crises, emphasizing the significance of monitoring money creation by private banks.']}, {'end': 10937.649, 'start': 10551.744, 'title': 'Debt deflation theory of great depressions', 'summary': "Discusses irving fisher's debt deflation theory, highlighting the impact of margin debt, private debt accumulation, and the need to limit private debt to 30-70% of gdp to prevent financial instability.", 'duration': 385.905, 'highlights': ["Irving Fisher's theory on debt deflation and the impact of margin debt Irving Fisher's theory on debt deflation explains the devastating impact of margin debt, which rose from 0.5% to 13% of GDP in 1929, leading to the stock market crash, and the danger of private debt accumulation.", 'The level of private debt as a target of economic policy The need to target and limit private debt to 30-70% of GDP to prevent financial instability and avoid the negative impact of excessive private debt accumulation, currently at 170% of GDP in America.', 'The need to stop speculative lending and focus on innovation and essential consumption items Advocating for the cessation of speculative lending and redirecting lending towards innovation, investment, and essential consumption items to prevent financial breakdown and instability.']}], 'duration': 1021.805, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM9915844.jpg', 'highlights': ['The enormous negative correlation of about -0.9 between credit and unemployment from 1990 to 2010, contradicting the neoclassical theory and emphasizing the importance of credit in economic dynamics.', 'There was a 20% of GDP turnaround in aggregate demand in 2008-2009, demonstrating a significant impact of credit on the economy.', 'The peak level of private debt reached 16% of GDP in 2006-2007 and fell to minus 5% in 2008-2009, quantifying the drastic shift in private debt, further illustrating the impact of credit on the economy during the financial crisis.', 'The Wargel experiment during the Great Depression in Austria led to a rapid increase in economic activity and a drop in unemployment to zero by introducing a depreciated currency that encouraged high circulation.', "Hyperinflation occurs when there's a massive destruction of physical resources, and the excessive printing of notes by the monetary authority leads to total social breakdown.", "Irving Fisher's theory on debt deflation explains the devastating impact of margin debt, which rose from 0.5% to 13% of GDP in 1929, leading to the stock market crash, and the danger of private debt accumulation.", 'The need to target and limit private debt to 30-70% of GDP to prevent financial instability and avoid the negative impact of excessive private debt accumulation, currently at 170% of GDP in America.', 'Advocating for the cessation of speculative lending and redirecting lending towards innovation, investment, and essential consumption items to prevent financial breakdown and instability.']}, {'end': 12652.744, 'segs': [{'end': 10966.974, 'src': 'embed', 'start': 10937.649, 'weight': 3, 'content': [{'end': 10938.61, 'text': "it's over there somewhere.", 'start': 10937.649, 'duration': 0.961}, {'end': 10940.872, 'text': 'the power supply weighs about twice as much as your laptop.', 'start': 10938.61, 'duration': 2.262}, {'end': 10945.376, 'text': 'yeah, and it, you have to power it on with a crank pretty close like pull it.', 'start': 10940.872, 'duration': 4.504}, {'end': 10948.159, 'text': 'is it gas powered or is it cool?', 'start': 10945.376, 'duration': 2.783}, {'end': 10950.381, 'text': "oh well, it's a nuclear power station, nuclear.", 'start': 10948.159, 'duration': 2.222}, {'end': 10953.303, 'text': 'yeah, a nuclear diamond in the back there.', 'start': 10950.381, 'duration': 2.922}, {'end': 10958.648, 'text': 'okay. so um, Let me, before I forget, just let me ask you about.', 'start': 10953.303, 'duration': 5.345}, {'end': 10966.974, 'text': "we've covered brilliantly the nuanced disagreements you have and the wisdom you've drawn from Karl Marx, but there's also,", 'start': 10958.648, 'duration': 8.326}], 'summary': 'Discussion about a heavy power supply, nuclear power station, and nuanced disagreements.', 'duration': 29.325, 'max_score': 10937.649, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM10937649.jpg'}, {'end': 11089.441, 'src': 'embed', 'start': 11057.105, 'weight': 2, 'content': [{'end': 11061.067, 'text': "The government should normally run a deficit because that's how the government creates money.", 'start': 11057.105, 'duration': 3.962}, {'end': 11068.692, 'text': "Now, because we've had this obsession from mainstream economists of running a surplus, which is what caused the Great Depression,", 'start': 11061.607, 'duration': 7.085}, {'end': 11070.693, 'text': 'Calvin Coolidge doing it for eight years.', 'start': 11068.692, 'duration': 2.001}, {'end': 11077.217, 'text': "because of that obsession, we've cut back on social services, we've cut back on health, we've cut back on education, we've cut back on infrastructure.", 'start': 11070.693, 'duration': 6.524}, {'end': 11081.9, 'text': 'Now, all that stuff predominantly affects the poor because the rich can afford to buy it themselves.', 'start': 11077.677, 'duration': 4.223}, {'end': 11089.441, 'text': "So if we had, if Sonnenberg realized the government should run a deficit, it's a feature, not a bug, of a fiat money system.", 'start': 11082.58, 'duration': 6.861}], 'summary': 'Running a deficit is necessary for government to create money, obsession with surplus led to cutbacks in social services, health, education, and infrastructure, predominantly affecting the poor.', 'duration': 32.336, 'max_score': 11057.105, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM11057105.jpg'}, {'end': 11325.945, 'src': 'embed', 'start': 11297.473, 'weight': 4, 'content': [{'end': 11304.547, 'text': "that's possible when we humans get together, but it feels like there's more trajectories, there's more possibility for creation.", 'start': 11297.473, 'duration': 7.074}, {'end': 11306.508, 'text': "There are, and I think that's why we have to.", 'start': 11304.667, 'duration': 1.841}, {'end': 11317.331, 'text': 'I say if we were built around the idea that our role as a species is to maintain and extend life on the planet and if not find it elsewhere,', 'start': 11306.508, 'duration': 10.823}, {'end': 11325.945, 'text': 'then seated elsewhere, then that is a vision which makes us creative and confines the worst elements of our capacities to share beliefs.', 'start': 11317.331, 'duration': 8.614}], 'summary': 'Humans have the capacity to create and shape a vision for maintaining and extending life on the planet, fostering creativity and limiting negative aspects of our beliefs.', 'duration': 28.472, 'max_score': 11297.473, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM11297473.jpg'}, {'end': 11667.729, 'src': 'heatmap', 'start': 11514.702, 'weight': 0, 'content': [{'end': 11516.464, 'text': 'Production would be entirely mechanized.', 'start': 11514.702, 'duration': 1.762}, {'end': 11519.667, 'text': "There'd have to be a handful of people who service the machines.", 'start': 11516.944, 'duration': 2.723}, {'end': 11521.869, 'text': "It's about production and automation.", 'start': 11519.827, 'duration': 2.042}, {'end': 11526.993, 'text': 'What about elements of consciousness that make humans so special?', 'start': 11522.229, 'duration': 4.764}, {'end': 11530.036, 'text': 'What about that persisting within the machine?', 'start': 11527.634, 'duration': 2.402}, {'end': 11534.26, 'text': "I'm still a skeptic about us ever being able to create a machine which is truly conscious.", 'start': 11530.056, 'duration': 4.204}, {'end': 11536.661, 'text': "If I can throw my, it's only two cents.", 'start': 11534.86, 'duration': 1.801}, {'end': 11538.842, 'text': 'That would really piss off Karl Marx, by the way.', 'start': 11536.761, 'duration': 2.081}, {'end': 11540.863, 'text': 'If we create machines that are conscious.', 'start': 11539.342, 'duration': 1.521}, {'end': 11545.685, 'text': "Exactly This is actually part of the, there's two good logical arguments against the labor theory of value.", 'start': 11540.903, 'duration': 4.782}, {'end': 11547.766, 'text': 'One of what it becomes machines become intelligent.', 'start': 11545.765, 'duration': 2.001}, {'end': 11551.908, 'text': 'And the other was that if the declining rate of profit applies in socialism.', 'start': 11548.246, 'duration': 3.662}, {'end': 11555.606, 'text': "It'll apply as a rate of accumulation, sorry, in capitalism.", 'start': 11552.865, 'duration': 2.741}, {'end': 11557.967, 'text': "It'll apply as a rate of socialism as well.", 'start': 11555.946, 'duration': 2.021}, {'end': 11559.767, 'text': 'A guy called Khalid made that argument.', 'start': 11558.027, 'duration': 1.74}, {'end': 11561.968, 'text': 'So his argument was just unsound.', 'start': 11559.807, 'duration': 2.161}, {'end': 11566.269, 'text': 'But yeah, intelligent machines would completely screw Marx up, you know? Yeah.', 'start': 11562.388, 'duration': 3.881}, {'end': 11573.091, 'text': 'Do you not like that world where machines have not only intelligence, but consciousness as well? Yeah.', 'start': 11566.409, 'duration': 6.682}, {'end': 11579.034, 'text': "And.. I, you know, I know that's one of your interests and one of your potential endeavours.", 'start': 11573.792, 'duration': 5.242}, {'end': 11586.057, 'text': "And the Kurzweil idea that there's some singularity we're approaching as we just get increasing processing power.", 'start': 11579.974, 'duration': 6.083}, {'end': 11588.258, 'text': "It's not processing power, it's imagination.", 'start': 11586.477, 'duration': 1.781}, {'end': 11591.15, 'text': 'And I think- Whatever the heck that means.', 'start': 11589.429, 'duration': 1.721}, {'end': 11593.311, 'text': 'Huh? Whatever the heck that means, yeah.', 'start': 11591.55, 'duration': 1.761}, {'end': 11605.475, 'text': 'I mean you would have had imaginative insights from your papers in automating motoring between the hyper-intelligent machine or the machine-human interface,', 'start': 11593.671, 'duration': 11.804}, {'end': 11608.757, 'text': 'where the standards can be lower for the machine and higher for the human.', 'start': 11605.475, 'duration': 3.282}, {'end': 11612.618, 'text': "Okay, that's an insight you would have had at some point, and then you've worked it further.", 'start': 11608.797, 'duration': 3.821}, {'end': 11616.24, 'text': "So I've had insights like that as well, and I have no idea where they come from.", 'start': 11613.058, 'duration': 3.182}, {'end': 11623.889, 'text': "They're just- hit me in the head and I write them down and they solve a problem that I didn't even know my mind was working on.", 'start': 11616.26, 'duration': 7.629}, {'end': 11626.933, 'text': 'How can we get a machine to do that??', 'start': 11624.55, 'duration': 2.383}, {'end': 11635.604, 'text': 'I do not know the answer, but one thing I think is the potential is I think we have to create AI that has feelings.', 'start': 11627.974, 'duration': 7.63}, {'end': 11638.12, 'text': 'AI that wants to survive.', 'start': 11636.88, 'duration': 1.24}, {'end': 11645.763, 'text': "Because if you think how our intelligence evolved, it's on this planet in a struggle between predator and prey,", 'start': 11638.301, 'duration': 7.462}, {'end': 11647.804, 'text': 'and intelligent became a survival technique.', 'start': 11645.763, 'duration': 2.041}, {'end': 11659.723, 'text': 'I find the ideas of Ernest Becker with denial of death really powerful, which is that humans will not only have emotions and are trying to survive.', 'start': 11648.104, 'duration': 11.619}, {'end': 11667.729, 'text': "they're able to ponder out in the distant future their mortality.", 'start': 11659.723, 'duration': 8.006}], 'summary': 'Discussion on production, automation, consciousness in machines, and the potential need for ai with feelings and survival instincts.', 'duration': 153.027, 'max_score': 11514.702, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM11514702.jpg'}, {'end': 11704.443, 'src': 'embed', 'start': 11668.75, 'weight': 14, 'content': [{'end': 11677.277, 'text': 'And that is a driving force for even greater creation that animals are able to do, more primitive animals.', 'start': 11668.75, 'duration': 8.527}, {'end': 11681.961, 'text': 'There is some element where I agree with you.', 'start': 11679.238, 'duration': 2.723}, {'end': 11689.03, 'text': 'I think for AI systems to have something like consciousness, they have to fear their mortality.', 'start': 11681.981, 'duration': 7.049}, {'end': 11697.18, 'text': "Exactly If you do it then, you can't produce an AI whose behavior you can control.", 'start': 11689.13, 'duration': 8.05}, {'end': 11704.443, 'text': "I mean, when you have kids, you can't control their behavior.", 'start': 11698.499, 'duration': 5.944}], 'summary': 'Ai systems require fear of mortality to develop consciousness and uncontrollable behavior.', 'duration': 35.693, 'max_score': 11668.75, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM11668750.jpg'}, {'end': 11804.488, 'src': 'embed', 'start': 11774.221, 'weight': 7, 'content': [{'end': 11784.546, 'text': "Can you give advice to young people in high school and college? Maybe they're interested in economics, maybe they have other career ideas.", 'start': 11774.221, 'duration': 10.325}, {'end': 11790.852, 'text': 'What advice would you give them about a career they can have that they can be proud of or a life they can be proud of.', 'start': 11784.966, 'duration': 5.886}, {'end': 11793.735, 'text': "Mainly in a career, I say don't do an economics degree.", 'start': 11791.553, 'duration': 2.182}, {'end': 11798.36, 'text': "There's a little book.", 'start': 11796.778, 'duration': 1.582}, {'end': 11799.762, 'text': 'Econ Comics.', 'start': 11798.981, 'duration': 0.781}, {'end': 11804.488, 'text': 'Econ Comics, taking the con out of economics.', 'start': 11801.586, 'duration': 2.902}], 'summary': 'Young people seeking career advice: consider options beyond economics degree for a proud and fulfilling life.', 'duration': 30.267, 'max_score': 11774.221, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM11774221.jpg'}, {'end': 11923.772, 'src': 'embed', 'start': 11884.706, 'weight': 1, 'content': [{'end': 11888.95, 'text': "So they hadn't seen me for about a decade and they said, what have you been doing, Steve? And I talked about what I'd done.", 'start': 11884.706, 'duration': 4.244}, {'end': 11890.531, 'text': "So I'd been a school teacher for a while.", 'start': 11888.97, 'duration': 1.561}, {'end': 11892.372, 'text': 'I then worked in overseas aid.', 'start': 11890.551, 'duration': 1.821}, {'end': 11898.157, 'text': "I was doing computer programming at the time and I'd forgotten what else I was doing at that point.", 'start': 11892.392, 'duration': 5.765}, {'end': 11899.338, 'text': 'So I explained it to all of them.', 'start': 11898.177, 'duration': 1.161}, {'end': 11902.7, 'text': 'And they were at a Bucks night, one of them having a wedding coming up the next week.', 'start': 11899.778, 'duration': 2.922}, {'end': 11905.943, 'text': "And one of them said, I wish I'd done that.", 'start': 11903.301, 'duration': 2.642}, {'end': 11910.603, 'text': 'And there was silence around the table that was obviously silent agreement.', 'start': 11906.98, 'duration': 3.623}, {'end': 11915.366, 'text': 'And I looked at them and said, hang on, guys, look at the downside of my life.', 'start': 11911.303, 'duration': 4.063}, {'end': 11918.008, 'text': "You're getting married.", 'start': 11915.506, 'duration': 2.502}, {'end': 11919.509, 'text': "I don't have a girlfriend right now.", 'start': 11918.188, 'duration': 1.321}, {'end': 11922.771, 'text': "You've all got secure jobs.", 'start': 11920.85, 'duration': 1.921}, {'end': 11923.772, 'text': "I'm unemployed.", 'start': 11923.032, 'duration': 0.74}], 'summary': 'After a decade, discussed career; taught, aid work, programming; friends envious, but highlighted downsides: no girlfriend, unemployed.', 'duration': 39.066, 'max_score': 11884.706, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM11884706.jpg'}, {'end': 12207.419, 'src': 'embed', 'start': 12178.022, 'weight': 8, 'content': [{'end': 12179.583, 'text': "It'll be the Anthropocene event.", 'start': 12178.022, 'duration': 1.561}, {'end': 12186.191, 'text': 'because an epoch is millions of years and a huge period of life on the planet.', 'start': 12180.629, 'duration': 5.562}, {'end': 12191.573, 'text': 'And we might be snuffed out in 10,000 years of human civilization.', 'start': 12186.811, 'duration': 4.762}, {'end': 12196.675, 'text': "And that's not much slower than the meteors wiping out the dinosaurs.", 'start': 12192.273, 'duration': 4.402}, {'end': 12198.896, 'text': 'The dinosaurs lasted for a long time after that event.', 'start': 12196.715, 'duration': 2.181}, {'end': 12207.419, 'text': "So we'd just be a layer in the surface of the planet with plastics and strange metals like that.", 'start': 12199.436, 'duration': 7.983}], 'summary': 'Human civilization may end in 10,000 years, leaving a lasting impact on the planet.', 'duration': 29.397, 'max_score': 12178.022, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM12178022.jpg'}, {'end': 12521.825, 'src': 'embed', 'start': 12474.797, 'weight': 9, 'content': [{'end': 12476.258, 'text': "It's not anger they're feeling, it's pleasure.", 'start': 12474.797, 'duration': 1.461}, {'end': 12478.36, 'text': "Yeah, there's a dark aspect to human nature.", 'start': 12476.298, 'duration': 2.062}, {'end': 12479.04, 'text': 'Very dark.', 'start': 12478.4, 'duration': 0.64}, {'end': 12484.464, 'text': "But there's also the capacity to rise above that.", 'start': 12479.42, 'duration': 5.044}, {'end': 12489.168, 'text': 'And I think, like I put us on a spectrum between chimpanzees at one extreme and bonobos at the other.', 'start': 12484.544, 'duration': 4.624}, {'end': 12491.269, 'text': "We're too close to the chimpanzees.", 'start': 12489.188, 'duration': 2.081}, {'end': 12494.952, 'text': 'And bonobos are just having fun, having lots of sex.', 'start': 12492.67, 'duration': 2.282}, {'end': 12499.234, 'text': 'Every time they do anything, they fuck first and do the work later and then fuck afterwards to celebrate.', 'start': 12495.052, 'duration': 4.182}, {'end': 12501.336, 'text': 'Fuck first, ask questions later.', 'start': 12499.715, 'duration': 1.621}, {'end': 12507.78, 'text': "It's like that scent of a woman in one of my favorite films where Al Pacino gives advice to a cat.", 'start': 12502.357, 'duration': 5.423}, {'end': 12509.942, 'text': 'He says, when in doubt, fuck.', 'start': 12508.601, 'duration': 1.341}, {'end': 12514.802, 'text': 'Good life advice for a cat, especially.', 'start': 12512.981, 'duration': 1.821}, {'end': 12521.825, 'text': 'We mentioned that death seems to be maybe fundamental to creating a conscious AI.', 'start': 12516.083, 'duration': 5.742}], 'summary': 'Humans have capacity to rise above dark aspects; ai tied to death.', 'duration': 47.028, 'max_score': 12474.797, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM12474797.jpg'}, {'end': 12613.902, 'src': 'embed', 'start': 12585.052, 'weight': 5, 'content': [{'end': 12595.719, 'text': 'How do you hope people remember you? Um, as someone who managed to integrate, um, economics with an appreciation for life.', 'start': 12585.052, 'duration': 10.667}, {'end': 12604.954, 'text': "Well, I have to say, as a bit of a callback, you're one deadly bastard.", 'start': 12598.339, 'duration': 6.615}, {'end': 12608.821, 'text': "It's a huge honor that you would come down and talk to me.", 'start': 12606.581, 'duration': 2.24}, {'end': 12610.262, 'text': "You're a brilliant person.", 'start': 12609.202, 'duration': 1.06}, {'end': 12611.542, 'text': "You're a hilarious person.", 'start': 12610.302, 'duration': 1.24}, {'end': 12612.902, 'text': 'The humility shines through.', 'start': 12611.782, 'duration': 1.12}, {'end': 12613.902, 'text': 'The brilliance shines through.', 'start': 12612.922, 'duration': 0.98}], 'summary': 'Integrating economics with life, recognized for brilliance and humility.', 'duration': 28.85, 'max_score': 12585.052, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM12585052.jpg'}], 'start': 10937.649, 'title': 'Economics, marxism, and personal reflections', 'summary': "Delves into discussions on economics, marxism, and the potential of ai and robots in the future, advises against pursuing an economics degree, reflects on personal experiences, and explores karl marx's complex view of love, providing insights into various aspects of human life and society.", 'chapters': [{'end': 11773.36, 'start': 10937.649, 'title': 'Economics, marxism, and the future', 'summary': 'Delves into discussions on economics, marxism, and the potential of ai and robots in the future, with a focus on government deficits, space exploration, and the implications of conscious ai on humanity.', 'duration': 835.711, 'highlights': ['The government should run a deficit as a feature of a well-functioning mixed fiat credit economy, enabling provision for the needs of the poor and avoiding societal breakdown caused by austerity measures. Running a deficit is essential for a well-functioning economy, as it allows the government to provide for the needs of the poor and prevent societal breakdown caused by austerity measures.', 'Discussing the potential for capitalism in outer space and the role of technology in extending life beyond the planet, emphasizing the importance of establishing life off the planet for long-term survival. The potential for capitalism in outer space and the necessity of establishing life off the planet for long-term survival are crucial discussions for the future of humanity.', 'Exploring the implications of conscious AI and the necessity for AI to fear its own mortality, highlighting the potential risks and rewards of developing AI with feelings and consciousness. The exploration of conscious AI and the necessity for AI to fear its own mortality brings to light the potential risks and rewards of developing AI with feelings and consciousness.']}, {'end': 12009.103, 'start': 11774.221, 'title': 'Career advice and personal reflections', 'summary': "Advises against pursuing an economics degree and recommends learning system dynamics for any field, reflecting on a chaotic yet fulfilling life, and emphasizes the importance of staying true to oneself, despite financial or other reasons. the chapter shares a personal anecdote to highlight the fulfillment of following one's passion over a safe yet unfulfilling career choice.", 'duration': 234.882, 'highlights': ['The chapter advises against pursuing an economics degree and recommends learning system dynamics for any field. Advises against economics degree, recommends learning system dynamics, applicable to any field.', 'Reflecting on a chaotic yet fulfilling life, and emphasizes the importance of staying true to oneself, despite financial or other reasons. Reflects on a chaotic yet fulfilling life, emphasizes staying true to oneself despite external factors.', "The chapter shares a personal anecdote to highlight the fulfillment of following one's passion over a safe yet unfulfilling career choice. Shares personal anecdote, highlights fulfillment of following passion over safe yet unfulfilling career choice."]}, {'end': 12272.081, 'start': 12009.123, 'title': 'Depression and climate change', 'summary': 'Discusses the impact of reading neoclassical economists on climate change, leading to a depressive state, and the realization that arrogance and oversimplification in economic models could potentially jeopardize human civilization.', 'duration': 262.958, 'highlights': ['The realization of the potential jeopardy to human civilization due to arrogance and oversimplification in economic models led to a depressive state. The speaker expressed how the arrogance and stupidity in economic models potentially jeopardizing human civilization was the most depressing experience of his life.', 'The impact of reading Neoclassical Economists on Climate Change led to a depressive state. The speaker mentioned coping with depression in the last five years since starting to read Neoclassical Economists on Climate Change.', "The speaker's wife's perspective on climate change and nature's resilience brought a new outlook, breaking the depressive state. The speaker's wife, with a Buddhist grounding, expressed a perspective on climate change, bringing a new outlook and breaking the depressive state.", "The speaker's preference for humility over arrogance in approaching scientific discussions. The speaker expressed a preference for humility over arrogance in approaching scientific discussions, stating that nature is the only entity that gets to be arrogant and chooses not to."]}, {'end': 12652.744, 'start': 12275.29, 'title': "Love and tragedy in karl marx's life", 'summary': "Explores karl marx's complex view of love, his passionate affair with jenny von westhallen, the hardship in his life, and his belief in the vital role of love in the human condition, while discussing the dark aspects of human nature and the concept of death, providing insights into his agnostic views and how he hopes to be remembered.", 'duration': 377.454, 'highlights': ["Karl Marx's passionate love affair with Jenny von Westhallen and his idealistic view of love with her, despite the tragedies and hardships in his life. Passionate love affair with Jenny von Westhallen, idealistic view of love, despite tragedies and hardships.", "Marx's belief in the vital role of love in the human condition, emphasizing the importance of respect and deep bonds beyond sexual attraction, and the need to extend it to all species. Vital role of love in the human condition, importance of respect and deep bonds, extending love to all species.", 'Discussion on the dark aspects of human nature, the warlike side of humanity, and the capacity to rise above it, drawing a comparison between chimpanzees and bonobos. Dark aspects of human nature, warlike side of humanity, comparison between chimpanzees and bonobos.', "Insights into Karl Marx's agnostic views on death, the dilemma of existence, and the idea of living on through one's impact on human consciousness. Agnostic views on death, dilemma of existence, impact on human consciousness.", "Steve Keen's hope to be remembered as someone who integrated economics with an appreciation for life, with acknowledgment of his humility and brilliance. Hope to be remembered for integrating economics with an appreciation for life, acknowledgment of humility and brilliance."]}], 'duration': 1715.095, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/1XGiTDWfdpM/pics/1XGiTDWfdpM10937649.jpg', 'highlights': ['Running a deficit is essential for a well-functioning economy, providing for the needs of the poor.', 'The potential for capitalism in outer space and the necessity of establishing life off the planet are crucial discussions for the future of humanity.', 'The exploration of conscious AI and the necessity for AI to fear its own mortality brings to light the potential risks and rewards of developing AI with feelings and consciousness.', 'Advises against pursuing an economics degree, recommends learning system dynamics, applicable to any field.', 'Reflects on a chaotic yet fulfilling life, emphasizes staying true to oneself despite external factors.', 'Shares personal anecdote, highlights fulfillment of following passion over safe yet unfulfilling career choice.', 'The speaker expressed how the arrogance and stupidity in economic models potentially jeopardizing human civilization was the most depressing experience of his life.', 'The speaker mentioned coping with depression in the last five years since starting to read Neoclassical Economists on Climate Change.', "The speaker's wife, with a Buddhist grounding, expressed a perspective on climate change, bringing a new outlook and breaking the depressive state.", 'The speaker expressed a preference for humility over arrogance in approaching scientific discussions, stating that nature is the only entity that gets to be arrogant and chooses not to.', 'Passionate love affair with Jenny von Westhallen, idealistic view of love, despite tragedies and hardships.', 'Vital role of love in the human condition, importance of respect and deep bonds, extending love to all species.', 'Dark aspects of human nature, warlike side of humanity, comparison between chimpanzees and bonobos.', 'Agnostic views on death, dilemma of existence, impact on human consciousness.', 'Hope to be remembered for integrating economics with an appreciation for life, acknowledgment of humility and brilliance.']}], 'highlights': ["Marx's political philosophy based on the economic argument of the tendency for the rate of profit to fall leading to capitalists paying workers less than their subsistence, sparking a worker revolt and ultimately leading to socialism.", "The tendency for the rate of profit to fall played a critical role in Marx's explanation of why socialism would have to come about, with a focus on the impact on workers' conditions.", "Economics should explain and maintain human civilization's elevation above the base level of the planet through the use of high-grade energy sources.", 'The real nature of capitalism is characterized by instability, volatility, and creativity, driven by uncertainty and non-equilibrium dynamics, contrasting the neoclassical focus on stability and equilibrium.', 'The post-Keynesian school lacks technology of complex systems, with only a tiny handful of people working in complex systems analysis.', "China's unique blend of political and economic control has led to a flourishing capitalist system within a socialist command political system.", "The proportion of the Earth's surface suitable for producing wheat will fall from 20% to 7% with a 2.5°C increase in global temperature, leading to a catastrophic collapse in food production.", 'The enormous negative correlation of about -0.9 between credit and unemployment from 1990 to 2010, contradicting the neoclassical theory and emphasizing the importance of credit in economic dynamics.', 'Running a deficit is essential for a well-functioning economy, providing for the needs of the poor.', 'The exploration of conscious AI and the necessity for AI to fear its own mortality brings to light the potential risks and rewards of developing AI with feelings and consciousness.', 'Reflects on a chaotic yet fulfilling life, emphasizes staying true to oneself despite external factors.', 'The speaker expressed how the arrogance and stupidity in economic models potentially jeopardizing human civilization was the most depressing experience of his life.', 'Passionate love affair with Jenny von Westhallen, idealistic view of love, despite tragedies and hardships.', 'Hope to be remembered for integrating economics with an appreciation for life, acknowledgment of humility and brilliance.']}