• 00:13 💰 Capitalist Success Secrets

  • Rich capitalists, including the speaker, have seen immense wealth growth.
  • The primary factor behind this success is attributed to economic policies favoring big corporations and billionaires.
  • Question posed: How do the rich continue to increase their share of the economic pie annually?

• 01:22 🌐 Neoliberal Era's Impact

  • Neoliberal economists advocate against policies like raising taxes on the rich, regulating corporations, or increasing wages.
  • Over the last 30 years, the top one percent in the USA grew $21 trillion richer while the bottom 50 percent became $900 billion poorer.
  • Despite widening inequality, neoliberal economists advocate for more austerity and globalization.

• 02:58 📉 Critique of Current Economics

  • Economics, as taught today, is criticized for being more mathematics than science.
  • Neoliberal economic theory is deemed dangerously wrong, leading to rising inequality and political instability.
  • Capital is challenged as the sole driver of economic growth, and the need for a new economics is emphasized.

• 04:53 🔄 Challenging Neoliberal Assumptions

  • Assumption 1: Market as an efficient equilibrium system is debunked with the example of Seattle's minimum wage increase.
  • Assumption 2: The price always equals value, debunked by the assertion that people are paid based on negotiation power, not their true value.
  • Assumption 3: Behavioral model "homo economicus" is criticized for its unrealistic portrayal of humans as purely selfish and rational.

• 08:34 💡 The Gospel of Selfishness

  • The ideology of selfishness is highlighted as the cornerstone of neoliberal economics.
  • Neoliberalism's acceptance of humans as fundamentally selfish is critiqued for supporting greed and widening inequality.
  • The shift to recognizing humans as cooperative, reciprocal, and morally intuitive is proposed for a more accurate understanding of prosperity.

• 10:36 🌍 New Economics Principles

  • The new economics is briefly outlined, incorporating insights from various disciplines.
  • Prosperity is described as emerging from a positive feedback loop between innovation and consumer demand.
  • The five rules of thumb for a sustainable and equitable society are presented, emphasizing the importance of tending to markets like gardens.

Democracy: When people affected by decisions participate equally in making those decisions.

Tech and software is killing jobs, which is killing the current practice of capitalism. By killing jobs and centralizing capital into corps, the majority of humanity is left behind UNLESS...what? Redistribution? UBI could be part of the solution, but ultimately we need to change how we educate people.

We educate and train humans to do what software does best--THAT is what we must reverse, but Eric doesn't feel our education system is designed for that task, and there is no model / ism to replace capitalism, which has him pessimistic about the future, and why he's looking to new leadership, new thought leaders to develop that new model / ism.

He uses the structure of a computer program where parts of the program are run once, but other parts are run repetitively as loops. We train for loops when we must educate for the run once scenarios.

His favorite movie, Kung Fu Panda illustrates this.