Why the lack of a theory of value destabilizes our economy
In short: Professor Charles Goodhart explores why modern economics struggles with the concept of value. This lecture examines how our inability to define value creates ripple effects that impact money, long-term planning, and global sustainability.
Goodhart addresses a fundamental critique: economics lacks a cohesive theory of value. This conceptual gap has persisted from the works of Adam Smith and David Ricardo to Karl Marx, remaining a point of significant dispute among scholars.
The presentation argues that these foundational uncertainties are not merely academic. They reverberate through the financial system, creating difficulties in understanding the nature of money, managing long-term horizons, and ensuring economic sustainability.
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Sources
- Summary by Intellect · source: Procyclicality Of Financial Regulation And How To Deal With It - Charles Goodhart
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