What does capitalism value? | Mariana Mazzucato
Summary
TLDREl video ofrece una discusión sobre cómo la percepción de lo que constituye la riqueza y la creación de valor ha evolucionado a lo largo de la historia económica. Se destaca la importancia de la reinvestización en la producción y cómo ha influido en el crecimiento económico y la creación de empleo. Se menciona la transición de la economía agraria a la industrial y cómo la introducción de máquinas y la mecanización plantearon preocupaciones similares a las que se tienen hoy en día con respecto a la automatización y el desplazamiento laboral. Además, se explora la transformación de la economía clásica a la neoclásica, donde el enfoque pasó de las condiciones objetivas a las preferencias subjetivas de los individuos, y cómo esto ha impactado la forma en que se mide y se entiende el valor en la economía. El video resalta la necesidad de replantear la narrativa actual sobre el valor y la riqueza para abordar problemas como la desigualdad económica.
Takeaways
- 📈 El concepto de valor ha cambiado a lo largo de la historia económica, pasando de estar vinculado a condiciones objetivas a condiciones subjetivas.
- 💼 La creación de riqueza y la desigualdad están influenciadas por las narrativas y discursos sobre el valor, que han dejado de ser transparentes y cuestionados.
- 📚 La palabra 'valor' ha desaparecido del pensamiento económico moderno, a pesar de su importancia en textos de negocios y teorías económicas anteriores.
- 🏛️ Los fisiócratas del siglo XVIII vinculaban la creación de valor a la tierra y la agricultura, temiendo que la extracción de valor por parte de la clase esteril (bancos y finanzas) pusiera en riesgo la productividad de la economía.
- 🏭 Durante la Revolución Industrial, la fuente de valor se desplazó de la agricultura a las fábricas, y la reinvestización de ganancias era crucial para aumentar la productividad y el crecimiento económico.
- 🤖 David Ricardo, en 1821, ya predijo los impactos de la mecanización en el empleo y las habilidades, un debate que persiste hasta hoy con la automatización y los robots.
- 🔄 La reinvestización de ganancias en la economía es esencial para crear nuevos empleos y habilidades cuando las máquinas desplazan a la mano de obra.
- 🛠️ El cambio de enfoque en la economía neoclásica pasó de las condiciones objetivas a las preferencias individuales, con un énfasis en los precios como reveladores de valor.
- ⚖️ La economía neoclásica asume que trabajadores, consumidores y empresas toman decisiones individuales para maximizar su utilidad y beneficios, formando curvas de oferta y demanda que alcanzan un equilibrio de precios.
- 💊 La forma en que se fijan los precios de productos colectivamente creados, como medicamentos, es un punto crítico en la discusión sobre la desigualdad y la distribución del valor.
- 🌐 La discusión sobre el valor debe incluir a una amplia gama de voces más allá de los economistas y modelos matemáticos para abordar cuestiones de reinvestimiento y extracción de valor en la economía.
Q & A
¿Qué es lo que el orador quiere discutir en su charla?
-El orador desea discutir cómo la percepción de lo que es la valoración y quiénes son los creadores de riqueza ha cambiado y cómo esto ha influido en los problemas actuales, como la desigualdad.
¿Cuál es el libro que el orador recomienda para entender mejor la desigualdad?
-El orador recomienda el libro de Pickett, que considera uno de los mejores estudios empíricos sobre la desigualdad.
¿Cuál fue el cambio en las políticas fiscales que Pickett señala como el comienzo del aumento exponencial de la desigualdad desde la década de 1970?
-Pickett señala cambios en los regímenes fiscales, específicamente políticas fiscales regressives, como el inicio del aumento exponencial de la desigualdad.
¿Cómo ha cambiado la discusión sobre el valor en los libros de economía a lo largo del tiempo?
-El orador menciona que la palabra 'valor' solía estar presente en muchos libros de economía, pero ha desaparecido en gran medida de la discusión económica moderna, a pesar de su presencia en los textos de negocios.
¿Qué es la hoja de cálculo que menciona el orador y qué representa?
-El orador habla sobre una hoja de cálculo creada por François Quesnay en los años 1700, considerada como el primer ejemplo de 'big data'. Representaba la forma en que la valoración se creaba en la tierra y cómo se distribuía entre las clases productivas y esteriles.
¿Qué es la 'clase esteril' y por qué es importante en la discusión de Quesnay?
-La 'clase esteril' se refiere a los bancos y la finanza moderna. Quesnay creía que si la valoración creada por los trabajadores productivos era extraída de la economía por esta 'clase esteril', la economía podría dejar de ser productiva o reproductiva.
¿Cómo se relaciona la idea de la 'renta' con la preocupación de los fisiócratas por la esterilidad?
-La 'renta' es un concepto que los fisiócratas, así como Adam Smith y David Ricardo, vieron como una forma de esterilidad. Preocupábanse por lo que sucedería si los beneficios generados en el sistema fueran extraídos y no se reinvertieran en la producción.
¿Qué ejemplo usó Adam Smith para ilustrar cómo la división del trabajo aumenta la productividad y la riqueza de una nación?
-Adam Smith usó el ejemplo de la fábrica de alfileres para mostrar cómo la división del trabajo entre diferentes trabajadores aumenta la productividad y, por tanto, la riqueza de una nación.
¿Qué preocupación expresó David Ricardo en su capítulo 'Sobre la maquinaria' en 1821?
-David Ricardo expresó su preocupación sobre cómo la mecanización y la introducción de máquinas en la producción podrían desplazar al trabajo humano, afectar los salarios y las habilidades, un tema que sigue siendo relevante hoy en día.
¿Cómo se relaciona la re inversión de beneficios con la aparición de nuevos empleos y habilidades en la economía?
-Según el orador, incluso si las máquinas desplazan al trabajo humano, si los beneficios en el sistema se reinvestían en la economía, se creaban nuevos empleos y se desarrollaban nuevas habilidades para mantener la productividad y el crecimiento económico.
¿Qué cambio significativo ocurrió en la economía neoclásica que se distanciaba de la economía clásica?
-La economía neoclásica cambió el enfoque de las condiciones objetivas, como la producción y las máquinas, a las condiciones subjetivas, como las preferencias individuales de los trabajadores y los consumidores, y cómo estas preferencias determinan los precios a través de la oferta y la demanda.
¿Por qué es importante discutir y cuestionar la noción de valor en la economía?
-Discutir y cuestionar la noción de valor es importante para asegurar que los beneficios se reinvestan en áreas productivas en lugar de ser extraídos de la economía, y para abordar la desigualdad y otros problemas económicos actuales.
Outlines
😀 Discusión sobre el valor y la desigualdad
Se discute cómo los problemas actuales, como la desigualdad, están impulsados por las narrativas sobre el valor. Se menciona el libro de Pickett sobre la desigualdad y cómo comenzó a aumentar exponencialmente desde los años 70. Se destaca la importancia de las historias y los esfuerzos de lobbistas detrás de políticas fiscales regresivas. Se aboga por volver a centrar el valor en la discusión económica y ampliarlo más allá de los economistas.
😀 La evolución del concepto de valor a lo largo de la historia
Se examina cómo se pensó sobre el valor en los siglos XVI, XVII y XVIII, y cómo cambió en el siglo XIX. En los siglos pasados, el valor estaba vinculado a condiciones objetivas en la economía. Se menciona a los fisiócratas y cómo consideraban que el valor se creaba en la tierra. Se habla de la importancia de la reinvestigación en la producción y cómo la introducción de máquinas en la Revolución Industrial generó preocupación por el empleo y los salarios, pero también creó nuevos empleos y habilidades si se reinvertía en la economía. Se destaca la importancia de la reinvestigación para evitar estancamiento en la productividad.
😀 Cambios en la economía y la discusión sobre el valor
Se describe cómo la economía pasó de enfocarse en condiciones objetivas, como la tierra y la tecnología, a condiciones subjetivas, como las preferencias individuales. Se destaca el cambio de enfoque hacia los precios como reveladores de valor. Se cuestiona quién se beneficia de la forma en que se establecen los precios, especialmente en áreas como los medicamentos. Se aboga por una discusión más abierta y contundente sobre quién está produciendo valor y quién simplemente lo está moviendo, y la necesidad de asegurar que los beneficios se reinvestan en áreas productivas en lugar de ser extraídos de la economía.
Mindmap
Keywords
💡Valor
💡Desigualdad
💡Rentas
💡Reinvestimiento
💡Fisiócratas
💡Economía Neoclásica
💡Mercado Libre
💡División del Trabajo
💡Máquinas y Mecanización
💡Innovación
💡Equilibrio Económico
Highlights
The speaker aims to discuss the concept of value and its impact on wealth creation and inequality.
Inequality is argued to be driven by narratives about value that are no longer transparent or contested.
Recommendation of Pickett's book as an empirical study on the rise of inequality since the 1970s.
The importance of understanding the stories and lobbying efforts behind regressive tax policies.
The disappearance of the concept of value from economic thinking despite its presence in business texts.
The mission to bring the concept of value to the core of economic discussions.
Historical review of how value was thought about in the 1600s, 1700s, and 1800s.
The physiocrats' view that value was created in the land and the risk of the sterile class extracting value.
Adam Smith's perspective on the free market being free from rent, not just state control.
The classical economists' focus on the reinvestment of profits to increase productivity and national wealth.
David Ricardo's early 19th-century concerns about the impact of machinery on employment, wages, and skills.
The historical shift from objective conditions to subjective conditions in neoclassical economics.
The change in focus from production and class struggle to individual preferences and utility maximization.
The significance of prices in revealing value and the move away from objective conditions in economic thought.
The question of who is creating value and who is merely moving it around, charging a fee.
The importance of reinvestment in production and innovation for the health of the economy.
The concern that the reinvestment cycle stopped in the 1980s, leading to increased inequality.
The need to contest the notion of value and ensure profits are reinvested in productive areas.
Transcripts
[Music]
[Applause]
thank you right so what I wanted to do
is really to have a discussion with you
about what happens when we low it speaks
no longer debate value what is value who
are the wealth creators what is wealth
creation my view is that so many of the
problems that we currently face
for example inequality are actually
driven by stories and discourses and
narratives about value but it's no
longer transparent and it's no longer
again contested and in fact if you look
at Pickett E's book which I recommend
you do it's one of the best empirical
studies about inequality and if you look
at the period in which inequality
started to rise kind of exponentially
since the 1970s he looks at particular
changes for example to tax regimes that
were quite regressive and what I'm
interested in is what are the stories
and the lobbying efforts that actually
allowed those kind of silly tax policies
to be to happen value used to be talked
about a lot in fact the word value was
in a lot of economic textbooks strangely
it's now in a lot of business books but
it's kind of disappeared from economic
thinking in fact there's one theory of
value but because there's only one they
don't even call it a theory it's just
kind of econ 101 whereas if you pick up
any business text they'll talk about
value chains and shareholder value and
shared value and so my kind of mission
is to bring value to the core of how we
talk about the economy also make it much
wider than just the economist that make
these kind of fancy regressions and
equations about it and so this slide
here which really just kind of looks at
the last 400 years I only have about I
would I have 30 minutes so 400 years
it's easy about thinking about value and
basically what I do in the book is I go
through kind of three chapters where I
look at how value was thought about in
the 1600s 1700s and 1800's and then what
happened in the 1900s and basically
before it was often tied to what was
happening objectively in the economy so
in the 1700s which was a period of you
know basically the society was still
agricultural it wasn't surprising that
the physiocrats here I have a pic
one of them they all look the same they
all look like George Washington and Adam
Smith and Francois kanae they look like
white men with these wigs but his name
was Francois kanae who did this
wonderful excel sheet and back in the
1700s what he it literally is the first
excel sheet ever big data there was lots
of data that he was interested in but
what these guys thought about they were
French was if value is created in the
land because that's what was happening
at the time and a farm laborer it's
basically the source of productive work
if you want what happens to that
production when it starts moving around
in the economy so you can't see this
actually I think I've done you a favor
here look at that I've turned it into an
excel sheet so there's the productive
class the farmers the proprietors were
basically the merchants that were kind
of selling the stuff and then the
sterile class this is a wonderful word
because it's basically modern banking
and modern finance and the reason he
called it or they called the the sterile
class was literally if the value created
by the productive guys and gals was
siphoned off extracted from the economy
the economy would risk no longer being
productive or reproductive hence the
word sterility and so this the
spreadsheet here literally was looking
at what happens when the value that's
produced then some of it might go to the
merchants and then some might go to
these landlords who they literally saw
as kind of the thieves in the system
what would happen if too much of the
goods came out and so they were very
interested in almost simulating it not
through computers but through these
wonderful at tables and they had this
notion of rent which was also kind of
carried over later in the 1800's by the
classical's and the classical's were
Adam Smith David Ricardo and Karl Marx
and Adam Smith talked about believe it
or not the free market what did he mean
by the free market ok test I should give
you prizes a few what did I'm Smith but
mean by the free market free from free
from regulation control but the most
classic way to think of it as kind of
free from the state right wrong he meant
free from rent so Adam Smith is well in
his Wealth of Nations and David recorder
and later Karl Marx really looked at
this notion of rent which the
physiocrats were really talking
in terms of sterility and worried about
what would happen when the goods in the
system the profits being generated were
siphoned off and marks of course had a
much more and a granular way of thinking
about that which I don't have time to go
into but what basically Adam Smith did
and and also David Ricardo they were
living through the 1800s
I'm Smith a bit before that during the
Industrial Revolution
so instead of looking at the fields
there was a farm labor being the source
of value they looked at factories and
they were very interested in the degree
to which profits being earned were in
fact reinvested to make these factories
more productive so in in the wealth of
nations Adam Smith had this wonderful
example of the pin Factory these are all
different workers and things that you
need to make a pen um and he looked at
what would happen when there's only one
guy making the Pens he could only make
maybe ten pens a day max when there was
a division of labor so the work was
distributed between all these different
workers increasing division of labor
increase in productivity increasing
growth increase in the wealth of nations
title of his book so the implication was
if you weren't reinvesting back into
production and kind of around
organizational innovation technological
innovation the system itself would rest
would kind of be inert there would be no
more increases in productivity and
what's also interesting by the way is
that David Ricardo back in 1821 he had
this chapter called chapter 31 it's
called on machinery and he started
saying oh my god all these machines and
this mechanization of production what is
it you know what's gonna happen to
employment into wages and skills this
probably sounds familiar right that's
what everyone is talking about today and
they sound like really cool when they
talk about robots they're gonna take our
jobs this guy was already talking about
it back in 1821 and what actually
happened for 200 years is that even
though machines often were labor
displacing that's kind of the technical
way to put it machines came in
Industrial Revolution mechanization many
workers that before were doing craft
work were no longer needed as long as
profits in the system were reinvested
back in somewhere in the economy then
new jobs and new skills actually
appeared and this is a really really
important point because in fact I'll get
to this later but because I'm Illinois
forgets I'm just gonna tell you all the
punchlines right away what actually then
happened in the 1800s
sorry 1800 1980 wasn't that that
reinvestment cycle actually stopped
okay so I'll get back to that later but
it's really important now just to make
those connections again the physiocrats
worrying about this value being
extracted through the sterile class
putting the system at risk and already
in the 1800's people worried about the
machines taking jobs but actually as
long as things happen esperance what can
a thought in the 1700s profits were
being reinvested back to where value is
being created actually everything was
sort of okay of course you still have to
have all sorts of struggles and battles
but you didn't have this massive kind of
unemployment or you know a displacement
of Labor so reinvestment very important
moving on so what happened it was two
major things one instead of having this
attention on objective conditions and
when I say objective don't think of like
deterministic and boring literally
objective production machines tools
different classes some doing stuff so
I'm just moving stuff around some
literally extracting like the landlord's
which again out of Smith called thieves
and rent being unearned income some
people just kind of moving stuff around
without actually doing anything
think of hedge funds private equity
etcetera these so so this attention also
to the land so objective conditions on
the land neoclassical economics changed
the emphasis to subjective conditions
and by subjective I mean away from kind
of you know kind of big theoretical
concepts like land technology
productivity to individual preferences
so even wages which before were seen
really as a function also the class
struggle itself which is objective in
the sense that it depends on things like
workers bargaining power they just
became a function of workers preferences
for things like leisure versus work and
consumers were assumed to be maximizing
their utility happiness company's
maximizing their individual profits and
again workers maximizing these
individual decisions and if you
aggregate up all these individual
preferences
surprise surprise these wonderfully
beautiful supply-and-demand curves which
when they meet you get equilibrium
prices so the second big revolution is
this massive focus on the prices
themselves and in fact in that sense
prices are revealing value so whereas
before in the 1700's and 1800's is
focused on objective conditions meant
that they actually began with this
fundamental question what is value who's
creating it who's just moving it around
and charging a fee like a toll just
across the bridge later the attention
became on prices themselves as revealing
value okay so and this is huge it's a
huge change and because we don't teach
economic history and definitely not
history of economic thought many
students of economics don't even know
this they don't know that this kind of
big revolution happens and so what I do
in the book is kind of ask who cares and
like how we measure GDP key sources of
inequality what the prices are in fact
of things like medicines that are
actually collectively created but
somehow we just allow the prices to be
set in strange ways so this is what I
want to kind of focus on I want to focus
on what happens when also the debate
itself the the ability to contest this
notion value to even have the question
who's just moving stuff around
whereas value being produced what do we
need to make sure that the police
profits are being reinvested into what
areas as opposed to kind of the
siphoning off effect to continue
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