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.