We initiated the Age of Economic project by asking a diverse group of global thinkers their opinion on eight fundamental questions about economics and capitalist civilization. After a two-year break, we now continue with – and deepen and widen the Age of Economics project – to gain ideologically and geographically diverse perspectives on the threats facing global capitalist civilization on a planetary scale. These include Climate Change and wider environmental degradation, geopolitical conflict and economic security, extremely high degrees of inequality and poverty, extreme political movements, large and growing angst related to rapid technological change, and other problems resulting from an increasingly crowded planet whose underlying life-support systems are in decline.
0:00 – Prologue
01:33 – 1. Why does economics matter? What role does it play in our society in the west? Does mainstream economics help provide credible solutions to the world’s most salient problems – ecological decline, inequality, war, etc.
05:55 – 2. Given the influence of economists in modern day economic society, should economists be held accountable for their advice?
07:45 – 3. Would he agree that micro economics has made remarkably little progress in understanding either how the economic system actually works or in making predictions. Most people who use it seem to use it as a fig leaf to cover up the ideological convictions?
12:17 – 4. Since we live in a capitalist civilization, does the economics disciple provide a clear understanding of how capitalism works?
17:29 – 5. In view of the large visible, intensifying effects of climate change and wider ecological decline, why isn’t more progress being made in the West? Is this not also in the interests of the so-called elites?
27:11 – 6. The big problems of our world are extremely complex, and we should solve them with cooperation, intelligent ideas, and so on. Seemingly the world is going exactly in the opposite direction: populists suggest that solutions are simple, sovereigntists care just about themselves. How to remain optimistic in this situation?
36:45 – 7. You mentioned the risk, or your concern about the risk of a nuclear conflict. During the Cold War, there was a red phone, and they were talking. It’s strange that in post-Cold War there doesn’t seem to be dialogue right now between the people running the West and the people running countries like Russia and China. And I’m just curious to hear why you might think that is; why is there no dialogue right now?
45:23 – 8. Where is the peace movement?
50:35 – 9. You said people didn’t want to associate with you after you said what you said in Germany about the war in Ukraine. I just wanted to ask you, and you’ll obviously tell me if it’s too personal, has that been a generalized problem?
Jeffrey Sachs is an American economist, public policy analyst, and professor renowned for his work on global economic development, poverty alleviation, and sustainability. Sachs earned his Ph.D. in economics from Harvard University, where he later taught as a professor. He gained international prominence in the 1980s and 1990s as an economic advisor to governments in countries transitioning from communism to market economies, including Bolivia, Poland, and Russia. Sachs became widely known for his role as a proponent of “shock therapy,” a set of rapid economic reforms aimed at stabilizing and liberalizing economies undergoing significant transitions. This approach, while controversial, placed him at the forefront of economic discussions during the post-Cold War era. Throughout his career, Sachs has focused on addressing global challenges such as extreme poverty, climate change, and public health. His most notable work includes his involvement with the United Nations as a special advisor to the Millennium Development Goals (MDGs) and the Sustainable Development Goals (SDGs). He also led the Earth Institute at Columbia University, where he is currently a professor and director of the Center for Sustainable Development. Sachs has authored several influential books, including The End of Poverty and Common Wealth: Economics for a Crowded Planet, which emphasize the interconnectedness of global issues like poverty, environmental sustainability, and inequality. An advocate for greater international cooperation, Sachs has been a vocal critic of policies that he views as harmful to global development, such as austerity measures and insufficient action on climate change. His work continues to shape policy discussions around sustainable development and social justice.
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Interview by Fabio Dondero, Julian Karaguesian and William Hynes. Music: J.S. Bach, from The Well-Tempered Clavier. Kimiko Ishizaka, piano. Video by Fabio Dondero