Oeconomia LIVE

Studium Generale TU/e Hi everyone and welcome to: Oeconomia. If you have any questions for Prof. dr. Dirk Bezemer, you can ask them via this chat. We’ll do our best to address a few questions after the documentary.

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Tim K So our economy hinges on the profitability of credits made out by banks. What if providing credits would be the moral obligation of the government rather than the profitable decision of banks?

Jochem Is the stream lagging for more people?

Jan Tops Ik heb de indruk dat we zo veel industrie en geld naar lage lonen landen hebben gebracht dat we hier geen geld meer kunnen verdienen. Wij hebben geen goedkope 'grondstoffen' meer. Hoe kijkt u hier tegen aan?

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Sidney Could you explain the money creation process where banks create money out of thin air. I was under the impression that banks need deposits or loans from other banks to finance new loans. Could it just be that whenever person A takes a loan and spends it to person B, that person B uses the same bank and thus the bank can lend out Bs money.

Jochem About profit: where does the money for profit come from? I think it doesn't come from anywhere, because the money doesn't actually leave the system, right? Companies use their profit to invest and grow, putting the money back in the system.

Tim K Why does the director keep showing us what she didn't achieve?

Why did Italy win (oh, I can understand) Pfft, I know this is so important, but as an 'alfa/gamma' I do even think that astronomy is better to understand: THE QUESTION: should our youth not be better educated in finances and economics?

Jordy Prof. Bezemer, in your opinion, how accurately does this film depict reality?

Jordy As we come to the realisation that our current monetary system, based on the idea of infinite growth, is unsustainable, new alternative models such as the one proposed by Kate Raworth arise. Have you looked at such alternative economic systems and if so, what are your thoughts on them?

Why did Italy win (oh, I can understand) What would Pikkety say about his documentary (I know, you can't see into his mind, but still, I'm curious)

Why did Italy win (oh, I can understand) Do you have a voting advice when it comes to this topic (capitalistic hubris and inequality)?

Jochem If governments are in dept that much. Money is created by humans, so can't we just get rid of these depts by changing the number to 0, instead of making the government pay it back some day? What concequences would this have?

Jordy Is it this very system that depends on ever greater margins for more and more people who want a piece of the pie that is, besides moving us forward economically and technologically, that is preventing the labour force from working less hours?

Jordy What are your thoughts on this with respect to a future where in automation and technological advancements worldwide leave more and more people unemployed. Are we not forced to break with our traditional views with regards to the value of goods and services?

Jordy That said, I'm curious about dr. Bezemers thoughts on this.

Tim K What a clff hanger!

Naeem can we access this documentary again?

Asterios Can you give us thoughts to potential alternatives?

Jochem "The fundamental laws of thermodynamics will place fixed limits on technological innovation and human advancements. In an isolated system, entropy can only increase. A species set on endless growth, is unsustainable." A quote from Muse, Unsustainable.

Naeem is there a difference between economic growth and economic development and if so can we have economic development without economic growth?

Tim K Technological growth means we can achieve more while doing less, so the advance of science is contributing to a growth in available resources, even though the natural resources are in equilibrium. Yes?

Jordy @Jochem, in essence, we are already ignoring those debts ^^

Samuel Can we expect the continuing privatisation of public goods under this system? Is the US, privatising among others even prisons just ahead in that sense?

Studium Generale TU/e @Naeem: No, unfortunately it is not possible to access this documentary again.

Jordy Haha, so basically they have no fucking idea what they are doing.

Sanne So I am very curious whether there are already some alternatives to the system as it is now. What consequences could this have in different levels in society?

sid Its evident from the film that the current capitalist economy is shown as an infinite game where the goal is now simply for it to continue existing. Whereas most individuals see their everyday goals in life as finite games. Do you think that an economic system so deeply rooted in its own continuation is ever going to be viable? Even if we propose more regulations on the three main money producers and limit the amount of debt accumulation via regulations?

frederique is a system possible just like what groenLinks proposes viable? so with taking welfare in the broader sense (with taking health of people and planet into account) instead of the welfare of right now

frederique wow that sentence does not make sense but I cant hear myself think

Jochem How does illegal money enter this system? Is it created illigally, or does it become illigal?

Jordy @PM Dawn, any chance we can send in our questions to prof. Bezemer?

Federica Marano what is your opinion on crypto currency such as bitcoins in comparison to conventional currency as we know it?

Tim K As a bank, what would be holding me back from just giving out credit to everybody and striking out their debt as zero immediately?

Naeem but then these debts also serve the individual citizens with their money in the bank , therefore if the money gets set to 0, wouldn't that eventually just hurt the individuals?

Jordy @Tim K: The ECB?

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Asterios Thanks a lot, excellent presentation

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Jordy @PM Dawn, any chance we can send in our questions to prof. Bezemer?

Taras thank you

Film: Oeconomia

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