But anyway there is this kind of skepticism of what is finance actually doing and so in the 1970 s. Which is when deregulation and some other changes the size of the Financial Sector started to become larger where you had was that the people who were doing the systems of the National Accounts s. N. A. Inside the United Nations started to say i got this thing thats growing larger and larger in the economy isnt even being accounted for so instead of pausing and saying oh dear why is that what is this thing this blob actually doing they just came up with a justification for including it so Investment Banking was included under the term risk taking that it was a service for risk taking remember that when you include things into the National Accounts you have to kind of say what it is doing so in the u. S. As National Income and product accounting so all of this is suddenly stuffed into the g. D. P. Figures out without any kind of value judgement is it actually producing something or is it
Youre watching going underground while were away were going to be showing some of your favorite episodes of this season coming up in this show the price of everything in the value of nothing is the u. K. Had one of the worlds greatest economists. Accuses the. National Tech Companies of. Cuba revolutionary in the spirit of fidel and is portrayed in the new film. To win a paul levante an Award Winning director. The song of revolution from Award Winning singer songwriter. The u. K. Releases g. D. P. Estimates in 48 hours but will politicians in the media be reading the figures. Is played down is g. D. P. Really a measure of the success or failure of a society from a cause your culture has in the usa to corbett in britain the ideas of moxon socialism or reigniting explosive debates from congress to the house of commons about what is truly valuable when it comes to Human Happiness joining me now is world renowned economist professor mary on them as a college or University College london fou
And across russia people are celebrating the countrys National Flag day with the biggest festivities in full swing in the capital. But here in the middle of moscow where theres a huge celebration going on for russias National Flag day theres thousands of people here not just from moscow but also from all over russia. A very warm welcome to the program from all of us here at our to you in moscow thanks for joining us this hour. A deadly separatist crisis in the Central African country of cameron has deepened this week a military tribunal in the majority french speaking state has handed life sentences to 10 leaders from an English Speaking breakaway region and activists warn the move will impede efforts to end the bloody conflict amid accusations of serious human rights abuses. Unlawful killing sinews of Excessive Force by Government Forces during Security Operations have been rife since the crisis started Security Forces seem to have little fear of what will happen as they commit brazen
Risk taking that it was a service for risk taking remember that when you include things into the National Accounts you have to kind of say what it is doing so in the u. S. As National Income and product accounting so all of this is suddenly stuffed into the g. D. P. Figures out without any kind of value judgement is it actually producing something or is it just moving things there when you maybe want your virgil to each other or up a little newspaper and its talking about basically g. D. P. Growth is all that we can hope for for you without booze using this sort of massive well let me give you a little test. What happens if someone is cleaning your house lets not make this under a civic and then you marry that man. What happens to g. D. P. Before it falls and if you pollute. We all in the river so all the strain the only shows or things that only the only things that we pay for get included just explain the pollution yeah so when we pollute g. D. P. Nothing happens to it only once we p
Business and i thought to myself how can it be that weve gotten to the point where even the labor party which is about work labor doesnt you know doesnt actually have a narrative a way to talk about values collectively created and they confuse the word Wealth Creation with business because in the book you talk about Lloyd Blankfein fully of Goldman Sachs saying that your productiveness comes from organizations like Goldman Sachs its like were always told this is he of londons a little wall street you know its creates value yeah but what do you know whats interesting is that up until the 1970 s. The Financial Sector wasnt even included in g. D. P. It was actually seen as just a transfer of the existing value from one place to another kind of like you wouldnt include Social Security payments its just a transfer and before that in fact the way we would talk about finance was also in terms of rent so the classical economist talked about in terms of unearned income it literally just moving