Justin Yifu Lin: Exporting China's Economic Model

[stealthpakfa]

who is this moronic interviewer?

[jorgedude888]

THINK ABOUT A NEW DEFINITION FOR "ECONOMIC DEMOCRACY" . LET US DEFINE AGAIN "ECONOMIC DEMOCRACY"

[Scientisticsoviet]

@kristopheraugust Indeed, there is contradiction (not internal, granted) between the assumption that perfect economic information is obtainable and accessible, and empirical reality (It is very often not the case that such information is). And so models built upon this have faulty assumptions, and so the conclusions tend to be non (or very imperfectly) applicable to our real world applications.

[Scientisticsoviet]

@kristopheraugust Hard to say. It would depend on the long run effects of eliminating each one of those; Certainly it seems to me (at first glance) that a complete elimination would be counterproductive with respect to my moral first principles (so there an issue of degree here).

I say we leave a discussion of that type for pms (for the sake of message length and not derailing from the video's topic too much).

[Scientisticsoviet]

@kristopheraugust Aside; Funnily enough central economic planning (for it to be feasible in the long run as complexity increases) has a similar base faulty assumption like neoliberal/classical liberal thinking; perfect information.

[Scientisticsoviet]

@kristopheraugust Oh and aside; Thanks for being respectful (very rare on youtube). Benefit of doubt and general goodwill curiosity go a long way to making discussion much more enjoyable.

[Scientisticsoviet]

@kristopheraugust Example: Tables are brown. vs. Tables should be brown. (Another name for this is the natural fallacy).

Positive statements are descriptive, whereas normative ones are prescriptive. Its one of those thing syou learn in undergraduate philosophy, and surprisingly (to me), it was also emphasized in my undergradute economics classes.

[Scientisticsoviet]

@kristopheraugust Yeah that is the is vs. ought issue. You can't derive normative statements from positive ones (they are not the same magisteria).

[Scientisticsoviet]

@kristopheraugust Ah, problem, I don't reject that principle. Oh well. Disagreements due to fundamental different starting moral assumptions yet again. At least we can appreciate the fact, and not squabble uselessly afterwords.

On whether certain things are conductive to economic growth or not is however, an empirical matter (An "is" issue, as opposed to a moral "ought").

[Scientisticsoviet]

@kristopheraugust Ethics is another story entirely, quite separate from the question of economic efficiency and sustainable growth.

If you are true to what you say, then you shouldn't have a problem with a government funding it's activities entirely through dividends from enterprises it owns, ceteris paribus.

[Scientisticsoviet]

@kristopheraugust (cont.) Western Europe has quite a large conventional (non-commercial soe) public sector , and they manage to grow (again they have well designed business regulations though).

[Scientisticsoviet]

@kristopheraugust In terms of freedom, it depends what you mean by "freedom". Almost all current developed nations used extensive tariffs, subsidies, soes, etc. Singapore, Tawain have quite a few commercial state-owned enterprises and joint ventures.(The size of their public sector is however small/average, and their business regulations are simple and effective). (cont.)

[Scientisticsoviet]

@kristopheraugust Um no. Productivity gains and technological innovations are always the primary drivers of growth.

Where this vauge "freedom" or "property rights" (I assume you mean private property rights only, and not state property or common property) you talk about are the only surrogate to those above things is a different question entirely.

[willorwell]

I think this is quite typical altitude: people in the West like to talk about China about problems... no other country has received more abuse than China recently, but people are not ready to really get know the country. With an important economist, the interviewer is asking all problems about the problems in China but not that much of economics. Would people once know that the success in China was also results of the talents, and I am sure that we can all learn things from China's success.

[cesifoti]

This is a really bad interviewer. He is not interested in learning anything about his interviewee, but rather to pass on his personal vision of the world camouflaged as an interview of someone else

[spat232]

That was unbearable. They have this great economist from a dynamic and emerging economy and the don't talk about economics. That interviewer just wasted half an hour of my life and half an hour of that economists life. If you notice the economist answered all his questions regarding the 'authoritarian' chinese government etc. but the interviewer didn't want to listen.

[pakjai]

lol @ the propaganda way of thinking. Taiwan and China isn't exactly at war and they are certainly no enemies. What's the big deal if he grew up in Taiwan and wanted to go back to where he belonged? Some unwanted assertions there.

[131gB]

It's interesting to see how whenever he's asked a very 'tough' question he immediately puts on a big smile and repeats the same talking points that are commonly cited in defense of the Chinese model.

I liked what he said about living in a world with no big brother. It seems unfortunate that Canada has abandoned that position.