 My name is Suresh Naidu. I'm a professor of economics and public affairs at Columbia University. My line on neoliberalism is that every ideology operates like the Catholic Church. It operates at the level of like high theology, big abstract ideas. It operates at the level of concrete policy arguments and things to do. It's like advice to kings and princes. And then it operates as like folk wisdom. It's just like the common sense that everyone has. And neoliberalism as any good successful ideology also operated at all three levels. It was both kind of a body of loosely joined like legal and economic arguments. Intellectually kind of derives from in some sense the first fundamental welfare theorem of economics where it's like okay well if you have blah blah blah no externalities, complete contracts, perfect markets, perfect competition then laissez-faire basically delivers an outcome that the government can't improve on without making somebody worse off. And then the the high theory is kind of like well when are conditions in which that obtain? Can we even when those conditions don't obtain in reality? Can there be stopgap institutions that make those look make the market look like perfect competition even when it isn't? But then at the level of policy it became like okay well when the world doesn't look like the first fundamental theorem the job of government is to make it look like the first fundamental theorem. Remove any barriers to entry, fill in the property rights where they're missing and so that the policy aspiration becomes to replicate the conditions under which laissez-faire works. And then I think there's the folk wisdom thing which is just like well you know government can't really do anything properly better better better let the market do it. The market will guide entrepreneurs to doing the best by society's metrics and you know the government's kind of this bloated incompetent Distortionary Force. Inequality and climate crisis have just gotten too big for the ideology of neoliberalism to just its coalition has just fallen apart. It's underlying coalition of intellectuals and on-the-ground interest groups that kept it going has just fragmented. Some people are just like give me the tax cuts I don't care about the ideology other people are are into the ideology but then don't have a material constituency that actually cares about it anymore. One of the reasons we need to go past neoliberalism is that I don't know that there are that many neoliberals anymore I think I first thought that with Brexit and then I thought that with Donald Trump and now I definitely think it. Climate change being the other thing of we clearly face this congestion problem on a global scale of filling the air with carbon that the doctrine of pricing according to marginal costs just makes no sense in both on the technological side and given the scale of the climate crisis. So the underlying economics of kind of behind even sort of the first welfare theorem was really an economics that didn't handle returns to scale really really well and so given that we have transitioned to this economy in which returns to scale sort of low marginal costs non rivalries common pool problems are just not on the periphery of the problems of humanity but rather front and center to the problems of humanity and economics kind of coming out of the doctrine that price equals marginal cost is the thing to aspire to just doesn't work. What I think will come along with kind of an end of neoliberalism is just a dethroning of economics as the master social science.