The Death of Neoliberalism [Suresh Naidu]

The video discusses neoliberalism as an ideology operating on multiple levels: high theology, policy, and folk wisdom. It explores the economic foundations of neoliberalism, particularly the first welfare theorem, and its policy implications. The video highlights challenges like inequality and climate crisis that have weakened neoliberalism's coalition. It argues for moving beyond neoliberalism due to its inadequacies in addressing modern economic issues, suggesting a shift away from economics as the dominant social science.

What are the three levels at which neoliberalism operates?

• Economic theory, political strategy, and social norms

• Market analysis, government policy, and public opinion

• Legal frameworks, economic models, and cultural beliefs

• High theology, concrete policy arguments, and folk wisdom

According to neoliberal policy, what is the government's role when the world doesn't resemble perfect competition?

• To increase government intervention

• To eliminate all regulations

• To replicate the conditions of perfect competition

• To create new markets

What is the common folk wisdom associated with neoliberalism?

• Markets are more efficient than governments

• Governments should set prices

• Markets should be controlled by the government

• Governments are more efficient than markets

What major global issues have challenged the ideology of neoliberalism?

• Cultural shifts and demographic changes

• Technological advancements and globalization

• Political instability and war

• Inequality and climate crisis

What economic principle is critiqued in the context of modern challenges like returns to scale?

• Supply and demand

• Price equals marginal cost

• Fiscal stimulus

• Monetary policy