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Curated by: Richard J Murphy (21 videos)
What is the economy actually for? Most economists assume the answer is obvious. They say the purpose of the economy is growth, and they measure success using GDP. But what if they are asking the wrong question? In this second video in my Understanding Economics series, I argue that economic growth is not an end in itself. Endless growth is impossible on a finite planet, GDP tells us remarkably little about whether people are actually thriving, and rising GDP has too often been accompanied by growing inequality and environmental damage. Instead, I suggest a different way of thinking about economics. The purpose of the economy should be to help everyone live well and thrive. Markets matter, but they are tools, not the purpose of society. Money should help us organise resources, not dominate every decision we make. I also introduce the idea of capital maintenance, a concept that accountants understand well but economists have largely ignored. Prosperity depends on protecting the real resources we inherit, including knowledge, institutions and the natural environment, so that future generations can thrive too. This video lays the foundations for everything that follows in this series. If we begin with the wrong purpose, we will inevitably create the wrong economic policies. If you’d like a different way of understanding economics, this series is for you. Take a look at today's poll: https://www.youtube.com/post/UgkxNbOLC3Oqhs0xQz3JZkAFPvOscuUI4YC5 Take a look at the Understanding Economics playlist: https://www.youtube.com/playlist?list=PLaSguNBvHIto 00:00 What Is the Economy For? 00:43 Why Growth Became the Goal 01:35 The Limits of Endless Growth 02:25 Growth and Rising Inequality 03:15 Why GDP Is a Flawed Measure 04:20 Meeting Needs Instead of Chasing Growth 05:17 Real Resources Matter Most 06:15 Capital Maintenance and Future Generations 07:24 An Economics of Care 08:20 Helping Everyone Thrive TRANSCRIPT A transcript for this video is available at: https://www.taxresearch.org.uk IF YOU WANT TO WRITE TO YOUR MP ABOUT ISSUES IN THIS VIDEO If you want to write a letter to your MP on the issues raised in this blog post, there is a ChatGPT prompt to assist you in doing so, with full instructions, here. https://www.taxresearch.org.uk/Blog/2025/06/20/chatgpt-prompt-for-a-letter-to-your-mp/ HOW TO SUPPORT US Please consider donating: https://ko-fi.com/taxresearch ABOUT RICHARD MURPHY Richard Murphy is Emeritus Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best-known book is ‘The Joy of Tax’. This video was edited by Thomas Murphy. RICHARD MURPHY ON BLUESKY: https://bsky.app/profile/richardjmurphy.bsky.social OR ON MY BLOG: http://www.taxresearch.org.uk/Blog/ HIT SUBSCRIBE & GET NOTIFICATIONS Subscribe and get notified of new videos released. INTRODUCTION: https://www.youtube.com/watch?v=HdHsRPy3060 PLAYLISTS: The Wealth Series https://www.youtube.com/playlist?list=PLvRueM6wBgobQLeyZYAagFDMjEFTKbhRD Ecenomics https://www.youtube.com/playlist?list=PLvRueM6wBgob54Gs-fOL-8OAQ-IpduwB4 Britain https://www.youtube.com/playlist?list=PLvRueM6wBgobwTT4ATvJjsf8OO6S7wD10 Tax https://www.youtube.com/playlist?list=PLvRueM6wBgoaMni_12J6ULp3yUJisUZoY MMT https://www.youtube.com/playlist?list=PLvRueM6wBgoZ6jvRGSW5YXu8qogE6aClX Money https://www.youtube.com/playlist?list=PLvRueM6wBgoYnLk1c7syTvoIo8bKYUs5m Climate Change https://www.youtube.com/playlist?list=PLvRueM6wBgob4_wsYaVivWd2WumpPLYwJ USA https://www.youtube.com/playlist?list=PLvRueM6wBgoYYd3dSyU2Oyl3x7bWJOP7H Labour https://www.youtube.com/playlist?list=PLvRueM6wBgoa-KhzG-fnjDSg1WROL1zMw The Trump Administration https://www.youtube.com/playlist?list=PLvRueM6wBgobz41-GLimTho27A3flVWQx #richardmurphy #richardjmurphy #economy #economics #accountancy #accounting #tax #uktax #ukeconomy #greennewdeal #uk #money #economy #politics #government #tax #labour #health #life #Economics #UnderstandingEconomics #GDP #EconomicGrowth #WellbeingEconomy #PoliticalEconomy #ModernMonetaryTheory #MMT #EconomicsExplained #ClimateChange #Inequality #PublicPolicy #Resources #EconomicsOfCare #Sustainability #EconomicTheory #RichardMurphy #Government #Society #Education