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Curated by: Richard J Murphy (21 videos)
What if one of the biggest problems with conventional economics is that it misunderstands human beings? Mainstream economic theory frequently starts from the assumption that people pursue their own self-interest. But that is not how most of us actually live. We care for our families, our friends and our communities. We also recognise obligations towards people we will never meet. I call this economic empathy. In this video in my Understanding Economics series, I explain why empathy should be considered an economic issue. I look at how our willingness to care for each other helped underpin social security, universal healthcare, free education and social housing, particularly in the decades after 1945. I also consider how economists including Friedrich Hayek and Milton Friedman promoted a very different view of society, one that placed markets, individual responsibility and self-interest at its centre. That change in thinking mattered. When hardship is treated as individual failure rather than something society has a responsibility to address, the consequences extend far beyond those directly affected. Economic empathy is not simply about kindness. Ensuring that everyone can participate in society supports spending, economic activity, opportunity and democracy. A successful economy depends upon recognising that human beings depend upon each other. Economics needs to recognise that reality too. This is what Understanding Economics is all about. You can watch the rest of this series here: https://www.youtube.com/post/Ugkxv2cXaHNtb1bYAAlCD88GUoG3r1ME6Hj7 Take a look at today's poll: https://www.youtube.com/post/Ugkx4EzDibNxh_icgH9jG8scFCP8AIRFPep5 00:00 What Is Economic Empathy? 00:54 Why Economics Gets Human Behaviour Wrong 01:49 Caring for Others Is Normal 02:45 Empathy and the Welfare State 03:43 How Economic Empathy Benefits Everyone 04:36 What Changed After 1945? 05:28 How Neoliberalism Put Self-Interest First 06:25 Why Individualism Damages Society 07:05 Building an Economy Based on Empathy 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 #EconomicEmpathy #UnderstandingEconomics #Economics #Empathy #PoliticalEconomy #Neoliberalism