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Curated by: Barry's Economics (126 videos)
A politician once claimed he could live on £53 a week in benefits. It made me wonder whether he was lying or genuinely believed it. For years, we've argued about poverty as though it's simply a disagreement over ideology: Left versus Right. More spending versus less spending. Growth versus redistribution. But what if there's another explanation? Research from psychology and neuroscience suggests that as people gain power, wealth and status, the brain becomes less accurate at modelling the experiences of those below them, and our empathy and mirroring systems become less engaged while we become more likely to surround ourselves with people like ourselves so we start mistaking our own experience for everyone else's. We account for human bias in medicine, in aviation or the justice system..... So why don't we account for it when designing economic policy that affects millions of people? This video explores the behavioural science behind government decision making and whether one of the biggest problems in modern economics isn't bad intentions...but bad perspective. Chapters 00:00 - 02:40 Intro 02:40 - 04:07 The evidence we leave out of Economic policy 04:07 - 06:06 Power Paradox Research Findings 06:06 - 07:48 The compounding problem of Homophily 07:48 - 08:42 My personal experience with homophily and social mobility 08:42 - 11:00 The life-jacket analogy 11:00 - 12:46 How other high-stakes domains handle blind spots 12:46 - 14:06 The unanswered questions in economic policy making 14:06 - 17:09 What can we do about it? 17:09 - 18:08 We need to apply the science across the board Sources / Studies Referenced - The Power Paradox, Dacher Keltner: https://www.awakin.org/v2/read/view.php?tid=2187 - Power, approach, and inhibition, Dacher Keltner, Deborah H Gruenfeld, Cameron Anderson: https://pubmed.ncbi.nlm.nih.gov/12747524/ - Social class, solipsism, and contextualism: how the rich are different from the poor: https://pubmed.ncbi.nlm.nih.gov/22775498/ - Power changes how the brain responds to others: https://pubmed.ncbi.nlm.nih.gov/23815455/ - Social and economics networks: https://web.stanford.edu/~jacksonm/netbook.pdf - Elitist Britain 2019: https://assets.publishing.service.gov.uk/media/5d0cd9a7ed915d094666a78d/Elitist_Britain_2019.pdf - The many faces of liberalism - Big Govt. vs Free Markets: https://www.youtube.com/watch?v=WsGRTGF8oKg I’m Barry Ferns – a comedian whose personal journey through failure, homelessness, and rebuilding led me to explore the socio and behavioural economics of inequality. This channel digs into how systems of power shape our identity, behaviour, and beliefs, and how we can shift the stories we tell ourselves and each other about poverty, inequality, and who’s to blame. How to Support Barry’s Economics Help us stay independent and keep making videos like this. https://www.buymeacoffee.com/barryseconomics https://ko-fi.com/barryseconomics https://www.patreon.com/barryseconomics Subscribe for future videos: https://www.youtube.com/@barryeconomics More about me: https://barryferns.co.uk/ You can also follow me on Tiktok: tiktok.com/@barryseconomics Instagram: instagram.com/barryseconomics Listen on Spotify: https://open.spotify.com/show/0vgya63dtCFD5tjODr7BEK?si=Bb6ftvByR1-6vG0Q2BTmMg Twitter: twitter.com/barryseconomics Substack: https://substack.com/@barryseconomics Reddit: https://www.reddit.com/user/barryferns/ If you’re new to this, check out @garyseconomics first – his channel gives the structural and financial perspective. This one adds the lived, social and emotional side. Support Gary's Wealth Tax Campaign Here: https://buy.stripe.com/dRm4gs9Nl1L6eqWbUydjO00 Want to see the stand-up side of all this? Find my live comedy and storytelling here: https://www.youtube.com/@mrbarryferns To learn more about my comedy club, Angel Comedy, and buy tickets for shows head here: https://www.angelcomedy.co.uk/ #BarrysEconomics #GarysEconomics #Inequality #BehaviouralEconomics #SocialJustice #BarryFerns #ComedyWithDepth