I will, I suspect, be taking some time off over the next couple of days. At least, I will be blogging less. It has been a frantic week.
But there is, first of all a moment for reflection.
In one such moment I will recall my grandfather, who died as a result of his Second World War service. Arctic convoy escort service was not a good place to be.
Another cause for reflection will be the extraordinary times we are living in. I admit that I know how lucky I am to live where I do. But nothing, including the absurd economic forecasts we have seen this week and the incompetence of the political messaging changes the fact that we are still a long way from facing the worst of this crisis: even if a vaccine were to be found right now the economic devastation it will cause still defies most imaginations.
But I do not think all is gloomy either. I was accused recently of being a glass half empty person. I found that rather odd. I am a pragmatist: if the glass is half empty I want to know that. Who wouldn't? But thereafter my aim is always to fill it again, and more appropriately and sustainably. That's not being negative; rather it's a realistic appreciation that there is a need for change.
The amazing response to the suggestion that there is a need for a better explanation of the economic situation that we are in, which I posted here earlier this week, is indication of that. Over 100 people responded, many with offers of help.
I am sorry I have not got back to everyone.
Just as I am also sorry that I did not get back to everyone who has donated to the blog in the last week. I am incredibly grateful to all who have done so. Around £4,000 has been committed within a week. That's an amazing start.
Thank you.
That said, I admit that from October I have no income that I know about right now. Of course, things may happen between now and then, but I don't know what at present.
So I admit I was wondering whether to link these two ideas? I have a very strong feeling that better resources are needed. From reactions received it seems some people here think I have something to offer. I have already begun working on some ideas, including scripts for audio and video, although when I sent the post in question to a publisher and suggested there was a demand for new material in the form of a book the reaction was very negative: they just did not get it.
So, another question: should an appeal be linked to producing materials?
Would that make it more effective?
And should, as I am now beginning to think, the focus be on audio and or video in the main, rather than a book, because this has the potential to reach bigger audiences? As example, my best selling book has sold 12,000 copies and in three days this week traffic here was bigger than that?
Good production values will, of course, be needed. And transcripts would be published. But is this the right direction of travel? I am looking for little more than 'yes' or 'no, but of course elaboration is welcome too.
When I get that issue resolved the next steps might be easier to plot. Thanks.
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Definitely video.
I would recommend having a look at Robert Reich’s work for some pointers.
https://m.youtube.com/channel/UCuDv5p8E-evaRSh542hDV5g/videos
Thanks
I suggest you create a YouTube channel of your own where you can upload short videos. I’m more than happy to up my monthly donation to help fund your work Richard. What you are doing is absolutely invaluable.
Thanks…
Yes. I really like this one.
https://www.youtube.com/watch?time_continue=4&v=_eJFb-r48Ys&feature=emb_logo
But that cost a lot of money…
Short, succinct videos could work very well. A few diagrams and schematics thrown in and a running time of under three minutes make these eminently more shareable amongst the public.
Your updated blog on “How are you going to pay for it?” and explaining why government debt is requisite/desirable could be summarised well in short form.
I’ll take another look
Thinking of how we have educated ‘loadsapeople’ re Scottish independence. I am an avid reader and that informed my vote at the time. However I appreciate many do not have time/concentration for extensive reading and so get their learning from podcasts ( can do other things at the same time e.g. exercise/cook ) and videos ( which need more attention to watch as well as listen but have an advantage of engaging visual memory too )
Audio includes people with visual impairment without extra effort.
Videos? consider BSL – need to pay the signer?- and or subtitles to scoop up more watchers.
Imaginative graphics with any appropriate humour also stay in the memory “Duggy Dug” https://www.youtube.com/watch?v=o4p6FmiajEY
Best wishes in your efforts.
I like all that
But remember, the budget here is tiny….
Yes!
The trouble with books is they take so long to produce – in a field like this, things can get out of date before they appear in print.
Audio and video are possibly quicker to produce, and easier to update?
I suspect video would offer the most opportunities to get your ideas understood by a wider audience.
I thought that the Covid-19 simulations by Marcel Salanthé and Nicky Case that were alluded to in one of the comments under your recent Neil Ferguson post demonstrated how visual presentation can clarify concepts that are difficult to explain verbally. They certainly helped me improve my understanding of the ongoing epidemiology issues.
https://ncase.me/covid-19/
Thanks
I do tend to agree – and we’re getting used to less than TV standard video much more now
Richard
Apologies to be blasé bit surely if the glass is half full or half empty that means the container is the wrong size? To paraphrase Woody Allen (I think)
Anyway yes I agree video is probably more digestible and fluid.
🙂
Yes!
I think a book is best as it will be available longer than electronic information which dates with technological progress.
Please do something to advance this country and the world.
Best wishes
Alec Hitchman
The only test here, I think is this: if you don’t do it, the thought experiment would be – if you pass on it, do you think you will in time regret it? The answer is there, if you can do the experiment. Second thought experiment, if you need it: what is the downside?
If the answer is positive in both cases, the decision makes itself: you go for it!
One of these days, I shall take my own advice…….
🙂
I think we need to produce short(ish) items of all three mediums (audio / video / text) so that people can choose the one that is most suitable for them.
And I think we need real-world examples and understandable stories that are easy to remember and pass on. My guess is that comedians will be the best to help with this because I think jokes help people to remember repeatable information.
I suspect that’s an ambition beyond reach right now!
Definitely video to start with, – then webpages/ books/downloadable papers to back it up.
Then there is the difficult matter of what to call it. I was musing on anything without economy or economics in the title but then I hear people say in the current epidemic ‘we mustn’t imperil the economy’ as though the economy is not a human construct but something that is done to us.
We can and must imperil the existing economy if it’s making our lives difficult and get one that makes life easier. Probably we ought to aim for an economy that maximises leisure – and our current one is way adrift in that regard as we now work more days than in feudal times.
I think I will stick clear of economy / economics
If the aim is to reach more people (as I think it should be at present), then video. Video is better than audio because more engaging. Also, by attracting a wider audience via videos, you potentially increase the readership of a later book. Video and print forms can be complementary.
Thanks
The printing press was surely a game changer. I don’t think video is, but then I’m an old fogie. I don’t watch videos, too slow, boring, I can’t interact, move back/forward easily, re-read, interrogate or easily search for that killer phrase. You can read and listen to music at the same time, or even have the footy on low in the background. For me an e-book is the answer.
Anthony Barnett began writing “The lure of greatness…” via Unbound, a crowd-funding platform (https://unbound.com). As a “funder” I got regular updates and a “reward”. They do printed and e-books
I would want to publish the text as well..
Personally I enjoy written blogs because it does allow the reader to pause and think about what is being said and go back and review something. This is slightly less easy with Podcasts or video. That said the technology to produce them is relatively cheap
If you are hoping to generate an income from this then this will be difficult. Margins on television and radio are thin even for the most successful producers and as you know most writers earn miniscule amounts compared to the time and effort involved. A further drawback is the area you are in. People are used to blogs and Podcasts being free. Most economics/politics blogs and podcasts are paid for by someone else either educational institutions or other commercial sources and this leads to a loss of independence which I would imagine is important to you.
Options
The easiest and least controversial is the one you have gone down. i.e seeking donations from users. This ensures no fall in traffic while generating some income.
Small amounts could be generated from an Amazon Associates account recommending books to purchase through the page but this would be small.
Is it possible to become an educational charity and access any grants? Donations may produce additional revenue from tax relief. I admit I know little about this sector but other readers might.
More controversial would be to seek sponsors. This could lead to accusations of bias and trolls using the sponsors as bait for abuse.
Even more controversial would be to take advertising and given your views on this industry this I suspect is a no no.
Your best option is to maximise traffic and leverage that traffic to promote your personal brand to educational establishments, think tank types, publications and government/political groups seeking research, teaching or speaking roles. You could look to getting an agent which might mean some of the things you currently do for free attract a small fee. It might be an option to focus on a tighter remit or to have a sister blog which deals in a more focused agenda whilst retaining the current one for the wider and more generalised items.
Anyway I feel sure you have thought of most of these things and are well aware of the problems of running what is in effect a small business.
Simon
I am still applying for grants
But right now I suspect they are going to be very hard to secure
But so is work going to be hard for many people quite soon – including many who do not realise as yet
You need to think about your target audience and what medium would suit them best.
I think this needs to get to as many people as possible. Many people I know don’t read books and often won’t read a blog post of any length. They will, however, watch a youtube video. So I would suggest video backed up by other media.
Regards
Dave
I think you’re probably right
Have you thought of working with the RSA and co-producing an RSA Animate video? They are usually very well done and accessible. There’s one on economics by Ha-Joon Chang (2016): https://www.youtube.com/watch?time_continue=13&v=NdbbcO35arw&feature=emb_logo
Julian
Downham Market
Norfolk
Nice idea
I suspect they are also very, very expensive to produce
Hi. Lots of sensible suggestions so far – all of which carry some merit (IMO), My personal preference would be a mix of media in oder to ‘capture’ as wide an audience as poss. I believe at the core (or heart even) should be a print book with accompanying audio & e-book. However, before they’re released, they should be trailed with one or more abridged videos as part of an integrated marketing campaign.
I wouldn’t be too coy about using the word ‘economics’ in appropriate contexts. I believe your target audience (once defined) would probably get the basic idea that a country / government has to deal with economic issues that translate into everyday life. In the area of ‘domestic science’ the term ‘home economics’ is well established. But it does depend who you’re aiming it at. You can’t address the whole world. Ideally there would be more than one version in order to communicate more effectively to specific demographic audiences in whatever language and format would be most digestible. But, hey, one step at a time. Rome wasn’t built in a day!
The RSA animations are excellent. If they (the RSA) like the idea would they not fund it? And if not them then some other educational establishment – or even an association of several.
I see the biggest problem being your time as well as budget. This is a major undertaking where corners can’t be cut because of external limitations. The topic is simply too important and might well become ‘the bible’ for generations to come. So, while we ‘nerds’ have become increasingly impatient and frustrated by the mendacious neo-lib narrative successfully perpetuated over decades by all the MSM and major political parties, it would be a crime to rush something out that in hindsight you would not be 100% happy with.
Somehow or other (and don’t ask me how) you need to organise a small project group to plan thoroughly the operation and set a realistic time-table for publication … in between all your other commitments. Ideally, maybe, some form of Patreon-style crowd-funding could complement an advance or grant from a potential publisher.
Sorry I have no magical solution to offer, but just hurdles to be overcome. It’s a major project that, if it is to achieve its objectives of both educating and re-educating with often counter-intuitive concepts (tasks traditionally avoided like the plague in the world of consumer marketing), will necessitate a substantial upfront input. But you don’t need me to tell you what you already know. Once you embark on it just be sure to be well-stocked with your favourite coffee!
I need a coffee shop!
It is bizarre how important they are to my creativity
How about something interactive? I found the following website a brilliant introduction to game theory and the evolution of trust.
https://ncase.me/trust/
Could something similar be created to explain how the economy really works?
If someone had a lot of money
I’m a bit old school and like a book(let) but I get how a video would be much easier to share and has the potential to go viral.
Ideal world both. If finance is tight, I guess a video would give you more bang for your buck.
I’ve never done it ,but would crowdfunding be an option?
I am crowdfunding already….
Definitely audio, preferably video please even if it’s plain and simple to start with. Don’t know about others here, but I work and often catch up listening to podcasts/You Tube/ TED Talks/ video/ blogs etc. whilst preparing food, travelling or taking exercise. The sort of sites one can listen to are Positive Money, Renegade Inc, CUSP & Tim Jackson, Yanis Varoufakis, Michael Hudson, Steve Keen, amongst others. Not the full breadth of interesting blogs I would love to follow, the problem being limited time available to read them when I can multitask if listening to them instead. It would be great if you were able to use audio & video channels as well, it’s not just practical convenience regarding use of time for your followers like me, people receive and absorb information in different ways. Giving us all a choice of media increases your options for distributing your thoughts, the chance of your message being shared over and above your usual audience, and the opportunities to go viral and spread exponentially. Good luck distilling a simple, easily understood core message to repeat in each article or broadcast – only think how (dismayingly) powerful the handbag or household budget imagery has been over the years, and so easily ‘understood’ by the masses.
I am being told that by many
It’s taking me time to believe
I don’t listen to podcasts and so on much
But I am increasingly realising their importance
There is an educators tool called VARK at vark-learn.com which might inform your thinking on this. There are four different ways people take in and process information, and it helps to understand these when presenting information.
I took a look
I am a bit unbalanced! Not audio at all…..
All of the above!
Video to get across the message in a simple way, sounds comes with the video anyway but I would include radio in that too and that can be more interactive.
Text to provide in-depth detail
YouTube channel……..
You’ll soon grow in popularity……. good sense IS hard to find… word soon spreads…
Maybe….
My one reservation with video is that’s it’s as easy to click off it as it is to click on it.
The message has to “catch” people from the start or people will move on.
YouTube has so much content on the side bar trying to get your attention. I find I spend lots of time surfing but not actually watching.
Same with the TV. 50 channels of shite. Just spend the whole time trying switching between them trying to find something half interesting.
I confess I find most television hard going and I really wonder why people watch it
But I guess they do
Normal People was a recent exception
When creating and developing a You Tube channel you can create separate playlists for different topics, like your index on this blog. An easy way to start up could be to import other people’s material, which is already scattered around on you tube, into the playlists. The time involved would be to watch and evaluate the stuff rather than having to produce it all yourself and the cost is zero.
The problem is, I also have other work to do
And a house to run…
And I am not a natural video watcher
That is why I am having to work to get my head around it
There are many pairs of eyes amongst the contributors to this blog who could do the sifting leaving you to just evaluate an edited proto-playlist. Probably just need to sort out a few sifting criteria first.
I’m all for using the internet in the way Dominic Cummings used it during BREXIT so that progressives get people used to MMT/Government auto-finance/Direct Government Funding (whatever it is called) by creating little advertorials and getting it out there.
There is an information war going on, on the internet and we need to match it or we won’t get anywhere.
Good morning everyone!
I agree with most of the readers here.
I think this has greater chances of getting the message conveyed: video + voice + animated graphics + subtitles. A youtube channel is a good start.
Subtitles? Yes, aim for an even broader audience around the globe.
Time frame: Not longer than 3′ I’d say.
Ages: Target also teenage audiences that absolutely must get the notion of economics.
Have a lovely weekend,
Javier
My teenagers say 5 minutes
No longer
A video would be absolutely brilliant. I guess if there were a killer point that would force the kinds of people who are really married to the official narratives to stop and think… I guess that’s easier said than done 😀
I agree with others here that we must consider the target audience. One thing is certain, we are not (well most of us anyway) are not that audience because, by definition almost, we already have an interest and know where to look. The formal education market is already well served by, for example, Bill Mitchell et al’s “Macroeconomics”. Stephanie Kelton’s new book is due out soon and should be worth reading plus of course we have the Piketty books which many buy but not so many actually read! We are after the proverbial man/woman on the Clapham Omnibus who would never dream of opening an economics textbook, but would still like answers to some basic questions that affect their everyday lives. In book terms that could be something between Hogben’s “Mathematics for the Million” and “Sophie’s World”, preferably more based on a story like the latter of those two.
In terms of medium I agree with those going for short videos and podcasts. What I assume to be the target audience are the sort who might listen to a podcast on their journey to work (if those ever reappear) or enjoy a TED talk on youtube.
I still like the idea of games. The games market now dwarfs both book and film and, I believe, the median age is around 35 with a fairly even spread across genders; most certainly not socially inept teenagers! There is a thriving indie games industry where simple games are developed in the hope of creating a portfolio and bringing the developers name to public and industry’s attention. The promise of a ready made market by aligning with our other media might be enough to tempt someone. I am waiting to hear from my son (a game developer) for some more information; I will get back to you on that.
I can guarantee games are beyond me
I can tell you Stephanie Kelton’s book is good
I’m one of the few to have read it…
For younger audiences, certainly podcast/video and possibly also for people in general that can be swayed by a concise overview. I think, from past experience, I am a slow study reference Economics. I need to be able to go back and check, verify etc. This is difficult if it isn’t “written” in some form. Self printable, fine. Online blog style, fine. I am persuaded already. I need a better and detailed knowledge so I can hold up my end of this argument. I doubt if I can manage that unless I have “study-able” material.
I’m doing a trial tomorrow….
Another complementary option might be to do a small booklet which can be shared digitally and printed physically – needs a combo of infographics, bullet points and clear text. The example I’m thinking of, whether one agrees with his views or style or not, is Wings Over Scotland’s Wee Blue Book. A pure grassroots effort which circumvented a hostile media, and reckoned to be amazingly effective ahead of the 2014 referendum.
I agree with that entirely….
That is the plan
See today’s transcript – I would plan to develop these into such a publication
Also, meant to say:
Find a way to communicate what MMT actually is (heck, just give it a new name), as so many non-scientific people seem to confuse “theory” with “hypothesis” – as soon as they hear “theory” it’s immediately translated to “oh, *just* a theory, eh?” in their minds…
A sense a question of the dat coming …..
[…] Wilson made this comment this comment on the blog this morning when discussing how to communicate economic […]
How about a
Ladybird “How It Works” book!
(I am joking!)
Why?
Some Ladybird books have become a piss take. “The Ladybird Book on Parenting” or the “Ladybird Book on Brexit” etc.
Wouldn’t want the book to be associated with those types, however…….like you say, why not???????
Whatever the format, I think there are some crucial points that need to be explained.
The economy always needs to expanding (growth) and why. What happens if it doesn’t.
The capacity of the economy at any one time has a limit (available labour/ resources etc)
Government is constantly spending into the economy. (Which is a good thing)
Taxes and bonds are constantly being removed from the economy to create the space/room for the constant government spending. Tax isn’t just taken once a year when our income tax is due.
Tax revenue is destroyed on collection, not recycled into the economy.
How bonds work. (This is crucial to understand Government debt/borrowing)
People (with wealth) being persuaded to remove their money from the economy (to create space/room for government spending) in exchange for extra money. (The interest paid on the bonds). This interest is money the government spends into the economy but not on public services.
Why bonds are needed and why the creation of space/room can not be do by just taxes. Or can it?
(Wealthy people would loose money rather than gain it!!!!!)
How the economy interacts with other countries economies.
I don’t know what anyone else thinks, but for me, understanding the above (except for the last one, I’m still to figure that one out!) was crucial to getting my head round it all.
Any other explanations need adding to the list?
I’ll work on it…
This may blow the budget but………..does anyone know how much a party political broadcast style slot on prime time TV costs!!!!!?????
(I’m not joking with this one!)
You can’t buy them
I did not read all the replies to this blog, as I have other things I need to get on with. This partly explains why I think you should go down the audio or video route.
Also you are limited for time and money, but the explanation is required soon, in my opinion.
If the target audience is general, then they want a grasp of economic ideas but they are not interested enough to sit down and read about it, or they are just too busy. Once they have that understanding, if they want to read about it further there are plenty blogs and books they can turn to. If not then they should still have that basic grasp to pass on in conversation, use in argument or just to focus their thoughts when they hear about the economy on the news.
If I think about the people at work, a substantial number listen to podcasts at least part of every day. I’d say all of them are under 35.
The idea of something similar to Wings Over Scotland’s Wee Blue Book was mentioned. I don’t think this is the correct route to go down primarily. Maybe at some point in the future but I think it would be a mistake to have any print medium come before audio at this time.
I don’t agree with changing, or not using ‘MMT’ or Modern Monetary Theory’. People are starting to hear those terms. There has to be an anchor point. There’s confusion in changing this I believe.
I don’t know if this is at all helpful to you but I wish you luck. I think it’s a vitally important idea.
Gordon
Look at what I have done this morning
It’s a podcast
There is a script….
That could be adapted into a published text
It will take effort
But I keep hearing my friend Colin Hines telling me time after time that everything, including words, needs to be recyclable
My aim is to create ideas in multiple formats
But if the Soundcloud file could have images added that would be even better and then it could go to Youtube as well
I heard about the following paper on Integernational Learning in a BBC Radio 4 episode of Analysis last November https://www.nature.com/articles/s41558-019-0463-3.
The researchers showed that the best way to change the mind of a conservative thinker on climate change was to educate that person’s teenager (daughter ideally). I would think the same would apply to economics. People trust their children more than anyone else, and children have access to enormous quantities of parents’ attention. Children have a lot of time, open mindedness and energy so are also potentially easier to access.
Could one of the outputs be an interactive lesson involving ppt slides and monetary props, which could be distributed to teachers or volunteers in the classroom? Perhaps also involving some sort of game to help with understanding.
Teachers should be interested as they would be one of the groups to benefit most if we updated economics to reward our most important workers. If it’s too complicated for a typical STEM teacher to understand and teach it, there’s no way it would make it online. But to help, you could employ all your blog readers as volunteer teachers to go into schools and start teaching it. Or set it up as a professional development activity for civil service staff, student outreach programme or similar.
On funding, why not try to find a benevolent rich individual sponsor? Ideally a billionaire philanthropist. Most billionaires surely want to preserve the planet for their own benefit, and can easily afford to pay a bit more tax, so there must be one or two of them willing to help lobby for a fair tax system. I would say billionaires are motivated by competition and relative success, not by having a bit more money (unlike those lower down the chain).
As a starting point, what about Bill Gates? He must surely see the benefits of a progressive tax system for both himself and the wider world.
I’d guess Soros was more likely…
Not sure if this has been mentioned already, but what about a video or audio conversation with another person?
Ideally someone who’s at least relatively well known, or who has credibility among a particular demographic. They might be willing to do this pro bono – expect there would be a few out there who would.
Whoever they are, your counterpart could play devil’s advocate and ask the kinds of questions that would need to be answered to convince the public (and economics journalists who still bang on about “where the money’s going to come from”).
This fireside chat approach would keep costs down and would come across as being credible and accessible, perhaps more so than a slick video production or glitzy graphics and animations.
It’s a good idea
But it takes a lot of time to organise
But worth thinking about
Who?
Bit reluctant to name names in case it jinxs the prospect of them participating, but….
From the Guardian – Owen Jones, John Harris, Poly Toynbee, Zoe Williams, Aditya Chakrabortty, Larry Elliot, Amelia Gentleman, Will Hutton
From the BBC – Faisal Islam
Celebs – there might be some from among these – https://www.theguardian.com/politics/2019/dec/03/vote-for-hope-and-a-decent-future
I happen to know almost all if them
But I also know as a result how busy they are
I suspect it would need to be someone with lower profile
This. So much this. e.g. a podcast with a ‘straight man’ to ask the questions we’re all asking (see Price of Football, Any Stupid Questions)
I like the idea
I need a straight man….
Perhaps something along the lines of the series that Jason Hunter started..?
Called 3 blokes in a pub…
https://youtu.be/fxacHWXSaPg
That is good….
Thank you…
Might be slightly more difficult to manage with current procedures…..