Endogenous Growth Theory With Nobel Laureate Paul Romer

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Oct.19 -- Paul Romer, 2018 Nobel Laureate in Economics, explains the endogenous growth theory in reflection of the 2008 financial crisis, and discusses preparing banks for the next crisis, and the trouble he sees with macroeconomics. He speaks on "Bloomberg Daybreak: Americas."

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@anugrahvijay6720 5 жыл бұрын

Misleading Title!! They barely even went into endogenous growth theory. This was more of a Q&A with Paul Romer

@xiaochan2477 5 жыл бұрын

thats FAKE NEWS!!!!!!!!!!!!

@bamworkitdougiepose 3 жыл бұрын

yall pls tell me im not the only economics student that does not understand what they're saying. my brain is ded.

@Zanimater 5 жыл бұрын

Comments are clearly noble laureates.

@realsemig 4 жыл бұрын

Everyone on youtube has a PhD, you didn't know?

@rainmakr9555 5 жыл бұрын

i liked the idea of charter cities alot. i wished it really happened with him at the helm.

@donidarko435 5 жыл бұрын

His research is really interesting, when I took a course in Microeconomics it was really dull and generic, I wish I had him as a professor

@ewanbriggs2196 Жыл бұрын

This is macro not micro.

@5SADH 6 жыл бұрын

Rule 1, a Tyrannical Benevolent Technocrat will always advocate for Top-down solutions. Nothing new here except for untested solutions are being proposed as THE solution.

@ellengran6814 6 жыл бұрын

I do not think it is so much a matter of down-top og top-down solutions, but more a matter of who is at the top and the bottom. US in the 1950 - 60s had a government that worked for the people. Republicans and democrats working together. Taxes were as high as 90 %, but the money were given back to the people: free education, roads etc. You still have the same system, but due to your government (which you choose) it is no longer working. China under Mao experienced starvasion and misery. China under Xi is booming. Never in history have so many people experienced such an increase in living-standard. The same system, but another man at the top.

@ArtsAlign 5 жыл бұрын

MARC STEINER: So where does the money come from, then, to invest in infrastructure, in new businesses, and whatever else has to be invested in? MICHAEL HUDSON: Well, banks don’t invest. That’s a myth. The pretense is that rescuing the banks rescued the economy. But the banks don’t make loans to the economy. Banks don’t make loans to fund factories. They don’t make loans for infrastructure. They make loans to buy assets already in place. They’re privatizing the structure to take it private, raise the rates the people have to pay for services. Essentially they lend to raiders taking over corporations. They won’t help a corporation put in more equipment and hire more people, but they’ll lend to a raider to break up a corporation, downsize the labor force, smash it up and leave it a bankrupt shell. That’s the financial management plan. That’s what they teach in business schools. So the financial management philosophy that we have is diametrically opposed to what’s needed for economic growth. That should be what people are talking about, because more and more economists are warning that given the rising debt ratios, there’s going to be another crisis. What we should be talking about when we look back on the anniversary of Lehman’s bankruptcy is how to handle the next crisis in a way that doesn’t bail out banks, that bails out the economy by writing down the debts. If banks have bad debts, they’ve made bad loans. Banks used to be conservative and prudent. But if they make imprudent loans and they say, we don’t care the borrower can’t pay because we’ve sold the whole loan off to a pension fund or a German Landesbank, and somebody else is going to take the loss, you have to restructure the banking system and the financial management, and take it out of the hands of bankers to manage. If you leave the Treasury Department and the Justice Department and the bank regulators in the hands of bankers, they’re going to loot the rest of the economy. They’re going to take everything they can. So you want someone who’s not a banker to actually do the regulation. kzbin.info/www/bejne/jGKapWuYf6mWrZI

@ArtsAlign 5 жыл бұрын

"The bank strategy continues: “If we can privatize the economy, we can turn the whole public sector into a monopoly. We can treat what used to be the government sector as a financial monopoly. Instead of providing free or subsidized schooling, we can make people pay $50,000 to get a college education, or $50,000 just to get a grade school education if families choose to go to New York private schools. We can turn the roads into toll roads. We can charge people for water, and we can charge for what used to be given for free under the old style of Roosevelt capitalism and social democracy.” This idea that governments should not create money implies that they shouldn’t act like governments. Instead, the de facto government should be Wall Street. Instead of governments allocating resources to help the economy grow, Wall Street should be the allocator of resources - and should starve the government to “save taxpayers” (or at least the wealthy). Tea Party promoters want to starve the government to a point where it can be “drowned in the bathtub.” But if you don’t have a government that can fund itself, then who is going to govern, and on whose terms? The obvious answer is, the class with the money: Wall Street and the corporate sector. They clamor for a balanced budget, saying, “We don’t want the government to fund public infrastructure. We want it to be privatized in a way that will generate profits for the new owners, along with interest for the bondholders and the banks that fund it; and also, management fees. Most of all, the privatized enterprises should generate capital gains for the stockholders as they jack up prices for hitherto public services. You can see how to demoralize a country if you can stop the government from spending money into the economy. That will cause austerity, lower living standards and really put the class war in business. So what Trump is suggesting is to put the class war in business, financially, with an exclamation point." michael-hudson.com/2017/03/why-deficits-hurt-banking-profits/?fbclid=IwAR06awK0L-3z172I_q003EZMVaoAYfqxNg0xqjWXXtFb9mmWMdhOTwqnE4I

@ArtsAlign 5 жыл бұрын

End the fake "national debt" crisis and talk about the REAL private debt crisis! Top heterodox economist Steve Keen says it's time to cancel ALL private debt that was dishonorably extended over the past four decades because it never had to be in the first place! kzbin.info/www/bejne/mXnOnn2tfr6osM0 Michael Hudson's latest book, And Forgive Them Their Debts also discusses the economic history of debt forgiveness: kzbin.info/www/bejne/d5Wzpp6Hbpupe6M