Ludger Schuknecht for Age of Economics - Full interview

Age of Economics: in the first part of this project a diverse group of global thinkers answers 8 fundamental questions about economics and capitalist civilization. (Interview number 4)
0:00 - Prologue
01:17 - Intro
01:36 - 1. Why does economics matter?
02:33 - 2. What are the differences between economic science and economic engineering?
05:58 - 3. What role does economics play in society? Does it serve the common good?
08:17 - 4. Economics provides answers to problems related to markets, efficiency, profits, consumption and economic growth. Does economics do a good job in addressing the other issues people care about: climate change and the wider environment, the role of technology in society, issues of race and class, pandemics, etc.?
17:53 - 5. As we live in an age of economics and economists - in which economic developments feature prominently in our lives and economists have major influence over a wide range of policy and people - should economists be held accountable for their advice?
25:34 - 6. Does economics explain Capitalism? How would you define Capitalism?
28:08 - 7. No human system to date has so far been able to endure indefinitely - not ancient Egypt or Rome, not Feudal China or Europe, not the USSR. What about global Capitalism: can it survive in its current form?
37:47 - 8. Is Capitalism, or whatever we should call the current system, the best one to serve the needs of humanity, or can we imagine another one?
About Ludger Schuknecht
German. Economist, former Chief Economist at the German Ministry of Finance, former Deputy Secretary-General of the OECD
Schuknecht studied Economics at Ludwig Maximilian University of Munich and George Mason University. In June 2000 he obtained his habilitation from the University of Constance. Previously Schuknecht was Chief Economist at the German Ministry of Finance and heading the Directorate General Fiscal Policy and International Financial and Monetary Policy there. In this role he advised Minister Wolfgang Schäuble on economic policy issues in the domestic and international sphere. Schuknecht left after the departure of the fiscally conservative Schäuble and the arrival of his social democrat successor Olaf Scholz. In 2019, he was replaced with Jakob von Weizsäcker. Before that Schuknecht was Senior Advisor in the Directorate General of Economics of the European Central Bank where he prepared monetary policy decision making. Schuknecht had also headed the ECB’s fiscal surveillance section and served with the World Trade Organization and the International Monetary Fund. As a scholar, Schuknecht’s research focuses on public expenditure policies and reform and the analysis of economic boom-bust episodes. Together with Vito Tanzi he published “Public Spending in the 20th Century: A Global Perspective”.
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Interview by Fabio Dondero
Music: J.S. Bach, from The Well-Tempered Clavier. Kimiko Ishizaka, piano. Video by Fabio Dondero

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Depreciation existed before money existed! Cave men had to find rocks to chip to make hand axes. They got dull with use and had to be replaced. What is the annual depreciation of durable consumer goods measured in money for each country?