Economists in the Doghouse
Business Daily
BBC
4.4 • 816 Ratings
🗓️ 4 May 2018
⏱️ 18 minutes
🧾️ Download transcript
Summary
The economics profession has sought to reinvent itself since the its failure to foresee the 2008 financial crisis.
Manuela Saragosa speaks to two economists: Wendy Carlin discusses her efforts to transform the way economics is taught in universities in order to make it more relevant to the real world; and Mariana Mazzucato explains why she thinks one of the biggest problems is false narratives that have been peddled to policy-makers and the public about how the economy works.
(Picture: Sad-looking bulldog wearing glasses; Credit: monkeybusinessimages/Getty Images)
Transcript
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| 0:00.0 | Hello and welcome to Business Daily from the BBC. I'm Manuel Saragossa. |
| 0:09.8 | In this edition, economists, are they out of the doghouse yet? |
| 0:13.7 | It was once called the Queen of the Social Sciences. That's absolutely not the way. It's no longer true. |
| 0:19.6 | And it's now not the way that we teach. |
| 0:22.0 | How the subject some describe as a dismal science is changing. But do the changes go far enough? |
| 0:28.9 | Storytellers rule the world. And so what I try to do in the book is really debunk these stories about wealth creation and how that's being used to rule the world literally in terms of the 1% |
| 0:38.7 | and the 99%. |
| 0:39.9 | That's all coming up here in Business Daily from the BBC. |
| 0:46.0 | It's been 10 years since the financial crisis, but economists are still, apparently, in the doghouse. |
| 0:52.7 | Why didn't they see the crash coming? |
| 0:54.8 | Why didn't they see that historically low interest rates |
| 0:57.6 | would create the financial shenanigans |
| 0:59.9 | that brought down the whole financial system? |
| 1:02.7 | Of course, 2008 wasn't the first time |
| 1:05.2 | that economists got it wrong. |
| 1:07.0 | We've pulled together a countdown |
| 1:08.5 | of our top eight Duff predictions. |
| 1:20.2 | The Soviet economy is proof that a socialist command economy can function and even thrive. |
| 1:26.4 | Paul Samyerson in 1989, the year the Berlin Wall fell. |
| 1:30.3 | Seven. |
| 1:31.4 | Why the real estate boom will not bust and how you can profit from it. |
| 1:35.8 | The title of a book published in 2006 by David Lurrea, |
... |
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