Free Thinking - Britain's Economy
Arts & Ideas
BBC
4.2 • 599 Ratings
🗓️ 12 February 2015
⏱️ 46 minutes
🧾️ Download transcript
Summary
Will Hutton joins Anne McElvoy for a programme focusing on economics and wealth in Britain. They're joined by Richard Davies, The Economist's Economics Editor, Wendy Carlin, Professor of Economics and Macroeconomics at UCL and Luke Johnson the Chairman of Risk Capital Partners and the former Chairman of Channel 4 Television.
Transcript
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| 0:00.0 | Welcome back to the home of the oxymoron. Evil genius. He asked the newspaper to print his obituary early so he'd enjoy it. That's like hiding at your own funeral. Yeah, it's a big, great gig. I'm Russell Kane. Join me to weigh in on whether the biggest players in history are more evil or genius. Becoming that rich, I'd say that at some level of genius. It also helps |
| 0:21.2 | that it's a long time ago, right? It's like the podcast version of telling your kids the ice cream |
| 0:26.1 | van plays music when it's out of ice cream. Listen to evil genius on BBC sounds. |
| 0:32.1 | We're used to hearing about the state of the economy, but what about the discipline of economics |
| 0:37.0 | itself? Thomas Carlyle once called it the dismal science, but what about the discipline of economics itself? Thomas Carlyle once |
| 0:39.1 | called it the dismal science, but what role should economics play in our thinking as we try to |
| 0:44.4 | plot the right course in a turbulent post-crash world, with plenty of challenges coming at us |
| 0:49.6 | from automation and technology? The role of state and market and how they interact with each other |
| 0:55.0 | has been contentious ever since Adam Smith's invisible hand, suggested that pursuit of self-interest |
| 1:01.1 | might do more for society than well-meaning attempts to produce good ends. One of my guests |
| 1:07.2 | tonight reckons capitalism now needs a reinvention. Questions about the intersection |
| 1:12.7 | of politics and economics feel a lot more lively in the wake of the global financial crash and |
| 1:18.6 | the continuing questions about the causes and how to mop up the effects. This week arguments |
| 1:23.7 | about wealth, tax and morality pervaded the national debate, as HSBC's past tax |
| 1:29.0 | avoidance strategies on behalf of its wealthy clients hit the headlines. But the big questions |
| 1:34.4 | of economics might go further than just a blame game. What do we really want from those who |
| 1:39.3 | practice the dismal science or have a strong view on what it should do. No shortage of those with me tonight. |
| 1:45.9 | Wendy Carlin is Professor of Economics at University College London and leader of the |
| 1:49.9 | core project which campaigns to reform the way economics is taught in universities. Richard Davis |
| 1:55.6 | is economics editor of the economist, an author of a series of articles, arguing that people trained in economic |
| 2:01.5 | methods are the new invisible hand shaping unexpected areas of our lives. He joins us from |
| 2:07.1 | the BBC studio in New York. Luke Johnson is an entrepreneur with a very varied portfolio. |
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