How to live with economic doomsaying | Philipp Carlsson-Szlezak

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4.1 • 11.9K Ratings

🗓️ 28 March 2024

⏱️ 11 minutes

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Summary

Economic crises can and do happen. But for every true crisis, there are many false alarms, says economist Philipp Carlsson-Szlezak. He explains how to live with the media’s pervasive economic doomsaying, why we should stop treating financial forecasts like a precise science — and what we should embrace instead.

Transcript

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0:00.0	Ted Audio Collective.
0:09.0	You're listening to Ted Talks Daily.
0:10.0	I'm your host, Elise Hugh.
0:13.4	So much of how consumers think about the economy is based on feeling, and it can be easy to feel a real
0:18.6	sense of doom and gloom these days.
0:21.3	But BCG's economist Philip Carlson Slezak says the data doesn't point to
0:26.1	disaster. He offers a case for optimism in his 2023 talk from Ted at BCG after the break.
0:36.1	Do you ever tire of the doom, the gloom and the false alarms
0:39.2	about the global economy?
0:41.4	In public discourse, the economy always teeters at the cliff edge,
0:45.0	supposedly were just inches away from falling to our economic death.
0:50.0	And surprisingly often, we're told the falls already begun,
0:53.6	such as in 2020, when the pandemic hit.
0:57.8	We were told there was going to be a deep depression.
1:00.4	The headline said,
1:01.4	worse than 2008, the global financial crisis,
1:04.5	and as bad as the 1930s Great Depression.
1:07.8	But the opposite was true, a swift and strong recovery. In 2021, when the strong recovery pushed up demand and prices,
1:18.0	the doomsayers said,
1:19.0	there would be forever inflation.
1:21.0	The headline said,
1:22.0	a return to the ugly 1970s. forever inflation. The headline said,
	...

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