Jan Toporowski Explains Why Capitalists Dislike Full Employment

Odd Lots

Bloomberg

News, Investing, Business, News Commentary, Business News

4.4 • 1.6K Ratings

🗓️ 10 February 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In the wake of the Great Financial Crisis, the work of John Maynard Keynes experienced a revival, as people sought answers to the problem of sluggish growth. In this cycle, sluggish growth isn't the problem. If anything, you hear business leaders and central bankers talking about the labor market being "too hot," and the need for the unemployment rate to rise. So what explains the current dynamic? And how can we sustain a hot economy without the pain of inflation? Perhaps the work of the lesser-known Polish economist Michał Kalecki holds the answers. Like Keynes, he also viewed the free market as being inherently unstable, but he came to different conclusions about why. He also explored the political economy of full employment and why this condition frustrates business leaders. On this episode, we speak with Jan Toporowski, professor of Economics and Finance at SOAS University of London, about Kalecki's work and how it can help us understand today's economy.

See omnystudio.com/listener for privacy information.

Transcript

Click on a timestamp to play from that location

0:00.0	Do you know what your interest rate is on your savings account?
0:02.6	I bet it's lower than you think.
0:04.3	Go ahead and look.
0:05.2	And in the meantime, I'll tell you about US Treasury bills on public.
0:09.2	As of 9-1-2023, you could earn an annualized 5.5% yield with T-bills when held to maturity.
0:16.2	That's the highest rate on six-month Treasury bills since the year 2000.
0:20.0	Go to public.com slash T-Bill podcast to get started.
0:23.8	This is a paid endorsement by public.com,
0:26.0	fees and conditions apply.
0:27.2	Treasury accounts at public.com or through Geco Securities Inc.
0:30.4	Member Finra and SIPC.
0:31.8	Full disclosures can be found at www.public.com slash T-Bill podcast.
0:36.6	Are you rich?
0:38.0	That's a good question.
0:39.3	Is it about what you have in the bank or your 401k?
0:43.1	Should you buy a place where you live or hold off?
0:46.0	And if you build, could sand shortages in Singapore impact prices in Connecticut?
0:50.7	At Bloomberg, we see wealth as more than just money.
0:53.7	Our coverage looks at wealth from every angle,
0:56.2	so you can make smarter decisions.
0:58.4	Bloomberg wealth.
0:59.3	All you need to know about wealth.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Bloomberg, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Bloomberg and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.