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Money Talks from The Economist

Money talks: A Nobel endeavour

Money Talks from The Economist

The Economist

News, Business, Economy, Finance & Economics, Business News

4.41.2K Ratings

🗓️ 15 October 2019

⏱️ 24 minutes

🧾️ Download transcript

Summary

What causes poverty? Rachana Shanbhogue interviews this year’s winners of the Nobel prize for economics—Esther Duflo, Abhijit Banerjee and Michael Kremer. Their pioneering work has changed the understanding of one of the hardest problems in economics: why do some countries grow rich while others stay poor? Plus, Europe’s Nordic banks are embroiled in money-laundering scandals. What do regulators need to do to restore confidence?

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Transcript

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0:00.0

Are you receiving tax credits?

0:02.0

If so, this message is for you.

0:04.5

Tax credits are coming to an end,

0:06.3

and most people will be asked to apply for universal credits instead.

0:10.0

The Department for Work and Pensions is writing to Tax Credit claimants.

0:14.0

You won't be moved automatically, so look out for your letter explaining what you'll need to do and by when.

0:19.0

And there's also lots of support to help you make the move.

0:22.0

Get ready for your Universal Credit Switchover.

0:25.2

Search Understanding Universal Credit today.

0:28.2

Eligibility criteria apply. What causes poverty? This year's economics Nobel Prize winners have spent their careers trying to find out.

0:44.0

There is no sense in which we need to find a silver bullet.

0:48.0

For poverty, we need to find the set of silver pellets that will shoot down all these different enemies.

0:55.0

And dealing with the fallout of Europe's biggest money laundering scandal.

1:00.0

The scale is huge. Nobody knows quite how big because investigations are still going on.

1:05.2

You're listening to Money Talks on Economist Radio.

1:08.1

I'm Rachsharnbogue, the Economist's Europe Economics Correspondent. First up, what causes poverty?

1:20.0

Why does some countries remain poor, while others grow rich?

1:23.6

It's perhaps the most important question in economics

1:26.6

and one of the hardest.

1:28.6

Three economists have fundamentally changed

1:31.3

our understanding of poverty and how it can be remedied.

1:34.4

They've just won a Nobel Prize for it.

...

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