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The Times Tech Podcast

NYU's Paul Romer: “Killing people or killing the economy”

The Times Tech Podcast

Will Morley

Business, Unknown, Technology

4.9654 Ratings

🗓️ 27 March 2020

⏱️ 35 minutes

🧾️ Download transcript

Summary

The Sunday Times’ tech correspondent Danny Fortson brings on Paul Romer, Nobel Prize-winning economist, to talk about making our way out of the coronavirus crisis (2:15), the two key investments (5:35), mass testing (9:25), the future of work (14:00), how long can we do lockdown (16:30), whether private industry can rise to the occasion (18:30), how the world will bifurcate (23:10), what life looks like in two months (25:30), the debt bomb (27:45), the metrics to watch (30:15), and the dangers of a failed state (33:30).

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Transcript

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0:00.0

The big three, I guess, are nobody can work, nobody can transact, and then the government loses all legitimacy and the rule of law collapses.

0:10.0

There's a reason they call us the dismal science.

0:13.0

Yo, technology, what is it all about?

0:19.0

Hello and welcome. What is it all about?

0:26.1

Hello and welcome to Danny in the Valley.

0:28.6

We are back with another pod.

0:31.2

So on the previous episode with Seth Bannon,

0:33.9

I actually felt pretty encouraged.

0:35.7

Some kind of raise of positivity there.

0:41.0

This one, I think, is a good way to kind of step back and look at the broader context of just these extraordinary times and what is required basically to get back

0:46.7

to life as we know it or some approximation of it.

0:51.2

And to do that, in a Danny in the Valley first, we have brought on Nobel Prize winner,

0:59.0

Paul Romer, who won the Nobel back in 2018 for economics. So yes, there you go. Now we have

1:04.8

Nobel Prize winners as well as billionaires and startup entrepreneurs and everybody else.

1:09.3

And what you're about to hear is at the same time, completely daunting, but also wildly

1:15.3

doable.

1:16.3

And like our guest last week, Dr. Yanatus, it comes down very simply according to how Romer views

1:22.1

it to testing, lots of testing, as well as protective equipment like face masks, etc. And both of which need to be

1:29.4

produced and used on an industrial scale now. Anyhow, Romer is very forthright and clear-eyed about

1:37.5

what is happening here, what needs to happen here, and I think you'll find it illuminating,

1:43.6

and though the terms he speaks and are quite

1:45.8

stark. I also think there is reason for hope here because it feels all quite doable, like I said.

...

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