SUPD Presents "Can You Talk Real Quick" with Economist Dean Baker
Stand Up! with Pete Dominick
Pete Dominick
4.8 • 1.2K Ratings
🗓️ 14 June 2023
⏱️ 27 minutes
🧾️ Download transcript
Summary
Welcome to my new Series "Can you talk real quick?" This is a short, efficiently produced conversation with someone who knows stuff about things that are happening and who will let me record a quick chat to help us all better understand an issue in the news or our lives as well as connect with each other around something that might be unfolding in real time.
Today I zoomed up with my favorite economist Dean Baker to talk about the Federal reserve announcement that it won't raise interest rates for the first time in over a year and we also discussed his recent piece on the impact AI will have on the future economy. Read his piece about that here
Dean Baker co-founded CEPR in 1999. His areas of research include housing and macroeconomics, intellectual property, Social Security, Medicare and European labor markets. He is the author of several books, including Rigged: How Globalization and the Rules of the Modern Economy Were Structured to Make the Rich Richer. His blog, “Beat the Press,” provides commentary on economic reporting. He received his B.A. from Swarthmore College and his Ph.D. in Economics from the University of Michigan.
His analyses have appeared in many major publications, including the Atlantic Monthly, the Washington Post, the London Financial Times, and the New York Daily News.
Dean has written several books including Getting Back to Full Employment: A Better Bargain for Working People (with Jared Bernstein, Center for Economic and Policy Research 2013), The End of Loser Liberalism: Making Markets Progressive (Center for Economic and Policy Research 2011), Taking Economics Seriously (MIT Press 2010) which thinks through what we might gain if we took the ideological blinders off of basic economic principles; and False Profits: Recovering from the Bubble Economy (PoliPoint Press 2010) about what caused — and how to fix — the current economic crisis. In 2009, he wrote Plunder and Blunder: The Rise and Fall of the Bubble Economy (PoliPoint Press), which chronicled the growth and collapse of the stock and housing bubbles and explained how policy blunders and greed led to the catastrophic — but completely predictable — market meltdowns. He also wrote a chapter (“From Financial Crisis to Opportunity”) in Thinking Big: Progressive Ideas for a New Era (Progressive Ideas Network 2009). His previous books include The United States Since 1980 (Cambridge University Press 2007); The Conservative Nanny State: How the Wealthy Use the Government to Stay Rich and Get Richer (Center for Economic and Policy Research 2006), and Social Security: The Phony Crisis (with Mark Weisbrot, University of Chicago Press 1999). His book Getting Prices Right: The Debate Over the Consumer Price Index (editor, M.E. Sharpe 1997) was a winner of a Choice Book Award as one of the outstanding academic books of the year.
Among his numerous articles are “The Benefits of a Financial Transactions Tax,” Tax Notes Vol. 121, No. 4 (2008); “Are Protective Labor Market Institutions at the Root of Unemployment? A Critical Review of the Evidence,” (with David R. Howell, Andrew Glyn, and John Schmitt), Capitalism and Society Vol. 2, No. 1 (2007); “Asset Returns and Economic Growth,” (with Brad DeLong and Paul Krugman), Brookings Papers on Economic Activity (2005); “Financing Drug Research: What Are the Issues,” Center for Economic and Policy Research (2004); “Medicare Choice Plus: The Solution to the Long-Term Deficit Problem,” Center for Economic and Policy Research (2004); The Benefits of Full Employment (also with Jared Bernstein), Economic Policy Institute (2004); “Professional Protectionists: The Gains From Free Trade in Highly Paid Professional Services,” Center for Economic and Policy Research (2003); and “The Run-Up in Home Prices: Is It Real or Is It Another Bubble,” Center for Economic and Policy Research (2002).
Dean previously worked as a senior economist at the Economic Policy Institute and an assistant professor at Bucknell University. He has also worked as a consultant for the World Bank, the Joint Economic Committee of the U.S. Congress, and the OECD’s Trade Union Advisory Council. He was the author of the weekly online commentary on economic reporting, the Economic Reporting Review (ERR), from 1996–2006.
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Transcript
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| 0:00.0 | Hello, and welcome to another episode of Stand Up with Pedantic Presents. |
| 0:05.5 | Can you talk real quick, which is my version of a minipod, a quick conversation I, a quick |
| 0:10.2 | call that I have with an important thoughtful expert about a relevant or ongoing issue |
| 0:15.6 | or situation. |
| 0:16.6 | Today, I welcome award-winning, highly respected, almost always predicts it right, economist |
| 0:22.0 | my favorite Dean Baker of the Center for Economic Policy Research, C-E-P-R dot net, where |
| 0:27.9 | he does the best criticism of media economic reporting that is out there anywhere, in my |
| 0:34.1 | opinion. |
| 0:35.1 | He also writes and contributes articles to a wide range of outlets, including C-E-P-R dot |
| 0:39.9 | net, where he has recently written about artificial intelligence and whether or not it's |
| 0:44.6 | going to replace all of our jobs, doesn't necessarily think it will be. |
| 0:48.1 | I talked with him about that, and I think that's an evergreen conversation for any time, |
| 0:52.4 | so share this one with your friends, certainly the second half of this conversation, but the |
| 0:56.2 | more imminent or relevant conversation is the first half of our talk, which is about |
| 1:00.6 | the Fed and interest rates and inflation, which it was announced today would be put on |
| 1:05.4 | hold, at least for a minute. |
| 1:06.8 | The Federal Reserve pauses interest rates after 15 months of hikes, Federal Reserve pauses |
| 1:11.4 | interest rates hikes for June as Central Bank evaluates economy, and finally a third |
| 1:16.0 | headline from the New York Times, Fed leaves rates unchanged for now. |
| 1:20.3 | So we talked about both those issues, AI replacing jobs and interest rates and inflation. |
| 1:26.0 | As always, I try to keep up with Dean Baker in this conversation, and you can keep up |
| 1:30.6 | with Dean everywhere on Twitter at Dean Baker 13, and like I said, C-E-P-R dot net, Dean |
... |
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