In this engaging discussion, political scientist Mark Blyth, a professor at Brown University and co-author of 'Angrynomics', teams up with Anne McElvoy from The Economist. They delve into the economic consequences of the COVID-19 pandemic, weighing how lockdowns might reshape our economic landscape. The duo explores the challenges of restarting economies while prioritizing public health, critiques the impact of globalization, and examines how the crisis could lead to a reevaluation of governance practices. Their insights promise to spark thought-provoking discussions about our future.
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insights INSIGHT
A Unique Economic Crisis
This economic crisis is unique because banks remain stable, unlike in typical financial shocks.
It's more of a wartime shock, with demand collapsing but no capital destruction.
insights INSIGHT
Globalization and Vulnerability
Small, open economies have large welfare states as shock absorbers.
Globalization optimized redundancy, creating tightly coupled systems vulnerable to shocks.
insights INSIGHT
Lockdowns and Consumption
Supporting consumption is crucial, even if minimal, to prevent corporate failures.
Prolonged lockdowns may lead to behavioral changes like increased precautionary savings.
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In 'Angrynomics', Eric Lonergan and Mark Blyth explore the increasing levels of stress, anxiety, and anger despite economic indicators suggesting improvement. They distinguish between moral anger, which is a legitimate response to economic disparities, and irrational tribal anger exploited by populists. The authors propose innovative policies such as sovereign wealth funds, cash transfers to households, dual interest rates, and profit sharing to address these issues. The book also includes a postscript on the COVID-19 pandemic and its impact on societal anger and frustration.
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As concern over Covid-19 shifts from a global health crisis to a global economic crisis we speak to political scientist Mark Blyth, author of the forthcoming book 'Angrynomics' about what this pandemic really means for the economy. How long can we afford lockdown? Is it time to abandon globalisation? And can our economies ever return to 'normal'? Mark Blyth was interviewed by Anne McElvoy, senior editor at The Economist and head of Economist Radio. You can find more about his forthcoming book here: https://amzn.to/3aP7ePH
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