The Economic History Podcast Debt, Default and Debt Mutualisation
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May 25, 2020 Rui Estevez, Associate Professor at the Graduate Institute of International Development and Editor of the Financial History Review, dives deep into the history of public debt. He discusses the complexities and economic costs of government defaults, particularly in Latin America. The conversation highlights the evolution of debt mutualization, especially regarding Eurobonds, and its potential implications for national credit ratings and bondholders. Estevez also emphasizes the importance of understanding historical case studies to navigate today's financial landscape.
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Krugman's Inspiration
- Paul Krugman's interest in economics stemmed from Isaac Asimov's Foundation series.
- He was fascinated by the psycho-historians who used social laws to save civilization.
QWERTY's Path Dependence
- Paul David's "Economics of QWERTY" explains why seemingly arbitrary standards persist.
- The QWERTY keyboard layout's adoption exemplifies path dependence.
Measuring Living Standards
- William Nordhaus's work highlights the difficulty of comparing living standards over time.
- The quality of goods, like lighting, improves drastically, making price comparisons misleading.