Mark Carney on Central Banking and Shared Values

May 26, 2021

Mark Carney, former Governor of the Bank of England and author of 'Values: Building a Better World for All,' shares insights on the interplay between values and economics. He discusses the mentalities of ice hockey goalies versus central bankers and the importance of planning for failure. Carney delves into the liquidity trap debate, proposes reforms for central bank governance, and emphasizes climate change's role in economic stability. His reflections range from personal experiences to the global economic landscape, showcasing the significance of shared values in addressing challenges.

Ask episode

AI Snips

Chapters

Books

Transcript

Episode notes

ANECDOTE

Marine Biology vs Economics

Mark Carney considered marine biology before economics.
He abandoned this idea after entering college.

INSIGHT

Why Economics?

Economics offers a unique lens for understanding the world, both micro and macro.
Carney finds economics more satisfying in this way.

INSIGHT

Goalie's Perspective

Goalies in ice hockey face danger directly.
This differs from other players who can be hit from behind or the side.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

As a Canadian economist who once served as the Governor of the Bank of England, Mark Carney has had many occasions to reflect on the importance of values. Whether it’s ingratiating himself as a public servant in a foreign country, managing a central bank, or addressing climate change, he’s seen the power of shared objectives and the importance of value alignment in addressing critical and complex problems. As the global economy attempts to recover from the COVID-19 pandemic, Carney has published these lessons in a new book, Values: Building a Better World for All.

In this special bonus episode, Mark joined Tyler to discuss why he went into economics instead of marine biology, the temperamental differences between ice hockey goalies and central bankers, why it’s important that central bankers plan for failure, what he learned from his father’s work with indigenous Canadians, how growing up near Alberta’s tar sands made him understand the power of the market, the biggest misconception people have about Goldman Sachs, how he established trust as a public servant in a foreign country, his advice for public speaking, why he prefers to speak early during large meetings, the validity of liquidity trap theories, the changes he’d make to the federal reserve governance structure, the greatest challenge of running a central bank, potential regulatory strategies for central bank digital currencies, how decentralized finance (DeFi) should be regulated, how central banks should address potential risks caused by climate change, what went wrong with Canada’s response to COVID-19, why there seems to be little populism in Canada, the future of the Toronto Raptors, where to find the best food in Canada, the best Clash album, the causes of the UK productivity slowdown, the most surprising thing he learned while writing his new book, his predictions for the future global economy post- COVID, and more.

Read a full transcript enhanced with helpful links, or watch the full video.

Recorded May 21st, 2021 Other ways to connect

Follow us on Twitter and Instagram
Follow Tyler on Twitter
Follow Mark on Twitter
Email us: cowenconvos@mercatus.gmu.edu
Subscribe at our newsletter page to have the latest Conversations with Tyler news sent straight to your inbox.

Photo credit: Toby Madden