In Conversation with a Nobel Prize Winner and a Discussion on Equities
Oct 14, 2024
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Simon Johnson, a 2024 Nobel Prize winner in Economics and MIT professor, shares insights on technology's impact on jobs and wealth disparity. Lori Calvasina analyzes the potential downturn in US equities amid election uncertainties, while Johanna Chua offers a deep dive into China's fiscal strategies and growth outlook. Amrita Sen discusses energy policies, including Saudi Arabia's production strategies and the implications of low inventory levels. Together, they explore the complex dynamics shaping today’s global economy.
Simon Johnson highlights the importance of addressing historical legacies and governance choices to foster inclusive prosperity among nations.
Lori Calvasina raises concerns about a potential downturn in US equities as the presidential election and geopolitical uncertainties unfold.
Deep dives
Managing Year-End Stress
The end of the year often brings stress due to pressures from work and family commitments, leading to nervous system overload for many individuals. Therapy is highlighted as an effective way to address and manage this stress, helping people prioritize what truly matters in their lives. Utilizing platforms like BetterHelp allows for flexible access to licensed therapists via various communication methods, catering to individual preferences. Such support can be crucial in navigating the challenges of the busy holiday season and closing the year on a positive note.
Technology's Societal Impact
The conversation emphasizes the significant role of technology in shaping society, particularly regarding its inclusivity. There is concern that excessive automation over the past decades has resulted in fewer quality job opportunities, affecting living standards for many. Experts argue that as technology progresses, it is crucial to generate good job opportunities to keep pace with automation's impact. A collective effort is needed to ensure that technological advancements benefit a larger segment of the population rather than creating disparities.
Economic Disparities and Choices
The discussion underscores the importance of understanding why some countries prosper while others remain impoverished, attributing some of this disparity to historical legacies and choices. Countries with a history of harsh colonization face unique challenges that hinder their development. However, the notion that economic outcomes are predetermined is challenged, as the choices made regarding governance, technology, and anti-corruption measures play a crucial role. Institutional improvements aimed at fostering inclusive prosperity are necessary to create opportunities for all citizens.
Navigating Trade Policies
The implications of implementing tariffs as trade policies are critically examined, suggesting that such measures can harm both the economy and consumer groups, particularly lower-income Americans. A significant increase in tariffs on imports is warned against as it could disrupt current trading systems and raise costs for consumers. It is noted that trade policy should consider the broader consequences on vulnerable populations rather than yield to political pressures. The need for balanced and thoughtful approaches to trade that promote fair practices without adverse effects on society is emphasized.
Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene and Paul SweeneyOctober 14th, 2024 Featuring:
Simon Johnson, Professor: Entrepreneurship/Head: Global Economics at MIT Sloan School of Management, on winning the 2024 Nobel Prize in Economics
Lori Calvasina, Head of US Equity Strategy at RBC Capital Markets, discusses whether there's potential for a downtown in US equities amid the presidential election and geopolitical uncertainty
Johanna Chua, Head of Asia Pacific Economic and Market Analysis at Citi, joins to talk about China's fiscal announcement this weekend and gives her outlook for China growth
Amrita Sen, founder and Director of Research at Energy Aspects, talks about the outlook for energy and oil