Freakonomics Radio 425. Remembrance of Economic Crises Past
Jul 9, 2020
Christina Romer, a leading economist and former chair of President Obama's Council of Economic Advisors, dives deep into the lessons learned from past economic crises. She compares the COVID-19 pandemic's impacts with those of the Great Depression and the 2008 recession. Romer discusses the necessity of federal support during downturns and emphasizes the importance of historical insights for future recovery strategies. She also highlights the dynamic nature of the U.S. economy and the importance of optimism amid ongoing challenges.
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Romer's Surprise
- Christina Romer, an economic historian, expresses surprise at experiencing historic economic events.
- She recalls her surprise during the 2008 recession and now the pandemic.
Romer's Focus
- Romer's interest in economics stems from its impact on people's livelihoods.
- Her experience during the Volcker recession shaped her focus on economic downturns.
Parental Influence
- Romer's parents, who lived through the Great Depression, influenced her frugality.
- She recalls their anxiety over a mortgage, highlighting the Depression's lasting impact.