The Economics Show

Mervyn King, former Governor of the Bank of England and author, joins Martin Wolf, chief economics commentator at the Financial Times. They dive into why central banks mismanaged inflation post-pandemic and the challenges ahead. King discusses the importance of maintaining independence amid political pressures, especially as the landscape shifts with cryptocurrencies. They also reflect on the economic fallout of Brexit and how it has reshaped fiscal strategies in the UK. This engaging conversation is both insightful and eye-opening!

Abraham Newman, a political science professor at Georgetown University and an expert on weaponised interdependence, dives deep into the shifting sands of global economics. He critiques U.S. tariffs as an outdated form of economic warfare, warning of their implications on global trade dynamics. The conversation explores the intricacies of U.S.-EU relations, highlighting Europe's struggle to adapt to new coercive economic strategies. Newman also discusses the potential for EU-China collaboration, emphasizing the need for a united front against rising geopolitical tensions.

Ulrike Malmendier, a Professor at UC Berkeley and a key member of Germany's Council of Economic Experts, discusses Germany's economic woes and potential recovery strategies. She highlights the recent loosening of debt limits aimed at revitalizing stagnant growth and the manufacturing sector. Malmendier emphasizes the need for long-term investments and structural reforms, focusing on education and innovation to improve competitiveness. She also reflects on how economic pressures influence the youth, advocating for a hopeful environment amid uncertainty.

In this discussion, Paul Johnson, Director of the Institute for Fiscal Studies, dives into the UK's pressing fiscal challenges. He analyzes the aftermath of stagnant economic growth and rising borrowing costs faced by the government. As defense spending escalates, he weighs the implications of breaking tax pledges. Johnson critiques the government's growth strategies while assessing the balance between defense needs and welfare commitments. Listeners gain insight into the future of public finances and the necessity for transparent fiscal policies in turbulent times.

Modern industrial economies were made possible by automation and mass production, but also by something similar going on inside the world of management. Where once all the decisions were made by an identifiable boss, now they are farmed out to rule books, bureaucracies and computer algorithms — and nobody is individually accountable for them. The FT’s Andrew Hill speaks to Dan Davies, economist and author of The Unaccountability Machine, who explains how the industrialisation of management decision-making was inevitable in our increasingly complex world but has had unforeseen consequences, such as “accountability sinks” and the rise of populist politicians. Nonetheless, there are solutions, including AI, the 1950s management theory of cybernetics and the return of the much-maligned middle manager.Andrew Hill is senior business writer at the Financial Times and consulting editor at FT Live. You can find his latest features and columns here, and enjoy his Big Read on the woes of America’s industrial giants here.Subscribe to The Economics Show on Apple, Spotify, Pocket Casts or wherever you listen.Presented by Andrew Hill. Produced by Edith Rousselot and Laurence Knight. The editor is Bryant Urstadt. Manuela Saragosa is the executive producer. Audio mix and original music by Breen Turner. The FT’s head of audio is Cheryl Brumley. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

After decades of double-digit growth, China's economy has been expanding at less than half that since the pandemic. A property market crash, youth unemployment and now a trade war with the US are all adding to the country’s woes. So has the Chinese juggernaut finally run out of gas? Martin Wolf speaks to Keyu Jin, a Chinese economist who has lived and worked most of her life in the US and UK, and is currently a professor with the Hong Kong University of Science and Technology, as well as at Harvard. She says that China remains widely misunderstood in the west.Martin Wolf is chief economics commentator at the Financial Times. You can find his column hereSubscribe to The Economics Show on Apple, Spotify, Pocket Casts or wherever you listen.Presented by Martin Wolf. Produced by Laurence Knight. Manuela Saragosa is the executive producer. Audio mix and original music by Breen Turner. The FT’s head of audio is Cheryl Brumley. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Adair Turner, chair of the Energy Transitions Commission and former head of the UK’s climate committee, dives into the urgent challenge of global decarbonization. He discusses the alarming rise in carbon emissions and the need for immediate action. Turner believes the EU and China can lead a renewable energy revolution, despite setbacks from political leaders like Donald Trump. The conversation also touches on the potential of geoengineering as a last resort and the complexities of implementing equitable climate solutions globally.

Minouche Shafik, an accomplished economist and member of the House of Lords, shares her insights on the shifting landscape of international aid. She discusses the UK's recent budget cuts and the potential decline of generous health and education initiatives. The conversation highlights the rise of authoritarian powers like China in the aid sector and the need for quality over quantity in foreign assistance. Shafik also emphasizes the importance of long-term policy vision, especially in addressing challenges in global health and demographics.

In this engaging discussion, Richard Baldwin, a Professor of International Economics at IMD Business School and founder of VoxEU, shares insights with Martin Wolf, chief economics commentator at the Financial Times. They dive into the ineffectiveness of Trump's tariffs in today’s global trade context. Baldwin emphasizes the rise of digital services and invisible trade, challenging the notion of globalization's decline. They also unpack the implications of automation and AI, rethinking labor dynamics and the shift from manufacturing to service-oriented economies.

Alice Evans, a Senior Lecturer at King's College London and author of The Great Gender Divergence, discusses the alarming decline in birth rates worldwide. She and John Burn-Murdoch explore the economic consequences, including increased pension burdens and reduced innovation. The conversation reveals how changing relationship dynamics and socioeconomic factors contribute to this trend. They also critique the ineffectiveness of financial incentives for boosting fertility, advocating for a deeper understanding of societal issues like loneliness and shifting gender roles.