In a (for me!) brief presentation with 7
slides, I explain why rising private debt necessarily causes increased
inequality, and leads to an economic crisis when the rate of growth of
debt exceeds the rate of decline of wages as a share of national income.
Crucially, the actual breakdown is preceded by an apparent period of
tranquility–a “Great Moderation”.
This was a short talk to a public audience at ESCP Europe in Paris, which was presented in English and also translated into French by Gael Giraud, Chief Economist of the French Development Agency and the translator of Debunking Economics (so the soundtrack is in both English and French).
This was a short talk to a public audience at ESCP Europe in Paris, which was presented in English and also translated into French by Gael Giraud, Chief Economist of the French Development Agency and the translator of Debunking Economics (so the soundtrack is in both English and French).
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