Intelligence Squared Zombie Economics, with Paul Krugman and Linda Yueh
Feb 14, 2020
Join Nobel prize-winning economist Paul Krugman, a columnist for The New York Times, alongside broadcaster Linda Yueh, as they tackle the eerie realm of 'zombie economics.' They dissect enduring economic myths, particularly the flawed notions of austerity and tax cuts for the wealthy. Krugman emphasizes the potential long-term damage of Brexit on the UK economy and the intricacies of services trade. Delving into political polarization, they critique the media's role in shaping narratives while celebrating the art of making economics accessible and engaging.
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Bubbles and Regulation
- Financial bubbles are inevitable due to human enthusiasm.
- The severity of a burst depends on factors like deregulation, as seen with the 2008 housing crisis.
Austerity's Harm
- Austerity, driven by a perceived need to control debt, can worsen economic depressions.
- This idea persists despite evidence, harming economies like the US, which could have reached 4% unemployment by 2014.
Tax Cut Myths
- Ronald Reagan claimed tax cuts would pay for themselves, which George H.W. Bush rightly called "voodoo economics".
- Despite repeated failures, many US senators still insisted on tax cuts increasing revenue in 2017.
