#29: Discussions with Professor Danny Blanchflower (Dartmouth College, MPC member of Bank of England 2006-09)
Professor Danny Blanchflower (@D_Blanchflower) joins me to discuss the state of the global economy; we touch on many areas including how Central Banks are seemingly incapable of forecasting recessions, and how 'group think' within Economists (and Academics in general) has become so persuasive, that dissenting voices are not wanted... Danny dissented on 18 of the 36 Bank of England Monetary Policy Committee (MPC) votes he was involved in from 2006-09, and 13 of these 18 he was the sole dissenter. Phone calls from the Prime Minister of the UK followed, where the PM backed Danny up and told him he was right, and how can they get the rest of the MPC understand this? We also look to the future - what can be done by Politicians and Central Bankers to lay the foundations for future growth, with ideas including large investments in education & infrastructure - after all, if the US Treasury can borrow in-effect near unlimited money, then why is it not investing in the future? This was a really fun conversation and at times it gets more technical (google 'NAIRU' if you are unsure what it is!), as always, please DM me on twitter (@Darky999) if you have any feedback, whether good/bad/ugly, and also if you have ideas for future episodes