In this podcast [20 min], Insightview discusses with Torben M. Andersen, Professor at the Department of Economics and Business Economics, Aarhus University, whether Europe and the United States have eliminated the business cycle. Torben led the economic expert group, which advised the Danish government on the phasing out of the Covid19 relief packages.
In the past, the United States and Europe often advised emerging market countries on what not to do. This applies to human rights - and economic policy. However, this advice sounds hollow in light of the American and European involvement in the Iraq invasion, Guantanomo prisoners and now money-printing. Unfortunately, we no longer have the moral ground to lecture other countries on how to behave. Our credibility has evaporated.
The editor asks what are the economic consequences if we keep the economy away from the real equilibrium – or, more precisely, what are the economic implications of preventing economic downturns? Are we accumulating imbalances that risk creating a more severe economic and financial crisis further down the road?
Music: Melodyloops, 'Technology Park' – MediaM
