today, we examine the work of new zealand economist dr. richard meet. i, professor, debit bank flora of dartmouth college in the united states is this richard me as a research fellow and economics at auckland university of technology and principal economist of cognitive economic insight. he's brought forward a policy initiative of corporate family loans, which is as i viewed, will be more beneficial and affordable than short term lee by subsidies. it might be a promising alternative to the chancellor of the exchequer cutting benefits for the poorest people in the land. he's in conversation with alex dr. richard made. thank you so much for joining me on the alex island shore from auckland, new zealand as a raj nicely. alice not to be a lot of the economic analysis of, of the pandemic is focused on the, the acute face, the, the shot fallen. what o g d p, the shot recovery in many countries? but do you think that the longer term affects be constantly of what's called long cova, the long debilitating condition that many people are suffering from? i think it

but i'm not a specialist health economist. so if someone who strays into their territory outside of their majors used on things like quality adjusted life years and disability adjusted life years, which measures that economist health economists around the world news to get a sense of how you can compare different kinds of illnesses and if you're literally and, and because economists are cold blooded and we don't get invited to parties, we put a dollar value on these things. we, we say that's effectively losing a certain number of life years altogether has a certain price in even if people don't lose a life per se, but they lose the quality adjusted life years because they saw some sort of debilitation. for example, we put a price on that so, and we only do it because we have to figure out how to ration resources. obviously we need to figure out what's the best way to use the finite results. we have to get the most benefit for society and if it requires these sorts of called blended assessments, it's just something we have to d

he was a greater economist but as john kaine said you cannot be a good economist if you're only an economist. what he meant is all you think about is cost and benefits and you have a sociopath at the center you knock it into economics and adam smith was such a temptation to make it easier, make it easy and now it's become this is true of the marxist economics when i was a kid i was overthrown by marxism because all you needed to know was the history and society is the history of class trouble and your education and all you need to know from economics is modern economics is cost and benefits. i think we need to get that to economics. >> he went from being a marxist to attending freedom festa libertarian convention today. >> certainly did although i would prefer to get wood of the word libertarian because back to the own word liberal which is what i am and most of these people are which i mean people believe that no one should be afraid of their husband, their master to the state and have this liberalism as all other political philosophies to treat people as sad or bad and i think we should be

economists to new zealand. i start looking at the u. k. in other come to think, why haven't you analyzing these things and recognizing that the huge potential economic impact as well as human suffering a off what is happening in terms of the spread of us contagion, might strike you as ironic. but i think a lot of the local economic analysis has been rather more critical in that response as much as that's been not, not a bad outcome for us, but the did the implicit price that's been attached to citing a life even use it as is very very high, and so some economists are wondering why we doing this when we could be rushing out resources and otherwise, why don't we shut down our economy and borders for the seasonal flu that kills talking to people a year for example. so it's nice sort of if you're being strictly purely rational about it, you would make these very tough comparisons for the look beyond the way we did us and think about what the various strategies might be around the world and which ones are worked out better than others, i'm sure

i am an economist also historian i've been a professor of english and philosophy. i think economics should not give up the numbers or anything like that. but it should add to it what we can learn from the humanity from shakespeare i learned a lot every time i hear the flute and harp it is an all hands on deck idea we have to understand our whole life. and in particular always catch myself when it talk about adam smith. not only adam smith but his followers until now you think they can do economics just by watching people but watching people not tell you about the meaning that they bring to their economic life. what is your job been to you? what does consumption mean to you? we as humanities consider and modern economics does not. i am in favor of human onyx. >> doctor, and your view what does a shakespeare or mozart add to our understanding of her economic life. >> they tell you why people do things the heroes are middle class. one of the main characters there and the merchant of venice is a fool for love. what you learn from that is that shakespeare's time did not

policies pushed by the bulgarian economist.uka: meanwhile, the world bank says the covid-19 crisis has pushed the debt burden of four countries to a record level. --oor countries to a record level. it says the collective debt burden of low income countries rose 12% to $860 billion. the world bank is calling for a company plan to bring poorer countries debt to sustainable debt -- sustainable levels. it is also seeking $100 billion in donations to help tse nations amid worsening disparities in the post-pandemic recovery between advanced and developing economies. three men shared this year's nobel prize for economics. one from the university of california, while two of m.i.t. and stanford share the other half. their work is based on a method of research where economist analyze real-life situations to determine cause and effect relationships. the research has shown that raising the minimum wage does not lead to less hiring and immigrants do not lower pay for the general reinforce -- general workforce. they were credited for creatin

but he was a conservative economist. he believed that growth is crucial, that actually poverty cannot be eliminated except for growth. and i mean, ironically, brenda was also a person who was the 1st started interpersonally i mean equality using the fiscal date. so he was actually nichol. i missed the started inequality by the law, but believe that you could not change. so apt that boris johnson would arguably use such a figure. conservative thinker off to rule, but on some might say that he was a civil take is the causing a 20 pound payment to the 6000000 poorest people in this country that some say will lead to 800000 people falling below the poverty line. i think you've been writing recently that the well that the me ologist, obviously a blame for coven deaths, for not reacting properly. i mean, that's that field. the politicians and the leads don't seem to be accountable for rising inequality. i do think that we were all like, all profession someplace the effects of 1st of all, i mean, you mentioned it to me ologist.

does a lot of economists will tell— economists?ell you _ economists? does a lot of economists will tell you one think of another lot will— will tell you one think of another lot will tell you another thing. likewise — lot will tell you another thing. likewise surely with scientists. but as i likewise surely with scientists. but as i say— likewise surely with scientists. but as i say the — likewise surely with scientists. but as i say the blame game is under way _ as i say the blame game is under wa . r , , way. and it will be interesting to see what happens _ way. and it will be interesting to see what happens when - way. and it will be interesting to see what happens when this - see what happens when this full public inquiry takes place. at the moment in some unknown timeframe, although the suggestion was that it would start work by the spring, it's move0n. ships unable to dock and unload goods for christmas, they have a picture that appears also on the ft slightly larger and clearer on the ft one. which is a big pile of container

and, alexandra, i'm sure in a sense the economist has to think hard about this, too.i think what unites both of these stories is it confirms things that people already suspected and didn't quite know. also, how so, also how... everyone assumes that the wealthy and oligarchs kind of bend the rules and own properties in tonnes of different luxurious territories. and everyone kind of assumes that facebook chooses profits over consumers and societal welfare. how do you tell what might feel like a familiar story in a new way? i think a lot of it also comes down to the writing, i would like to think. and to a certain extent the framing, so that you remind the user, your readers, what is truly new and why they need to care. well, just before we end, let's think about what, if any, impact public interest journalism can actually have. juliette garcide from the guardian, will the pandora papers actually change anything, do you think? we're waiting for long—promised better transparency in the uk about who owes what land, for example, what property. let me turn to you, ben smith,

laureate economists in economics saying what i am proposing will reduce the inflation.ing, so many pieces on the table and moving. how they get resettled depends on the judgments we make and whether or not the united states among others can lead the world in the direction that is going to increase the circumstances for a high standard of living for workers and abroad as well as making sure that people have an opportunity, i used the phrase breathing room, i meant what i said. my breathing room, i meant what i said. my desire was to build this economy from the bottom up, not the top down. that is what is in process of happening. in the meantime, there has been enormous changes as the consequences of covid, on the supply chains because a lot of the factories and operations that produced material that we need for supply chains, everything from shoes to dealing with computer chips, they are out sick, not working. it is changing. economy is changing, the us has to stay ahead of the curve, thatis us has to stay ahead of the curve, that is why i introduced the interchangeabili

they have an -- a bipartisan group of economists.hey brought an advisory group that did not have much to do with it but gave them a good sheen. ken roebuck, matt slaughter. they went to a few meetings. you would think these guys were the brain trust. susan: campaign contributions. david: right. sean parker was a big contributor to democrats. when the think outgoing he switched ed increased to -- he switched and went both to democrats and republicans. he flirted with republicans in the 2016 campaign until donald trump got nominated at which point he sided with the hillary clinton camp. i don't think these campaign contributions by votes in this case, but i think they are a combination of getting you into see someone who is a big, rich contributor. they are a banknote with a big check attached. susan: two inside baseball stories "sneak peek for members of congress and also a launch event david: in a sense in silicon valley you get a couple of big named investors to back your company. then other people say, if those guys are in it i wan

jonathan: the chief economist from goldman sachs 90 minutes away. your equity market is negative on the s&p 500. negative around one third of 1%. the treasury market is closed today. we did close north of 1.60 on friday. in the bund market yields are higher. in the fx market, your euro is little bit weaker. there it is. $81 on wti. kailey: the highest since 2014, feeding into the stagflation fear that may be in this market. we have to talk about what is going on in washington, d.c. the imf and world bank meetings will kickoff. it will not be around the commentary around the global economy. the undercurrent of the meeting will be the scandal shot -- surrounding the managing director and the ethics concern involving her time at the world bank and the actions she may have been taking around china. we could get a decision on her fate as early as today. that would be pulling focus in washington, d.c. also happening, the annual meeting of the institute of international finance. among the speakers will be jamie dimon and brian moynihan. interesting to get

ready i mean, what is the state of the bubble for economist at the moment? i mean, i noticed the pandora papers released this month. no us politicians were in it. and i know that you've commented on the fact that it is. it is axiomatic amongst western journalists. say they didn't nation journalists that capitalism and democracy are associated and you cause some doubt to them that well, i think that actually, historically, that was not true. so, you know, one doesn't need to, to spend too much time because you can kind of benefits for the last century spent . most of them, you know, start, i mean, not just example of fascist and it's only but countries in south america, even take a united states that was actually a slave owning entry until $865.00 and it and, and even you can take britain which are very limited french, it written with the french is 8 percent of the population. there's a democracy today. so, you know, i don't even later in the us for vote for people who are out, but they're going to be on delayed in 65. and then a $65.00 and movement for the r

economists historically, even the intelligence unit. and we knew that they don't have a universal health care system. the health system is completely inefficient because it spends the us taxpayer spends way more on health care and they don't get the provision show you what they expect us to be hit was my bad demick, obviously why you know what it now. it seems obvious, but it didn't seem obvious that and we, i think we're definitely surprised by the extent when it was recent compared to the u. s. b during the civil war and vietnam war and so on. so you can, as a said, you can compare it to the cultural revolution with that adjustment for the population size. and if you would go, there is no doubt about that. and i think a lot of would be a bit about that. especially the fact that the crisis is not over. so we're actually at some point we don't know if we have 2 thirds of the overall best or maybe 60 percent or maybe one. so it is absolutely still or no, but it is a huge number because in the propaganda context of this, if china has done

i am a supply and demand economist. in the long term i recognize we need structural reforms in congress to improve the long-running growth and employment prospects of the economy. the gentleman alluded to the lacquer curve. if taxes are high, you can still bring in more revenue. it promotes economic activity. economist debate the validity of that. i am generally skeptical at current tax levels that in general reducing taxes would bring in more revenue. there are some special circumstances in which that does hold. one pernicious one is among the poor, who we have a special obligation to help. the way we have our benefits system structured, taxes -- over 100% of each dollar earned if they choose to go out and work. they will lose more than one dollar they earn in wages. ways of modifying our system to help the people that are worse off while at the same time not imposing 100% tax rates on them could be a way of helping bring more people into the labor force, which is good economically and socially. host: talking about the

people will buy less of it to which economists replied hang on a second. i thought your concern was how much sugary drinks before drinking. to which the components said look, if sales of sugary drinks have declined really people are drinking less. the economist did some studies and what they found was that consumption of sugary drinks in philadelphia did not decline. after the tax and that raises a question how can that be the sales of sugary drinks are declining but the consumption isn't and what was going on is people with this 30 percent tax on sugary drinks were driving outside of philadelphia's city limits divider sugary drinks. and while they're driving outside of philadelphia divider sugary drinks what else are they going to do? by their groceries and all of a sudden there was a tremendous decline in grocery sales within the city of philadelphia. this is an unintended consequence of busy bullying and you see this time and again when people who for good and noble reasons think that they should tell other people how to live their lives more often than

there is no economist on earth that disagrees with that.own us that it's possible to do this and still have a healthy economy. that's not to say that nudges can't help. automatically enrolling people into a green energy source increases enrollments by 50 percentage points. telling people how much energy they're using compared to their neighbours reduces energy useage by two or three percent. that may seem like a small number but, as president obama used to like to say, better is good, meaning every two percent helps. so we are not going to get to where we need to go only with nudging and only with choice architecture, but it can help. but let's start by getting the prices right. so nudging and coercion in certain cases, and certainly climate would be one, would be one need to live side—by—side? we need a complete... notice getting the prices right doesn't involve coercion. that's letting people decide whether they want... no but— 0k, fair enough, but banning the combustion engine, as many governments are now looking to do by 2035 or 2050 or

most economists are demand side or supply side economists, they have various theories of the businesse years i observed something remarkably simple and that is it is profitable companies that hire workers, that create jobs and expand their capacity. this notion that the president is constantly telling us they created all these jobs, it is nonsense, businesses create jobs. we really don't want to get in the way of that job creation machine and i think that we have to have more respect for profits. progressives, people on the left, tend to view profits somehow as ill-gotten. profits are at all-time record high. a lot of them think they must have exploited somebody. exploited their workers, government or not paying enough taxes for road and bridges. >> goes back to karl marx surplus value and manipulation. the idea if you're making a profit you took it out of the hide of the worker but we know it is the exact opposite and i hope they doesn't ruin this gravy train because it has been good for most americans. we always love having you on. congratulations of the books. i will definitely be

the economist _ paid attention to. the economist recently i paid attention to.ist recently said it paid attention to. the economist recently said it is a shockingly possible war but i guess america, which was questioned about its role in afghanistan, some said it had left the afghans in the lurch recently, he said their support for taiwan is rock—solid now and presumably from the recent actions, you would agree. i would agree with that. i think that afghanistan is much more akin to us behaviour in places like ukraine or syria orformer soviet georgia, places that the americans had some commitment to didn't really care about from a national security perspective. but it is very clear from all of the actions taken by both the trump and biden administrations that taiwan is very different and believe me, senior leaders in beijing understand the difference.— beijing understand the difference. let's get some of the days other news now. north korea said it would restore severed inter—korean hotlines starting on monday, state media kcna reported. north korea severed the h

the chief us economist _ efficiency. the chief us economist is _ efficiency.ef us economist is oxford . efficiency. the chief us - economist is oxford economics economist is 0xford economics and says he thinks the agreement is a step in the right direction. i agreement is a step in the right direction.— right direction. i think this is indeed _ right direction. i think this is indeed something - right direction. i think this is indeed something that l right direction. i think this | is indeed something that is quite — is indeed something that is quite a _ is indeed something that is quite a feat in terms of multilateralism. what we've managed to achieve is a global court _ managed to achieve is a global court whereby the level playing field and jurisdiction will be met— field and jurisdiction will be met and _ field and jurisdiction will be met and by companies will no longer— met and by companies will no longer have this ability to choose _ longer have this ability to choose the jurisdiction in which _ choose the jurisdiction in which they decide to be taxed.

people are a lot more stock than economists realized.econdly, americans are moving left the used to. fewer people move from one county to another than 20 years ago. third, frankly, i think a lot of economists were in shock because that donald trump won. when they ask themselves why, they saw a lot of people who were really left behind and angry in the realized that in those communities where shockingly low percentages of adult actually have jobs and we have the whole opioid crisis and stuff like that, just saying these people should move wasn't going to work. i think economy -- economists are more open to place-based policies, but they are very skeptical that they work unless the entity our right to make sure that the incentives benefit the people who live there, not just somebody invests in the condo complex. host: talking about a legislative complex, two house members that were bipartisan cosponsors, why did they sign on? guest: pat -- was a senior republican from ohio. sean parker talked to him and he was just captivated. he had some

some economists went and did studies. what they found was that consumption of sugary drinks in philadelphia did not decline after the tax. and that raises a question, how can that be if the sales of sugary drinks are declining, but consumption isn't? what was going on is people faced with this 30% tax on sugary drinks were driving outside of philadelphia city limits to buy their sugary drinks. and while they're driving outside of philadelphia to buy their sugary drinks, what else are they going to do? they're going to buy their groceries. and all of a sudden there was a tremendous decline in grocery sales within the city of philadelphia. this is an unintended consequence of busy bullying. and you see this time and again when people who, for good and noble reasons think that they should tell other people how to live their lives, more often than not what you get is an unintended consequence or a sequence of unintended consequences where the outcome that you end up with is not at all what you had in mind when you passed the

economists see upward pressure with cpi expected to rise 5.8% on the year in september.was up 5.5% in august. in south korea, lgl electronics do to release earning guidance for the third quarter. there is also samsung electronics vice chair accused of using illegally. preliminary export data do around the top of the hour. plus, we are expecting a policy decision from the be ok front and center. the bank of korea decision expected to keep policy on hold after stepping out in front of most other central banks in august to raise its key interest rate. kathleen hays is here with the preview. what matters most today? kathleen: clearly, it's what the bank of korea says what they signaled to us about a future rate hike. at this point, they are not expected to do anything but to rest after their rate hike. astana's -- it's not a complete surprise, but they went ahead with the 25 basis hike. let's take a look at the chart. the bond market. you look along the top, that orange line along the bottom is there key rate at 0.75%. look with the three year bond yield is doing. steadily c

haslinda: shank hsu, chief asian economist at bloomberg economics. made to a controversial shrine of the war anchoring these two countries only a week after becoming the leader. john, put this into perspective. why the move so soon after becoming prime minister? john: quickly after kishi dad became prime minister this month , it is showing japan's conservative base that he is on board with this war shrine in tokyo. it made a lot of people in japan angry, because more than 2 million japanese war vets are enshrined there. but there are also 14 war criminals enshrined there. making offerings of this sort seen as glorifying to past military conquerors like china. they cause difficulties in diplomatic relations. when you a new print minister and you make this sort of offering, it was not an actual visit by the prime minister to the shrine, but you are sending a signal to these countries that this will be a point of difficulty going forward, it also makes things difficult for the united states which is trying to balance relations in the region between sout

goldman sachs economist have cut their forecast for u.s.h this year and next, blaming a delayed recovery in consumer spending. in a new report they expect growth of 5.6% on an annualized basis in 20 to anyone. down from 5.7%. 4% growth down from four .4% previously. they had upgrades to their projections for the following two years. results for elections are expected within the next 24 hours according to the commission. the vote is an early test for the prime minister. he has been unable to form a consensus in iraq's structured politics on tacking domestic issues and political capital and brokering cost between iran's power and saudi arabia use -- saudi arabia's monarchy. global news, powered by more than 2700 journalists and analysts in more than 120 countries. shery: the u.s. secretary of labor says the september payrolls report shows the continued strain on employment on the covid 19 pandemic. he cited concerns of the delta variant and people changing some of the reasons for the week job numbers. he spoke to bloomberg's jonathan ferro. >

far below the expectations of many economists.comes against a backdrop of tensions and capitol hill where a catastrophic stalemate over the debt ceiling was nearly averted this week. >> this was truly surprising to economists and many people out there. just give you context, economists or predicting that the u.s. economy added 500,000 jobs last month. instead, what we got was something well below 200,000. the other thing to take away is that it is the second month in a row that the u.s. ha added jobs at a slower pace than had been expected. reflects a sharp slowdown from the jobs growth we saw in june and july. you are seeing how the coronavirus, the latest wave is putting americans off from going out, from traveling. all of the things that lead from -- lead to jobs. it is also keeping people from work. >> it may be cheaper than ever to afford the trendiest outfits. there is also an environmental cost to all of that fast action. brands are overproducing to meet the demands of modern styles and it is creating a huge probl places li

." >>> economists thought things were getting better but now we get the numbers. i'm shepard smith. this is the news on cnbc >> i see 194,000 that is real low >> the jobs report misses. hiring slows >> maybe it doesn't seem fast enough we're going to make it faster. >> cause for concern or another bump in the road. >>> the committee investigating january 6th now threatening criminal charges against steve bannon as the white house blows a hole in the former president's legal strategy >>> anti-mask protest erupts parents on both sides of the issue losing patience. growing furious. tonight, inside the fight dividing a community >>> doses of fentanyl sold on snapchat the company cracking down on drug dealers using the platform after multiple children died from taking counterfeit pills. >>> a suicide bombing at a mosque kills dozens. >>> new york city ending gifted and talented student programs. >>> and the first verdict in a college admissions scandal >> live from cnbc, the facts, the truth, the news with shepard smith. >> disappointing jobs data today, proving what experts have warned

the economists exabout pected spending to slow down thinking shoppers would be deterred by the deltaices ant the shortage of goods that we're experiencing, but in september total sales in businesses in the united states rose 0.7% from the previous month. sales at clothing stores up 1.1%, general merchandise stores up 2%, and a bigger increase of 3.7% at sporting goods, music and book stores, but now economists are looking to see whether shoppers can keep it up through the important holiday season here's cnbc steve liesman. >> the just completed third quarter was supposed to be a big one. it began with the nation hopeful that covid was in the rear view mirror consumers were forecast to return to the malls, the restaurants and airports economists forecast strong growth of more than 7% well, think again. delta came along, covid cases surged, consumers cocooned and the outlook slipped. the latest cnbc survey of economists now sees just a bit more than 3% growth in the quarter that ended in september, but yesterday's losses could be tomorrow's gains economists look for nearly 6% growth in

peter shift chief economist at euro pacific capital. and steve king, the economics professor, a patriot, it's great to have you all on the show today and professor wolf. i want to start with you. now when we look at the way the debt has grown, how we just come to expect that congress will continue to spend more as time goes on at this point. yes. and then basically we have waltzed ourselves into a kind of corner from which it is too dangerous to try to escape. the debts are so enormous at this point, and by the way, not just a federal debt, but corporate debt, an individual household debt. that even the effort to raise interest rates a little bit becomes a risk and a shock that an already troubled economy can really not cope with. so that we are in a situation where we have to keep funding a debt, even though it becomes more dangerous as we do so. and peter, when we look at a lot of the reasons the national debt has jumped over the years, it seems there's always something whether it's the great recession, world war to a global pandemic,

i think most economists are thinkin: months? i think most economists are thinking growth _ months? months? i think most economists are thinking growth will not grow, i i thinking growth will not grow, i mean, we won't see the economy grow quite as much as we have done and things will slow down towards christmas. a lot of the uk economy is dependent on very strong consumer demand so what we go out and buy for christmas and so on, and because we are beginning to see some uncertainty notjust are beginning to see some uncertainty not just around are beginning to see some uncertainty notjust around covid and the pandemic and the new delta variant and everything and the number of cases, but also around rising costs. we are seeing an escalating cost of living, rising gas prices as well, and that is having an impact on consumer confidence. so we will all be watching that very closely. the other thing to say is that we have actually seen the number of shipments from the uk to abroad, our exports, full back. and imports as well. so there is something around supply chains we need to watch ver

i must supply and demand economist and that means i don't support things like responses by the federal reserve and the scheduled downturn to promote a recovery but also the long-term recognized we need structural reform from congress to improve the long-run growth in our economy. the gentleman was alluding to something called the laffer curve. that's the idea that if taxes aare significantly high you reduce taxes it brings more revenue because it promotes morc economic activity congress will debate back and forth the validity of that tax level than in general reducing taxes would bring in -- bring in revenue. one pernicious one is among the poor jujuy have a special altercation to help but in many cases what we have our benefit system structures and recipients over one of her scent of each dollar10 earned. they will lose more than a dollar for each dollar they earn arin wages. the way of modifying or system and help the people in our country while the same time not impose tax rates on it could be a way of helping poor people in labor force. those who you're talking about the poorest am