Michael Blastland
speaker
745 appearances
4 recordings
1 series
first heard Mar 2011
last heard Aug 2011
Michael Blastland’s voice in public audio — every appearance, attributed to the second.
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Appearances
The government can borrow from the bank via this tube at the back if it wants.
There's the Bank of England over here, and the government can borrow, so this would be government borrowing over here if it wanted to run a budget deficit.
So the government borrowing, again represented by a flow of water from another tank over on the right-hand side.
By a hidden flow of water.
It's rather interesting that it's sort of hidden at the back of the machine.
This is the public sector borrowing requirement.
It's a little flap here.
So, I thought, this is why so many economists are intellectually fascinated by models.
Got an economic problem?
Open or close a valve.
Regulate the flow, this way or that.
The principle is still alive, as some Keynesians argue now, in the most urgent debate of the hour, whether the government should spend to stimulate the economy.
Open that valve.
It's more complicated than it looks, but the Philips machine's case, if a gurgling cupboard can make one, is that the economy must be tweaked, in a scientific way, of course, because markets fail.
To meet one of the fiercest critics of the market, we need to go back to the States.
We're on the campus of Columbia University in New York where there's still some snow on the ground.
And we're here because there were not many academic economists who, before the crisis, thought we were going to come seriously unstuck.
But we're going to see one of them.
Joe Stiglitz, Nobel Prize winner.
Joe took no prisoners in our interview.
Showing 421–440 of 745 · page 22 of 38
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