How To Take Advantage of Bridges To Save The Economy w/ Glenn Hubbard (Dean Emeritus & Professor at Columbia Business School)
In this episode, Shamus Madan and Glenn Hubbard discuss Adam Smith's economic theories, modern economic growth strategies, and the 9/11 economic impact. They delve into the effect of Bush-era steel tariffs and the financial crisis, explore CEOs' perspectives on political dislocations and inflation, and assess the current GDP and unemployment scenario. The future of work, the 'quiet quitting' trend, and the need for fiscal policy reform are also examined.
Key Points
- Glenn Hubbard emphasizes the importance of building bridges rather than walls to help people adapt to economic disruptions such as technological change and globalization, drawing from classical economics and advocating for mass flourishing.
- Hubbard highlights the historical success of initiatives like the Land Grant Colleges and the GI Bill as examples of effective bridge-building policies that provided people with the tools to succeed in a changing economy.
- Addressing the current economic landscape, Hubbard suggests that the challenge of returning to a 2% inflation rate from higher levels will be painful and require significant job losses and income reductions, reflecting on historical precedents and the political will required to support such measures.
Today Shamus Madan sits down with Glenn Hubbard, a Professor and former Dean of Columbia Business School. Dean Hubbard is a specialist in public economics, managerial information, and incentive problems in corporate finance and financial markets and institutions. He has written over 100 articles and books on corporate finance, investment decisions, banking, energy economics, and public policy, including two textbooks, and has authored The Wall and the Bridge and coauthored Balance, The Aid Trap, and Healthy, Wealthy, and Wise. Hubbard has applied his research interests in business (as a corporate director consultant on taxation and corporate finance), in government (as a former Chair of the U.S. Council of Economic Advisers and the OECD Economic Policy Committee, as well as Deputy Assistant Secretary of the U.S. Treasury Department and as a consultant to the Federal Reserve Board, Federal Reserve Bank of New York, and many government agencies) and in academia (in faculty collaboration or visiting appointments at Columbia, University of Chicago and Harvard). He is co-chair of the Committee on Capital Markets and Regulation and past chair of the Economic Club of New York and the Study Group on Corporate Boards
On today's show, Dean Hubbard will be breaking down today's current economic landscape and digging deeper into his recent book on how countries can take advantage of bridges to solve economic issues.
Twitter of Host (Shamus Madan): @mbitpodcast
Purchase The Wall and The Bridge Here.
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Transcript
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