Nobel Laureate Phelps: Incompetent People Run U.S. Government

by birtanpublished on October 1, 2020

have we broken the rawsi and buying ned
phelps i mean on a great philosophical
level
it seems like we've shattered our
political and societal relationships
how do we get back to some sense of
stability
oh my gosh
i i think i think we have to start by uh
electing a uh a a plausible group of
people
to uh to manage the government
you know i i don't think any of us
realize how very important it is
that the the public sector be uh
adequately uh managed it was paul
volcker
who grasped that years ago set up
uh some uh institution institutes for
study
of uh government management but you know
we're we're just
we're just miles from that we have a
bunch of incompetent people who
run from our government it is the price
ned phelps of weak
economic growth you have led with a
discussion of productivity
a discussion of our dynamic needs
what's the phelps prescription for the
giant fiscal stimulus that we know is
coming in february or march
um
well let it come
i i don't have any uh i haven't haven't
given any thought to
what directions it should take uh
let's hope that there's um that there's
something not
not just to incur not just to encourage
consumption let's hope that that that
the
uh that the giant the giant cuts
that come and as you put it in in
february and march
let's hope that they uh they uh
address heavily uh the need for an
investment stimulus and and
maybe let's get some r d going also
um professor phelps what would be the
prescription right now for
for the us economy and if you look at
the plan for example joe biden
what is good in it and what could he do
better on
well uh i think everything that that
that trump has
stood for these these past
four years are just a disaster
that it just it's just a wrong
thinking gone completely uh rampant and
the main thing we have to do is
get ourselves out of that uh what i'm
referring to is the uh the costly
corporate tax cut
it didn't boost investment and growth
and
and then uh there's the um
there's the uh the rampant deficits as
if deficits are just fine
that cannot be good for the economy in
the long run creates a lot of wealth
stimulates consumption squeezes
investment
very bad another thing is uh
the the habitual threats to american
businesses to do this
do that this this mussolini-like
interventions
this has to be stopped that's a terrible
precedent
another thing is that this crusade
against trade
we need a lot of trade for productivity
growth
we have a lot of high skilled people who
want to work for silicon valley
we can't get them because of of a stupid
uh
a resistance to to uh to immigration
and then and then um then and then
and then we the
the latest outrage of course is the uh
letting the uh letting the forests of
the west
burn down um that
that is that is another of the another
one of the uh
appalling instances of bad government
and uh so i mean we have we've got to
get the government out of the way
and that will not all not all together
out of the way but you got to get
the bad stuff out of the way and and
start cultivating the good stuff
okay but professor phelps how would you
deal on trade so if you look at
you know the ins and outs of the economy
you know productivity
but also this race towards um you know
the technology race
how would the biden administration still
hold china into account whilst getting
what they want
i'm a long way from being able to speak
for the biden administration
um they've just discovered me
in in the past and in the past day or
two
but but i hey i i certainly hope that
the uh
biden administration will take in the
light enlightened view
toward uh toward trade and and uh
everything else

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