Raghuram Rajan to Bloomberg: Biggest challenge for world, 10 years after financial crisis, is dealing with technological change and its manifestations; BBC video: What's going on with China's economy?
From my recent Facebook posts:
Bloomberg interview of Raghuram Rajan at Davos around a week ago, https://www.youtube.com/watch?v=MI8y6Bg10Xc, 5 min 26 secs. Worth viewing as Rajan seems to know what he is talking about. He says that the biggest challenge for the world now, ten years after the global financial crisis (of 2007-08), is dealing with technological change and its manifestations. He talks of these manifestations resulting in differential growth within countries. As an example, he says that coastal areas of USA are doing very well (economically) but other parts are doing (somewhat) badly. [Ravi: I am sure there would be similar differential growth in India too.]
He then says, "So what we are dealing with across the globe are the effects of technological change. And for that, we really need to come to grips with it. This is not business as usual. This is a new world. And it gets tougher as we go forward rather than easier."
Regarding India, he says, "Because the reality is, like everywhere else, India needs many, many more good jobs than it is producing today. So whatever .. We have an election coming in May. Whatever administration comes in will have to take that as job1 - create more good jobs."
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Interesting recent BBC short video: What's going on with China's economy?, https://www.youtube.com/watch?v=WSfTKWscwdA, 3 min 17 secs.
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[I thank Bloomberg Markets and Finance, and Raghuram Rajan, and have presumed that they will not have any objections to me transcribing small segments of Rajan's remarks in above video, on this post which is freely viewable by all, and does not have any financial profit motive whatsoever.]
Bloomberg interview of Raghuram Rajan at Davos around a week ago, https://www.youtube.com/watch?v=MI8y6Bg10Xc, 5 min 26 secs. Worth viewing as Rajan seems to know what he is talking about. He says that the biggest challenge for the world now, ten years after the global financial crisis (of 2007-08), is dealing with technological change and its manifestations. He talks of these manifestations resulting in differential growth within countries. As an example, he says that coastal areas of USA are doing very well (economically) but other parts are doing (somewhat) badly. [Ravi: I am sure there would be similar differential growth in India too.]
He then says, "So what we are dealing with across the globe are the effects of technological change. And for that, we really need to come to grips with it. This is not business as usual. This is a new world. And it gets tougher as we go forward rather than easier."
Regarding India, he says, "Because the reality is, like everywhere else, India needs many, many more good jobs than it is producing today. So whatever .. We have an election coming in May. Whatever administration comes in will have to take that as job1 - create more good jobs."
----
Interesting recent BBC short video: What's going on with China's economy?, https://www.youtube.com/watch?v=WSfTKWscwdA, 3 min 17 secs.
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[I thank Bloomberg Markets and Finance, and Raghuram Rajan, and have presumed that they will not have any objections to me transcribing small segments of Rajan's remarks in above video, on this post which is freely viewable by all, and does not have any financial profit motive whatsoever.]
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