James Galbraith - Inequality and Economic and Political Change: A Comparative Perspective

The video explores the evolution of economic thought, focusing on innovation and inequality. It discusses the financial crisis as a breakdown in the rule of law and highlights the importance of stock-flow consistent accounting. The speaker emphasizes the need for interdisciplinary approaches to address economic and environmental issues. The video also examines global inequality trends, the role of capital markets in the US, and the impact of global macroeconomic events. The conclusion suggests that the super bubble was a super crisis for most of the world's population.

What broader context does the speaker want to include in discussions about economic thought?

• Historical events

• Cultural influences

• Financial crises and rule of law

• Technological advancements

Which economic theory is referenced in relation to inequality?

• Supply-side economics

• Kuznets curve

• Monetarism

• Keynesian economics

What is the primary driver of income inequality in the United States according to the speaker?

• Technological changes

• Labor market dynamics

• Government policies

• Stock market fluctuations

How does the speaker describe the pattern of inequality in middle-income countries?

• Falling as income rises

• Rising steadily

• Unchanged

• Fluctuating randomly

What global event is associated with a significant increase in inequality during the 1980s?

• Dot-com bubble

• Oil crisis

• Financial deregulation

• Debt crisis

Which region experienced a decline in inequality due to foreign direct investment in the 1990s?

• Latin America

• Asian tiger region

• Sub-Saharan Africa

• Eastern Europe

What does the speaker suggest about the relationship between global events and national inequality trends?

• They are largely independent

• Global events have a significant impact

• There is no clear relationship

• National policies are the sole determinants

What term does the speaker use to describe the economic phenomenon affecting most of the world's population?

• Economic boom

• Super bubble

• Financial crisis

• Market correction

What policy response does the speaker criticize in relation to the housing market?

• Increased regulation

• Deregulation and lack of supervision

• Tax incentives

• Interest rate hikes

What does the speaker imply is necessary for understanding effective demand?

• Increased production

• Redistribution of incomes

• Technological innovation

• Cultural shifts