{"version":"1.0","type":"rich","provider_name":"Acast","provider_url":"https://acast.com","height":250,"width":700,"html":"<iframe src=\"https://embed.acast.com/$/9a03fe9e-1ff0-4dcc-b3f6-50bd1f016ea4/a87422fb-3fd2-473e-ba4e-5034c70a652d?\" frameBorder=\"0\" width=\"700\" height=\"250\"></iframe>","title":"Lockdownonomics","thumbnail_width":200,"thumbnail_height":200,"thumbnail_url":"https://open-images.acast.com/shows/6195701f2eacc3a36070252a/619570bccb3c660012e3cfd8.jpg?height=200","description":"<p>David and Helen talk to the economist Diane Coyle about the long-term consequences of lockdown, for the economy, for society and for our well-being.&nbsp;How can we measure the costs?&nbsp;Who are likely to be the biggest losers?&nbsp;And what will it mean for how we structure our economies in future?&nbsp;Plus we discuss what will happen if we pull back from global supply chain and we ask whether inflation is on its way.</p><p><br></p><p>Talking Points:&nbsp;</p><p><br></p><p>The crisis is revealing weaknesses in the global economy.</p><ul><li>Previous events flagged vulnerabilities of global supply chains but not to this extent.&nbsp;</li><li>And none of this seemed to be common knowledge in political circles.&nbsp;</li><li>It has also further revealed existing inequalities.</li></ul><p><br></p><p>Will we have the data that allows us to track how we are doing as we come out of it?&nbsp;</p><ul><li>Even collecting the normal data will be difficult. For example, is an employee on furlough employed or unemployed?&nbsp;</li><li>The Office of Budget Responsibility said that GDP might fall by a third, a generation of economic growth gone.&nbsp;</li><li>Diane is resistant to the idea that there is a tradeoff between health and the economy. We should focus on what this will do to people’s lifetime opportunities.</li></ul><p><br></p><p>Research indicates that there is a scarring effect for people entering the economy in moments of crisis.&nbsp;</p><ul><li>The young will likely be the biggest losers here.</li><li>What can policy do to mitigate this?</li></ul><p><br></p><p>How should policymakers respond if the economy does come roaring back?</p><ul><li>You might look to parallels such as the Weimar period. Or the financial crisis.</li><li>One of the striking things after ‘07/’08 was how little changed.</li><li>The mistake would be to carry on as before.</li></ul><p><br></p><p>If globalization was an age in which consumer interests prevailed, this is going to be an age in which producer interests prevail.</p><ul><li>This may allow for a different long-term economic approach to a number of issues over which there have been significant political issues in the last few decades.&nbsp;</li><li>Will we come out of this crisis with a better way to value things like care?&nbsp;</li></ul><p><br></p><p>After the lockdown, will people go back to spending money?&nbsp;</p><ul><li>Or will they think they need to increase their savings in the event of a future crisis?&nbsp;</li><li>What does productivity mean in an economy where ⅘ of activity is services?</li><li>There’s no real way to go back to the way things were—and there are already signs of change.</li></ul><p><br></p><p>Mentioned in this Episode:&nbsp;</p><ul><li><a href=\"https://www.cam.ac.uk/research/news/economic-activity-has-halved-during-spains-coronavirus-lockdown-study-suggests\" rel=\"noopener noreferrer\" target=\"_blank\">The Vasco Carvalho study on Spain</a></li><li><a href=\"https://www.bennettinstitute.cam.ac.uk/blog/social-capital-and-response-covid-19/\" rel=\"noopener noreferrer\" target=\"_blank\">Social capital and the Covid response</a></li></ul><p><br></p><p>Further Learning:&nbsp;</p><ul><li><a href=\"https://www.talkingpoliticspodcast.com/blog/2018/132-talking-politics-guide-to-economic-well-being\" rel=\"noopener noreferrer\" target=\"_blank\">The Talking Politics Guide to Economic Well-being with Diane</a></li><li><a href=\"https://www.talkingpoliticspodcast.com/blog/2018/92-whats-wrong-with-gdp\" rel=\"noopener noreferrer\" target=\"_blank\">Diane on What’s Wrong with GDP</a></li><li><a href=\"https://www.bennettinstitute.cam.ac.uk/research/research-projects/measuring-wellbeing/\" rel=\"noopener noreferrer\" target=\"_blank\">Diane’s work on measuring well-being</a></li><li><a href=\"https://www.talkingpoliticspodcast.com/blog/2018/105-talking-politics-guide-to-the-1970s\" rel=\"noopener noreferrer\" target=\"_blank\">The Talking Politics Guide To… the 1970s</a></li></ul><p><br></p><p><strong>And as ever, recommended reading curated by our friends at the LRB can be found here: </strong><a...","author_name":"David Runciman and Catherine Carr"}