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Richard Werner: Central Bank Policy/ What drives the economy

submitted by radx

1 decade 5 years 4 months 4 weeks ago

Here's a different perspective on things, and quite the interesting one, at least to me.

Richard Werner (Chair in International Banking at Southampton University) explains how empirical data shows a different correlation and causality for interest rates and economic growth than the one preached by central banks and most economists in general. As a result of this, the unavoidable question is: if interest rates follow growth and therefor both interest rates and growth are driven by a third factor, what drives the economy?

His answer to this question lacks somewhat in detail in this interview, but it's interesting nonetheless.