Lecture 1    The Global Economy :  Opportunities for
and Threats to Prosperity in 2016
Lecture 1  pdf file

Additional Materials for Afternoon 1
Afternoon Topics  --  Overview of the Global Economy and Major Issues

1. Are Equity Markets around the World in a Bubble ?
2. What are the Global Demographic Trends and Why are they Important ?
3. Is Secular Stagnation the Cause of Low Growth and Low Inflation ?
4. Is Fiscal Austerity or More Stimulus the Best Policy for Governments Today ?
5. Why is Income Inequality Worsening throughout the World and is this Bad?
6. What is Globalization and How To Make It Work for Everyone ?
Day 1 Outline
Lecture 1 PPT
Suggested Videos to Stimulate Thought on Discussion Topics

Day 1   --   Short Videos and Materials to Accompany Afternoon Discussion


1.  Are Equity Markets around the World in a Bubble ?

Robert Shiller at the LSE on the Issue of Stock Bubbles (begin 3:30 minutes )

David Stockman discusses the Monetary and Fiscal Policy    (Clive Crook against)

Jeremy Siegel believes there is No Stock Bubble in the US                  

OFC points to Stock Bubble in US (This is a PDF)

Alternative View by a BoA Analyst


2.   What are the Global Demographic Trends and Why are they Important ? ?

Excellent short video on the world's population pyramid

Very Good Presentation from Gresham College (Feb 2015 PPT available)

Provocative Interview with Mark Steyn on Demography (2010 at Hoover Inst., Stanford )          


3.  Is Secular Stagnation the Cause of Low Growth and Low Inflation ?

Lawrence Summers on Secular Stagnation

Long PDF on Secular Stagnation     Bernanke on Secular Stagnation    Summers' Comment

Stanley Fischer on Stagnation and then on the Fed Raising Interest Rates

Christine Lagarde on Avoiding the New Mediocre in the Global Economy
                             (begin this video about 5:50 minutes)


4.  
 Is Fiscal Austerity or More Stimulus the Best Policy for Governments Today ?

Jeffrey Frankel on the Issue of Stimulus vs. Austerity (PPT from Harvard lecture)

Krugman rejects the value of austerity for the UK (long article)

John Taylor on his important five principles for good policy  (2014 video from UK)


5.     Why is Income Inequality Worsening throughout the World and is this Bad?

Short Overview of Inequality by OECD

Gregory Mankiw discusses Inequality (start at 8:20 minutes please)                      

Paul Krugman and Bill Moyers on Piketty's Analysis of Inequality

A Technical Dissenting View on Piketty    (Richard Epstein against Piketty)       

Richard Epstein on the Good Side of Inequality  (a very different but persuasive view)


6.   What is Globalization and How To Make It for Everyone ?

The Original Paper discussing the so-called Washington Consensus (1990)

IMF Discussion of Globalization (PDF)

Stiglitz on the problems of globalization (begin at 7:05 please)

CRS Study made available from Wikileaks (2001)   CRS study on Labor Effects (2012)
Video on Who has the Biggest Economy
Video on Long Term Global Growth by OECD

Excellent Video by Nouriel Rubini (1st 30 mins)