What should the governments of the world do to deal with the massive public and private debt that has accumulated? It is a complex question and our children’s futures depend on making the right choices. Two recent videos address these questions in a very helpful way. The first is Dr. Mark Blyth’s video and the the second video is from Nobel prize winning economist Dr. Paul Krugmen.
In the first YouTube video (approximately 5 minutes long), Dr. Mark Blyth discusses the economic policy issues relating to how to deal with the accumulated massive private and public debt.
The Watson Institute at Brown University presents Mark Blyth on Austerity
Professor Blyth has written a book, Austerity: The History of a Dangerous Idea, that details the causes and cures for our debt crisis. The video and book are worth reviewing by citizens and policymakers.
There are a number of more detailed videos on YouTube in which Dr. Blyth goes into greater detail on the debt crisis.
The second video is of Nobel prize winning economist Dr. Paul Krugman discussing what the optimal economic policies are when an economy has a large amount of unused productive capacity (i.e., is in a recession or a depression).