Angrynomics: Twilight of the Technocrats

Published on
July 13th, 2020
Duration
52 minutes

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54

Angrynomics: Twilight of the Technocrats

The Interview ·
Featuring Mark Blyth and Eric Lonergan

Published on: July 13th, 2020 • Duration: 52 minutes

The neoliberal model of free trade, open borders, and liberalized capital flows is under assault. Traditional economic models with rational agents and efficient markets don't accord with reality, and people are starting to notice. Even recent advances in behavioral economics have failed to capture this disconnect. Mark Blyth, William R. Rhodes Professor of International Economics at Brown University, and Eric Lonergan, macro hedge fund manager at M&G Investments, explore and seek to resolve these conflicts in their new book, "Angrynomics." Blyth and Lonergan examine how the outsourcing of economic management to grey-suited bureaucrats is fomenting a populist backlash that is redrawing political battle lines and molding the destiny of different asset classes in ways few fully grasp. They analyze the recent largesse of central banks as a sort of asymmetric put-option which rewards those who hold assets and punishes those who don't. Blyth and Lonergan also explore potential solutions, which include dual interest rates, citizens' wealth fund, and - yes - even helicopter money. Filmed on July 8, 2020.

Comments

Transcript

Chapters

  1. 00:04:25
    Anger of Angels, Anger of Devils
  2. 00:09:49
    How Economic Uncertainty Foments Populist Backlash
  3. 00:15:53
    Demographics and Inequality
  4. 00:20:38
    The Parable of The Three Economists
  5. 00:26:51
    Profit Inequality and Price Stability
  6. 00:30:26
    Populism as a Political Strategy
  7. 00:34:29
    Citizens' Wealth Funds
  8. 00:40:46
    Dual Interest Rates
  9. 00:45:26
    Helicopter Money and Data Dividends
  10. 00:48:45
    Closing Thoughts on Politicians' Lack of Courage

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Morgan Creek Capital Management was founded in 2004 and currently manages close to $2 billion in discretionary and non-discretionary assets. Prior to founding Morgan Creek, Mr. Yusko was CIO and Founder of UNC Management Company (UNCMC), the Endowment investment office for the University of North Carolina at Chapel Hill. Before that, he was Senior Investment Director for the University of Notre Dame Investment Office. Mr. Yusko has been at the forefront of institutional investing throughout his career. An early investor in alternative asset classes at Notre Dame, he brought the Endowment Model of investing to UNC, which contributed to significant performance gains for the Endowment. The Endowment Model is the cornerstone philosophy of Morgan Creek, as is the mandate to Invest in Innovation.

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