Is It Good For The Rich To Spend Now- Interview with Jason Furman (Harvard)

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00:00For the vast majority of countries in the world, their economies are not short of demand.

00:05They don't really need any more spending. That's especially true right now. You really don't want

00:10somebody going out and spending more because it'll add to inflation and you'll just see the

00:14central banks raise rates more. And so largely demand is controlled by central banks. And if

00:20they're not seeing enough spending in the economy, they cut rates. If they're seeing too much,

00:24they raise rates. And so your proverbial billionaire, if they go out and buy the jets,

00:29that'll just lead to an offsetting thing by the central bank. Where they can make a difference

00:33for growth, as I think you correctly noted in your question, is if they're saving money. Not

00:39spending it, but saving it. Because that saving becomes available to deploy throughout the economy.

00:46And economic growth is, over the medium and long run, a function of what your potential is. And

00:51what your potential is, is a function of how much capital you have. And so the more you save,

00:56the more you can invest, the richer your country will be.

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