Sunday, June 26, 2011

The best television program I watched in a long time/

Book TV this week is airing a program with Nobel Prize winning economist Michael Spence talking about his book, The Next Convergence: The Future of Economic Growth in a Multispeed World. Spence was the Chair of the Commission on Growth and Development. He makes a very clear case that the economic system put into place after World War II has been successful, but that success is about to enter into another stage.

The BRIC countries (Brazil, Russia, India and China) in the coming decades are all likely to achieve per capita GDPs comparable to the lower income economies of the OECD nations. Since the BRIC countries are so populous, their GDPs will be of the same order of magnitude as those of the United States and the European Community within a quarter century.

Spence, while obviously a front rank economist, has the gift of speaking clearly and helping a television audience understand the concepts he is applying to the global economic future. Even better, he is speaking to an audience of economists at the International Monetary Fund. The half hour question and answer session is perhaps the most informative I can recall. Would that television and even Congressional hearings would rise to the level of this hour long program.

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