Achieving inclusive growth is one of the critical challenges of our time. In this podcast, IMF Managing Director Christine Lagarde opens a public discussion between IMF Chief Economist, Gita Gopinath, World Bank Chief Economist, Pinelopi Koujianou Goldberg and OECD Chief Economist, Laurence Boone, about how to ensure economic growth benefits the many and not only the few. In her introduction, Lagarde points out that it’s a first for these three multilateral institutions to have women Chief Economists at the same time. The seminar entitled Income Inequality Matters took place during the IMF World-Bank Spring Meetings.
Gita Gopinath is the Economic Counsellor and Director of the Research Department at the IMF.
Pinelopi Koujianou Goldberg is the Chief Economist of the World Bank Group.
Laurence Boone is the OECD Chief Economist, G-20 Finance Deputy and Head of the economics department.
Not everyone benefits equally from strong economic growth. And while most economists focus on optimizing policies to produce higher growth, economist Jonathan Ostry argues that it is how the benefits from that growth are distributed that will ultimately determine whether the growth will last. Ostry is deputy director of the IMF’s Research Department, and says the supply-side policies commonly prescribed by economists to increase growth often benefit disproportionately the wealthier segments of society and result in economies that are less resilient.
Jonathan Ostry is author of several books and articles on inequality, including Growth or Inclusion? featured in the June 2018 edition of Finance and Development Magazine. Ostry’s latest book Confronting Inequality, which he coauthored with IMF colleagues Prakash Loungani and Andrew Berg, is published by Columbia University Press.
Incomes for Europe’s youth declined after the 2007 global financial crisis—largely due to unemployment. And while things have recovered somewhat, the trend toward short-term work and less stable jobs has meant incomes have not grown and young people are now more likely to fall into poverty. Meanwhile, Europeans 65 and older have seen incomes increase by 10 percent. New research by IMF staff looks at this Growing Inequality and Poverty Across Generations in Europe, and how it could have long term effects on Europe’s economy. In this podcast, coauthor Alexander Pitt says when the young are better off, we’re all better off.
Alexander Pitt, Senior Economist in the IMF’s European department, and co-author of A Dream Deferred: Inequality and Poverty Across Generations in Europe.
While it was widely expected that globalization would reduce inequality, income disparities between skilled and unskilled workers has only increased in recent years. In this podcast we ask Nobel Laureate Eric Maskin, why the global markets haven’t offered better economic opportunities for the world’s poorest.
Eric Maskin, Professor at Harvard University, and 2007 Nobel Laureate.