In a special edition of the Big Picture, we are airing an FS Insider interview with William White, chairman of the Economic and Development Review Committee of the OECD and former chief economist at the Bank for International Settlements (BIS). Mr. White says the risks posed by global debt levels are greater today than they were in 2007 and that central banking monetary policy has lost its effectiveness. He also explains the crucial differences between modern macroeconomic modeling and complexity theory (or viewing the economy as a complex adaptive system) and the key lessons this has for policymakers, both fiscal and monetary.
Related:
- Debt: The First 5,000 Years
- Hayek’s Nobel Prize Lecture, “The Pretense of Knowledge”
- Fundamentals of Central Banking – Lessons from the Crisis
- The Ultra-Easy Money Experiment
- False Beliefs and Unhappy Endings
- Simple Policy Lessons from Embracing “Complexity”
- World Faces Wave of Epic Defaults, Fears Central Bank Veteran
