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As the climate crisis continues to pose a global threat, top economists are debating its effect on the U.S. economy. Mark Zandi, chief economist at Moody’s Analytics, projects "physical risks" will be the biggest economic cost over the next 10 to 20 years. Zandi also projects transition costs associated with moving from a fossil fuel-dominated economy to one driven by green energy will put a weight on the U.S. economy. Nouriel Roubini, an economics and international business professor at New York University, says there will be pressure from stakeholders and society to make a green transition. Watch the video above to see how top economists predict the climate crisis will affect the U.S. economy.
Persons: Mark Zandi, Jeffrey Sachs, , Sachs, Labor Robert Reich, Nouriel, Mariana Mazzucato Organizations: Moody’s, Columbia University, Labor, New York University, University College London Locations: U.S
The U.S., China and India may take turns leading the global economy this century, according to an analysis from the Centre for Economics and Business Research. The CEBR forecast suggests China could potentially take the top spot as the world's largest economy by gross domestic product as early as 2037. "The ranking of which is the largest economy in the world — that doesn't take into account things like living standards. Around the world, policymakers are spending large sums of public funds to prepare for social and environmental challenges that may be ahead. Watch the video above to learn more about the race to be the world's largest economy.
Persons: Nina Skero, Mariana Mazzucato, we're, China that's, Joe Biden, Xi Jinping, Yasheng Huang, Rajiv Biswas Organizations: U.S, Centre for Economics, Business Research, University College London, Washington, MIT Sloan School of Management, P Global Market Intelligence, CNBC Locations: China, India, U.S, Japan, South Korea, Asia, Pacific
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow taxpayers grow the private sector: Mariana MazzucatoA "citizens' share" would give wealth invested by taxpayers back to the public, says University College London Professor Mariana Mazzucato. In this episode of "The Bottom Line," Mazzucato discusses why risk and failure should be normalized and how AI can be calibrated for positive change.
Persons: Mariana Mazzucato, University College London Professor Mariana Mazzucato, Mazzucato Organizations: University College London Professor
Mazzucato spoke with CNBC about how the public, private and third sector can work together to co-create value and share both risks and rewards. "The whole notion of stakeholder value should have become a real kind of call to arms of how do we create value differently," Mazzucato said. "We need to bring communities, workers, public and private institutions together to create value in a more collective, better way." It created growth, it created profits. Mazzucato said success in the private sector often begins with significant contributions from the public, and wealth distribution should reflect those contributions.
Persons: Mariana Mazzucato, Mazzucato, Siri, you've Organizations: University College London, CNBC, GPS, Consulting Industry
The World Economic Forum (WEF) is not planning to put vaccines in water supplies, contrary to claims in some online posts. A post on social media platform X, formerly known as Twitter, (here) reads: “The WEF wants to vaccinate you through your water now,” and boasts over 11,800 likes. “WEF never made any statement about or is having any plan to add COVID vaccines to the water.’’ He also stressed the Global Commission on the Economics of Water is an organization independent to the WEF. The WEF did not say it would add vaccines to water. A Davos panelist compared global COVID-19 vaccination rates to addressing global water issues.
Persons: Mariana Mazzucato, Yann Zopf, “ WEF, Read Organizations: Economic, Twitter, Facebook, University College London, UCL Institute for Innovation, Global Commission, Reuters Locations: Davos
Management consultancies helped design vaccination programs during the pandemic and are currently providing advice on how to rescue one of the world’s biggest banks. The $230 billion management consulting industry is a broad church: it includes companies offering everything from project management expertise to designing new organizational structures. Many big firms — think EY and KPMG — also conduct audits and advise on their clients’ tax issues, though these services are generally seen as distinct from their consulting work. In The Big Con, published in February, prize-winning economist Mariana Mazzucato and her co-author Rosie Collington argue that management consultancies “infantilize” governments by keeping them dependent on their services. Nearly 80% of firms surveyed globally have told the think-tank that consultants’ work is either of high or very high quality, she noted.
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