From 600+ conversations with the world’s leading thinkers.
There is nothing, however, in standard theories of money that requires transactions to be anonymous from tax- or law-enforcement authorities. And yet there is a significant body of evidence that a large percentage of currency in most countries, generally well over 50%, is used precisely to hide transactions.
We can win in the struggle to avoid climate chaos, we can win in terms of economic recovery and we can win when it comes to promoting development and justice. All we need is the political will.
My observation is if we make a parallel between biology and economics, the role of the economy is like the role of metabolism in an organism. Because what does the metabolism do? It takes in food, resources from the environment, and breaks them down and rearranges them to make other things that we need. Similarly, the economy takes in natural resources from the environment, combines them with labour to make goods and services that we use.
Economics is like artificial intelligence, it's not really there… there's no physical invisible hand…. It's about people interacting with people against a social order, a set of ethics, principles and practices.
We do show that there is a predictive effect which is quite consistent over time! In our paper we report an 86% accuracy in predicting the up and down movements in the Dow Jones three or four days out. The question is how you turn that into a money making strategy. It could be- for example- that you lose ALL your money in that other 14%!
Research shows that empowering women to gain financial independence generates lasting impact, with women typically investing 90% of their income back into their families. In addition to this, McKinsey estimates that if women and men were to play an identical role in labour markets across the world, an extra $28 trillion would be added to the global economy by 2025.
In rich countries, 'innovation' often means finding a better way of doing things. But in developing countries, it can mean finding a way to do things at all.
I'm constantly bemused when I hear about some amazing energy or agricultural company that is for profit, but works with low-income people and a non-profit leader says, 'you know Jacqueline, charging people who are poor is immoral…' – you know what else is immoral? 700 million people who have no electricity.
Despite huge and on-going technological advances in electronic transactions technologies, it [paper currency] has remained surprisingly durable, even if its major uses seem to be buried in the world underground and illegal economy.
Risk of a double dip recession in advanced economies (US, Japan, Eurozone) has now risen to 40%.
If I was selling research, why not genuinely sell something in the business world? I realized that entrepreneurship might be the key to growth and economic solutions.
There is nothing, however, in standard theories of money that requires transactions to be anonymous from tax- or law-enforcement authorities. And yet there is a significant body of evidence that a large percentage of currency in most countries, generally well over 50%, is used precisely to hide transactions.