Harvard’s Reinhart and Rogoff Say This Time Is Different

Their conclusion:<p>“We’re going to see a lot of risk aversion. We’ll be more inward-looking, self-sufficient in medical supplies, self-sufficient in food. If you look at some of the legacies of the big crises, those have all seen fixed investment ratchet down and often stay down.”<p>So, more localization, less globalization?

I don&#x27;t like reading transcripts of interviews. I would much rather the author took the time to digest the material and present a summary. That said, this statement caught my eye:<p>&quot;It’s been a very intense period partly because I was teaching a lot. And there was the shift to Zoom, which created more work because you’re trying to prepare differently and do your lectures differently. It’s obviously a surreal experience overall.&quot;<p>So why didn&#x27;t Rogoff refuse to teach that way? Probably because cancelling his classes would have obligated Harvard to refund the tuition. So he went along with the school and provided a degraded learning experience to his students, all so Harvard didn&#x27;t have to dip into its massive endowment and do the right thing.