Ed Conard discusses how innovation and risk taking drive economic growth and benefit the middle class with Fareed Zakaria on CNN’s “Global Public Square.”
Top Ten New York Times Bestselling Author
- “A full-throated defense of economic dynamism.” - The Wall Street Journal
- “…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
- “Unintended Consequences provides a provocative interpretation of the causes of the global financial crisis and the policies needed to return to rapid growth. Whether you agree or not, this analysis is well worth reading.” - Nouriel Roubini, New York University; Chairman, Roubini Global Economics
- “…a very valuable contribution.” - Larry Summers, former Secretary of the Treasury and director of the National Economic Council, president emeritus, Harvard University
- “…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
- “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
- “…serious thinking for serious thinkers. …a thought-provoking blueprint for growing middle- and working-class incomes.” - Mitt Romney, former Governor of Massachusetts
- “…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
- “…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
- “Unintended Consequences is far smarter and more thought-provoking than most economics written for the general public” - Greg Mankiw, Harvard University, Former Chairman of the Council of Economic Advisors
- “…a comprehensive explanation of the modern economy.” - Julian Robertson, Founder, Tiger Management
- “There are an amazing number of good ideas and interesting points made in Unintended Consequences. The thinking underlying it, and the obvious depth of understanding of the author, are very impressive.” - Steven Levitt, coauthor of Freakonomics; 2004 John Bates Clark Medal
Display Transcript
Ed Conard on Fareed Zakaria
Fareed Zakaria: My next guest is the author of what some are saying will be the most controversial, perhaps even hated book of the year. Unintended Consequences goes against the grain in arguing that the rise of the 1% is actually good for the 99%.
The author says that contrary to what the occupy movement might say, inequality does have it’s benefits. Ed Conard is here to explain. He is a former managing director at Bain Capital. Yes, he worked closely with Mitt Romney and is now one of his top donors.
He joins me now.
So Ed, lets start by just explain to me why is the rise of the 1% good for the Economy.
Ed Conard: Sure, it’s not really the central focus of the book. The book is about how to get the economy to grow faster. That economic growth in the long run is powered by innovation and risk taking. And part of what the book argues is that the payoffs for risk taking are essential to getting more risk taking in this economy and that good for the middle class and the working poor.
Fareed Zakaria: So you want people to invest, take risks with their capital so that you spur innovation.
(transcript to be continued)
