This Is How Prejudice Can Hinder the Economy
Economics is all about improving living standards, but rarely does the dismal science deal with social justice or talk about how a lack of it could actually hinder growth. In this episode, UBS Global Chief Economist Paul Donovan discusses how prejudice and labor markets are intertwined, and why discrimination can restrict development. Donovan describes how historical technological advances have often increased racism, sexism and other forms of prejudice as people sought out scapegoats to blame for lost jobs and wealth. He also describes how the current 'fourth industrial revolution' is fomenting more blame, and what economists can do about it.
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