Smart public investment can reduce inequality, says Nobel Laureate

A teenager wears torn rubber boots in a muddy local market in Bac Ha, Viet Nam. Credit: UN Photo/Kibae Park

There's a growing sense that only the world's wealthiest portion of the population is reaping the benefits of economic growth.

That's according to Economist and Nobel laureate, Michael Spence who participated in a recent International Monetary Fund (IMF) forum on job-rich inclusive growth.

And yet, the stability of economies and their ability to function in societies depends on a certain degree of inclusiveness, he notes.

If whole groups of people are excluded from enjoying opportunities, they could object and use violence to do so, he adds.

Jocelyne Frank sat down with the Mr Spence to talk about the kinds of investments he thinks that the public should be making to reduce inequalities.

Duration: 4'44''

 

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