Economics Does Not Lie

Jul 9, 2009

Harvard Club of New York City

Guy Sorman talked about his book Economics Does Not Lie: A Defense of the Free Market in a Time of Crisis (Encounter Books; July 20, 2009). He talked about the new availability of data and the scientific revolution in economics that have changed matters of opinion to matters of fact and allow the development of good economic policies. Mr. .. Read More
Guy Sorman talked about his book Economics Does Not Lie: A Defense of the Free Market in a Time of Crisis (Encounter Books; July 20, 2009). He talked about the new availability of data and the scientific revolution in economics that have changed matters of opinion to matters of fact and allow the development of good economic policies. Mr. Sorman argued that to get rid of the free market because it is imperfect would be a dangerous overreaction to recent events. Rebuilding trust in the market is where energy should be placed, because the benefits of free market capitalism, with the public sector in the wings, have far outweighed even the worst of cyclical downturns. Mr. Sorman argued that free market capitalism has lifted almost a billion people across the globe out of poverty. He responded to questions from members of the audience. Mr. Sorman was an economics advisor to the Prime Minister of France from 1995 to 1997. He taught economics at the Paris Institute of Political Sciences from 1970 to 2000. He is author of over 20 books, including The Empire of Lies, and the Conservative Revolution in America.

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TRANSCRIPT

TIME SPEAKER TEXT
00:00:04 Unidentified Speaker GUY SORMAN ARGUES TO GET RID OF THE FREE-MARKET BECAUSE IT'S IN PERFECT WOULD BE A DANGEROUS OVER...
00:00:27 Unidentified Speaker THANK YOU IF YOU READ THE BOOK YOU WILL MISS THE FRENCH ACCENT. SO THIS MORNING YOU HAVE THE BOOK...
00:28:46 Unidentified Speaker AND UNDERSTAND WE HAVE SOME QUESTIONS?
00:28:52 Unidentified Speaker WE DO HAVE TIME FOR QUESTIONS. THERE IS A MICROPHONE GOING AROUND. THIS IS BEING TAPED SO PLEASE DO...
00:29:39 Unidentified Speaker IT'S A LITTLE BIT EARLY TO ANSWER BUT I FEEL WE HAVEN'T LEARNED A LOT AND WHEN YOU TALK ABOUT THE...
00:31:03 Unidentified Speaker [INAUDIBLE]
00:31:09 Unidentified Speaker MIC.
00:31:11 Unidentified Speaker MY NAME IS DANIEL. I WORK IN THE HEDGE FUND BUSINESS. YOU SEEM TO SUBSCRIBE TO REGULATORS' INCREASING...
00:31:51 Unidentified Speaker -- I THINK WOULD BE VERY HELPFUL TO PROMOTE INNOVATION IN THIS FIELD. I THINK THAT THERE IS A MISUNDERSTANDING...
00:35:09 Unidentified Speaker I THINK THE QUESTION HAD TO DO IF MORTGAGE EXCHANGES. YOU DON'T HAVE REGULATORS TELLING WHAT PRODUCTS...
00:35:28 Unidentified Speaker OKAY. I DO AGREE.
00:35:39 Unidentified Speaker MY NAME IS STEVE DeGETTE ON THE QUESTION OF REGULATION PRIOR TO THE YEAR 2000 VIRTUALLY ALL OF THE...
00:37:45 Unidentified Speaker WE WILL ANSWER TO YOU IN THE NEXT BOOK WHICH IS TO BE PUBLISHED WHEN, NICOLE? SHE KNOWS BEST. [LAUGHTER]...
00:38:04 Unidentified Speaker I'M STEVAN WITH NATIONAL REVIEW. MY QUESTION IS IN YOUR BOOK, YOU KNOW, VERY FIRST LINE IS ECONOMICS...
00:38:58 Unidentified Speaker USUALLY THEY CALL THEMSELVES BECAUSE THEY DON'T FOLLOW WHAT KEYNES RECOMMENDED IN HIS TIME. KEYNES...
00:41:25 Unidentified Speaker AND IF I JUST MAY ADD -- IF I MAY ADD MY WITH A POLITICAL LEADER RECOMMEND JOB CREATION THROUGH PUBLIC...
00:42:27 Unidentified Speaker IM IF THE COMMENT MAGAZINE. YOU QUOTED MANDEL WORK TWICE APPROVINGLY USE CHARACTERIZATION'S ABOUT...
00:43:42 Unidentified Speaker AT LEAST THREE QUESTIONS. I TRY TO MAKE A DISTINCTION. STARTING WITH THE NOTION OF RANDOMNESS. WHAT...
00:49:39 Unidentified Speaker I'M INVESTMENT ADVISER. I WAS INTRIGUED BY YOUR DEFINITION OR YARDSTICK FOR THE SUCCESS OF AN ECONOMIC...
00:50:21 Unidentified Speaker WELL, THE SCOPE OF THE DOMAIN OF ECONOMICS IS A LIMITED DOMAIN. ECONOMISTS ARE LIKE PLUM BIRD. IF...
00:52:44 Unidentified Speaker FINAL QUESTION PERHAPS, PLEASE?
00:52:48 Unidentified Speaker I'M MICHAEL KIRK AT U.S. TRUST. YOU TALKED ABOUT CHINA AND INDIA FOCUSED ON INDIA. WHAT YOU THINK OF...
00:53:10 Unidentified Speaker IF I MAY QUOTE MYSELF MY FORMER BOOK WAS ON CHINA AND THE TITLE OF THE BOOK IS THE EMPIRE OF LINUS...
00:58:27 Unidentified Speaker THANK YOU. [APPLAUSE]
00:58:36 Unidentified Speaker GUY SORMAN WAS AN ECONOMIC ADVISER TO THE PRIME MINISTER OF FINANCE FROM 1995 TO 1997. HE TEACHES...

NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.

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