UBS’ Paul Donovan on Tariff Trouble, Swiftonomics & Republican Swings | #579
Today’s guest is Paul Donovan, Chief Economist of UBS Global Wealth Management. In today’s episode, Paul discusses the impact of structural changes in the economy, particularly in relation to flexible working and demographic shifts. The discussion also touches on the disparities in innovation between the US and Europe, the ongoing trend of spending on experiences rather than goods, and the role of AI in enhancing productivity.
Key Points
- Flexible working has led to increased employment for people with disabilities and better quality employment for women, demonstrating the positive impact of structural changes in the labor market.
- Economic nationalism and trade protectionism are detrimental to global economic growth and stability, highlighting the importance of free trade for long-term prosperity.
- The demand for cash and liquidity has surged in recent years, necessitating a balanced approach to money supply to avoid inflation or deflation, emphasizing that printing too much money, rather than printing money itself, causes inflation.
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Recorded April 2, 2025
Chapters
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Transcript
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