We all use cash in our everyday life, but we don't use hundred-dollar bills. We're not using 500-euro notes. And yet these account for mountains of cash out there. I think they're being used in tax evasion and by criminals of all types.
Kenneth RogoffMarx's theory that only capitalists benefit from capitalism and workers are exploited was completely wrong. Nothing could have been further from the truth. Workers earned more as economies grew.
Kenneth RogoffWhy are oil prices so low? First, energy consumption growth rates in developing markets have decreased. This is particularly noticeable in China. Second, new technologies are being developed and the shale gas revolution in the USA has taken place
Kenneth RogoffWorkers are not being exploited. But if their share of growth doesn't increase, this could be a potential cause of social tension worldwide.
Kenneth Rogoff