{
  "title": "The Book of Revelation for the Economy | Aki Kangasharju | Neuvottelija 229",
  "titleOriginal": "Talouden madonluvut | Aki Kangasharju | Neuvottelija 229",
  "episodeNumber": "229",
  "guest": "Aki Kangasharju",
  "publishedAt": "2024-01-02",
  "duration": "61:48",
  "durationIso": "PT1H1M48S",
  "youtube": "https://www.youtube.com/watch?v=k8cN_FhQk7o",
  "fiCanonical": "https://www.neuvottelija.fi/fi/episodes/355-talouden-madonluvut-kangasharju-neuvottelija-229",
  "originalLanguage": "fi",
  "format": "full",
  "topics": [
    "finnish_economy_policy",
    "ownership_capital_tax",
    "investing_markets"
  ],
  "description": "Etla's chief executive Aki Kangasharju works through his book Talouden ilmestyskirja and its central claim: Finnish GDP flatters the real development of living standards. Strip out the household sector's imputed rent and a public sector whose value added nobody can measure, and Finland is poorer per capita than it was in 2008 — with tens of thousands of euros of new debt per citizen on top. Kangasharju sets out why raising taxes cannot close an eleven-billion deficit, why the top marginal rate on labour is already on the wrong side of the Laffer curve, and why the Finnish debate keeps returning to income differences rather than to wealth. The last third turns to the euro as a radical monetary experiment and to the logical endpoint of modern monetary theory.",
  "chapters": [
    {
      "t": "00:00",
      "title": "The book's title and the beasts of Revelation",
      "seconds": 0
    },
    {
      "t": "00:51",
      "title": "The book's proposals rest on research",
      "seconds": 51
    },
    {
      "t": "01:41",
      "title": "Why GDP is a poor measure",
      "seconds": 101
    },
    {
      "t": "02:36",
      "title": "Public-sector value added cannot be measured",
      "seconds": 156
    },
    {
      "t": "03:30",
      "title": "Door handles as the measure of a doctor's visit",
      "seconds": 210
    },
    {
      "t": "04:20",
      "title": "Improving quality does not show in the statistics",
      "seconds": 260
    },
    {
      "t": "05:11",
      "title": "Public-sector productivity statistics were discontinued",
      "seconds": 311
    },
    {
      "t": "06:58",
      "title": "Business-sector value added and intermediate inputs",
      "seconds": 418
    },
    {
      "t": "08:42",
      "title": "Finance and legal services as a measurement problem",
      "seconds": 522
    },
    {
      "t": "09:35",
      "title": "A subsidiary economy, and dividends flowing out",
      "seconds": 575
    },
    {
      "t": "10:28",
      "title": "The household sector's absurd value added",
      "seconds": 628
    },
    {
      "t": "11:23",
      "title": "Imputed rent and zero interest rates",
      "seconds": 683
    },
    {
      "t": "13:08",
      "title": "Farm labour hours and a productivity leap",
      "seconds": 788
    },
    {
      "t": "13:59",
      "title": "Without imputed rent we are poorer than in 2008",
      "seconds": 839
    },
    {
      "t": "14:50",
      "title": "Two phases in the business sector since 2008",
      "seconds": 890
    },
    {
      "t": "15:44",
      "title": "IT services as the best-performing industry",
      "seconds": 944
    },
    {
      "t": "16:33",
      "title": "Service exports and the current-account deficit",
      "seconds": 993
    },
    {
      "t": "17:24",
      "title": "The national economy borrowing from abroad",
      "seconds": 1044
    },
    {
      "t": "18:16",
      "title": "Eleven billion of deficit a year",
      "seconds": 1096
    },
    {
      "t": "19:09",
      "title": "Capital income cannot cover the deficit",
      "seconds": 1149
    },
    {
      "t": "20:01",
      "title": "Spending cuts as the only durable solution",
      "seconds": 1201
    },
    {
      "t": "20:51",
      "title": "Private goods and public goods",
      "seconds": 1251
    },
    {
      "t": "21:44",
      "title": "Municipalities avoiding tendering through joint ventures",
      "seconds": 1304
    },
    {
      "t": "22:36",
      "title": "Public provision as less efficient than private",
      "seconds": 1356
    },
    {
      "t": "23:25",
      "title": "We do not know where we are efficient",
      "seconds": 1405
    },
    {
      "t": "24:16",
      "title": "The purchaser-provider model as a forgotten option",
      "seconds": 1456
    },
    {
      "t": "25:08",
      "title": "Tenure, politics and the impossibility of efficiency",
      "seconds": 1508
    },
    {
      "t": "25:59",
      "title": "Who decides what a citizen needs",
      "seconds": 1559
    },
    {
      "t": "26:49",
      "title": "Holmström and the welfare state's shadow side",
      "seconds": 1609
    },
    {
      "t": "27:41",
      "title": "The fourth-highest total tax rate in the world",
      "seconds": 1661
    },
    {
      "t": "28:32",
      "title": "The EU's highest marginal tax rate",
      "seconds": 1712
    },
    {
      "t": "29:21",
      "title": "Why the total tax rate is a bad comparator",
      "seconds": 1761
    },
    {
      "t": "30:11",
      "title": "Cutting the top marginal rate could raise more money",
      "seconds": 1811
    },
    {
      "t": "31:01",
      "title": "The Nordics on the wrong side of the Laffer curve",
      "seconds": 1861
    },
    {
      "t": "31:54",
      "title": "Denmark and Sweden cut, Finland was left alone",
      "seconds": 1914
    },
    {
      "t": "32:46",
      "title": "The behavioural effect is real",
      "seconds": 1966
    },
    {
      "t": "33:35",
      "title": "The Laffer curve sits differently for each tax",
      "seconds": 2015
    },
    {
      "t": "34:26",
      "title": "Capital taxation and the mobility of capital",
      "seconds": 2066
    },
    {
      "t": "35:15",
      "title": "Wealth per adult at Portugal's level",
      "seconds": 2115
    },
    {
      "t": "36:05",
      "title": "The one-sidedness of the tax debate",
      "seconds": 2165
    },
    {
      "t": "36:58",
      "title": "Labour input and the growth of part-time work",
      "seconds": 2218
    },
    {
      "t": "37:52",
      "title": "Where more hours of work come from",
      "seconds": 2272
    },
    {
      "t": "38:45",
      "title": "Structural reform as the source of productivity",
      "seconds": 2325
    },
    {
      "t": "39:35",
      "title": "The marginal rate and the choice of leisure",
      "seconds": 2375
    },
    {
      "t": "40:29",
      "title": "Incentive traps at the benefits end",
      "seconds": 2429
    },
    {
      "t": "41:21",
      "title": "The step from benefit recipient to employed",
      "seconds": 2481
    },
    {
      "t": "42:15",
      "title": "Income differences among the smallest in the world",
      "seconds": 2535
    },
    {
      "t": "43:09",
      "title": "Social mobility in Finland the highest in the world",
      "seconds": 2589
    },
    {
      "t": "43:59",
      "title": "Inequality comparisons, and the year 1993",
      "seconds": 2639
    },
    {
      "t": "44:49",
      "title": "Media, the Overton window and expert selection",
      "seconds": 2689
    },
    {
      "t": "46:34",
      "title": "\"Economic right\" as a term to be normalised",
      "seconds": 2794
    },
    {
      "t": "47:27",
      "title": "The claims rest on research",
      "seconds": 2847
    },
    {
      "t": "48:18",
      "title": "Is the euro a radical monetary experiment",
      "seconds": 2898
    },
    {
      "t": "49:09",
      "title": "The optimal currency area, and Mundell",
      "seconds": 2949
    },
    {
      "t": "50:01",
      "title": "The euro's role in Europe's problems",
      "seconds": 3001
    },
    {
      "t": "50:53",
      "title": "Fiscal union, or the monetary union unwinding",
      "seconds": 3053
    },
    {
      "t": "51:46",
      "title": "A basket currency and regional monies",
      "seconds": 3106
    },
    {
      "t": "52:37",
      "title": "The monetary union has proved resilient",
      "seconds": 3157
    },
    {
      "t": "53:28",
      "title": "A critique of post-Keynesianism",
      "seconds": 3208
    },
    {
      "t": "54:17",
      "title": "The logical endpoint of printing money",
      "seconds": 3257
    },
    {
      "t": "55:08",
      "title": "The central bank replacing private lending",
      "seconds": 3308
    },
    {
      "t": "55:59",
      "title": "Strikes, and an inward-looking economic debate",
      "seconds": 3359
    },
    {
      "t": "56:49",
      "title": "Where the government's cuts land wrongly",
      "seconds": 3409
    },
    {
      "t": "57:42",
      "title": "Defending acquired benefits",
      "seconds": 3462
    },
    {
      "t": "58:33",
      "title": "Collectivism in wage formation",
      "seconds": 3513
    },
    {
      "t": "59:27",
      "title": "The state out of the wage table",
      "seconds": 3567
    },
    {
      "t": "60:18",
      "title": "Universal validity, and a book recommendation",
      "seconds": 3618
    }
  ],
  "sourceTranscriptType": "macwhisper_sbv",
  "subtitleMethod": "none",
  "provenance": "Owner page assembled from YouTube metadata, the neuvottelija.fi episode record and a MacWhisper transcript of the Finnish audio. The chapter marks are the publisher's own, as released with the video. No English caption track was produced, so no transcript is published here.",
  "slug": "ep229-talouden-madonluvut-aki-kangasharju",
  "guestsCanonical": [
    "Aki Kangasharju"
  ],
  "guestPages": [
    "https://www.neuvottelija.com/podcast/guests/aki-kangasharju/"
  ],
  "page": "https://www.neuvottelija.com/podcast/episodes/ep229-talouden-madonluvut-aki-kangasharju/",
  "markdown": "https://www.neuvottelija.com/podcast/episodes/ep229-talouden-madonluvut-aki-kangasharju/index.md",
  "captions": null,
  "transcript": null,
  "videoId": "k8cN_FhQk7o",
  "dbId": null,
  "qaCoveragePct": 0.0,
  "qaSemanticVerdict": "transcript_timecoded"
}