Brad DeLong is a leading American macroeconomist who combines stellar academic credentials with policymaking experience at the highest levels of government and a gift for making complex economic dynamics intelligible for a general audience. DeLong is a professor of economics at the University of California at Berkeley, where he also serves as chair of the political economy major. He served as deputy assistant secretary at the U.S. Department of the Treasury in the Clinton administration under Lawrence Summers. In addition to being a research associate at the National Bureau of Economic Research and a visiting scholar at the Federal Reserve Bank of San Francisco, he is an active blogger. His personal blog, Grasping Reality with Both Invisible Hands, covers political and economic issues as well as criticism of their coverage in the media.
In an interview with BCG senior partner and managing director Daniel Stelter, DeLong explains how today’s macroeconomic environment is fundamentally different from the one business executives experienced in the previous 30 years, why the U.S. government should pursue a Keynesian economic policy despite relatively high deficits, and why the European debt crisis won’t be resolved any time soon.