Edmund Phelps on CNBC: "China Doesn't Understand a Dynamic Economy"
While participating in the Boao Forum for Asia, Center director Edmund Phelps spoke to CNBC about China's struggle to adjust to a dynamic economy. "An enonomy that's full of dynamism and people using their imagination and their creativity, such an economy is not predictable. Nobody knows exactly in what directions the economy is going to be moving and how fast it's going to be getting there. And this is something the Chinese are totally unfamiliar with." He also spoke about the American unemployment rate and the recovery of the United States economy. Watch the interview here.