David McWilliams (economist) facts for kids
Quick facts for kids
David McWilliams
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David McWilliams in 2014
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| Born | 1966 (age 58–59) |
| Education | Blackrock College |
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| Occupation | |
| Spouse(s) | Sian Smyth |
| Children | 2 |
David McWilliams is a well-known Irish economist, writer, and journalist. He is famous for explaining tricky economic ideas in a way that everyone can understand. Since 1999, he has worked as a broadcaster, writer, and commentator on money matters. He has also made many documentaries and written several popular books. His books include The Pope's Children, The Generation Game, and Money: A Story of Humanity. He often writes for newspapers like the Irish Times and Irish Independent.
Contents
David McWilliams: Life and Career
Early Life and Education
David McWilliams was born in Dún Laoghaire, Ireland, in 1966. He grew up in Monkstown, Dublin. His father worked in a factory, and his mother was a teacher. He is married to Sian Smyth, and they live in Dublin.
David went to Blackrock College in Dublin for his schooling. He then studied economics at Trinity College Dublin, graduating in 1988. He also earned a Master's degree in economics from the College of Europe in Belgium in 1989.
Early Career and Economic Warnings
From 1990 to 1993, David worked as an economist at the Central Bank of Ireland. This job helped him understand how big global events affect a country's money.
Later, he moved to London to work for big banks like UBS. During this time, he helped popularize the term "Celtic Tiger" to describe Ireland's fast-growing economy. However, he also warned that Ireland's housing market was growing too fast, like a "price bubble." He predicted that house prices might drop significantly. Many people thought he was being too worried, but his warnings later proved to be very accurate.
From 1999 to 2002, he worked for a company called Rockwest Capital, which managed investments.
Becoming a Public Voice
After returning to Ireland, David started working in television and radio. He hosted shows like Agenda on TV3 and a radio show on NewsTalk 106.
In 2005, he published his first book, The Pope's Children. This book became a huge bestseller and made him a household name in Ireland. In his books, David often creates memorable characters, like "Breakfast Roll Man," to explain different types of people in the economy. He wrote three more bestsellers: The Generation Game, Follow the Money, and The Good Room.
After the 2008 Financial Crisis
When the financial crisis hit in 2008, many people saw that David McWilliams' earlier warnings had been correct. He became a more important voice in the Irish media. He wrote and presented many documentaries about economics in Ireland and Australia.
He also created "Outsiders," a show that combined stand-up comedy with discussions about society. From 2005 to 2013, he hosted "Leviathan: Political Cabaret" at the Electric Picnic festival, which was a mix of discussion, comedy, and satire.
New Ideas and Projects
In 2010, David McWilliams helped start two yearly events:
- Dalkey Book Festival: This is a festival for books and writers, which he co-founded with his wife, Sian.
- Kilkenomics: This is a unique festival that mixes economics with stand-up comedy, making complex ideas fun and easy to understand.
David also uses animated videos in his "Punk Economics Series" on YouTube to explain economic topics. He uses animations, music, and videos in his online economics course, "Economics without Boundaries."
He also came up with the idea for the Global Irish Economic Forum. This event brings together Irish business leaders and experts from around the world. The goal is to help Ireland's economy grow and to strengthen ties with Irish communities globally.
Since 2019, David has hosted his own weekly podcast, where he discusses current events and economic ideas.
David McWilliams: Economic Views
Ireland and the 2008 Recession
David McWilliams had warned many times in the 1990s that Ireland was heading for a housing bubble. He predicted a big crash, which eventually happened around 2008. He described Ireland's housing boom as a "confidence trick" by bankers, landowners, and politicians. He said it would lead to many people owing more on their homes than they were worth.
When the global economic downturn hit in 2008, Ireland was very vulnerable, just as McWilliams had predicted.
Bank Guarantee
In September 2008, the Irish government decided to guarantee all bank deposits. David McWilliams initially supported this decision, calling it a "masterstroke." He believed it would help bring confidence back to the Irish financial system. He had even advised the government on this policy.
However, he later said that the guarantee should have been temporary, as originally planned. He felt it was a mistake to make it open-ended, meaning it lasted too long.
NAMA
David McWilliams believed that a "bad bank" would be needed to deal with bad loans from the crisis. This "bad bank" would be like a "financial skip" where all the bad loans could be put. However, he criticized the specific plan for NAMA (National Asset Management Agency) when it was first proposed.
Ireland and the Euro
After the 2008 financial crisis, David McWilliams questioned if Ireland should stay in the Euro currency. He argued that if Ireland struggled too much, it could affect the entire Eurozone. He suggested that Ireland might need to consider leaving the Euro if things got too difficult.
Brexit and Europe
David McWilliams understood why people in Britain voted for Brexit, even though he hoped they would remain in the European Union. He noted that countries like Switzerland and Norway pay to access the European market but remain independent. He believes that the desire for independence and sovereignty is a strong feeling for many people.
Ireland and Israel
David McWilliams has sometimes suggested that Ireland could learn from Israel's economic and social success. He believes Ireland should focus on building strong ties with Irish people living around the world. He has said that while many Irish people support Palestine, Ireland's economy is very connected to America and the West. He believes Ireland needs the Western world to be strong and united.
Awards and Recognition
In January 2007, David McWilliams was chosen as one of 250 Young Global Leaders by the World Economic Forum. This award recognizes young leaders who are making a difference in the world.
Images for kids
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David McWilliams in 2014
