What is an economic hitman? Cenk Uygur and John Perkins, hosts of The Conversation, break it down.
Behavioral economist Richard Thaler talks to bestselling author Malcolm Gladwell on the implications of behavioral economics on how we think about the world, from our personal lives to business to society. They will have you retooling your grocery list and retirement strategies, and lead managers to rethink every aspect of their business.
60:30this is an important point someone whohas always been the the A+ student thisthe court feel are the obvious smartestkid in the room right golden boy issomeone who is who is not powerfullymotivated to disrupt the status quoright right right is rare going I seewhere you’re goinglook no I think it’s an obvious pointthat if I were if I had been really goodat doing economics I wouldn’t have hadto do this you know all rightI mean I sure when Rosen my advisor Iquote him in the in in an article in TheNew York Times he told the reporter whoasked about my career as a grad studentquote we didn’t expect much of him yeahand you it’s always good to have youI think it’s been purestupidity that we haven’t been buildingroads bridges and so forthfor the last seven years when we wecould we can borrow at a negativeinterest rate and use otherwise idleresources I mean it’s just mind bogglingthat we haven’t done that and and youdon’t have to be a Keynesian to thinkthat so whether or not this wouldstimulate the economy let’s just supposewe do just cost-benefit analysis we havebridges that are all going to fall downall around the country we could bebuilding them with construction crewsthat have nothing to do and borrowing atzero interest rate and we’re going tohave to do start doing it as soon as theeconomy picks up when it will cost a lotmore so complete stupidity
The movement’s main founder, Robert A. Mundell, wrote prolifically on the subject avant la lettre in top economics journals in the 1960s and 1970s. Mundell’s protégé at the University of Chicago, Arthur B. Laffer, did the same, then branched out to a consulting business where he put out some 50 papers per year that dilated on supply-side economics.
But “everyone knows” that supply-side economics’ main, if not exclusive concern was with tax cuts, and that’s good enough for Mark Thoma. Cui bono from burying the true history of the objectives of supply-side economics? Fiscal-cliff corner-cutters and their enablers, but certainly not sincere political economists trying to master our recent history for the purpose of getting our once-great economy back in good repair.
David Autor, professor of economics at MIT, did not take an economics class until he was 28. But in the years since he has produced groundbreaking work on the effects on American workers of China’s extraordinary rise. Economists had generally assumed that the negative effects for rich-country workers of trade with poorer countries would not be of much consequence. A series of papers that Mr Autor wrote with collaborators painted a very different picture