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
First, people who go into the White House to have a meeting with President Trump usually leave pleasantly surprised. They find that Trump is not the raving madman they expected from his tweetstorms or the media coverage. They generally say that he is affable, if repetitive. He runs a normal, good meeting and seems well-informed enough to get by.
Second, people who work in the Trump administration have wildly divergent views about their boss. Some think he is a deranged child, as Michael Wolff reported. But some think he is merely a distraction they can work around. Some think he is strange, but not impossible. Some genuinely admire Trump. Many filter out his crazy stuff and pretend it doesn’t exist.
.. Third, the White House is getting more professional. Imagine if Trump didn’t tweet. The craziness of the past weeks would be out of the way, and we’d see a White House that is briskly pursuing its goals
.. there are two White Houses. There’s the Potemkin White House, which we tend to focus on: Trump berserk in front of the TV, the lawyers working the Russian investigation and the press operation.
Then there is the Invisible White House that you never hear about, which is getting more effective at managing around the distracted boss.
.. The anti-Trump movement suffers from insularity. Most of the people who detest Trump don’t know anybody who works with him or supports him.
.. gets viewers addicted to daily doses of righteous contempt and delicious vindication.
.. The movement also suffers from lowbrowism. Fox News pioneered modern lowbrowism... “For Wolff’s book, the truth seems almost a secondary concern to what really matters: engagement.”.. In every war, nations come to resemble their enemies, so I suppose it’s normal that the anti-Trump movement would come to resemble the pro-Trump movement.. It’s a struggle over what rules we’re going to play by after Trump. Are we all going to descend permanently into the Trump standard of acceptable behavior?.. There’s a hierarchy of excellence in every sphere. There’s a huge difference between William F. Buckley and Sean Hannity, between the reporters at this newspaper and a rumor-spreader. Part of this struggle is to maintain those distinctions, not to contribute to their evisceration.
Nor is there any reason why the state should not assist the individuals in providing for those common hazards of life against which, because of their uncertainty, few individuals can make adequate provision. Where, as in the case of sickness and accident, neither the desire to avoid such calamities nor the efforts to overcome their consequences are as a rule weakened by the provision of assistance—where, in short, we deal with genuinely insurable risks—the case for the state’s helping to organize a comprehensive system of social insurance is very strong . . . . Wherever communal action can mitigate disasters against which the individual can neither attempt to guard himself nor make the provision for the consequences, such communal action should undoubtedly be taken, . . .
No doubt they’d be shocked to find the passage is found in their favorite anti-socialist tome, F.A.Hayek’sThe Road to Serfdom.
.. Instead, as Thompson notes in his post, the rhetoric of the right reveals that we are more influenced by Ayn Rand than Hayek
.. The libertarians often prop up Hayek as their hero while we traditionalist conservatives like to trot out Edmund Burke. But the truth is the vast majority of the right subscribes to a form of libertarian populism inflected with social conservative attachments—an unholy hybrid of Ayn Rand, William Jennings Bryan, and Morton Downey, Jr.
.. One of the key concepts in this weird era—adopted from Rand’s novel Atlas Shrugged— is “Going Galt.” From Tea Party protestors to think-tank intellectuals, folks talk about Going Galt without the slightest hint of irony. The problem is not such much that it’s a silly hollow threat, but that it exemplifies a trait that is prevalent in conservative movement: The embrace of personality driven ideas that are often incompatible with some of our most basic philosophical, religious, or political beliefs.
.. People who would laugh at the absurdity of a “Christian Muslim” seem not to recognize the similar incongruity between being a follower of Christ and an acolyte of Ayn Rand.
.. Despite the fact that these well-meaning conservatives fail to exhibit any discernment about the views they are imbibing, they become terribly offended when you question how they could accept such nonsense.
.. Their defense tends to be based on a variation of a common theme: They don’t actually subscribe to those crazy views (at least not all of them), they just align themselves with a personality that does.
.. These St. Georges slaying the liberal dragons are placed beyond reproach. You are no more allowed to question the right’s preferred cult of personality—CoulterHannityBeckLimbaughPaulLevinRandPalinWhoever—than liberals can challenge Obama. Even thinking contrary thoughts about these figures is enough reason for them to question your conservatism (if not your patriotism, manhood, and love for small animals).
The result is that the conservative movement is becoming increasingly ineffective, insular, and irrational—in other words, we’re becoming the mirror image of the political left.
President Trump’s mental state is like a train that long ago left freewheeling and iconoclastic, has raced through indulgent, chaotic and unnerving, and is now careening past unhinged, unmoored and unglued.
.. There are no longer moral arbiters in Congress like Howard Baker and Sam Ervin to lead a resignation or impeachment process. There is no longer a single media establishment that shapes how the country sees the president. This is no longer a country in which everybody experiences the same reality.
.. We’re going to have an administration that has morally and politically collapsed, without actually going away.
.. Trump doesn’t mesh with that machinery. He is personality-based while it is rule-based.
.. The intelligence community has only just begun to undermine this president.
.. Usually when administrations stumble, they fire a few people and bring in the grown-ups — the James Baker or the David Gergen types. But Trump is anti-grown-up, so it’s hard to imagine Chief of Staff Haley Barbour. Instead, the circle of trust seems to be shrinking to his daughter, her husband and Stephen Bannon.
.. It’s interesting how many of Bannon’s rivals have woken up with knives in their backs. Michael Flynn is gone. Reince Priebus has been unmanned by a thousand White House leaks. Rex Tillerson had the potential to be an effective secretary of state, but Bannon neutered him last week by denying him the ability to even select his own deputy.
.. With each passing day, Trump talks more like Bannon without the background reading.
.. intelligence agencies are drafting memos with advice on how to play Donald Trump.
.. The key currency is not power, it’s flattery.
.. Give the boy a lollipop and he won’t notice if you steal his lunch. The Japanese gave Trump a new jobs announcement he could take to the Midwest, and in return they got presidential attention and coddling that other governments would have died for.
.. If you want to roll the Trump administration, you’ve got to get in line. The Israelis got a possible one-state solution. The Chinese got Trump to flip-flop on the “One China” policy. The Europeans got him to do a 180 on undoing the Iran nuclear deal.
.. We’re about to enter a moment in which U.S. economic and military might is strong but U.S. political might is weak.
.. The human imagination is vast, but it is not nearly vast enough to encompass the infinitely multitudinous ways Donald Trump can find to get himself disgraced.