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
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