Don Boudreaux of George Mason University and Cafe Hayek talks with EconTalk host Russ Roberts about the intellectual legacy of Ronald Coase. The conversation centers on Coase's four most important academic articles. Most of the discussion is on two of those articles, "The Nature of the Firm," which continues to influence how economists think of fir…
Guillermo Calvo of Columbia University and the National Bureau of Economic Research talks with EconTalk host Russ Roberts about the nature of macroeconomic crises and what we have learned or should have learned in the aftermath of the most recent one. Based loosely on his recent paper, "Puzzling Over the Anatomy of Crises," Calvo discusses a wide a…
Cliff Winston of the Brookings Institution talks with EconTalk host Russ Roberts about his recent article in the Journal of Economic Literature on the U.S. transportation system. Winston argues that the while the United States has a very good transportation system overall, it is extremely expensive and poorly organized. What is needed, Winston argu…
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EconTalk at GMU


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Oster on Pregnancy, Causation, and Expecting Better
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Emily Oster of the University of Chicago and author of Expecting Better talks with EconTalk host Russ Roberts about her book on pregnancy and the challenges of decision-making under uncertainty. Oster argues that many of the standard behavioral prescriptions for pregnant women are not supported by the medical literature. The conversation centers ar…
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EconTalk at GMU


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Tyler Cowen on Inequality, the Future, and Average is Over
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Tyler Cowen of George Mason University and blogger at Marginal Revolution talks with EconTalk host Russ Roberts about his latest book, Average is Over. Cowen takes a provocative look at how the growing power of artificial intelligence embodied in machines and technologies might change labor markets and the standard of living. He tries to predict wh…
David Epstein, writer for ProPublica and author of The Sports Gene, talks with EconTalk host Russ Roberts about the book. Epstein discusses a number of the ideas in the book including what we have learned about the nature vs. nurture debate, the role of practice in achieving mastery, why a small part of Kenya produces so many champion marathoners, …
David Laidler of the University of Western Ontario talks about money and monetary policy with EconTalk host Russ Roberts. Laidler sketches the monetarist approach to the Great Depression and the Great Recession. He defends the Federal Reserve's performance in the recent crisis against the critics. He argues that the Fed's monetary policies have not…
Nassim Taleb of NYU-Poly talks with EconTalk host Russ Roberts about his recent paper (with Constantine Sandis) on the morality and effectiveness of "skin in the game." When decision makers have skin in the game--when they share in the costs and benefits of their decisions that might affect others--they are more likely to make prudent decisions tha…
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EconTalk at GMU


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Capitalism, Government, and the Good Society
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On April 10, 2013, Liberty Fund and Butler University sponsored a symposium, "Capitalism, Government, and the Good Society." The evening began with solo presentations by the three participants--Michael Munger of Duke University, Robert Skidelsky of the University of Warwick, and Richard Epstein of New York University. (Travel complications forced t…
Mike Munger of Duke University talks with EconTalk host Russ Roberts about why milk is in the back of the grocery store. Michael Pollan and others argue that milk is in the back so that customers, who often buy milk, will be forced to walk through the entire story and be encouraged by the trek to buy other items. Munger and Roberts argue that compe…
Eric Hanushek of Stanford University's Hoover Institution talks with EconTalk host Russ Roberts about his new book, Endangering Prosperity (co-authored with Paul Peterson and Ludger Woessmann). Hanushek argues that America's educational system is mediocre relative to other school systems around the world and that the failure of the U.S. system to d…
Jagdish Bhagwati of Columbia University talks with EconTalk host Russ Roberts about the economy of India based on his book with Arvind Panagariya, Why Growth Matters. Bhagwati argues that the economic reforms of 1991 ushered in a new era of growth for India that has reduced poverty and improved the overall standard of living in India. While support…
Robert Pindyck of MIT talks with EconTalk host Russ Roberts about the challenges of global warming for policy makers. Pindyck argues that while there is little doubt about the existence of human-caused global warming via carbon emissions, there is a great deal of doubt about the size of the effects on temperature and the size of the economic impact…
Barry Weingast, the Ward C. Krebs Family Professor of Political Science at Stanford University and a Senior Fellow at Stanford's Hoover Institution talks with EconTalk host Russ Roberts about the role of violence and the threat of violence in maintaining destructive economic policies that reduce growth and development. Weingast argues that the thre…
Amrita Narlikar of the University of Cambridge talks with EconTalk host Russ Roberts about fair trade and policy issues related to trade. Narlikar argues--based on a recent article with Dan Kim--that the Fair Trade movement hurts workers outside of the fair trade umbrella and does little for those it is trying to help. She advocates free trade, par…
Michael Lind of the New American Foundation talks with EconTalk host Russ Roberts about two recent articles by Lind at Salon.com. In the first article, Lind argues that libertarians are wrong about how to organize a society because they embrace a philosophy that has never been tried. In the second article, Lind argues that the ideas taught in econo…
Michael Clemens of the Center for Global Development talks with EconTalk host Russ Roberts about the effects of aid and migration on world poverty. Clemens argues that the effects of aid are positive but small. But emigration has the potential to have a transformative effect on migrants from poor countries who emigrate to richer ones. The discussio…
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EconTalk at GMU


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Morris Fiorina on Polarization, Stability, and the State of the Electorate
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Morris Fiorina, the Wendt Family Professor of Political Science and Hoover Institution Senior Fellow at Stanford University, talks with EconTalk host Russ Roberts about the state of the American electorate and recent election results. Fiorina argues that while the Republican and Democratic parties are more extreme than they were in the past, there …
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EconTalk at GMU


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Munger on Sports, Norms, Rules, and the Code
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Michael Munger of Duke University talks with EconTalk host Russ Roberts about the role of formal rules and informal rules in sports. Many sports restrain violence and retaliation through formal rules while in others, protective equipment is used to reduce injury. In all sports, codes of conduct emerge to deal with violence and unobserved violations…
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EconTalk at GMU


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Stevenson and Wolfers on Happiness, Growth, and the Reinhart-Rogoff Controversy
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Betsey Stevenson and Justin Wolfers, of the University of Michigan talk with EconTalk host Russ Roberts about their work on the relationship between income and happiness. They argue that there is a positive relationship over time and across countries between income and self-reported measures of happiness. The second part of the conversation looks a…
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EconTalk at GMU


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Pallotta on Charity and the Culture of the Non-Profit Sector
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Dan Pallotta, Chief Humanity Officer of Advertising for Humanity and author of Uncharitable talks with EconTalk host Russ Roberts about the ideas in his book. Pallotta argues that charities are deeply handicapped by their culture and how we view them. The use of overhead as a measure of effectiveness makes it difficult for charities to attract the …
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EconTalk at GMU


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Schneier on Power, the Internet, and Security
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Bruce Schneier, author and security guru, talks with EconTalk host Russ Roberts about power and the internet. Schneier argues that the internet enhances the power of the powerless but it also enhances the power of the powerful. He argues that we should be worried about both corporate and government uses of the internet to enhance their power. Recor…
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EconTalk at GMU


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Kling on the Three Languages of Politics
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Arnold Kling, author of The Three Languages of Politics, talks with EconTalk host Russ Roberts about the ideas in the book. Kling argues that Progressives, Conservatives, and Libertarians each have their own language and way of looking at the world that often doesn't overlap. This makes it easier for each group to demonize the others. The result is…
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EconTalk at GMU


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Jim Manzi on the Oregon Medicaid Study, Experimental Evidence, and Causality
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Jim Manzi, founder and chair of Applied Predictive Technologies, senior fellow at the Manhattan Institute, and author of Uncontrolled, talks with EconTalk host Russ Roberts about the Oregon Medicaid study and the challenges of interpreting experimental results. Manzi notes a number of interesting aspects of the study results that have generally bee…
Richard Epstein of New York University and Stanford University's Hoover Institution talks with EconTalk host Russ Roberts about the U.S. Constitution. Topics covered in this wide-ranging conversation include how the interpretation of the Constitution has changed over time, the relationship between state and federal power, judicial activism, the inc…
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EconTalk at GMU


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Frakt on Medicaid and the Oregon Medicaid Study
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Austin Frakt of Boston University and blogger at The Incidental Economist talks with EconTalk host Russ Roberts about Medicaid and the recent results released from the Oregon Medicaid study, a randomized experiment that looked at individuals with and without access to Medicaid. Recent released results from that study found no significant impact of …
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EconTalk at GMU


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Bernstein on Communication, Power and the Masters of the Word
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William Bernstein talks with EconTalk host Russ Roberts about his latest book, Masters of the Word. Bernstein traces the history of language, writing, and communication and its impact on freedom. The discussion begins with the evolution of language and the written word and continues up through radio and the internet. A particular focus of the conve…
James Galbraith of the University of Texas and author of Inequality and Instability talks with EconTalk host Russ Roberts about inequality. Galbraith argues that much of the mainstream analysis of inequality in the economics literature is flawed. Galbraith looks at a variety of different measures and ways of analyzing income data. In the podcast he…
Edward Glaeser of Harvard University and author of The Triumph of Cities talks with EconTalk host Russ Roberts about American cities. The conversation begins with a discussion of the history of Detroit over the last century and its current plight. What might be done to improve Detroit's situation? Why are other cities experiencing similar challenge…
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EconTalk at GMU


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Sachs on the Crisis, the Recovery, and the Future
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Jeffrey Sachs of Columbia University and author of The Price of Civilization talks with EconTalk host Russ Roberts about the state of the American economy. Sachs sees the current malaise as a chronic problem rather than a short-term challenge caused by the business cycle. He lists a whole host of issues he thinks policymakers need to deal with incl…
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EconTalk at GMU


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Admati on Bank Regulation and the Bankers' New Clothes
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Anat Admati of Stanford University talks with EconTalk host Russ Roberts about her new book (co-authored with Martin Hellwig), The Bankers' New Clothes. Admati argues that the best way to reduce the fragility of the banking system is to increase capital requirements--that is, require banks to finance their activities with a greater proportion of eq…
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EconTalk at GMU


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Topol on the Creative Destruction of Medicine
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Eric Topol of the Scripps Research Institute and the author of The Creative Destruction of Medicine talks with EconTalk host Russ Roberts about the ideas in his book. Topics discussed include "evidence-based" medicine, the influence of the pharmaceutical industry, how medicine is currently conducted for the "average" patient, the potential of genom…
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EconTalk at GMU


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Sumner on Money, Business Cycles, and Monetary Policy
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Scott Sumner of Bentley University and blogger at The Money Illusion talks with EconTalk host Russ Roberts about the basics of money, monetary policy, and the Fed. After a discussion of some of the basics of the money supply, Sumner explains why he thinks monetary policy in the United States during and since the crisis has been inadequate. Sumner s…
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EconTalk at GMU


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Burgin on Hayek, Friedman, and the Great Persuasion
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Angus Burgin of Johns Hopkins University and the author of The Great Persuasion talks with EconTalk host Russ Roberts about the idea in his book--the return of free market economics in the aftermath of the Great Depression. Burgin describes the reaction to Hayek's Road to Serfdom, the creation of the Mont Pelerin Society, and the increasing influen…
Doc Searls, author of The Intention Economy and head of Project VRM at Harvard University's Berkman Center talks with EconTalk host Russ Roberts about the how the relationship between buyers and sellers might evolve as the internet evolves. Searls imagines a world where buyers would advertise their intentions and desires and sellers would respond w…
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EconTalk at GMU


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Leigh Steinberg on Sports, Agents, and Athletes
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Leigh Steinberg, legendary sports agent, talks with EconTalk host Russ Roberts about his career as a sports agent. He discusses the challenges of building a clientele, how sports agents spend their time, strategies for building a brand as an athlete, and safety issues currently affecting the National Football League.…
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EconTalk at GMU


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Varoufakis on Valve, Spontaneous Order, and the European Crisis
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Yanis Varoufakis of the University of Athens, the University of Texas, and former economist-in-residence at Valve Software talks with EconTalk host Russ Roberts about the unusual structure of the workplace at Valve. Valve, a software company that creates online video games, has no hierarchy or bosses. Teams of software designers join spontaneously …
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EconTalk at GMU


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Glenn Reynolds on Politics, the Constitution, and Technology
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Glenn Reynolds of the University of Tennessee and blogger at Instapundit talks with EconTalk host Russ Roberts about the political malaise in America, whether it could lead to a Constitutional Convention, and what might emerge were such an event to occur. Reynolds also gives his thoughts on the suggestion advanced in a recent episode of EconTalk th…
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EconTalk at GMU


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Cathy O'Neil on Wall St and Occupy Wall Street
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Cathy O'Neil, data scientist and blogger at mathbabe.org, talks with EconTalk host Russ Roberts about her journey from Wall Street to Occupy Wall Street. She talks about her experiences on Wall Street that ultimately led her to join the Occupy Wall Street movement. Along the way, the conversation includes a look at the reliability of financial mode…
Louis Michael Seidman of Georgetown University talks with EconTalk host Russ Roberts about the United States Constitution. Seidman argues that the we should ignore the Constitution in designing public policy, relying instead on the merits of policy regardless of their constitutionality. Seidman defends his position by citing examples in the past wh…
Peter Boettke of George Mason University talks with EconTalk host Russ Roberts about his book, Living Economics. Boettke argues for embracing the tradition of Smith and Hayek in both teaching and research, arguing that economics took a wrong turn when it began to look more like a branch of applied mathematics. He sees spontaneous order as the centr…
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EconTalk at GMU


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Kelly on the Future, Productivity, and the Quality of Life
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Kevin Kelly talks with EconTalk host Russ Roberts about measuring productivity in the internet age and recent claims that the U.S. economy has entered a prolonged period of stagnation. Then the conversation turns to the potential of robots to change the quality of our daily lives.
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EconTalk at GMU


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Esther Dyson on the Attention Economy and the Quantification of Everything
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Esther Dyson talks with EconTalk host Russ Roberts about the market for attention and how technology has changed, how much we pay attention to others, and vice versa. Along the way Dyson reminisces about Steve Jobs, the nature of the start-up and venture capital world, and the future of space travel.…
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EconTalk at GMU


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Jerven on Measuring African Poverty and Progress
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Morten Jerven of Simon Fraser University, author of Poor Numbers, talks with EconTalk host Russ Roberts about the quality of data coming out of Africa on income, growth, and population. Jerven argues that the inconsistency of the numbers and methodology both across countries and within a country across time, makes many empirical studies of African …
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EconTalk at GMU


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Pettit on the Prison Population, Survey Data and African-American Progress
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Becky Pettit of the University of Washington and author of Invisible Men talks with EconTalk host Russ Roberts about the growth of the prison population in the United States in recent decades. Pettit describes the magnitude of the increase particularly among demographic groups. She then discusses the implications of this increase for interpreting s…
Lisa Turner of Laughing Stock Farm talks with EconTalk host Russ Roberts about life as a small organic farmer. She describes her working day, the challenges of farming, the role of the U.S. Department of Agriculture in her life and what some job applicants who want to work on her farm need to understand about business.…
Don Boudreaux of George Mason University talks with EconTalk host Russ Roberts about the work of F. A. Hayek, particularly his writings on philosophy and political economy. Boudreaux provides an audio annotated bibliography of Hayek's most important books and essays and gives suggestions on where to start and how to proceed through Hayek's works if…
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EconTalk at GMU


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Chris Anderson on Makers and Manufacturing
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Chris Anderson, author of Makers: The New Industrial Revolution, talks with EconTalk host Russ Roberts about his new book--the story of how technology is transforming the manufacturing business. Anderson argues that the plummeting prices of 3D printers and other tabletop design and manufacturing tools allows for individuals to enter manufacturing a…
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EconTalk at GMU


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Mulligan on Redistribution, Unemployment, and the Labor Market
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Casey Mulligan of the University of Chicago and the author of The Redistribution Recession, talks with EconTalk host Russ Roberts about the ideas in the book. Mulligan argues that increases in the benefits available to unemployed workers explains the depth of the Great Recession that began in 2007 and the slowness of the recovery particularly in th…
Marcia Angell of Harvard Medical School and the author of The Truth About the Drug Companies talks with EconTalk host Russ Roberts about the impact of pharmaceutical companies on academic research, clinical trials and the political process. Angell argues that the large pharmaceutical companies produce little or no innovation and use their political…