Right here is the audio, video, and transcript. Right here is the episode abstract:
Nobel Prize-winning economist Joseph Stiglitz joined Tyler for a dialogue that weaves by means of Joe’s profession and key contributions, together with what he realized from giving an 8-hour lecture in Japan, how being a debater influenced his mental growth, why he tried to abolish fraternities at Amherst, how finding out Kenyan sharecropping led to one in every of his most influential papers, what he thinks at the moment of Georgism and the YIMBY motion, why he was too right-wing for Cambridge, why he left Gary, Indiana, his present views on excessive buying and selling volumes and liquidity, the most important distinction between him and Paul Krugman, what working in Washington, DC taught him about hierarchies, what he’ll do subsequent, and extra.
Right here is one excerpt:
COWEN: You have been a debater, and while you have been at Amherst, you have been additionally head of scholar authorities, proper?
STIGLITZ: That’s proper.
COWEN: You voted to abolish fraternities. Isn’t there good proof that fraternities elevate wages?
STIGLITZ: [laughs] That was unions elevate wages. Fraternities — I used to be against fraternities as a result of Amherst was a small school, a thousand boys, males, and so they had the impact of dividing the neighborhood. The philosophy that I had was that we must be one neighborhood. The fraternities tended to intervene with that. College students from one fraternity would all the time sit at dinner on the similar tables with the members of their fraternity. There have been class facets of fraternities.
They have been simply, I believed, very divisive in a small neighborhood, and it turned out that my perspective ultimately prevailed. Quite a few years later, Amherst did abolish the fraternities. It’s an necessary lesson to me in my political life. Typically you start a marketing campaign realizing that within the subsequent 12 months, two years — when you’re truly there — you might not succeed, however sowing the seeds of debate, debate, perhaps in 5, typically 10, typically 15, 20 years, issues end up and also you wind up profitable the talk.
And this:
COWEN: Do you like the deregulations of the present YIMBY motion — enable much more constructing?
STIGLITZ: No. That goes truly to one of many themes of my e-book. One of many themes in my e-book is, one particular person’s freedom is one other particular person’s unfreedom. That signifies that what I can do . . . I speak about freedom as what any individual may do, his alternative set, his decisions that he may make. And when one particular person exerts an externality on one other by exerting his freedom, he’s constraining the liberty of others.
You probably have unfettered constructing — for example, you don’t have any zoning — you may have a constructing as excessive as you need. The issue is that your excessive constructing deprives one other constructing of sunshine. There could also be noise. You don’t need your kids uncovered to, say, a brothel that’s created subsequent door. Within the e-book, I truly speak about one instance. Houston is a metropolis with comparatively little zoning, and I’ve some quotes from individuals dwelling there, describing a few of the challenges that that leads to.
And this;
COWEN: Your 1984 piece with Carl Shapiro on effectivity wage idea — wanting again at that now, 40 years later, you consider that primarily as a contribution to understanding organizations, a proof of unemployment, a declare about sticky wages? Or how do you body that article? As a result of within the piece itself, the wage is definitely versatile, a minimum of the true wage is.
Advisable, fascinating all through.
