Answered raw tape
D 5 · C 5 · P 4 · Cm 4 4.60
Q things really well. And I feel like today, 70, 80, you know, 80 years later, uh, they're not doing things as well, partly because innovation is so cheap that you can do things well from a small group and be rewarded for it, so why be part of this giant thing? Is that, is that part of it for you, or like, like, what are the trends against government here?
A Yeah, I mean, that's certainly, you know, it's hard to see, um, that government's improved over time. If anything, it, it just seems that, yes, less talented people are attracted to government, And more and more people find constraints working in government. Um, it just, it just, things are getting harder. Whereas at the same time, you know, the private sector is offering more opportunities. Um, obviously there's venture funding that helps broader participation in the workforce, whether it be women, minorities, you name it, you know, you'd be able to draw on a, on a greater base of talent. And all of those things You know, go with the general theme that the private sector is dynamic. It changes. New ideas, so on and so forth. Whereas the problem with the government is things are very static. It's very difficult to get fundamental changes, uh, that, you know, adjust to what's going on in society.
AI assessment note: “less talented people are attracted to government, And more and more people find constraints”
Answered raw tape
D 4 · C 5 · P 5 · Cm 4 4.55
Q to be talked about, but yeah, I'd like to start with your book is indispensable market corrections in a U S economy beset by government failures. And one of the things you write, which I, which I, what struck me was that economists generally believe that market failure is a greater social problem than government failure. Why do economists tend to believe that, and why are you countering that argument?
A Well, you know, it goes back to sort of, in many ways, sort of the evolution of economics, really, in, in more recent decades, where sort of all the cool work, if you will, was involved in theories of market failure. You probably know the names of Joe Stiglitz, uh, George Akerlof, Market for Lemons, You know, Mike Spence, these people all won Nobel Prizes. They're sort of pointing out why there were market failures was a lot more interesting than assuming the base case of perfect competition. And, you know, many things have sort of been in that spirit. So the theoretical instincts is that were that the action is really in market failures and very little attention Was given the government failures. And so as things go on, people think, yeah, market failure is a problem. They never stepped back and said, well, is government going to fix this? Is it going to make it worse? You know, I think, I think it evolves really from the theory.
AI assessment note: “all the cool work, if you will, was involved in theories of market failure.”
