Arnold Kling on Economics for the 21st Century

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4.7 • 4.3K Ratings

🗓️ 12 March 2018

⏱️ 65 minutes

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Summary

Economist, blogger, and author Arnold Kling talks with EconTalk host Russ Roberts about the state of economics in the 21st century. Kling argues that economics would be more useful if it took account of intangibles like culture, incorporated the role of financial intermediation in the economy, and modeled some of the the subtleties of the labor market--how wages are set and the role of team production.

Transcript

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0:00.0	Welcome to Econ Talk, part of the Library of Economics and Liberty.
0:08.0	I'm your host, Russ Roberts, of Stanford University's Hoover Institution.
0:12.6	Our website is econtalk.org where you can subscribe, comment on this podcast, and find
0:17.6	links and other information related to today's conversation.
0:20.5	We'll also find our archives where you can listen to every episode we've ever done going
0:24.8	back to 2006.
0:27.0	Our email address is mailadycontalk.org.
0:29.5	We'd love to hear from you.
0:31.5	Today is February 22nd, 2018, and my guest is economist and author Arnold Kling.
0:40.6	This is his 14th appearance on e-contalk.
0:43.1	He was, I guess, most recently, a May of 2016, talking about his book, Specialization
0:47.8	and Trade.
0:48.8	Today, we're going to be talking about the economics of the 21st century using a recent
0:52.9	essay Arnold wrote on the topic of medium.com, which we will link to.
0:56.9	Arnold, welcome back to e-contalk.
0:59.0	Looking forward to it, Russ.
1:00.6	The premise of your essay is that the world has changed.
1:05.5	Economic reality has changed.
1:06.8	The economy has changed.
1:08.8	But the discipline of economics, the way that we as economists approach the world, hasn't
1:13.8	changed sufficiently if at all.
1:16.4	So I'd like us to start off with the idea that your claim that the economy is different
	...

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