Is economic orthodoxy evolving? (with Luigi Zingales)

Pitchfork Economics with Nick Hanauer

Civic Ventures

Business, Government, News, Politics

4.8 • 1.5K Ratings

🗓️ 12 November 2019

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

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Summary

‘Chicago School’ is a descriptor often used to signify conventional economic thinking. This week, our friend Luigi Zingales, a finance professor at the Chicago Booth School of Business, joins Nick and Goldy to find out where they agree—and where they disagree. They discuss wealth taxes, health care, student loan forgiveness, shareholder value maximization, the Green New Deal, and more. Luigi Zingales is a Professor of Entrepreneurship and Finance and the Director of the Stigler Center at the Chicago Booth School of Business. He is the author of two books: ‘Saving Capitalism from Capitalists’, with Raghuram G. Rajan, and ‘A Capitalism for the People: Recapturing the Lost Genius of American Prosperity’. Luigi is also the co-host of the podcast ‘Capitalisn’t’. Twitter: @zingales @zingales_it A Capitalism for the People: https://www.indiebound.org/book/9780465085958

Transcript

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0:00.0	I think that we used to have a very competitive at the logical market and now we don't.
0:06.0	The more genuinely competitive a market is, the better it is in all ways.
0:12.0	It's better for consumers, it's better for consumers it's better for the pace of
0:15.3	innovation it's better for the political process so on and so forth so we would
0:20.8	you agree we agree on those principles.
0:23.0	Absolutely.
0:23.8	Okay.
0:24.4	So let's try and find where we disagree.
0:27.6	From the offices of Civic Ventures in downtown Seattle, this is Pitch Fork Economics with
0:38.3	Nick Hanauer, where we explore everything you wished you'd learn in Econ 101.
0:48.8	I'm Nick Hanauer, founder of Civic Ventures.
0:51.8	I'm David Goldstein, Senior Fellow at Civic Ventures.
0:56.0	You know, sometimes Nick, I think we may fall into the preaching to the choir trap on pitchfork economics and that we have some
1:09.4	ideas about how the economy does work and doesn't work and that we look for really smart
1:15.5	interesting people who generally agree with us. And occasionally in these
1:21.2	conversations we'll we'll make a little snide comment about the University
1:26.8	of Chicago, the Chicago school.
1:29.5	Because that's where, you know, Milton Friedman and the whole neo-classical Orthodox economics
1:38.9	as we know it today got in in particular a deliberate attempt to animate the neoliberal narrative too yeah
1:46.5	it comes out of the Chicago school yeah so we're gonna take a little diversion here and talk to an actual University of Chicago
2:00.0	Economist.
2:01.0	That's right.
	...

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