Chapter
The Virtues and Vices of Free Enterprise
2:37:59 - 2:51:45 (13:45)
Economist Tyler Cowen discusses the balancing act between free enterprise and the need for a decent society in which people who fall between the cracks are still supported, as well as the importance of incentives and luck in economic interactions.
Clips
The guest highlights the importance of markets in the economy and how mixed economies in northern Europe and North America balance free enterprise against ensuring a decent society.
2:37:59 - 2:45:38 (07:38)
Summary
The guest highlights the importance of markets in the economy and how mixed economies in northern Europe and North America balance free enterprise against ensuring a decent society. He notes that markets help eliminate inefficiencies, but also produce inequality, and that governments must intervene to create a sense of social solidarity.
ChapterThe Virtues and Vices of Free Enterprise
Episode#285 – Glenn Loury: Race, Racism, Identity Politics, and Cancel Culture
PodcastLex Fridman Podcast
This podcast discusses the idea that affirmative action is a band-aid on the differences in intellectual performance that result from how people spend their time, what they value, and their work ethic.
2:45:38 - 2:49:44 (04:05)
Summary
This podcast discusses the idea that affirmative action is a band-aid on the differences in intellectual performance that result from how people spend their time, what they value, and their work ethic. The Civil Rights movement is now being used as an excuse for the failure of African-Americans to seize opportunities, while Asian students are succeeding not because they are more intelligent but because they work harder and are more disciplined.
ChapterThe Virtues and Vices of Free Enterprise
Episode#285 – Glenn Loury: Race, Racism, Identity Politics, and Cancel Culture
PodcastLex Fridman Podcast
The world is in a constant state of change, and in order to keep up and become self-sufficient, one must acquire mastery over the achievements of human civilization as they evolve with new ways of seeing and doing.
2:49:44 - 2:51:45 (02:00)
Summary
The world is in a constant state of change, and in order to keep up and become self-sufficient, one must acquire mastery over the achievements of human civilization as they evolve with new ways of seeing and doing. Excuses and the past will only be a hindrance to growth and success.