Episode
Paul Krugman: Economics of Innovation, Automation, Safety Nets & Universal Basic Income
1:03:39
Published: Tue Jan 21 2020
Description
Paul Krugman is a Nobel Prize winner in economics, professor at CUNY, and columnist at the New York Times. His academic work centers around international economics, economic geography, liquidity traps, and currency crises. This conversation is part of the Artificial Intelligence podcast. If you would like to get more information about this podcast go to https://lexfridman.com/ai or connect with @lexfridman on Twitter, LinkedIn, Facebook, Medium, or YouTube where you can watch the video versions of these conversations. If you enjoy the podcast, please rate it 5 stars on Apple Podcasts, follow on Spotify, or support it on Patreon. This episode is presented by Cash App. Download it (App Store, Google Play), use code "LexPodcast". Here's the outline of the episode. On some podcast players you should be able to click the timestamp to jump to that time. 00:00 - Introduction 03:44 - Utopia from an economics perspective 04:51 - Competition 06:33 - Well-informed citizen 07:52 - Disagreements in economics 09:57 - Metrics of outcomes 13:00 - Safety nets 15:54 - Invisible hand of the market 21:43 - Regulation of tech sector 22:48 - Automation 25:51 - Metric of productivity 30:35 - Interaction of the economy and politics 33:48 - Universal basic income 36:40 - Divisiveness of political discourse 42:53 - Economic theories 52:25 - Starting a system on Mars from scratch 55:11 - International trade 59:08 - Writing in a time of radicalization and Twitter mobs
Chapters
He is an outspoken writer and commentator on the intersection of modern-day politics and economics, which places him in the middle of the tense, divisive, modern-day political discourse.
00:00 - 02:52 (02:52)
Summary
He is an outspoken writer and commentator on the intersection of modern-day politics and economics, which places him in the middle of the tense, divisive, modern-day political discourse.
EpisodePaul Krugman: Economics of Innovation, Automation, Safety Nets & Universal Basic Income
PodcastLex Fridman Podcast
The idea of utopia is subjective and there are different views on what an ideal society would look like.
02:52 - 08:47 (05:54)
Summary
The idea of utopia is subjective and there are different views on what an ideal society would look like. The speaker values a strong social safety net along with good environmental regulation, rejecting the notion of comparison shopping for major surgeries.
EpisodePaul Krugman: Economics of Innovation, Automation, Safety Nets & Universal Basic Income
PodcastLex Fridman Podcast
The speaker highlights the problems in society in terms of taking care of children with parents who cannot provide for them and people who are suffering from illnesses.
08:47 - 15:28 (06:41)
Summary
The speaker highlights the problems in society in terms of taking care of children with parents who cannot provide for them and people who are suffering from illnesses. They discuss the comparison between the satisfaction people living in Denmark feel compared to those living in the United States, and question if taking care of the unfortunate is vital for a just society and the economic health of that society.
EpisodePaul Krugman: Economics of Innovation, Automation, Safety Nets & Universal Basic Income
PodcastLex Fridman Podcast
The effectiveness of large government-led programs vs. private companies is debated.
15:28 - 25:32 (10:03)
Summary
The effectiveness of large government-led programs vs. private companies is debated. Although many people prefer government health insurance, the markets remain the more effective method of inducing people to take action that positively benefits society.
EpisodePaul Krugman: Economics of Innovation, Automation, Safety Nets & Universal Basic Income
PodcastLex Fridman Podcast
The belief that robots are taking away good jobs and causing mass unemployment is a common misconception.
25:32 - 36:00 (10:27)
Summary
The belief that robots are taking away good jobs and causing mass unemployment is a common misconception. The welfare state plays a vital role in mitigating the effects of automation on the workforce.
EpisodePaul Krugman: Economics of Innovation, Automation, Safety Nets & Universal Basic Income
PodcastLex Fridman Podcast
Economist Paul Krugman argues that there's a difference between economic views worth discussing and ones that are "crank doctrines" with no empirical evidence to back them up.
36:00 - 44:59 (08:59)
Summary
Economist Paul Krugman argues that there's a difference between economic views worth discussing and ones that are "crank doctrines" with no empirical evidence to back them up.
EpisodePaul Krugman: Economics of Innovation, Automation, Safety Nets & Universal Basic Income
PodcastLex Fridman Podcast
The speaker discusses the significance of technological innovation in the economic growth of a country, citing examples like containerization and the flat-pack cardboard box.
44:59 - 52:06 (07:07)
Summary
The speaker discusses the significance of technological innovation in the economic growth of a country, citing examples like containerization and the flat-pack cardboard box.
EpisodePaul Krugman: Economics of Innovation, Automation, Safety Nets & Universal Basic Income
PodcastLex Fridman Podcast
The reasons why countries trade are similar to the reasons why individuals trade.
52:06 - 59:14 (07:08)
Summary
The reasons why countries trade are similar to the reasons why individuals trade. As tension between US and China grows, the discussion about government investment in research and infrastructure is contaminated by people linking it with other government actions, making it difficult to separate the issues.
EpisodePaul Krugman: Economics of Innovation, Automation, Safety Nets & Universal Basic Income
PodcastLex Fridman Podcast
Writer and journalist, Andrew Sullivan, advises that when writing about and discussing difficult ideas, one should approach it as if no one is watching.
59:14 - 1:03:21 (04:06)
Summary
Writer and journalist, Andrew Sullivan, advises that when writing about and discussing difficult ideas, one should approach it as if no one is watching. He also suggests that receiving hate mail may mean that the ideas presented were not a waste of time.