Tyler Cowen: uncertainty

Transcript context

…All right. Finishing on our first segment on production function, this is a negative production function in the sense that it’s something that this person realized they weren’t good at. Okay. Here it goes. “It turns out it is challenging to manage. It involves real skills. It stressed me out. I don’t think I did a great job of it. You get a good appreciation for the idea that, even though it might be hard to measure or to see externally, there is real skill being deployed in middle management.” I don’t know if I’m going to have any idea, but middle management — I don’t know. Nicholas Bloom worked at McKinsey. Again, that’s a guess, not memory, but how’s that? That’s a good guess, but not correct.…

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