Tyler Cowen: belief

Transcript context

…Stability. Stability is underrated, but there’s also status quo bias, so this is tricky. I think the Western world takes stability for granted because we’ve had so much of it for so long. And our basic model, as in macroeconomics, you overweight your last 20 or 30 years. Since, let’s say — the election of Ronald Reagan, end of the Cold War, fall of the Berlin Wall — so many good things have happened. It’s mostly been stable, and the worst predictions haven’t come true. I think that’s exactly what makes this a dangerous point in time — that we’re not geared toward the kind of risk taking, imaginative thinking we need to stop this from being the next 1910. Can you say more on that?…

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