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Conversations with Tyler / episode intelligence

Steve Teles and Brink Lindsey on *The Captured Economy*

1 Nov 2017 22 published claims 3 attributable people

Speakers in the public record

Claim mix

belief 11evaluation 6observation 1commitment 1prediction 1recommendation 1preference 1

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Claim ledger

The useful parts, with receipts.

22 published records

01 / belief

I would say a significant chunk of high-end inequality, that is, the percentage of total income that’s accounted for by the top 1% of earners, is due to bad policy.

“I would say a significant chunk of high-end inequality, that is, the percentage of total income that’s accounted for by the top 1% of earners, is due to bad policy.”
Speaker
Brink Lindsey
Publisher
Conversations with Tyler

02 / belief

I think when universities were extracting rent and putting it into research, there was an argument that that was generally a socially productive equilibrium, but now that they’re putting it into administration, which has a lot but very complicated explanation from that, I think that rent extraction has certainly not been producing these spillover effects for society.

“I think when universities were extracting rent and putting it into research, there was an argument that that was generally a socially productive equilibrium, but now that they’re putting it into administration, which has a lot but very complicated explanation from that, I think that rent extraction has certainly not been producing these spillover effects for society.”
Speaker
Steve Teles
Publisher
Conversations with Tyler

03 / belief

I think there’s probably some evidence that you could actually… You could keep going in this direction for quite some time if you’re willing to accept gradual economic and political mediocrity.

“I think there’s probably some evidence that you could actually… You could keep going in this direction for quite some time if you’re willing to accept gradual economic and political mediocrity.”
Speaker
Steve Teles
Publisher
Conversations with Tyler

04 / belief

I think insider influence and shenanigans flourish in the shadows, flourish in obscurity and regulatory policy making, relative to fiscal policy making, I think is much less transparent, much more obscure, much more arcane, much more difficult for anybody to know what’s going on.

“I think insider influence and shenanigans flourish in the shadows, flourish in obscurity and regulatory policy making, relative to fiscal policy making, I think is much less transparent, much more obscure, much more arcane, much more difficult for anybody to know what’s going on.”
Speaker
Brink Lindsey
Publisher
Conversations with Tyler

05 / belief

What is the biggest thing that the… Again, I think the focus on rent-seeking I think people on the left tend to focus a lot on what government can do to solve problems, not enough on where government actually produces it.

“What is the biggest thing that the… Again, I think the focus on rent-seeking I think people on the left tend to focus a lot on what government can do to solve problems, not enough on where government actually produces it.”
Speaker
Steve Teles
Publisher
Conversations with Tyler

07 / belief

I think the implicit theory of governance is it seems to be there’s a gargantuan surplus in Hollywood, [chuckle] so no matter how dissolute everybody is, the animals and the humans are, they still seem to be producing a net gain.

“I think the implicit theory of governance is it seems to be there’s a gargantuan surplus in Hollywood, [chuckle] so no matter how dissolute everybody is, the animals and the humans are, they still seem to be producing a net gain.”
Speaker
Steve Teles
Publisher
Conversations with Tyler

10 / belief

I think a general concern with hygiene of the liberal state, and a sense that things are not all well, and that things get rotten very quickly, and unless you try very hard to push back, things get rotten very badly.

“I think a general concern with hygiene of the liberal state, and a sense that things are not all well, and that things get rotten very quickly, and unless you try very hard to push back, things get rotten very badly.”
Speaker
Brink Lindsey
Publisher
Conversations with Tyler

11 / belief

The fundamental fear that undergirds IP that unless we give people strong ownership and ideas, they’re not gonna come up with anything, I think is fundamentally belied by the Nordhaus estimate.

“The fundamental fear that undergirds IP that unless we give people strong ownership and ideas, they’re not gonna come up with anything, I think is fundamentally belied by the Nordhaus estimate.”
Speaker
Brink Lindsey
Publisher
Conversations with Tyler

12 / observation

I don’t think anyone has completely, satisfactorily solved it. But I don’t think that’s the only way to answer the question that is, yes, you could infer from that, that there shouldn’t be much rent-seeking if the amount of money spent on it is so relatively trivial.

“I don’t think anyone has completely, satisfactorily solved it. But I don’t think that’s the only way to answer the question that is, yes, you could infer from that, that there shouldn’t be much rent-seeking if the amount of money spent on it is so relatively trivial.”
Speaker
Brink Lindsey
Publisher
Conversations with Tyler

15 / evaluation

Because they were so poor and backward, they had a lot of catch-up growth that they could grow faster than rich countries that must slug along expanding the technological frontier rather than borrowing good ideas from abroad and implementing them home.

“Because they were so poor and backward, they had a lot of catch-up growth that they could grow faster than rich countries that must slug along expanding the technological frontier rather than borrowing good ideas from abroad and implementing them home.”
Speaker
Brink Lindsey
Publisher
Conversations with Tyler

16 / prediction

I think on the whole, kind of neolistic economic disruption of pulling out of NAFTA would be worse on people at the bottom because that’s what bad times usually do.

“I think on the whole, kind of neolistic economic disruption of pulling out of NAFTA would be worse on people at the bottom because that’s what bad times usually do.”
Speaker
Brink Lindsey
Publisher
Conversations with Tyler

17 / evaluation

Under one kind, the incentives are for the cronies to invest in infrastructure and human capital and then it does just fine. And then there’s other kinds of crony capitalism that stifle investment in education and infrastructure, but maybe the key is education and infrastructure and we just need a better crony capitalism of the sort, that say, South Korea and to some extent China have had.

“Under one kind, the incentives are for the cronies to invest in infrastructure and human capital and then it does just fine. And then there’s other kinds of crony capitalism that stifle investment in education and infrastructure, but maybe the key is education and infrastructure and we just need a better crony capitalism of the sort, that say, South Korea and to some extent China have had.”
Speaker
Tyler Cowen
Publisher
Conversations with Tyler

18 / recommendation

For one thing, so the book is all about the regulatory system. And I know that by saying that one argument we make, and this relates to an article I wrote called “Kludgeocracy,” which is that it’s really these other parts, other ways the government influences the economy other than directly through taxing and spending that are most likely to have these anti-growth, incumbent-protecting kind of qualities.

“For one thing, so the book is all about the regulatory system. And I know that by saying that one argument we make, and this relates to an article I wrote called “Kludgeocracy,” which is that it’s really these other parts, other ways the government influences the economy other than directly through taxing and spending that are most likely to have these anti-growth, incumbent-protecting kind of qualities.”
Speaker
Steve Teles
Publisher
Conversations with Tyler

20 / evaluation

Although perhaps, maybe we have actually been… Because we haven’t had a nuclear war yet between two nuclear powers, we think that there is something uniquely stabilizing about having nuclear weapons that it produces this mad scenario where it chastens and disciplines policymakers.

“Although perhaps, maybe we have actually been… Because we haven’t had a nuclear war yet between two nuclear powers, we think that there is something uniquely stabilizing about having nuclear weapons that it produces this mad scenario where it chastens and disciplines policymakers.”
Speaker
Brink Lindsey
Publisher
Conversations with Tyler

21 / evaluation

The problem with the United States is, you can get lots of things on the agenda but there’s all these things that keep it from getting all the way to passage.

“The problem with the United States is, you can get lots of things on the agenda but there’s all these things that keep it from getting all the way to passage.”
Speaker
Steve Teles
Publisher
Conversations with Tyler

22 / evaluation

One of them was reading Robert Wade’s, Governing the Market, years and years ago, back in graduate school and thinking really systematically about how different political systems can generate different, often desirable economic equilibria, right? That is, South Korea has a set of… As you were talking about governing rules and laws that have some substantial rent for insiders but that also turned out in that particular setting to produce lots of economic returns, I wouldn’t recommend that for Argentina.

“One of them was reading Robert Wade’s, Governing the Market, years and years ago, back in graduate school and thinking really systematically about how different political systems can generate different, often desirable economic equilibria, right? That is, South Korea has a set of… As you were talking about governing rules and laws that have some substantial rent for insiders but that also turned out in that particular setting to produce lots of economic returns, I wouldn’t recommend that for Argentina.”
Speaker
Steve Teles
Publisher
Conversations with Tyler
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