economic theories

Game Theory is supposed to show how businesses (and prisoners) can outdo each other to win out over their competition. While this is great in theory Game Theory actually shows us much more about how to get along with our partners, friends, and allies.

Joe Biden and the "Trickle-Down Economics" Hoax. Learn more about your ad choices. Visit podcastchoices.com/adchoices

The Times of London called Mariana Mazzucato “the world’s scariest economist.” Quartz describes her as “on a mission to save capitalism from itself.” Wired says she has “a plan to fix capitalism,” and warns that “it’s time we all listened. ”Mazuccato is an economist at University College London and Founder and Director of UCL's Institute for Innovation and Public Purpose. She’s the author of The Entrepreneurial State and The Value of Everything — two books that, together, critique some of the most fundamental economic assumptions of our time, and try and chart a different path forward. This is a moment that demands critique. The workers who are being called “essential” now were treated as disposable before — paid low wages, offered little respect. The difference between states with innovative, capable public sectors and states where government agencies have been dismissed and defunded is on terrible display.  The debates Mazzucato has been trying to open for years are now unavoidable. So let’s have them. Book recommendations: Memoirs of Hadrian by Marguerite Yourcenar  The Deficit Myth by Stephanie Kelton War and Peace by Leo Tolstoy Want to contact the show? Reach out at ezrakleinshow@vox.com Please consider making a contribution to Vox to support this show: bit.ly/givepodcasts Your support will help us keep having ambitious conversations about big ideas. New to the show? Want to check out Ezra’s favorite episodes? Check out the Ezra Klein Show beginner’s guide (http://bit.ly/EKSbeginhere) Credits: Producer/Editor - Jeff Geld Researcher - Roge Karma Learn more about your ad choices. Visit podcastchoices.com/adchoices

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