173: Stephen Wright on Core Econ as a Learning Resource for Mainstream Economics

Professor Glenn Hubbard is an American economist and academic. He is currently the Dean of the Columbia University Graduate School of Business, where he is also Russell L. Carson Professor of Finance and Economics. On September 13, 2018 he announced that he would not seek another term in his position as Dean after having served out his current term which ends on June 30, 2019.  Glenn previously served as Deputy Assistant Secretary at the U.S. Department of the Treasury from 1991 to 1993, and as Chairman of the Council of Economic Advisers from 2001 to 2003. Professor Hubbard is a Visiting Scholar at the conservative American Enterprise Institute, where he studies tax policy and health care. Check out the show notes page at www.economicrockstar.com/glennhubbard

Wendy Carlin is Professor of Economics at University College London (UCL), Research Fellow of the Centre for Economic Policy Research (CEPR), London, and Fellow of the European Economic Association. Her research focuses on macroeconomics, institutions and economic performance, and the economics of transition. She is a member of the Expert Advisory Panel of the UK’s Office for Budget Responsibility. She has acted as a consultant for international organizations such as the European Bank for Reconstruction and Development (EBRD), London, and the World Bank. She has co-authored with David Soskice three macroeconomics books. Macroeconomics and the Wage Bargain (1990),
Macroeconomics: Imperfections, Institutions and Policies (2006) and
Macroeconomics: Institutions, Instability and the Financial System (2015). She is leading an international project – the CORE project – funded by INET on undergraduate economics curriculum reform. The CORE project has published The Economy, which is free on-line at www.core-econ.org. In 2016 Wendy was awarded the CBE for services to economics and public finance.  Check out www.economicrockstar.com/wendycarlin for all books, links and resources mentioned in this episode.  

This is an excerpt from a previous conversation that I had with Professor Stephen Wright but was unreleased at the time. We felt it appropriate that it should be released at a time if I ever spoke to Professor Wendy Carlin. This day is coming and now this part of my conversation with Stephen can be released. Check out the links over at www.economicrockstar.com/coreecon. Visit www.core-eco.org to access this amazing website.

This is a reflection on some episodes from 2018. The themes I have chosen looks at growing up in the Great Depression and what to expect in the future with AR and AI, as well as Institutions, Individualism, Cooperation and Reciprocity. Featured episodes are: 123 Vernon Smith on his early childhood years during the Great Depression and how they survived by moving to live on a farm before losing it all, his mother as a socialist and who she voted for in the Presidential elections in 1919 when women were first given the right to vote in the US. 162 Jennifer Burns on Ayn Rand's views on Capitalism, Communism and Christianity and why the individual is better that the collective, the virtues of selfishness, hippies in the 1960s, Objectivism, Existentialism and Nietzche. 147 Ngaio Hotte on Elinor Ostrom’s work on collective action and cooperation to reach mutually beneficial outcomes and how this can relate to natural resource problems as well as Ostrom’s observation of reciprocity in Game Theory. 135 David Zetland on group cooperation to protecting public goods such as the water supply and the environment and how cooperation rewards and benefits groups. 168 Harry Markowitz on growing up with the family grocery store during the Great Depression in an upper middle-class area, using the museums and libraries of Chicago as a teen, Darwin’s ‘Origin of Species’ as an influence and how reading the great philosophers and his self-study of the physical sciences helped with his placement at the University of Chicago. 125 Eugene Fama on his early academic year to the development of the Efficient Market Hypothesis as well as the Benoit Madlebrot's discovery of Louis Bachelier's paper 167 James Kenneth Galbraith on the influences of his father John Kenneth Galbraith on his own academic work in economics and the significance or lack of significance of economics in academia today. 136 Abby Hall on the growth of big government since 9/11 and the militarisation of the domestic police force in the US from the creation of the first US SWAT team during the US occupation of the Philippines in 1898. 149 Soumaya Keynes on why trade should not be blamed for the loss of jobs, the Economic Consequences of Our Grandchildren by Soumaya’s great grand uncle John Maynard Keynes, trade blocs in the 1930s compared to todays global trading systems to remove barriers and maintain peace. 156 Peter Boettke on how F. A. Hayek developed his interest in economics through the Viennese culture and the intellectual hubs which were based on law, philosophy and politics and the mentors he encountered as well as Hayek’s observations of the nature of macro volatility, the growth of government, technology and inhumanity during his life. 163 Kevin Kelly on technology of the future such as AI and AR to help to quantify and track our movements and expressions to help with our decision-making.

Best of 2018 Part 1 Excerpts from the following episodes feature in this 'Best of 2018 Part1'. 170 Jim Rogers on opportunities in Kazakhstan, Uzbekistan, Venezuela and North Korea 139 Loretta Napoleoni North Korea growth prospects and how they can position themselves in the world economy 155 Lotta Moberg Refugee Cities and SEZs 167 James Kenneth Galbraith on the prospects for the Greek economy 150 Chris Blattman the economic and psychological effects of violence and war esp among children and in communities 169 Jennifer Murtazashvili democrarcy and governance in Afghanistan and the leadership role of women in communities in Uzbekistan 145 Marie Mora Under-represented minority women in economics and the plight of Puerto Ricans in the US 161 Tyler Cowen on art, culture, liberty and prospects of economic growth and welfare in the US, China and India 160 Arjo Klamer  Culture (Japan) and Writing as a means to create personal value 153 Sarah and Steve Writing

Jim Rogers is an American businessman and financial commentator based in Singapore.  He is the Chairman of Rogers Holdings and Beeland Interests, Inc. In 1973, Jim co-founded of the Quantum Fund with George Soros and having retired at the age of 37, Jim spent some of his time traveling on a motorcycle around the world - a Guinness World Record and one which is documented in Investment Biker, a international bestselling book. He has been a guest professor of finance at the Columbia Business School. In 1998 he created the Rogers International Commodities Index (RICI) and has been an outspoken advocate of agriculture investments. Between 1999 and 2002, Jim and his wife did another Guinness World Record journey travelling 116 countries in a custom-made Mercedes. He wrote Adventure Capitalist following this around-the-world adventure. In 2007, Jim moved to Singapore due to the investment growth potential in Asia. In this episode Jim shares some excellent advice about how you should approach investing and what the next 10 to 20 years could turn out for the global economy. He suggests that North Korea, Russia and agriculture are contrarian bets that will have positive payoffs for those of us willing to go against the crowd. Also, I ask him about his views on cryptos and blockchain and whether he as any advice for you if you feel stuck in your job or if you’re undecided about what you should do if starting out on your career path. Check out the books and links mentioned in this episode at www.economicrockstar.com/jimrogers Support the podcast for as little as $1 per month at www.patreon.com/economicrockstar

Jennifer Murtazashvili is professor and director of the International Development Program at the Graduate School of Public and International Affairs at the University of Pittsburgh. Her research explores questions of governance, public administration, and local institutions with a geographical focus on Central and South Asia and the former Soviet Union. Jennifer’s first book, Informal Order and the State in Afghanistan, was published by Cambridge University Press in 2016. Check out the links, books and resources mentioned in this episode over at www.economicrockstar.com/jennifer Support the show for as little as $1 per month over at www.patreon.com/economicrockstar

Dr. Harry Markowitz is the principal of Markowitz Company, and an adjunct professor at the Rady School of Management, UCSD. Harry has applied computer and mathematical techniques to various practical decision making areas. In recognition of his work, Harry received the 1989 Von Neumann Award from the Operations Research Society of America for his work on portfolio theory, sparse matrix techniques and the SIMSCRIPT simulation programming language. In 1990 he shared The Nobel Prize in Economics for his work on portfolio theory. Check out www.economicrockstar.com/harrymarkowitz for links, books and resources mentioned in this episode. Support the show for as little as $1 per month over at www.patreon.com/economicrockstar  

James Kenneth Galbraith is the Lloyd M. Bentsen Jr. Chair in Government/Business Relations and Professor of Government at Lyndon B. Johnson School of Business Affairs at The University of Texas at Austin. He directs the University of Texas Inequality Project and is a managing editor of Structural Change and Economic Dynamics. In 2014 he was co-winner, with Angus Deaton, of the Leontief Prize for Advancing the Frontiers of Economics. James has a PhD from Yale University. James Galbraith's books include "Welcome to the Poisoned Chalice: The Destruction of Greece and the Future of Europe" (2016). James is the son of the late John Kenneth Galbraith, renowned economist, public official and diplomat. In this episode we discuss James’ views on the teachings of mainstream economics today, his work on inequality, democracy, the financial crisis of 2008 and the impact it has had on Greece as well as, of course, his father John. Check out the links and books mentioned in this episode over at http://www.economicrockstar.com/jamesgalbraith Support the show for as little as $1 per month over at http://www.patreon.com/economicrockstar

In this episode with Naomi Brockwell, we discuss bitcoin, blockchain and initial coin offerings (ICOs). This is our second conversation - 4 years on from our first back in 2014. Check out the links at www.economicrockstar.com/naomi Support the podcast at www.patreon.com/economicrockstar Enjoy!