Richard Thaler
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Appearances Over Time
Podcast Appearances
And the people who produce bads will suffer.
And if they're poor, they'll suffer more.
But that's true of all policies.
And that part is uncontroversial.
I'm not saying that's a world we live in.
In fact, my point is... So economists don't live in the world that we live in?
No, no.
They live... They would say this is... They would call this a first best.
meaning if they could design everything, that's the way they would do it.
They would try to make the prices reflect the harms that are people causing and then let the chips fall where they may.
That's very different from giving contracts to your buddies, which has been going on at the local level
As long as there have been politicians and buddies, we've just taken it to new levels.
No, no.
Okay.
So here, here's the worst student you have ever had.
Oh, John, you are so far from that.
These are very good questions.
All right.
Let's get to it.
All right.