Tyler Cowen

Hello, Lynn. Thank you for having me on.

Hello, Lynn. Thank you for having me on.

Well, if we compare the United States to Europe, the tech sector has been a big difference maker. Most of the world's leading tech companies outside of China are in America. The European Union over-regulates its tech sector in numerous ways. It's much harder to have a successful tech company there.

Well, if we compare the United States to Europe, the tech sector has been a big difference maker. Most of the world's leading tech companies outside of China are in America. The European Union over-regulates its tech sector in numerous ways. It's much harder to have a successful tech company there.

And I think in general, the level of ambition, especially in California, is just much higher in the United States. And the European Union doesn't quite scale. It pretends to be a union. It has a lot of different languages, still a lot of different national regulations, especially for the service sector.

And I think in general, the level of ambition, especially in California, is just much higher in the United States. And the European Union doesn't quite scale. It pretends to be a union. It has a lot of different languages, still a lot of different national regulations, especially for the service sector.

So you're selling into these smaller national markets, whereas United States of America, along with China, is one of the world's two biggest economies.

So you're selling into these smaller national markets, whereas United States of America, along with China, is one of the world's two biggest economies.

Well, like other very large countries, the US is many, many things, not all of them good. I think you can say the best parts of the US create more opportunity and more prosperity than any other part of any other country anywhere else. So if you take China as a point of comparison, per capita, China is about as rich as Mexico. And we think of ourselves correctly as much richer than Mexico.

Well, like other very large countries, the US is many, many things, not all of them good. I think you can say the best parts of the US create more opportunity and more prosperity than any other part of any other country anywhere else. So if you take China as a point of comparison, per capita, China is about as rich as Mexico. And we think of ourselves correctly as much richer than Mexico.

I'm not saying that being born everywhere in the United States gives you great opportunity, but we have so many dynamic cities or states or sectors. We attract world-class immigrants like no other nation. They don't want to go to China. Their opportunities are much more limited in the European Union and their tax is much higher. So they want to come here and we reap all of those gains.

I'm not saying that being born everywhere in the United States gives you great opportunity, but we have so many dynamic cities or states or sectors. We attract world-class immigrants like no other nation. They don't want to go to China. Their opportunities are much more limited in the European Union and their tax is much higher. So they want to come here and we reap all of those gains.

A number I find striking is is that the median household income for a family from India in the U.S., it's $158,000 a year. And those are mostly not wealthy families in India. And they've come here and made really great livings for themselves.

A number I find striking is is that the median household income for a family from India in the U.S., it's $158,000 a year. And those are mostly not wealthy families in India. And they've come here and made really great livings for themselves.

Again, it depends which country you're talking about. Taxes here quite simply are lower in most places than in most other countries. So if you're going to be a top earner, you will think about, well, how much of my income do I need to turn over to the government?

Again, it depends which country you're talking about. Taxes here quite simply are lower in most places than in most other countries. So if you're going to be a top earner, you will think about, well, how much of my income do I need to turn over to the government?

Your ability to hire a qualified labor force typically is greater in the most productive parts of the United States than most other parts of the world. We are highly regulated like just about everywhere else. I'm not sure we're better on that score, but I would say when it comes to our tech sector and AI, we're definitely less regulated than the European Union.

Your ability to hire a qualified labor force typically is greater in the most productive parts of the United States than most other parts of the world. We are highly regulated like just about everywhere else. I'm not sure we're better on that score, but I would say when it comes to our tech sector and AI, we're definitely less regulated than the European Union.

Creative destruction is an economics concept. It comes from the earlier Austrian economist Joseph Schumpeter. Schumpeter pointed out that for capitalism to grow, it has to do away with its older sectors. It has to move on to other things. So if you want your best talent, say, to flow to tech or the service sector, that may well mean that your manufacturing doesn't grow at the same pace it used to.

Creative destruction is an economics concept. It comes from the earlier Austrian economist Joseph Schumpeter. Schumpeter pointed out that for capitalism to grow, it has to do away with its older sectors. It has to move on to other things. So if you want your best talent, say, to flow to tech or the service sector, that may well mean that your manufacturing doesn't grow at the same pace it used to.