Austrian Economics & Applied Political Economy— Peter Boettke & Adam Martin
Hayek Program Podcast
00:00
Is the Tolerance for Failure an Incentive Point or an Epistemic Point?
I think it's very related to what you were just talking about with the way to think about Kersner and these kind of ideas here. So for me the question is for some sort of a Kersner point of view can the ethical or cultural change that McCloskey wants to describe affect our not just affect incentives because that's sort of the easy story to tell but also affect the epistemic social environment. And so one of the things that I dug into was Terence Kealey's history on inventors in the industrial revolution and what we find is that they fail over and over and over again right. Some of these guys die completely destitute because they're trying out all these new ideas
Transcript
Play full episode
