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13min chapter
Tyler Cowen - Hayek, Keynes, & Smith on AI, Animal Spirits, Anarchy, & Growth
Dwarkesh Podcast
The Irrationality of Investments
This chapter explores the concept of investments being driven by human nature's temptation to take a chance and highlights examples such as active investing and M&A. It also discusses the concept of innovators not internalizing most of the gains given to society and the challenges of estimating social returns. Additionally, it delves into Keynes' perspective on investment and market behavior, as well as the challenges of retrospectively studying efficient markets.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode