5min chapter

Think Like An Economist cover image

S E50: A Conversation with Larry Summers: The Influence of Economic Ideas and the Dangers of Secular Stagnation

Think Like An Economist

CHAPTER

The Importance of Knowing When to Back Down

I think the medical analogy is helpful. A surgeon who is consumed with the moral responsibility of their craft to the point of being paralyzed, is not diing be a very good surgeon. I think it's like airplane safety. Every time there's a crash, we warn something about a way crash can happen, and we fix it. But we also develop bigger, faster airplanes, and that comes with some risks. And sometimes after a long period when things go well, people can become complaisant, and they can become sloppy. We put in place, after the two thousand and eight financial crisis, a variety of desirable steps in the so called dod frank legislation. But i think it would

00:00

Get the Snipd
podcast app

Unlock the knowledge in podcasts with the podcast player of the future.
App store bannerPlay store banner

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode

Save any
moment

Hear something you like? Tap your headphones to save it with AI-generated key takeaways

Share
& Export

Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode